Dave vs FirstCash
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KIRAβs take AI analyst
I put Dave and FirstCash side by side, using each oneβs latest annual report. Here is what stands out:
- FirstCash is the larger business, with $3.7B of revenue in fiscal 2025 against $554M for Dave, about 6.6 times as much.
- Dave grew revenue faster (59.7%, against 8.0%).
- Dave turned more of its sales into free cash flow (52.3% FCF margin, against 14.5%).
- Dave earned a higher return on the capital invested in it (72.9%, against 10.7%).
- Investors pay more for each dollar of Daveβs earnings: a P/E of 20.9x against 20.0x for FirstCash.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Dave
DAVE
6/8
Revenue growthNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
FirstCash
FCFS
2/8
Piotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | DAVE FY25 | FCFS FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.4B | $7.7B |
| Revenue | $554M | $3.7B |
| Free cash flow | $290M | $531M |
| Net income | $196M | $330M |
| Growth | ||
| Revenue growth | 59.7% | 8.0% |
| 5-year growth | β | 17.6% |
| Share count change | 4.8% | β1.4% |
| Profitability | ||
| Gross margin | β | 50.3% |
| Operating margin | β | β |
| Net margin | 35.3% | 9.0% |
| FCF margin | 52.3% | 14.5% |
| Return on capital | 72.9% | 10.7% |
| Return on equity | 73.1% | 15.3% |
| Balance sheet | ||
| Net debt | β$80.5M | $2.1B |
| Net debt / EBITDA | β0.4x | 3.3x |
| Dividends and buybacks | $43.7M | $187M |
| Valuation & quality | ||
| P/E | 20.9x | 20.0x |
| Piotroski F-score | 6 | 8 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.