Forensic Analysis · Retail / Consumer Discretionary · as of Aug 9, 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
6.6
Distress distance
Clean
Earnings quality
5
Forensic signals
11.9
P / E (ttm)
10.7%
ROE
$1.7B
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). 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 6.6, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
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 from 6% — around its ~9% cost of capital, so growth is roughly value-neutral.
+0.4%/yr
FY2022–FY2025
Share count.Diluted share count changed +1% over the last 3 years to FY2025 (+0.4%/yr). Roughly flat — buybacks ($7M) are about offsetting stock comp ($12M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$83M
FY2020–FY2021
Goodwill impairments.
Key fundamentals
Latest Revenue$1.27B
Revenue Growth YoY+9.7%
Revenue CAGR (3yr)+12.9%
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?
Took $83M of goodwill writedowns across 2 years (FY2020 ($41M), FY2021 ($41M)). Writedowns mean past acquisitions underperformed what was paid for them.