Encore Capital Group Inc
ECPG Nasdaq Short-Term Business Credit Institutions Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$1.8B
34.4%
vs prior year
Operating margin
Operating income as a share of revenue.
35.4%
23.5 pts
Net income
Profit after all expenses, interest and tax.
$257M
Free cash flow
Cash from operations minus capital spending.
$127M
0.2%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.9%
7.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $13.16 EPS (TTM)
What Encore Capital Group Inc does
No business description yet.
- Legal name
- ENCORE CAPITAL GROUP INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001084961-26-000009
0001084961
Revenue and margins
Encore Capital Group Inc had $1.8B of revenue in fiscal 2025, up 34.4% on the year before.
FY16
Revenue $1.1B
FY17
Revenue $1.1B
FY18
Revenue $1.3B
FY19
Revenue $1.4B
FY20
Revenue $1.5B
FY21
Revenue $1.6B
FY22
Revenue $1.4B
FY23
Revenue $1.2B
FY24
Revenue $1.3B
FY25
Revenue $1.8B
Q3 '23
Revenue $310M
Q4 '23
Revenue $277M
Q1 '24
Revenue $328M
Q2 '24
Revenue $355M
Q3 '24
Revenue $367M
Q4 '24
Revenue $266M
Q1 '25
Revenue $393M
Q2 '25
Revenue $442M
Q3 '25
Revenue $460M
Q4 '25
Revenue $474M
Q1 '26
Revenue $475M
Q2 '26
Revenue $492M
FY16
Gross —
Operating 21.7%
Net 6.9%
FCF 8.9%
FY17
Gross —
Operating 28.3%
Net 7.3%
FCF 8.4%
FY18
Gross —
Operating 30.7%
Net 8.8%
FCF 9.0%
FY19
Gross —
Operating 31.8%
Net 11.9%
FCF 14.6%
FY20
Gross —
Operating 35.5%
Net 14.1%
FCF 18.5%
FY21
Gross —
Operating 39.2%
Net 21.7%
FCF 16.7%
FY22
Gross —
Operating 33.1%
Net 13.9%
FCF 12.4%
FY23
Gross —
Operating 1.4%
Net −16.9%
FCF 10.5%
FY24
Gross —
Operating 12.0%
Net −10.6%
FCF 9.7%
FY25
Gross —
Operating 35.4%
Net 14.5%
FCF 7.2%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 24.4%
Net 6.2%
FCF 15.0%
Q4 '23
Gross —
Operating −78.3%
Net −97.6%
FCF 10.4%
Q1 '24
Gross —
Operating 25.5%
Net 7.1%
FCF 13.4%
Q2 '24
Gross —
Operating 28.7%
Net 9.1%
FCF 8.0%
Q3 '24
Gross —
Operating 28.9%
Net 8.3%
FCF 10.8%
Q4 '24
Gross —
Operating −50.5%
Net −84.8%
FCF 5.6%
Q1 '25
Gross —
Operating 32.9%
Net 11.9%
FCF 9.7%
Q2 '25
Gross —
Operating 34.1%
Net 13.3%
FCF 0.7%
Q3 '25
Gross —
Operating 37.6%
Net 16.2%
FCF 16.4%
Q4 '25
Gross —
Operating 36.6%
Net 16.2%
FCF 2.1%
Q1 '26
Gross —
Operating 38.7%
Net 18.1%
FCF 16.3%
Q2 '26
Gross —
Operating 38.0%
Net 13.0%
FCF −7.7%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 15.6% a year. Loss periods are shown in red.
