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Specialty retail · Consumer Cyclical · Fiscal year ends Sep 30
Ezcorp reported revenue of $1.3B in the fiscal year ended Sep 2025, up 9.7% from the year before. Operating income was $149M, an operating margin of 11.7%, and net income was $110M. Operating cash flow of $149M less capital expenditure of $39M left free cash flow of $110M. Net debt was $49M.
Ranks among the 14 specialty retail companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 730 | 886 | 1,049 | 1,162 | 1,274 |
| Gross profit | 449 | 528 | 610 | 682 | 746 |
| Operating income | 31.2 | 74.9 | 92.2 | 113 | 149 |
| Interest expense | 22.2 | 10.0 | 16.5 | 13.6 | 23.0 |
| Pre-tax income | 16.1 | 67.7 | 51.6 | 116 | 147 |
| Income tax | 7.5 | 17.6 | 13.2 | 32.5 | 37.2 |
| Net income | 8.6 | 50.2 | 38.5 | 83.1 | 110 |
| Diluted EPS | 0.15 | 0.70 | 0.53 | 1.10 | 1.42 |
| Diluted shares | 55.9 | 82.4 | 80.9 | 84.4 | 83.4 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 254 | 206 | 221 | 171 | 470 |
| Receivables | 9.3 | 8.4 | 30.5 | – | – |
| Inventory | 111 | 152 | 166 | 192 | 248 |
| Current assets | 611 | 644 | 720 | 729 | 1,126 |
| Net PP&E | 53.8 | 56.7 | 68.1 | 66.0 | 75.3 |
| Goodwill | 286 | 287 | 302 | 306 | 325 |
| Total assets | 1,267 | 1,348 | 1,468 | 1,493 | 1,951 |
| Payables | 22.5 | 24.1 | 23.0 | 20.9 | 22.9 |
| Deferred revenue | 12.6 | 16.0 | 18.9 | 21.6 | 33.9 |
| Current liabilities | 155 | 153 | 192 | 269 | 201 |
| Short-term debt | 0.0 | 0.0 | 34.3 | 103 | 0.0 |
| Long-term debt | 264 | 313 | 326 | 224 | 518 |
| Total liabilities | 595 | 656 | 722 | 689 | 926 |
| Shareholders' equity | 672 | 692 | 746 | 805 | 1,025 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 46.4 | 66.5 | 102 | 114 | 149 |
| Capital expenditure | 23.6 | 31.9 | 40.4 | 35.8 | 38.6 |
| Free cash flow | 22.8 | 34.6 | 61.4 | 77.8 | 110 |
| Depreciation & amortisation | 30.7 | 32.1 | 32.1 | 33.1 | 32.5 |
| Stock-based compensation | 3.9 | 5.1 | 9.5 | 10.4 | 12.5 |
| Acquisitions | 19.0 | 1.9 | 14.9 | 12.1 | 20.7 |
| Share buybacks | 0.0 | 2.0 | 17.0 | 12.0 | 7.0 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 21.5% | 18.4% | 10.7% | 9.7% |
| Operating income growth (YoY) | – | 140.4% | 23.0% | 22.1% | 32.6% |
| EPS growth (YoY) | – | 366.7% | −24.3% | 107.5% | 29.1% |
| Gross margin | 61.6% | 59.6% | 58.1% | 58.7% | 58.5% |
| Operating margin | 4.3% | 8.5% | 8.8% | 9.7% | 11.7% |
| Net margin | 1.2% | 5.7% | 3.7% | 7.2% | 8.6% |
| Return on equityBlank when equity is negative | 1.3% | 7.2% | 5.2% | 10.3% | 10.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 2.8% | 6.3% | 7.2% | 9.2% | 8.5% |
| Free cash flow margin | 3.1% | 3.9% | 5.9% | 6.7% | 8.7% |
| Cash conversion (CFO ÷ net income) | 5.39x | 1.33x | 2.65x | 1.37x | 1.36x |
| Receivable days | 5 | 3 | 11 | – | – |
| Inventory days | 145 | 155 | 138 | 146 | 172 |
| Payable days | 29 | 25 | 19 | 16 | 16 |
| Interest cover | 1.41x | 7.51x | 5.60x | 8.28x | 6.48x |
| Debt ÷ equity | 0.39x | 0.45x | 0.48x | 0.41x | 0.51x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 10.5 | 107 | 140 | 157 | 48.6 |
| Current ratio | 3.94x | 4.21x | 3.75x | 2.71x | 5.61x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.