• The McDonald's of pawn stores. (Emphasizes FirstCash's scale and standardized approach as the largest operator in its industry.)
• A Starbucks for short-term loans and second-hand retail. (Highlights the accessible, widespread nature of its locations offering both quick cash solutions and retail sales.)
• A CarMax for personal item loans and used goods sales. (Draws a parallel to a well-known company that combines selling used goods with offering financing/loans.)

• Pawn Loans: Provision of short-term collateralized loans to customers, secured by personal property such as jewelry, electronics, or tools.
• Retail Merchandise Sales: Sale of a variety of pre-owned goods, primarily items acquired through forfeited pawn collateral or direct purchases from customers.
• Other Consumer Financial Services: Provision of ancillary financial services including check cashing, money orders, and certain short-term unsecured consumer loans.

FirstCash (symbol: FCFS) primarily sells to individuals. The company serves the following major categories of customers:

1. Individuals seeking short-term, secured credit: These customers utilize pawn loans to obtain immediate cash, often due to unexpected expenses or limited access to traditional banking and credit services. They secure these loans with personal property.
2. Value-oriented consumers and bargain shoppers: These customers frequent FirstCash stores to purchase pre-owned merchandise, such as jewelry, electronics, tools, and musical instruments, at competitive prices, seeking affordability and value compared to new retail items.

The following are major suppliers for FirstCash:

• The Western Union Company (NYSE: WU)
• MoneyGram International

Mr. Wessel joined First Cash in 1992 as Chief Financial Officer. He served as Secretary and Treasurer from May 1992 to November 2006 and as President from May 1998 to September 2016. Mr. Wessel was appointed Chief Executive Officer in November 2006 and has served as Vice Chairman since September 2016, having previously held the role from November 2004 to October 2010. He was also Chairman of the Board from October 2010 to September 2016. Prior to joining First Cash, he spent approximately nine years in the assurance practice of Price Waterhouse LLP. During his tenure with First Cash, the company expanded significantly, and he was instrumental in extending customer offerings to include short-term credit products and buy-here/pay-here automotive retailing.

Mr. Orr joined First Cash in July 2002 as Vice President of Finance. He has served as Chief Financial Officer since January 2003 and as Executive Vice President since January 2005. Additionally, he has held the positions of Secretary and Treasurer since November 2006. Before his time at First Cash, Mr. Orr spent 14 years at Ray & Berndtson, a global executive search firm, where he held senior executive and financial management roles. He also worked for four years at Price Waterhouse LLP prior to Ray & Berndtson.

Mr. Stuart joined FirstCash in September 2016 as President and Chief Operating Officer, a role he assumed in conjunction with the merger with Cash America International, Inc. Prior to the merger, he served in various leadership capacities at Cash America, including President and Chief Executive Officer from November 2015, President and Chief Operating Officer from May 2015 to October 2015, and Executive Vice President-Chief Operating Officer from January 2015 to April 2015. His earlier experience at Cash America included roles such as Senior Vice President-Operations for U.S. retail services and Regional Vice President. Before joining Cash America, Mr. Stuart held senior leadership positions in the financial services industry at companies such as Fremont Investment and Loan, Nationstar Mortgage, Novastar Financial, Inc., and CitiFinancial, having started his financial services career with Norwest Finance in May 1992.

Mr. Feehan has served as the Chairman of FirstCash since 2016. Previously, he held the positions of Chairman, Chief Executive Officer, and President of Cash America International, Inc. from 2000 to 2015. He also served as Chief Operating Officer and Chief Financial Officer of Cash America in 1990. Mr. Feehan's experience extends to serving as Chairman of AZZ Inc. and as a Director for Enova International, Inc., as well as several private companies and charitable organizations.

The key risks to FirstCash's (FCFS) business are primarily rooted in its operating environment, encompassing regulatory scrutiny, economic fluctuations, and competitive pressures.

1. Extensive Regulatory Environment and Legal Proceedings: FirstCash operates in a heavily regulated industry, particularly concerning short-term lending and pawn services. The company faces significant risks from existing and new federal, state, and local legislative initiatives or governmental regulations in both the U.S. and Mexico. A notable example is the Consumer Financial Protection Bureau (CFPB) lawsuit filed against FirstCash Inc., alleging violations of the Military Lending Act by charging active-duty service members and their dependents pawn loan rates exceeding the allowable 36% annual percentage rate. This lawsuit has also led to related securities class action claims. Such legal and regulatory challenges can result in substantial financial penalties, operational restrictions, and reputational damage.

2. Economic Conditions and Consumer Behavior: The profitability of FirstCash is highly sensitive to prevailing economic conditions, especially those impacting lower-income consumers. Changes in regional, national, or international economic conditions, including inflation rates, unemployment rates, and credit market availability, directly influence consumer purchasing, borrowing, and repayment behaviors. While the pawn model can exhibit countercyclical strength during certain economic downturns, a severe deterioration in economic conditions, coupled with high inflation and rising interest rates, could negatively affect discretionary consumer spending and demand for the company's pawn loans, retail merchandise, and other financial services.

