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Relative to Consumer Discretionary Sector Median (N=445)
Metric
EZPW
Benchmark
P/E Ratio
12.6x
-50%
EV/EBITDA
12.3x
+154%
Price / Book
1.5x
Implied Value Audit
OVERVALUED
Implied Fair Value (vs Sector)
-33.1%
$18.20Spot: $27.19
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Consumer Discretionary sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
11.9%
Sector: 5.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, EZCORP INC (EZPW) receives a "Hold" rating with a composite score of 50.5/100, ranked #273 out of 4446 stocks. Key factor scores: Quality 50/100, Value 52/100, Momentum 69/100. This is quantitative analysis only — not investment advice.
EZCORP INC (EZPW) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does EZCORP INC Do?
EZCORP, Inc. provides pawn loans in the United States and Latin America. It offers pawn loans collateralized by tangible personal property, jewelry, consumer electronics, tools, sporting goods, and musical instruments. The company also sells merchandise, primarily collateral forfeited from pawn lending operations and pre-owned merchandise purchased from customers. In addition, it offers Lana and EZ+ web-based engagement platforms to manage pawn loans. As of September 30, 2021, the company owned and operated 516 pawn stores in the United States; 508 pawn stores in Mexico; and 124 pawn stores in Guatemala, El Salvador, and Honduras. EZCORP, Inc. was founded in 1989 and is headquartered in Austin, Texas. EZCORP INC (EZPW) is classified as a small-cap stock in the Consumer Discretionary sector, specifically within the Retail industry. The company is led by CEO Lachlan P. Given and employs approximately 7,000 people, headquartered in Austin, Texas. With a market capitalization of $1.6B, EZPW is one of the notable companies in the Consumer Discretionary sector.
EZCORP INC (EZPW) Stock Rating — Hold (April 2026)
As of April 2026, EZCORP INC receives a Hold rating with a composite score of 50.5/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.EZPW ranks #273 out of 4,446 stocks in our coverage universe. Within the Consumer Discretionary sector, EZCORP INC ranks #14 of 445 stocks, placing it in the top 10% of its Consumer Discretionary peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
EZPW Stock Price and 52-Week Range
EZCORP INC (EZPW) currently trades at $27.19. The 52-week high for EZPW is $26.93, which means the stock is currently trading 1.0% from its annual peak. The 52-week low is $12.85, putting the stock 111.6% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is EZPW Overvalued or Undervalued? — Valuation Analysis
EZCORP INC (EZPW) carries a value factor score of 52/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 12.62x, compared to the Consumer Discretionary sector average of 25.10x — a discount of 50%. The price-to-book ratio stands at 1.50x, versus the sector average of 1.94x. The price-to-sales ratio is 1.22x, compared to 0.29x for the average Consumer Discretionary stock. On an enterprise value basis, EZPW trades at 12.29x EV/EBITDA, versus 4.83x for the sector.
Overall, EZPW's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
EZCORP INC Profitability — ROE, Margins, and Quality Score
EZCORP INC (EZPW) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 11.9%, compared to the Consumer Discretionary sector average of 5.9%, which is within a healthy range. Return on assets (ROA) comes in at 6.4% versus the sector average of 2.5%.
On a margin basis, EZCORP INC reports gross margins of 58.4%, compared to 36.9% for the sector. The operating margin is 12.9% (sector: 3.8%). Net profit margin stands at 9.5%, versus 2.1% for the average Consumer Discretionary stock. Revenue growth is running at 35.8% on a trailing basis, compared to 3.3% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
EZPW Debt, Balance Sheet, and Financial Health
EZCORP INC has a debt-to-equity ratio of 48.0%, compared to the Consumer Discretionary sector average of 91.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 6.03x, indicating strong short-term liquidity. Total debt on the balance sheet is $519M.