FY16
Net income $76.6M
FY17
Net income $83.2M
FY18
Net income $116M
FY19
Net income $168M
FY20
Net income $212M
FY21
Net income $351M
FY22
Net income $195M
FY23
Net income −$206M
FY24
Net income −$139M
FY25
Net income $257M
Q3 '23
Net income $19.3M
Q4 '23
Net income −$271M
Q1 '24
Net income $23.2M
Q2 '24
Net income $32.2M
Q3 '24
Net income $30.6M
Q4 '24
Net income −$225M
Q1 '25
Net income $46.8M
Q2 '25
Net income $58.7M
Q3 '25
Net income $74.7M
Q4 '25
Net income $76.7M
Q1 '26
Net income $86.2M
Q2 '26
Net income $64.0M
FY16
Diluted EPS $2.96
FY17
Diluted EPS $3.15
FY18
Diluted EPS $4.06
FY19
Diluted EPS $5.33
FY20
Diluted EPS $6.68
FY21
Diluted EPS $11.26
FY22
Diluted EPS $7.46
FY23
Diluted EPS −$8.72
FY24
Diluted EPS −$5.83
FY25
Diluted EPS $10.91
Q3 '23
Diluted EPS $0.79
Q4 '23
Diluted EPS −$11.34
Q1 '24
Diluted EPS $0.95
Q2 '24
Diluted EPS $1.34
Q3 '24
Diluted EPS $1.26
Q4 '24
Diluted EPS −$9.38
Q1 '25
Diluted EPS $1.93
Q2 '25
Diluted EPS $2.49
Q3 '25
Diluted EPS $3.17
Q4 '25
Diluted EPS $3.32
Q1 '26
Diluted EPS $3.86
Q2 '26
Diluted EPS $2.81
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 4.8%
Return on equity 13.7%
Return on assets 2.1%
FY17
Return on capital 5.4%
Return on equity 14.6%
Return on assets 2.0%
FY18
Return on capital 6.7%
Return on equity 16.6%
Return on assets 2.5%
FY19
Return on capital 8.5%
Return on equity 18.2%
Return on assets 3.5%
FY20
Return on capital 9.1%
Return on equity 18.9%
Return on assets 4.3%
FY21
Return on capital 12.6%
Return on equity 29.2%
Return on assets 7.4%
FY22
Return on capital 7.6%
Return on equity 16.5%
Return on assets 4.3%
FY23
Return on capital 0.3%
Return on equity −19.5%
Return on assets −4.5%
FY24
Return on capital 2.9%
Return on equity −16.3%
Return on assets −3.0%
FY25
Return on capital 9.9%
Return on equity 29.5%
Return on assets 5.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $127M in fiscal 2025, 7.2% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $98.7M
FY17
Free cash flow $95.7M
FY18
Free cash flow $119M
FY19
Free cash flow $205M
FY20
Free cash flow $278M
FY21
Free cash flow $270M
FY22
Free cash flow $173M
FY23
Free cash flow $128M
FY24
Free cash flow $127M
FY25
Free cash flow $127M
Q3 '23
Free cash flow $46.3M
Q4 '23
Free cash flow $28.7M
Q1 '24
Free cash flow $44.1M
Q2 '24
Free cash flow $28.3M
Q3 '24
Free cash flow $39.7M
Q4 '24
Free cash flow $15.0M
Q1 '25
Free cash flow $38.3M
Q2 '25
Free cash flow $3.2M
Q3 '25
Free cash flow $75.6M
Q4 '25
Free cash flow $9.9M
Q1 '26
Free cash flow $77.5M
Q2 '26
Free cash flow −$37.8M
FY16
Cash from operations $130M
Capital spending $31.7M
FY17
Cash from operations $124M
Capital spending $28.1M
FY18
Cash from operations $187M
Capital spending $67.5M
FY19
Cash from operations $245M
Capital spending $39.6M
FY20
Cash from operations $313M
Capital spending $34.6M
FY21
Cash from operations $303M
Capital spending $33.4M
FY22
Cash from operations $211M
Capital spending $37.2M
FY23
Cash from operations $153M
Capital spending $24.8M
FY24
Cash from operations $156M
Capital spending $29.0M
FY25
Cash from operations $153M
Capital spending $26.3M
Cash from operations
Capital spending
Q3 '23
Cash from operations $53.6M
Capital spending $7.3M
Q4 '23
Cash from operations $36.8M
Capital spending $8.0M
Q1 '24
Cash from operations $51.0M
Capital spending $6.9M
Q2 '24
Cash from operations $35.7M
Capital spending $7.4M
Q3 '24
Cash from operations $45.9M
Capital spending $6.2M
Q4 '24
Cash from operations $23.5M
Capital spending $8.6M
Q1 '25
Cash from operations $45.3M
Capital spending $7.0M
Q2 '25
Cash from operations $9.5M
Capital spending $6.3M
Q3 '25
Cash from operations $81.6M
Capital spending $6.0M
Q4 '25
Cash from operations $16.8M
Capital spending $6.9M
Q1 '26
Cash from operations $82.3M
Capital spending $4.9M
Q2 '26
Cash from operations −$29.4M
Capital spending $8.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Encore Capital Group Inc returned $90.4M to shareholders in fiscal 2025, 71% of free cash flow. The diluted share count fell 1.4%.
FY16
Dividends —
Buybacks $0.0M
FY17
Dividends —
Buybacks $0.0M
FY18
Dividends —
Buybacks —
FY19
Dividends —
Buybacks $0.0M
FY20
Dividends —
Buybacks $0.0M
FY21
Dividends —
Buybacks $391M
FY22
Dividends —
Buybacks $87.0M
FY23
Dividends —
Buybacks $0.0M
FY24
Dividends —
Buybacks $0.0M
FY25
Dividends —
Buybacks $90.4M
Dividends
Buybacks
FY16
Diluted shares 0.03B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.03B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
Balance sheet
Cash, debt and the ratios that show how comfortably Encore Capital Group Inc can carry it.
