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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
FirstCash Holdings's Net-Net Working Capital for the quarter that ended in Jun. 2026 was MXN-1,049.66.
The industry rank for FirstCash Holdings's Net-Net Working Capital or its related term are showing as below:
MEX:FCFS1's Price-to-Net-Net-Working-Capital is not ranked *
in the Credit Services industry.
Industry Median: 6.875 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
FirstCash Holdings (MEX:FCFS1) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
FirstCash Holdings Net-Net Working Capital Related Terms
FirstCash Holdings Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for FirstCash Holdings's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:FCFS1 vs OMF, KLAR, CACC: Net-Net Working Capital Comparison
For the Credit Services subindustry, FirstCash Holdings's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
FirstCash Holdings Price-to-Net-Net-Working-Capital vs Credit Services Industry
For the Credit Services industry and Financial Services sector, FirstCash Holdings's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where FirstCash Holdings's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of MXN-1,049.66 mean?
FirstCash Holdings (MEX:FCFS1) has a Net-Net Working Capital of MXN-1,049.66 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on FirstCash Holdings According to the industry distribution chart, FirstCash Holdings ranks #999999 out of 76 companies in the Credit Services industry.
Is FirstCash Holdings' Net-Net Working Capital too high?
FirstCash Holdings' current Net-Net Working Capital is MXN-1,049.66. Based on the distribution chart, FirstCash Holdings ranks #999999 out of 76 companies in the Credit Services industry, which is in the bottom quartile relative to peers. Overall, FirstCash Holdings has a GF Score™ of 85/100, reflecting its overall financial health beyond just this single metric.
How does FirstCash Holdings' Net-Net Working Capital compare to OMF and KLAR?
According to the Credit Services industry distribution chart, FirstCash Holdings ranks #999999 out of 76 companies for Net-Net Working Capital. This places FirstCash Holdings in the lower half of its industry. The industry median Net-Net Working Capital is 6.88. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Credit Services company?
The median Net-Net Working Capital among Credit Services companies is 6.88, based on 76 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on FirstCash Holdings For the Credit Services industry, the median Net-Net Working Capital is 6.88 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. FirstCash Holdings's current Net-Net Working Capital is MXN-1,049.66. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is FirstCash Holdings stock overvalued right now?
FirstCash Holdings (MEX:FCFS1) has a current Net-Net Working Capital of MXN-1,049.66. The stock's GF Value™ is MXN3,149.41, compared to a current price of MXN4,013.00 — trading 27.4% above its estimated fair value. The current Net-Net Working Capital is MXN-1,049.66. FirstCash Holdings' overall GF Score™ is 85/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For FirstCash Holdings (MEX:FCFS1), the current Net-Net Working Capital is MXN-1,049.66 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is FirstCash Holdings (MEX:FCFS1) Overvalued in 2026?
Based on GuruFocus' analysis, FirstCash Holdings stock appears to be overvalued.
The current stock price of MXN4,013.00 is trading 27.4% above its estimated GF Value™ of MXN3,149.41.
Key valuation signals for MEX:FCFS1:
Net-Net Working Capital: MXN-1,049.66
GF Value™: MXN3,149.41 vs. price of MXN4,013.00 (27.4% above fair value)
No single metric tells the full story. See the MEX:FCFS1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
FirstCash Holdings Inc is an operator of pawn stores in the U.S., Latin America and the U.K. The company's primary line of business is the operation of retail pawn stores, also known as pawnshops. It also operates a retail POS payment solutions business. Its two business lines are organized into four reportable segments: The U.S. pawn segment consists of pawn operations in some of U.S. states and the District of Columbia; The Latin America pawn segment consists of pawn operations in Mexico, Guatemala, El Salvador and Colombia; The U.K. pawn segment consists of pawn operations in England, Scotland and Wales; and The retail POS payment solutions segment consists of the operations of American First Finance, LLC, which offers products in the U.S.
85GF Score
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