Key Highlights

  • EZCORP shares are trading down 3.49% at $27.31 versus a prior close of $28.30.
  • Fiscal fourth quarter adjusted EPS was $0.43, ahead of the roughly $0.42 estimate.
  • Pawn loans outstanding hit a record $401.5 million, up 31%.
  • Fiscal 2026 Revenue grew 30% to $1.7 billion.
  • The company ended the year with 1,590 stores across 15 countries.

EZCORP (NASDAQ:EZPW) is trading down 3.49% at $27.31 even after fiscal fourth quarter results beat expectations, as investors focus on slowing scrap Margin and fiscal 2027 plans.

Quarter Results

Adjusted EPS was $0.43 against the roughly $0.42 analysts expected. Total revenue grew 31% to $439.8 million, adjusted EBITDA rose 33% to $64 million, and core pawn Gross Profit rose 27%. Merchandise margin expanded 130 basis points to 37%.

Record Fiscal Year

Full-year revenue grew 30% to $1.7 billion, adjusted EBITDA grew 47% to $277 million and adjusted diluted EPS grew 43% to $2.02. Pawn loans outstanding hit a record $401.5 million, up 31%, with same-store growth of 13% in the U.S. and 24% in Latin America.

Segment Performance

U.S. EBITDA rose 28% to $73.2 million at a 27% margin, and Latin America EBITDA rose 44% to $26.3 million at a 21% margin. SMG, now wholly owned, contributed $42.3 million of revenue and $5.4 million of EBITDA, with integration on track but slightly slower than hoped.

Store Expansion

EZCORP added a net 230 stores, 190 acquired and 48 new, the largest expansion in company history, for 1,590 stores in 15 countries. The Acquisition pipeline remains strong in the U.S. and Latin America, and new-store Economics are ahead of model, limited mainly by management bench strength.

Balance Sheet and Outlook

The company held $295 million of unrestricted cash against $530 million of debt, repurchased $11 million of stock and plans no near-term Capital Structure change. For fiscal 2027, scrap margin is expected to normalize at about 15% if gold holds near current levels, after narrowing to 19% in the fourth quarter. Analysts' average price target is $38.75.

Scrap Margin and Expansion Decide the Next Move

The pullback reflects the lower scrap contribution ahead, even as lending and merchandise sales grow quickly. Investors will watch gold prices, pawn Loan growth against the 13% U.S. pace and whether new stores reach target returns.

First quarter pawn loans and scrap margin are the next markers.