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.

50,3 %

9,0 %

+8,0 %

4.55

3.36

— FirstCash Holdings, Inc.
%
Pawn lending55% Non-recourse pawn loans secured by personal property held as collateral.
Pawn retail merchandise sales25% Sales of forfeited collateral and merchandise bought directly from customers.
Retail POS payment solutions20% AFF lease-to-own and consumer financing products sold through merchants.

FirstCash serves cash- and credit-constrained consumers who need small, short-term liquidity and value convenience over...

  • Pawn loan customersprimary

    Consumers pledge personal property to obtain small, short-term cash loans and use the collateralized structure for convenience and access.

  • Pawn retail shoppersprimary

    Customers buy pre-owned and forfeited goods such as jewelry, electronics and tools at neighborhood stores.

  • AFF merchant partnerssecondary

    Retailers and e-commerce merchants use AFF to offer lease-to-own and financing options to end customers.

  • AFF end consumerssecondary

    Credit-constrained shoppers use AFF financing to spread payments on consumer goods and services.

The company operates pawn stores in 29 U.S. states and the District of Columbia, plus Mexico, Guatemala, El Salvador,...

  • •U.S. pawn stores are the largest operating base
  • •Latin America includes Mexico, Guatemala, El Salvador and Colombia
  • •U.K. pawn operations expanded with the H&T acquisition
  • •AFF operates in the U.S. through merchant partners
  • •Local-currency markets create FX and regulatory exposure

FirstCash is focused on expanding pawn store count, growing pawn receivables and inventories in existing stores, and...

01
Expand pawn store footprintmedium-term

More locations and larger store bases increase lending and merchandise sales capacity.

02
Diversify AFF merchant concentrationshort-term

Reducing dependence on large merchants and furniture exposure lowers volume volatility.

03
Invest in technology and customer supportmedium-term

Better underwriting, servicing and merchant tools support growth and compliance.

The business is exposed to regulatory scrutiny, consumer-credit reputation risk and competition from pawnshops, banks,...

high

Regulatory and licensing changes

Pawn loans and retail finance products are heavily regulated and can be restricted by law.

Scope
U.S., Latin America and U.K. operations
Materiality
high
high

Commodity price declines

Pawn collateral and resale value are tied to gold, precious metals and diamonds.

Scope
Pawn merchandise and loan recovery values
Materiality
high
high

Merchant concentration at AFF

A loss of large merchant partners could reduce transaction volumes materially.

Scope
Retail POS payment solutions
Materiality
high
medium

Foreign exchange volatility

Latin America and U.K. earnings are translated from local currencies into USD.

Scope
Mexico, Guatemala, Colombia and U.K.
Materiality
medium
medium

Goodwill impairment

Large acquisition-driven goodwill balances can be written down if performance weakens.

Scope
Acquired businesses including H&T and AFF
Materiality
high
Goodwill impairment
Could materially reduce reported earnings and equity
Allowance for lease and loan losses
Affects revenue recognition timing and credit loss expense
Foreign currency remeasurement
Creates non-cash gains or losses in reported results
Acquisition-related amortization
Can depress GAAP earnings versus operating cash generation

FIRST MERCHANTS CORP

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FBIZ · State Commercial Banks

First Foundation Inc.

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FIRST COMMONWEALTH FINANCIAL CORP /PA/

FCF · National Commercial Banks

FIRST CAPITAL INC

FCAP · Savings Institution, Federally Chartered

FIRST BANCORP /PR/

FBP · State Commercial Banks

: 28/04/2026