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EZPW, EZCORP Inc. Class A Non Voting

EZCORP, Inc. is a leading provider of pawn services in the United States and Latin America with 1,360 locations and approximately 8,500 Team Members.

We are driven by a diverse team with a passion for pawn who are motivated to be their best — because our customers, families, stakeholders, and the communities and environment in which we live deserve it."

Innovate and Grow — Broaden customer engagement to serve more customers more frequently in more locations.

Latest annual: FY2025 10-K

EZPW · EZCORP Inc. Class A Non Voting

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.3B

+9.7% YoY · 9% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.5B 5-yr avg $1.0B

Gross margin 82%

Operating margin 13.6% 5-yr avg 8.6%

ROIC 12% 5-yr avg 7%

Owner-earnings margin 9% 5-yr avg 6%

Free cash flow margin 9% 5-yr avg 6%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Merchandise (55%), Pawn Service (37%) and Jewelry Scrap (8%).
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 7.1% through the cycle, a thin margin, where volume, cost discipline and the price it gets all bear on the result. The operating margin has swung widely — from −5.9% to 12% over the years — so the through-cycle figure carries more than any single year, and the worst year more than the best. Inventory runs near 17% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. On its own account, the filing leans hardest on concentrated dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 6%, above 15% in 0 of 8 years). By owner earnings: roughly 7% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Revenue spreads across 4 lines, the largest Merchandise at 55%.

Revenue by product line, FY2025

Merchandise55%$701M
Pawn Service37%$474M
Jewelry Scrap8%$99M
Other revenues0%$169K

