EZCORP Inc (NASDAQ: EZPW) is a pawnshop operator that provides pawn loans to consumers and resells forfeited collateral through company-owned retail stores in the United States and Latin America. The company makes money three ways: pawn service charges (fees earned on outstanding pawn loans), merchandise sales from forfeited collateral, and jewelry scrap sales. In FY2025 (fiscal year ended September 30, 2025), pawn service charges generated $474.2 million in gross profit, merchandise sales generated $245.3 million in gross profit on $701.0 million in sales, and jewelry scrap sales added $26.3 million in gross profit on $98.9 million in sales, for total gross profit of $746.1 million. The Latin America segment produced $195.4 million in gross profit in FY2025, up 8% year over year. As of September 30, 2022, the company operated 1,175 consolidated stores across U.S. Pawn and Latin America Pawn segments, with store count growing through acquisitions and de novo openings in subsequent periods.

Revenue model

Transactional. Three revenue streams: (1) pawn service charges, fees charged on collateral-backed short-term loans; (2) retail merchandise sales of forfeited collateral at store locations, carrying a 35.0% gross margin in FY2025; (3) jewelry scrap sales to refiners, at a 26.6% gross margin in FY2025.

Products and services

Pawn loans (collateral-backed, short-term consumer loans), retail resale of forfeited merchandise (electronics, jewelry, tools, and general goods), and jewelry scrap sales. Pawn service charges were $474.2 million in FY2025, up 9% from $436.5 million in FY2024.

Customers and end markets

Individual consumers seeking short-term, collateral-backed liquidity, primarily in underbanked or non-prime credit segments. End markets are U.S. retail pawn and Latin America retail pawn.

Value-chain role

Direct lender and retailer. EZCORP originates pawn loans, holds physical collateral, and operates its own retail stores to resell forfeited items. It also sells scrap jewelry directly to precious metals buyers.

Geographic exposure

United States and Latin America. The Latin America segment is subject to Mexican regulatory oversight by PROFECO and is exposed to foreign currency exchange rate risk. As of September 30, 2022, 660 of 1,175 consolidated stores were in Latin America Pawn, with the remainder in U.S. Pawn.

Source: SEC 10-K, filed 2025-11-13

Industry: Retail-Miscellaneous Retail Peers: PROG Holdings Inc American Express Co Atlanticus Holdings Corp Enova International Inc Green Dot Corp Lendingtree Inc NerdWallet Inc Regional Management Corp Sunlight Financial Holdings Inc. World Acceptance Corp