FY16
Cash $150M
Debt $2.9B
FY17
Cash $212M
Debt $3.5B
FY18
Cash $157M
Debt $3.6B
FY19
Cash $192M
Debt $3.6B
FY20
Cash $189M
Debt $3.4B
FY21
Cash $190M
Debt $3.1B
FY22
Cash $144M
Debt $2.9B
FY23
Cash $158M
Debt $3.4B
FY24
Cash $200M
Debt $3.7B
FY25
Cash $157M
Debt $4.0B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $190M | $144M | $158M | $200M | $157M |
| Debt incl. finance leases | $3.1B | $2.9B | $3.4B | $3.7B | $4.0B |
| Net debt / EBITDA | 4.2x | 5.5x | 55.0x | 18.5x | 5.9x |
| Debt / equity | 2.6x | 2.5x | 3.6x | 4.8x | 4.1x |
| Interest coverage | 3.7x | 3.0x | 0.1x | 0.6x | 2.1x |
| Total assets | $4.6B | $4.5B | $4.6B | $4.8B | $5.3B |
| Total liabilities | $3.4B | $3.3B | $3.7B | $4.0B | $4.4B |
| Shareholders' equity | $1.2B | $1.2B | $937M | $767M | $977M |
| Net debt (− = net cash) | $2.9B | $2.8B | $3.2B | $3.5B | $3.9B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✕ |
| Debt fell relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ |
| Current ratio rose | — | — | — | — | — | — | — | — | — | — |
| Share count didn't rise | — | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✓ | ✕ | ✓ |
| Gross margin rose | — | — | — | — | — | — | — | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✕ | ✕ | ✓ | ✓ |
| F-score | — / 3 | 3 / 7 | 6 / 7 | 6 / 7 | 6 / 7 | 6 / 7 | 5 / 7 | 3 / 7 | 4 / 7 | 6 / 7 |
| Accruals ratio | −1.5% | −1.0% | −1.6% | −1.6% | −2.1% | 1.0% | −0.4% | −7.9% | −6.3% | 2.0% |
| Altman Z'' | — | — | — | — | — | — | — | — | — | — |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.1B | $1.1B | $1.3B | $1.4B | $1.5B | $1.6B | $1.4B | $1.2B | $1.3B | $1.8B |
| Operating income | $242M | $325M | $405M | $446M | $534M | $633M | $462M | $16.5M | $157M | $627M |
| Interest expense | $198M | $204M | $237M | $218M | $209M | $170M | $153M | $202M | $253M | $294M |
| Pretax income | $57.4M | $131M | $156M | $201M | $283M | $437M | $311M | −$180M | −$96.2M | $336M |
| Income tax | $38.2M | $52.0M | $46.8M | $32.3M | $70.4M | $85.3M | $116M | $26.2M | $43.0M | $79.3M |
| Net income | $76.6M | $83.2M | $116M | $168M | $212M | $351M | $195M | −$206M | −$139M | $257M |
| Diluted EPS | $2.96 | $3.15 | $4.06 | $5.33 | $6.68 | $11.26 | $7.46 | −$8.72 | −$5.83 | $10.91 |
| Diluted shares | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $130M | $124M | $187M | $245M | $313M | $303M | $211M | $153M | $156M | $153M |
| Capital expenditure | $31.7M | $28.1M | $67.5M | $39.6M | $34.6M | $33.4M | $37.2M | $24.8M | $29.0M | $26.3M |
| Free cash flow | $98.7M | $95.7M | $119M | $205M | $278M | $270M | $173M | $128M | $127M | $127M |
| Depreciation and amortization | $34.9M | $40.0M | $41.2M | $41.0M | $42.8M | $50.1M | $46.4M | $41.7M | $32.4M | $28.8M |
| Stock-based compensation | $12.6M | $10.4M | $13.0M | $12.6M | $16.6M | $18.3M | $15.4M | $13.9M | $14.0M | $18.3M |
| Acquisitions | $0.7M | $96.4M | $0.0M | $0.0M | — | — | — | — | — | — |
| Share buybacks | $0.0M | $0.0M | — | $0.0M | $0.0M | $391M | $87.0M | $0.0M | $0.0M | $90.4M |
| Dividends and buybacks | $0.0M | $0.0M | — | $0.0M | $0.0M | $391M | $87.0M | $0.0M | $0.0M | $90.4M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $150M | $212M | $157M | $192M | $189M | $190M | $144M | $158M | $200M | $157M |
