Forensic Analysis · Retail / Consumer Discretionary · as of Nov 9, 2026
FirstCash Holdings, Inc. (FCFS)
A forensic read on FirstCash Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
4.2
Distress distance
Clean
Earnings quality
3
Forensic signals
15.3%
ROE
8.0%
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 (auditor quality, say on pay, board independence, going concern). 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.
FirstCash Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
82d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 67 to 82 FY2024→FY2025 (against cost of goods sold; inventory +46% vs +3% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
+13.4%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +13.4% 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. Net operating assets also rose $216.4M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +58% against revenue +8% and inventory up +46% against +3% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 6% of net operating assets, against an accruals ratio of 13.4%. 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.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
9.6%
FY2025
Return on invested capital.Return on invested capital is 9.6% in the latest fiscal year and rising across FY2023–FY2025 from 7.6%. After-tax operating profit was $289M in FY2023 and $420M in FY2025. The capital base behind it grew +14% across FY2023–FY2025, from $3.8B to $4.4B, and the return did not fall doing it, so the dollars added over that window earned at least the 7.6% the older base was already earning.
Key fundamentals
Latest Revenue$3.66B
Revenue Growth YoY+8.0%
Revenue CAGR (2yr)+7.8%
Net Margin9.0%
Free Cash Flow$531.0M
Return on Equity15.3%
Debt / Equity0.97x
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 FirstCash Holdings, Inc.'s actual 10-K/10-Q/8-K filings?