EZPW has a beta of 0.35, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for EZCORP INC is 79/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
EZCORP INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, EZCORP INC reported revenue of $1.32B and earnings per share (EPS) of $0.72. Net income for the quarter was $127M. Gross margin was 58.4%. Operating income came in at $173M.
In Q1 2026, EZCORP INC reported revenue of $382M and earnings per share (EPS) of $0.72. Net income for the quarter was $44M. Gross margin was 58.4%. Revenue grew 19.3% year-over-year compared to Q1 2025. Operating income came in at $61M.
In FY 2025, EZCORP INC reported revenue of $1.27B and earnings per share (EPS) of $1.91. Net income for the quarter was $110M. Gross margin was 58.6%. Revenue grew 9.7% year-over-year compared to FY 2024. Operating income came in at $149M.
In Q3 2025, EZCORP INC reported revenue of $311M and earnings per share (EPS) of $0.45. Net income for the quarter was $27M. Gross margin was 59.1%. Revenue grew 10.5% year-over-year compared to Q3 2024. Operating income came in at $36M.
Over the past 8 quarters, EZCORP INC has demonstrated a growth trajectory, with revenue expanding from $281M to $1.32B. Investors analyzing EZPW stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
EZPW Dividend Yield and Income Analysis
EZCORP INC (EZPW) does not currently pay a dividend. This is common among smaller companies in the Retail industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Consumer Discretionary dividend stocks may want to explore other Consumer Discretionary stocks or use the stock screener to filter by dividend yield.
EZPW Momentum and Technical Analysis Profile
EZCORP INC (EZPW) has a momentum factor score of 69/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 23/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 2/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
EZPW vs Competitors — Consumer Discretionary Sector Ranking and Peer Comparison
Comparing EZPW against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full EZPW vs S&P 500 (SPY) comparison to assess how EZCORP INC stacks up against the broader market across all factor dimensions.
EZPW Next Earnings Date
No upcoming earnings date has been announced for EZCORP INC (EZPW) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy EZPW? — Investment Thesis Summary
EZCORP INC presents a balanced picture with arguments on both sides. Price momentum is positive at 69/100, suggesting the trend favors buyers. Low volatility (stability score 79/100) reduces downside risk.
In summary, EZCORP INC (EZPW) earns a Hold rating with a composite score of 50.5/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on EZPW stock.
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Institutional Research Dossier
EZCORP INC (EZPW) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
EZCORP (EZPW) receives a Hold rating, reflecting a balanced view of its operational performance and valuation. While the company demonstrates strong profitability metrics compared to its sector, particularly in gross and operating margins, its elevated valuation multiples and reliance on macroeconomic conditions temper enthusiasm. The company's growth trajectory, while impressive recently, needs to be assessed for sustainability given the cyclical nature of the pawn industry and potential regulatory headwinds.
The primary takeaway is that EZCORP presents a mixed bag of strengths and weaknesses. Its superior profitability and recent revenue growth are attractive, but the higher valuation and inherent risks associated with its business model warrant caution. Investors should closely monitor the company's ability to maintain its growth momentum and navigate the evolving regulatory landscape before considering a more decisive investment stance.
Business Strategy & Overview
EZCORP operates primarily in the pawn lending industry, providing short-term, collateralized loans to individuals who may have limited access to traditional banking services. The company generates revenue from interest and fees on these loans, as well as from the sale of forfeited collateral and pre-owned merchandise. EZCORP's strategic positioning involves operating a network of pawn stores across the United States and Latin America, targeting a customer base that values convenience and immediate access to funds.
The company's business model is heavily reliant on the value of the collateral pledged for loans, which typically includes jewelry, electronics, and other personal property. EZCORP's success hinges on its ability to accurately appraise the value of these items, manage its inventory of forfeited collateral, and efficiently sell merchandise through its retail channels. The Lana and EZ+ web-based engagement platforms represent an attempt to modernize operations and improve customer engagement, potentially driving repeat business and operational efficiencies.
