FirstCash Holdings, Inc.
FirstCash Holdings operates pawn stores and a retail point-of-sale financing business across the U.S., Latin America and the U.K. Its core model is to provide short-term, non-recourse pawn loans secured by customer collateral and to resell forfeited or purchased merchandise, while AFF offers lease-to-own and other retail financing at merchant partners.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueNon-recourse pawn loans secured by personal property held as collateral.
Sales of forfeited collateral and merchandise bought directly from customers.
AFF lease-to-own and consumer financing products sold through merchants.
Customers
FirstCash serves cash- and credit-constrained consumers who need small, short-term liquidity and value convenience over traditional bank credit. It also serves retail merchant partners that use AFF to offer lease-to-own and other financing options to their customers at the point of sale.
Consumers pledge personal property to obtain small, short-term cash loans and use the collateralized structure for convenience and access.
Customers buy pre-owned and forfeited goods such as jewelry, electronics and tools at neighborhood stores.
Retailers and e-commerce merchants use AFF to offer lease-to-own and financing options to end customers.
Credit-constrained shoppers use AFF financing to spread payments on consumer goods and services.
Strategy
FirstCash is focused on expanding pawn store count, growing pawn receivables and inventories in existing stores, and adding locations through acquisitions and new openings. It is also investing in AFF merchant relationships, technology and decisioning platforms while returning capital through dividends and buybacks.
More locations and larger store bases increase lending and merchandise sales capacity.
Reducing dependence on large merchants and furniture exposure lowers volume volatility.
Better underwriting, servicing and merchant tools support growth and compliance.
Geography
2025The company operates pawn stores in 29 U.S. states and the District of Columbia, plus Mexico, Guatemala, El Salvador, Colombia and the U.K. The August 2025 acquisition of H&T expanded its U.K. footprint materially, while Latin America adds local-currency exposure and regulatory diversity.
Share of the revenue the company reports by geography.
Risks
The business is exposed to regulatory scrutiny, consumer-credit reputation risk and competition from pawnshops, banks, BNPL, LTO and online lenders. Earnings are also sensitive to commodity prices, foreign exchange, acquisition execution and the credit performance of AFF and pawn collateral.
- Merchant concentration at AFFImpact: HighLikelihood: High
A loss of large merchant partners could reduce transaction volumes materially.
Exposure: Retail POS payment solutions
- Regulatory and licensing changesImpact: HighLikelihood: Medium
Pawn loans and retail finance products are heavily regulated and can be restricted by law.
Exposure - Commodity price declinesImpact: HighLikelihood: Medium
Pawn collateral and resale value are tied to gold, precious metals and diamonds.
Exposure: Pawn merchandise and loan recovery values
- Foreign exchange volatilityImpact: MediumLikelihood: Medium
Latin America and U.K. earnings are translated from local currencies into USD.
Exposure - Goodwill impairmentImpact: MediumLikelihood: Medium
Large acquisition-driven goodwill balances can be written down if performance weakens.
Exposure: Acquired businesses including H&T and AFF
Accounting
Judgemental itemsThe company carries a large goodwill balance from acquisitions, which could require non-cash write-downs if performance weakens.
Impact: Could materially reduce reported earnings and equity
Pawn loans and AFF leases require judgment on expected recoveries and defaults.
Impact: Affects revenue recognition timing and credit loss expense
Certain Mexico leases are denominated in U.S. dollars and remeasured into pesos.
Impact: Creates non-cash gains or losses in reported results
Purchased intangibles from AFF and H&T increase amortization expense after deals close.
Impact: Can depress GAAP earnings versus operating cash generation
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Last updated: 24/09/2026