# EZCORP, Inc. (EZPW)

> Source: Nexqual · https://nexqual.com/EZPW · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, EZCORP, Inc. (EZPW), nexqual.com/EZPW" · informational, not investment advice.

**Price:** USD 28.7 (-2.21% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 29.35 · day 27.77–29.48 · 52w 16.5–37.13 · market cap $1.76B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.58B, net income $158M (10.0% margin), free cash flow $138M (SEC filings).
- Valuation: P/E 11.1x (avg 14.4x at the last 3 fiscal year-ends), EV/EBITDA 7.7x, net debt $208M.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $2.9M; 2 not under a Rule 10b5-1 plan ($1.2M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (5 analysts), mean target USD 41 (range 36–45).
- Total return with dividends: 1Y +58.0% vs S&P 500 +13.4%; 5Y +284.7% vs S&P 500 +76.9%.
- Next earnings: 2026-11-18, EPS estimate USD 0.43, revenue estimate $428M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $730M | $886M | $1.05B | $1.16B | $1.27B | $1.58B |
| Gross profit | $449M | $528M | $610M | $682M | $746M | — |
| Operating income | $31.2M | $74.9M | $92.2M | $113M | $149M | $220M |
| Net income | $8.6M | $50.2M | $38.5M | $83.1M | $110M | $158M |
| EPS (diluted) | $0.15 | $0.70 | $0.53 | $1.10 | $1.42 | — |
| Free cash flow | $22.8M | $34.6M | $61.4M | $77.8M | $110M | $138M |
| Gross margin | 61.6% | 59.6% | 58.1% | 58.7% | 58.5% | — |
| Operating margin | 4.3% | 8.5% | 8.8% | 9.7% | 11.7% | 13.9% |
| Net margin | 1.2% | 5.7% | 3.7% | 7.2% | 8.6% | 10.0% |
| Revenue growth | -11.3% | +21.5% | +18.4% | +10.7% | +9.7% | — |
| Cash + short-term investments | $254M | $206M | $221M | $171M | $470M | — |
| Total debt | $311M | $313M | $360M | $327M | $518M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 11.1x · P/S 1.1x · EV/EBITDA 7.7x · EV/Sales 1.2x · P/FCF 12.7x · P/B 1.5x · FCF yield 7.84% · Earnings yield 8.98% · Buyback yield (TTM) 0.51% · Net debt $208M · EV $1.97B
P/E at fiscal year-ends: Sep 2025 14.5x, Sep 2024 11.4x, Sep 2023 17.3x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
3 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Bryant Ellen H | Chief Legal Officer | 30,000 | $1.0M | 20.3% | Yes | Too little history (no open-market trades in 2023–2025) |
| 2026-07-06 | Espinosa Pablo Lagos | Director | 10,000 | $355K | 4.6% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-05 | Espinosa Pablo Lagos | Director | 10,000 | $320K | 4.4% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-20 | Appel Matthew W | Director | 15,037 | $500K | 10.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Kulas Jason A. | Director | 20,000 | $671K | 10.4% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 5 analysts; mean target USD 41 (low 36, high 45).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Canaccord Genuity | Target raised | Buy | $44 → $45 |
| 2026-07-08 | Jefferies | Target raised | Buy | $40 → $45 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +58.0% | +284.7% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +58.3% | +31.0% |
| Volatility (annualized) | 43.2% | 33.7% |
| Max drawdown | -24.2% (Jul 2026→Aug 2026) | -30.9% (Nov 2021→Mar 2022) |

## Peers (Credit Services)
WU (Western Union Company (The)) USD 6.34 -1.40% · ECPG (Encore Capital Group Inc) USD 97.73 -2.62% · AGM (Federal Agricultural Mortgage C) USD 199.64 -0.88% · UPST (Upstart Holdings, Inc.) USD 23.78 -0.29% · ATLC (Atlanticus Holdings Corporation) USD 86.19 -5.83% · JCAP (Jefferson Capital, Inc.) USD 20.41 -1.35%

## More
Full page: https://nexqual.com/EZPW · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. Pawn | $251.2M | 60.0% | +14.2% |
| Latin American Pawn | $124.4M | 29.7% | +36.7% |
| SMG | $43.1M | 10.3% | — |
| Total revenue | $418.7M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Merchandise sales | $209.7M | 50.1% | +24.3% |
| Pawn service charges | $152.5M | 36.4% | +32.2% |
| Jewelry scrap sales | $56.6M | 13.5% | +109.8% |
| Other revenues | $43,000 | 0.0% | -10.4% |
| Total revenue | $418.7M | 100% | — |

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $912.5M | 71.6% | +9.1% |
| Mexico | $267.3M | 21.0% | +8.0% |
| Latin America | $94.5M | 7.4% | +21.3% |
| Total revenue | $1.27B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.45 | -5.3% | $428.2M | 4 |
| Next quarter (ends 2026-12-31) | $0.63 | $0.61 | +2.9% | $465.7M | 4 |
| Current fiscal year (ends 2026-09-30) | $2.03 | $2.00 | +1.8% | $1.68B | 4 |
| Next fiscal year (ends 2027-09-30) | $2.22 | $2.14 | +3.5% | $1.83B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-18): ±11.6%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 27 | 50.1% | ±11.6% |
| 2026-12-18 | 55 | 50.9% | ±16.2% |
| 2027-03-19 | 146 | 47.9% | ±24.3% |
| 2027-06-17 | 236 | 49.8% | ±31.7% |