By geographyUnited States72%Mexico21%Latin America7%Other Investments0%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$731M	$748M	$812M	$847M	$823M	$730M	$886M	$1.0B	$1.2B	$1.3B	$1.5B	RevenueRevenue
65%	64%	—	—	—	—	—	—	—	—	82%	Gross marginGross mgn
9%	7%	7%	8%	7%	8%	7%	6%	7%	7%	6%	SG&A / revenueSG&A/rev
$29M	$53M	$67M	$47M	($48M)	$31M	$75M	$92M	$113M	$149M	$201M	Operating incomeOp. inc.
4.0%	7.1%	8.3%	5.5%	−5.9%	4.3%	8.5%	8.8%	9.7%	11.7%	13.6%	Operating marginOp. mgn
($81M)	$31M	$37M	$3M	($68M)	$9M	$50M	$38M	$83M	$110M	$147M	Net incomeNet inc.
—	26%	33%	49%	—	46%	26%	26%	28%	25%	25%	Effective tax rateTax rate
											Cash flow & returns
$68M	$51M	$89M	$104M	$49M	$46M	$67M	$102M	$114M	$149M	$174M	Operating cash flowOp. cash
$29M	$24M	$25M	$29M	$31M	$31M	$32M	$32M	$33M	$33M	$35M	DepreciationDeprec.
$115M	($10M)	$15M	$62M	$92M	$3M	($21M)	$22M	($13M)	($6M)	($23M)	Working capital & otherWC & other
$13M	$25M	$40M	$39M	$29M	$24M	$32M	$40M	$36M	$39M	$43M	CapexCapex
1.8%	3.3%	5.0%	4.6%	3.5%	3.2%	3.6%	3.9%	3.1%	3.0%	2.9%	Capex / revenueCapex/rev
$55M	$26M	$63M	$75M	$21M	$23M	$35M	$70M	$78M	$110M	$131M	Owner earningsOwner earn.
7.5%	3.4%	7.8%	8.8%	2.5%	3.1%	3.9%	6.6%	6.7%	8.7%	8.9%	Owner earnings marginOE mgn
$55M	$26M	$49M	$65M	$21M	$23M	$35M	$61M	$78M	$110M	$131M	Free cash flowFCF
7.5%	3.4%	6.0%	7.6%	2.5%	3.1%	3.9%	5.9%	6.7%	8.7%	8.9%	Free cash flow marginFCF mgn
$6M	$2M	$93M	$8M	$0	$19M	$2M	$15M	$12M	$21M	$46M	AcquisitionsAcquis.
$12M	$0	$0	$0	$5M	$0	$2M	$17M	$12M	$7M	—	BuybacksBuybacks
—	5%	5%	—	-6%	2%	7%	8%	8%	10%	12%	ROICROIC
-14%	5%	5%	0%	-11%	1%	7%	5%	10%	11%	13%	Return on equityROE
−14%	5%	5%	0%	−11%	1%	7%	5%	10%	11%	13%	Retained to equityRetained/eq
											Balance sheet
$66M	$113M	$285M	$158M	$305M	$254M	$206M	$221M	$171M	$470M	$354M	Cash & investmentsCash+inv
—	$20M	$19M	$11M	$7M	$9M	$8M	$31M	—	—	$31M	ReceivablesReceiv.
$140M	$154M	$167M	$179M	$96M	$111M	$152M	$166M	$192M	$248M	$276M	InventoryInvent.
$84M	$60M	$58M	$78M	$72M	$22M	$24M	$23M	$21M	$23M	$25M	Accounts payablePayables
$56M	$114M	$128M	$112M	$31M	$98M	$136M	$174M	$171M	$226M	$282M	Operating working capitalOper. WC
$482M	$581M	$749M	$606M	$593M	$611M	$644M	$720M	$729M	$1.1B	$1.1B	Current assetsCur. assets
$95M	$73M	$260M	$91M	$132M	$155M	$153M	$192M	$269M	$201M	$232M	Current liabilitiesCur. liab.
5.1×	8.0×	2.9×	6.7×	4.5×	3.9×	4.2×	3.7×	2.7×	5.6×	4.7×	Current ratioCurr. ratio
$254M	$290M	$299M	$301M	$258M	$286M	$287M	$302M	$306M	$325M	$474M	GoodwillGoodwill
$983M	$1.0B	$1.2B	$1.1B	$1.2B	$1.3B	$1.3B	$1.5B	$1.5B	$2.0B	$2.1B	Total assetsAssets
$284M	$285M	$417M	$239M	$251M	$264M	$313M	$360M	$327M	$518M	$519M	Total debtDebt
$218M	$172M	$132M	$81M	($53M)	$11M	$107M	$140M	$157M	$49M	$165M	Net debt / (cash)Net debt
1.8×	1.9×	2.4×	1.4×	-2.2×	1.4×	7.5×	5.6×	8.3×	6.5×	6.1×	Interest coverageInt. cov.
$595M	$662M	$743M	$745M	$649M	$672M	$692M	$746M	$805M	$1.0B	$1.1B	Shareholders’ equityEquity
0.7%	0.8%	1.3%	1.2%	−0.6%	0.5%	0.6%	0.9%	0.9%	1.0%	1.1%	Stock comp / revenueSBC/rev
$73M	—	—	—	$41M	$41M	—	—	—	—	—	Goodwill written downGW imp.
											Per share
81.6M	81.6M	86.8M	84.0M	83.0M	83.9M	82.4M	80.9M	84.4M	83.4M	83.4M	Shares out (diluted)Shares
$8.95	$9.17	$9.35	$10.09	$9.92	$8.69	$10.76	$12.97	$13.76	$15.28	$17.72	Revenue / shareRev/sh
$-0.99	$0.39	$0.43	$0.03	$-0.83	$0.10	$0.61	$0.48	$0.98	$1.31	$1.76	EPS (diluted)EPS
$0.67	$0.31	$0.73	$0.89	$0.25	$0.27	$0.42	$0.86	$0.92	$1.32	$1.57	Owner earnings / shareOE/sh
$0.67	$0.31	$0.56	$0.77	$0.25	$0.27	$0.42	$0.76	$0.92	$1.32	$1.57	Free cash flow / shareFCF/sh
$0.16	$0.31	$0.47	$0.46	$0.34	$0.28	$0.39	$0.50	$0.42	$0.46	$0.51	Cap. spending / shareCapex/sh
$7.29	$8.12	$8.55	$8.87	$7.82	$8.01	$8.40	$9.22	$9.53	$12.30	$13.44	Book value / shareBVPS

