Forensic Analysis · Retail / Consumer Discretionary · as of Sep 25, 2026
Ezcorp Inc (EZPW)
A forensic read on Ezcorp Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Safe
Financial health
6.8
Distress distance
Clean
Earnings quality
4
Forensic signals
11.9
P / E (ttm)
10.7%
ROE
$1.9B
Market cap
9.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ezcorp Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 6.8, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.5%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~3%.
+11.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +11.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by inventory up +29% against +10% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 11.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
152d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 136 to 152 FY2024→FY2025 (against cost of goods sold; inventory +29% vs +10% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
8.7%
FY2025
Return on invested capital.Return on invested capital is 8.7% in the latest fiscal year and rising across FY2023–FY2025 from 6.3%. After-tax operating profit was $69M in FY2023 and $111M in FY2025, with operating income at 8.8% of revenue in FY2023, 9.7% in FY2024 and 11.7% in FY2025. The capital base behind it grew +18% across FY2023–FY2025, from $1.1B to $1.3B, and the return did not fall doing it, so the dollars added over that window earned at least the 6.3% the older base was already earning.
Key fundamentals
Latest Revenue$1.27B
Revenue Growth YoY+9.7%
Revenue CAGR (2yr)+10.2%
Net Margin8.6%
Free Cash Flow$110.4M
Return on Equity10.7%
Debt / Equity0.51x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ezcorp Inc's actual 10-K/10-Q/8-K filings?