EZCORP's geographic diversification across the United States, Mexico, and Central America provides some resilience against regional economic downturns. However, the company's performance is still significantly influenced by macroeconomic factors such as unemployment rates, consumer confidence, and commodity prices, particularly gold and silver. The pawn industry is also subject to regulatory scrutiny, with varying state and local laws governing interest rates, loan terms, and collateral handling.
A key aspect of EZCORP's strategy is its focus on operational efficiency and cost control. The company continuously seeks to optimize its store network, improve inventory management, and leverage technology to enhance its customer service and streamline its operations. The recent revenue growth suggests that these efforts are bearing fruit, but it remains to be seen whether EZCORP can sustain this momentum in the face of increasing competition and evolving consumer preferences.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
35.8%
Sector: 3.3%
+985% VS SCTR
Economic Moat Analysis
EZCORP's economic moat is likely narrow, stemming primarily from its established brand recognition and geographic footprint within the pawn lending industry. While the pawn industry itself is fragmented, EZCORP's scale and experience provide it with some advantages over smaller, independent operators. The company's long-standing presence in key markets allows it to build relationships with customers and develop a deeper understanding of local market dynamics.
Switching costs for customers in the pawn lending industry are relatively low, as borrowers can easily take their collateral to competing pawn shops. However, EZCORP's network of stores and its Lana and EZ+ platforms may create some degree of customer loyalty, particularly for borrowers who value convenience and ease of use. The company's ability to offer competitive loan terms and provide a positive customer experience can also contribute to customer retention.
Intangible assets, such as brand reputation and proprietary technology, play a role in EZCORP's competitive advantage. The company's brand is recognized within the pawn lending industry, and its Lana and EZ+ platforms provide a differentiated service offering. However, these intangible assets are not necessarily unique or difficult to replicate, limiting the strength of EZCORP's moat.
Cost advantages are not a significant source of EZCORP's moat. While the company benefits from economies of scale in its operations, these advantages are not substantial enough to create a significant barrier to entry for competitors. Efficient scale is also not a major factor, as the pawn lending industry is characterized by a large number of small to medium-sized operators.
Overall, EZCORP's narrow moat is based on a combination of brand recognition, geographic footprint, and proprietary technology. However, the company's competitive advantage is not insurmountable, and it faces ongoing competition from other pawn shops, as well as from alternative lending providers such as payday lenders and online lenders. The sustainability of EZCORP's moat will depend on its ability to continue innovating and adapting to changing market conditions.
Financial Health & Profitability
EZCORP's financial health presents a mixed picture. The company's revenue has shown strong growth, with TTM revenue at $382.02M and annual revenue increasing from $1.05B in FY2023 to $1.27B in FY2025. This growth is significantly higher than the consumer discretionary sector average, indicating strong operational performance. The company's gross margin consistently remains high, around 58-59%, showcasing effective cost management in its core operations.
Profitability metrics are also robust. The company's net income has seen substantial improvement, from $38.46M in FY2023 to $109.61M in FY2025. The net margin of 9.5% significantly outperforms the sector average of 2.1%, indicating superior profitability. Similarly, the operating margin of 12.9% is considerably higher than the sector average of 3.8%, reflecting efficient operational management.
However, the company's balance sheet reveals a significant debt burden. With a total debt of $518.55M, the debt-to-equity ratio stands at 48.00, which is lower than the sector average of 91.00. While this suggests a relatively lower leverage compared to its peers, the absolute debt amount is substantial and warrants monitoring. The current ratio of 6.03 indicates strong liquidity, suggesting the company can comfortably meet its short-term obligations.
The absence of free cash flow data makes it difficult to assess the company's cash-generating capabilities comprehensively. However, the consistent profitability and strong margins suggest that EZCORP is likely generating positive cash flow from operations. The company's ROE of 11.9% is significantly higher than the sector average of 5.8%, indicating efficient use of equity to generate profits. Overall, EZCORP's financial health is strong in terms of profitability and revenue growth, but the high debt level and lack of FCF data require careful consideration.