Share counts before 2022 are restated ×1.5 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+6.1%/yr	+9.0%/yr
Owner earnings / share	+7.8%/yr	+39.8%/yr
Capital spending / share	+12.3%/yr	+6.1%/yr
Book value / share	+6.0%/yr	+9.5%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Revenue+9.7%
“Total revenues increased $112.7 million (10%) and gross profit increased 9%, reflecting improved PSC revenue, merchandise sales and jewelry scrap gross profit.”
✓ figure matches the filed record
Jewelry Scrap+61.9%
“Jewelry scrap sales increased 62%, and jewelry scrap sales gross margin increased by 1,160 bps to 26.6% due to an increase in gold price and jewelry purchases.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

83Mpeak FY2018

ROIC

10%low FY2020

Net debt ÷ owner earnings

0.4×peak FY2017

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$110Mowner earningsvs.$110Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $110M of profit into $110M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$110M

Owner earnings$110M · 9% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$110M	$83M	$38M	$50M	$9M
Depreciation & amortizationnon-cash charge added back	+$33M	+$33M	+$32M	+$32M	+$31M
Stock-based compensationreal costnon-cash, but a real cost	+$12M	+$10M	+$10M	+$5M	+$4M
Working capital & othertiming of cash in and out, other non-cash items	−$6M	−$13M	+$22M	−$21M	+$3M
Cash from operations	$149M	$114M	$102M	$67M	$46M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$39M	−$36M	−$32M	−$32M	−$24M
Owner earnings	$110M	$78M	$70M	$35M	$23M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$8M	—	—
Free cash flow	$110M	$78M	$61M	$35M	$23M
Owner-earnings marginowner earnings ÷ revenue	9%	7%	7%	4%	3%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $12M), owner earnings is nearer $98M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 6.5×

Comfortable

Operating income $149M ÷ interest expense $23M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? $49M · 0.3× operating profit

Modest net debt

Cash $470M − debt $518M

What this means
Netting $470M of cash and short-term investments against $518M of debt leaves $49M owed, about 0.3× a year's operating profit (3.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 318d

Long (60+ days)

DSO 9 + DIO 340 − DPO 31 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 5%

Below average through the cycle

8-yr median, range -6%–10%; 10% latest = NOPAT $111M ÷ invested capital $1.1B

Industry peers: median 11%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 8 years (it ran 10% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 7%

Solid through the cycle

10-yr median margin, range 2%–9%; latest $110M = operating cash $149M − maintenance capex $39M

Industry peers: median 4%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 9% of revenue this year, a 7% median across 10 years. Treating stock comp as the real expense it is (less $12M of SBC) leaves $98M.
Are earnings backed by cash? 1.36×

Cash-backed

Cash from ops $149M ÷ net income $110M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 6%

Reinvests most of it

Dividends + buybacks $7M ÷ Owner Earnings $110M

What this means
Of $110M Owner Earnings, $7M (6%) went back to shareholders, $0 dividends, $7M buybacks. But the buybacks barely exceed stock issued to employees ($12M SBC), net of dilution, little was truly returned. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.19×

Maintaining

Capex $39M ÷ depreciation $33M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.3B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.61×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $518M vs $925M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $1.25/share (latest year $1.78), the averaged base the calculator's gate runs on, and book value is $16.69/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 10 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 6% → 10% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 6% early to 10% lately, median 7% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +10%/yr

What this means
Owner earnings grew about 10% a year over the record.
Worst year 2020 · −5.9% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.
Share count +4.9%/yr

What this means
The share count is rising, dilution works against you on a per-share basis.

Does AI threaten the moat?