3. Competition: FirstCash faces intense competition across its various business segments. Its retail operations compete with a wide array of businesses, including jewelry stores, discount retailers, consumer electronics stores, other specialty retailers, online retailers, online auction sites, and other pawnshops. Many of these competitors possess greater financial resources, which could allow them to offer more competitive pricing or services, potentially impacting FirstCash's market share and profitability.

The rise and increasing adoption of earned wage access (EWA) and similar fintech applications that provide immediate access to funds without traditional loans or collateral.

FirstCash (symbol: FCFS) operates primarily in three main areas: pawn loans and retail merchandise sales, and retail point-of-sale (POS) payment solutions.

Pawn Loans and Retail Merchandise Sales

The global addressable market for pawn services (which includes both pawn loans and the retail sale of merchandise acquired through pawn collateral forfeiture) was estimated to be between approximately USD 39.94 billion and USD 43.08 billion in 2024/2025. This market is projected to grow to a range of approximately USD 50.67 billion to USD 57.7 billion by 2032-2034.

For North America, the pawn shop market was approximately USD 15.8 billion in 2024. Within this, the U.S. pawn shop market was estimated to be between approximately USD 12.47 billion and USD 16 billion in 2024.

Retail Point-of-Sale (POS) Payment Solutions

FirstCash, through its subsidiary AFF, provides lease-to-own and retail finance payment solutions. These services fall under the broader category of small-dollar lending.

The small-dollar loan segment in the U.S., as tracked by credit bureaus, totaled USD 1.4 billion as of Q4 2023. The global small personal loans market (a broader category encompassing these types of solutions) was valued at USD 31.3 billion in 2023 and is projected to reach USD 158.7 billion by 2032.

Here are 3-5 expected drivers of future revenue growth for FirstCash (FCFS) over the next 2-3 years:

1. Expansion of Pawn Store Network (New Openings and Acquisitions): FirstCash has a stated long-term business plan to continue growing pawn revenues and income by opening new retail pawn locations and acquiring existing pawn stores in strategic markets. This strategy is evident in their recent acquisition of H&T pawn stores in the U.K. and continued new store additions in the U.S. and Latin America.
2. Organic Growth within Existing Pawn Stores: The company has demonstrated consistent double-digit same-store pawn receivable growth in both its U.S. and Latin American segments. This indicates strong organic growth in demand for pawn loans, which in turn drives revenue through interest and fees, as well as retail merchandise sales from forfeited collateral.
3. Performance of Retail Point-of-Sale (POS) Payment Solutions Segment (American First Finance - AFF): The American First Finance (AFF) segment, acquired in 2021, is anticipated to contribute to future revenue growth. Recent results indicate strong earnings growth in this segment, driven by lower loss provisions and improved operating margins. Furthermore, an increase in merchant locations and diversification outside of the furniture vertical are expected to drive future revenue growth for AFF.
4. Favorable Macroeconomic Conditions: Analysts identify several macroeconomic factors as potential tailwinds for FirstCash. Elevated gold prices are a significant driver, as gold often serves as collateral for pawn loans and can increase the value of inventory. Additionally, resilient demand for pawn services, which tends to increase during weaker or inflationary economic environments, is expected to continue supporting revenue growth.

Share Repurchases

• FirstCash's Board of Directors approved a new share repurchase authorization of up to $150 million on October 30, 2025.
• As of September 30, 2025, year-to-date share repurchases totaled $90 million, including $30 million in the third quarter of 2025.
• The company had $25 million remaining under a previously authorized $200 million share repurchase program from July 2023, bringing the total current amount available for share repurchases to $175 million as of October 2025.

Outbound Investments

• FirstCash completed the acquisition of H&T Group, the largest pawnbroker in the U.K., on August 14, 2025, for an equity value of £289 million, or $383 million. This acquisition added 286 locations to its portfolio.
• On December 17, 2021, FirstCash closed the acquisition of American First Finance (AFF), marking its entry into the lease-to-own and point-of-sale payment solutions market. This was partly financed by an offering of $525 million in senior notes due 2030.
• During the third quarter of 2025, FirstCash acquired four high-performing pawn stores in a growing Texas market, including the purchase of the underlying real estate.

Capital Expenditures

• In the third quarter of 2025, FirstCash invested $13 million in fixed assets and working capital for 30 new pawn de novo stores and spent $76 million to purchase the underlying real estate at 48 existing pawn stores.
• During the second quarter of 2025, the company invested $16 million in fixed assets and working capital for 42 new pawn stores and made real estate purchases totaling $93 million for 60 existing pawn stores.
• The primary focus of capital expenditures includes continued investment in new stores through organic growth and acquisitions, as well as enhancing the pawn store platform.