Valuation Assessment
EZCORP's valuation metrics suggest that the stock is trading at a premium compared to its sector. The company's P/E ratio of 35.3x is higher than the consumer discretionary sector average of 28.0x, indicating that investors are paying a higher price for each dollar of earnings. Similarly, the EV/EBITDA ratio of 8.6x is higher than the sector average of 5.3x, suggesting that the company is more expensive relative to its earnings before interest, taxes, depreciation, and amortization.
Given the company's strong revenue growth and profitability metrics, a premium valuation may be justified. However, it is important to consider the sustainability of this growth and the inherent risks associated with the pawn lending industry. The company's recent revenue growth of 35.8% is significantly higher than the sector average of 3.2%, but it is unclear whether this growth rate can be maintained in the long term.
The company's historical performance also needs to be taken into account. While EZCORP has shown strong improvement in recent years, its past performance has been more volatile. The company's earnings have fluctuated significantly, and it has faced challenges in navigating regulatory changes and economic downturns. Therefore, investors should be cautious about extrapolating recent growth trends into the future.
Without free cash flow data, it is difficult to assess the company's valuation using discounted cash flow analysis. However, based on the available metrics, EZCORP appears to be fairly valued to slightly overvalued. The company's strong growth and profitability are attractive, but its higher valuation multiples and inherent risks warrant caution. Investors should closely monitor the company's ability to maintain its growth momentum and navigate the evolving regulatory landscape before considering a more decisive investment stance.
Risk & Uncertainty
EZCORP faces several specific risks that could impact its business and financial performance. Regulatory risk is a significant concern, as the pawn lending industry is subject to varying state and local laws governing interest rates, loan terms, and collateral handling. Changes in these regulations could negatively affect the company's profitability and operations. For example, stricter limits on interest rates or fees could reduce the company's revenue, while increased compliance costs could erode its margins.
Competition is another key risk factor. The pawn lending industry is fragmented, with a large number of small to medium-sized operators. EZCORP faces competition from these local pawn shops, as well as from alternative lending providers such as payday lenders and online lenders. Increased competition could put pressure on the company's loan volumes and margins, as well as its ability to attract and retain customers.
Macroeconomic conditions also pose a risk to EZCORP's business. The company's performance is influenced by factors such as unemployment rates, consumer confidence, and commodity prices, particularly gold and silver. Economic downturns could reduce demand for pawn loans and increase the risk of loan defaults, while fluctuations in commodity prices could impact the value of the company's collateral inventory.
Leverage is a concern, given the company's substantial debt of $518.55M. While the debt-to-equity ratio is lower than the sector average, the absolute debt amount is significant and could constrain the company's financial flexibility. High debt levels could make it more difficult for EZCORP to invest in growth opportunities or weather economic downturns. Furthermore, rising interest rates could increase the company's borrowing costs and reduce its profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWEZCORP's superior profitability metrics, particularly its gross and operating margins, compared to the consumer discretionary sector, indicate a strong competitive advantage and efficient operations.
BULL VIEWThe company's recent revenue growth, significantly outpacing the sector average, demonstrates successful execution of its strategic initiatives and positions it for continued market share gains.
The Bear Case
BEAR VIEWEZCORP's elevated valuation multiples, including P/E and EV/EBITDA ratios, relative to the sector, suggest the stock is overvalued and vulnerable to a correction.
BEAR VIEWThe company's reliance on macroeconomic conditions and regulatory environment exposes it to significant risks that could negatively impact its financial performance and growth prospects.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score EZPW and 4,400+ other equities.
EZCORP INC exhibits a 101% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
6.4%
Sector: 2.5%
Gross Margin
Pricing power and cost efficiency
58.4%
Sector: 36.9%
Operating Margin
Core business profitability
12.9%
Sector: 3.8%
Net Margin
Bottom-line profitability
9.5%
Sector: 2.1%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