Moderate contestability

AI is likely to reshape costs and some products here without clearly contesting or sparing the core moat; how the company itself frames it is the tell.

The question is whether a moat the record shows as durable outlasts a technology that lowers the cost of part of what the firm sells. The durability is read in the record above, the filing's own framing of AI beside it; the industry label decides nothing on its own.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.1B

Cash & short-term investments$354M
Receivables$31M
Inventory$276M
Other current assets$431M

Current liabilities$232M

Accounts payable$25M
Other current liabilities$207M

Current ratio4.71×all current assets ÷ what's due · Graham looked for 2×

Quick ratio3.52×stricter: inventory excluded

Cash ratio1.53×strictest: cash alone against what's due

Working capital$860Mthe cushion left after near-term bills

Revenue, latest quarter vs. a year ago+45.9%the freshest read on whether the business is still growing

Current ratio, recent quarters2.6× → 4.7×

Deeper floors

Tangible book value$522Mequity stripped of goodwill & intangibles

Net current asset value$107MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$799M$280M of it operating leases

Deferred revenue$40Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $838M of operating cash; how management split it reads as a cash builder, a large share of cash simply built up on the balance sheet.

Reinvested$316M · 38%
Buybacks$55M · 7%
Retained (debt / cash)$466M · 56%

Returned to owners$55M
10% of the owner earnings the business produced over the span, $0 as dividends and $55M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $235M and cash and short-term investments rose $288M.
Average price paid for buybacks—
Buybacks ran $55M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count2.1%
The diluted count rose from 82M to 83M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.
Return on what it retained24%
Of the earnings it kept rather than paid out ($157M over the span), annual owner earnings (first three years vs last three) grew $38M, so each retained $1 added about 0.24 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$384M20% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity32%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$178Mover 10 years buying other businesses, against $316M of capital spent building

$156M written down across 3 years (2016, 2020, 2021): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 88% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid.

Insider ownership2.1%
The stake all directors and executive officers hold together, per the 2014 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$12M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 8% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why EZCORP Inc. Class A Non Voting is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

1 of the 6 tests turned up something to look into; the other 5 came back clean.

Look hereAre "one-time" charges a yearly habit?6 of 10 years
Management took an impairment or write-down in 6 of the last 10 years, $217M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did reported profit become cash?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Consumer Finance

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
SVVSavers Value Village Inc.	$1.7B	—	9.0%	11%	4%
FCFSFirstCash Holdings Inc.	$1.7B	39%	21.7%	8%	19%
SPHSuburban Propane Partners L.P.	$1.4B	60%	12.8%	—	12%
GCTGigaCloud Technology Inc	$1.3B	—	11.2%	84%	13%
EZPWEZCORP Inc. Class A Non Voting	$1.3B	79%	7.7%	6%	7%
SFIXStitch Fix Inc.	$1.3B	44%	-3.0%	-35%	3%
LESLLeslie's	$1.2B	41%	13.1%	38%	3%
REALThe RealReal Inc.	$693M	64%	-31.6%	—	-21%
Group median	—	52%	10.1%	9%	5%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what EZCORP Inc. Class A Non Voting has delivered.

EZCORP Inc. Class A Non Voting’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, EZCORP Inc. Class A Non Voting earns about $85M on its 6.7% median owner-earnings margin. This year’s 8.7% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($85M) Net of stock comp (−$16M)

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The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+35%/yr

Owner-earnings growth · ’16→’25+10%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $131M on 61M shares outstanding (a weighted basic average, the only count this filer tags); net debt $165M. The if-converted diluted count is 83M, 36% above the shares outstanding: the dilution overhang (convertibles, options) a buyer inherits. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EZPW against another business →

Cite: Owner Scorecard, "EZCORP Inc. Class A Non Voting (EZPW), the owner's record," https://ownerscorecard.com/c/EZPW, data as of 2026-07-09.

Manual order: ← EYPT its page in the Manual F →

Industry order: ← ENVA the Consumer Finance chapter FCFS →