EZCORP, Inc. (EZPW) Stock Analysis

EZCORP’s primary competitive advantage is its scale and operational focus in the pawn lending sector, particularly in the U.S. and Latin America. With 1,336 stores as of June 2025—second only to FirstCash Holdings in the U.S.—EZCORP benefits from network effects, brand recognition, and purchasing leverage. Its Latin American footprint (791 stores) is a key differentiator, providing exposure to faster-growing, less-penetrated markets where regulatory barriers and local expertise limit new entrants.

The company’s customer loyalty program, EZ+ Rewards, has reached 6.2 million members globally (up 34% year-over-year), supporting repeat business and higher customer retention. Customer satisfaction is high, with average Google review ratings above 4.7 out of 5 across regions.

EZCORP’s business model is countercyclical: demand for pawn loans rises during economic stress, providing resilience versus traditional lenders. Its focus on jewelry-backed loans (a high-margin segment) and disciplined inventory management (inventory turnover ~2.4x) support stable gross margins (59% TTM).

Compared to FirstCash, EZCORP is more concentrated in Latin America and less exposed to U.S. regulatory risk. However, it faces similar threats from gold price volatility and potential regulatory tightening. The company’s culture—emphasizing “People, Pawn, Passion”—is reflected in high employee engagement scores (87% participation, 84 engagement), which supports consistent service quality and operational execution.