| Total debt | $2.9B | $3.5B | $3.6B | $3.6B | $3.4B | $3.1B | $2.9B | $3.4B | $3.7B | $4.0B |
| Finance lease liabilities | — | — | — | $8.1M | $8.3M | $7.0M | $5.7M | $2.8M | $1.1M | $0.6M |
| Property and equipment, net | $72.3M | $76.3M | $116M | $120M | $127M | $120M | $114M | $104M | $80.6M | $82.1M |
| Goodwill | $785M | $929M | $868M | $884M | $907M | $898M | $821M | $606M | $508M | $536M |
| Intangible assets | $28.2M | $75.7M | $60.6M | $51.4M | $45.0M | $36.3M | $22.1M | $0.0M | $0.0M | — |
| Total assets | $3.7B | $4.5B | $4.6B | $4.9B | $4.9B | $4.6B | $4.5B | $4.6B | $4.8B | $5.3B |
| Total liabilities | $3.1B | $3.8B | $3.8B | $3.9B | $3.6B | $3.4B | $3.3B | $3.7B | $4.0B | $4.4B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $559M | $582M | $818M | $1.0B | $1.2B | $1.2B | $1.2B | $937M | $767M | $977M |
| Margins | ||||||||||
| Operating margin | 21.7% | 28.3% | 30.7% | 31.8% | 35.5% | 39.2% | 33.1% | 1.4% | 12.0% | 35.4% |
| EBITDA margin | 24.8% | 31.8% | 33.8% | 34.7% | 38.4% | 42.3% | 36.4% | 4.8% | 14.4% | 37.1% |
| Net margin | 6.9% | 7.3% | 8.8% | 11.9% | 14.1% | 21.7% | 13.9% | −16.9% | −10.6% | 14.5% |
| FCF margin | 8.9% | 8.4% | 9.0% | 14.6% | 18.5% | 16.7% | 12.4% | 10.5% | 9.7% | 7.2% |
| Returns | ||||||||||
| Return on capital | 4.8% | 5.4% | 6.7% | 8.5% | 9.1% | 12.6% | 7.6% | 0.3% | 2.9% | 9.9% |
| Return on equity | 13.7% | 14.6% | 16.6% | 18.2% | 18.9% | 29.2% | 16.5% | −19.5% | −16.3% | 29.5% |
| Return on assets | 2.1% | 2.0% | 2.5% | 3.5% | 4.3% | 7.4% | 4.3% | −4.5% | −3.0% | 5.1% |
| Return on tangible equity | — | — | — | 193.8% | 79.8% | 139.7% | 57.9% | −62.6% | −53.7% | 58.3% |
| Growth | ||||||||||
| Revenue growth | — | 2.9% | 15.3% | 6.5% | 6.8% | 7.5% | −13.4% | −12.6% | 7.7% | 34.4% |
| Net income growth | — | 8.7% | 39.2% | 44.9% | 26.2% | 65.6% | −44.5% | −206.1% | — | — |
| EPS growth | — | 6.4% | 28.9% | 31.3% | 25.3% | 68.6% | −33.7% | −216.9% | — | — |
| FCF growth | — | −3.0% | 24.7% | 71.9% | 35.7% | −3.1% | −35.7% | −26.1% | −0.8% | −0.2% |
| Share count change | — | 1.9% | 8.2% | 10.2% | 0.7% | −1.8% | −16.2% | −9.3% | 0.9% | −1.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 9.8x | 9.1x | 7.7x | 7.0x | 5.5x | 4.2x | 5.5x | 55.0x | 18.5x | 5.9x |
| Debt / equity | 5.1x | 6.1x | 4.4x | 3.5x | 2.8x | 2.6x | 2.5x | 3.6x | 4.8x | 4.1x |
| Interest coverage | 1.2x | 1.6x | 1.7x | 2.0x | 2.5x | 3.7x | 3.0x | 0.1x | 0.6x | 2.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 2.8% | 2.5% | 5.1% | 2.8% | 2.3% | 2.1% | 2.7% | 2.0% | 2.2% | 1.5% |
| Stock comp / revenue | 1.1% | 0.9% | 1.0% | 0.9% | 1.1% | 1.1% | 1.1% | 1.1% | 1.1% | 1.0% |
| Payouts / FCF | 0.0% | 0.0% | — | 0.0% | 0.0% | 144.8% | 50.2% | 0.0% | 0.0% | 71.2% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 3.0 | 6.0 | 6.0 | 6.0 | 6.0 | 5.0 | 3.0 | 4.0 | 6.0 |
| Accruals ratio | −1.5% | −1.0% | −1.6% | −1.6% | −2.1% | 1.0% | −0.4% | −7.9% | −6.3% | 2.0% |
Source: SEC EDGAR XBRL filings (CIK 0001084961). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.