Pathward Financial, Inc. (CASH) 10-Year Financial Performance & Capital Metrics

CASH • • Banking & Credit

Financial ServicesRegional BanksDigital & Specialized BankingDigital Banking Platforms

AboutPathward Financial, Inc. operates as the holding company for Pathward, National Association that provides various banking products and services in the United States. It operates through three segments: Consumer, Commercial, and Corporate Services/Other. The company offers demand deposit accounts, savings accounts, money market savings accounts, and certificate accounts. It also provides commercial finance product comprising term lending, asset based lending, factoring, lease financing, insurance premium finance, government guaranteed lending, and other commercial finance products; consumer credit products; other consumer financing services; short-term taxpayer advance loans; and warehouse financing services. In addition, the company issues prepaid cards and consumer credit products; sponsors merchant acquiring and automated teller machines (ATMs) in various debit networks; and offers tax refund-transfer services, and other payment industry products and services. The company was formerly known as Meta Financial Group, Inc. and changed its name to Pathward Financial, Inc. in July 2022. Pathward Financial, Inc. was founded in 1954 and is headquartered in Sioux Falls, South Dakota.Show more

Net Interest Income $0 -100.0%
Total Revenue $328M -47.6%
Net Income $186M +10.4%
Return on Equity 21.91% -3.1%
Net Interest Margin 0% -100.0%
Efficiency Ratio 0% -100.0%
ROA 2.53% +13.1%
Equity / Assets 11.96% +7.5%
Book Value per Share 36.45 +9.4%
Tangible BV/Share 36.45 +78.9%
Debt/Equity 0.01 -97.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 23.3%
✓Well capitalized: 12.0% equity/assets
✓Share count reduced 6.7% through buybacks
✓Diversified revenue: 100.0% from non-interest income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y12.25%

5Y-7.21%

3Y-14.42%

TTM-

Profit (Net Income) CAGR

10Y26.26%

5Y12.16%

3Y7.14%

TTM5.86%

EPS CAGR

10Y24.35%

5Y21.77%

3Y14.37%

TTM13.4%

ROCE

10Y Avg14.25%

5Y Avg17.99%

3Y Avg17.22%

Latest4.92%

Peer Comparison

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CCBCoastal Financial Corporation	1.72B	113.69	34.98	30.92%	7.84%	10.04%	14.54%	0.12
SPNSSapiens International Corporation N.V.	2.43B	43.45	33.68	5.4%	11.4%	12.2%	2.97%	0.13
SSNCSS&C Technologies Holdings, Inc.	21B	86.05	28.68	6.89%	13.86%	12.2%	6.32%	1.09
TBBKThe Bancorp, Inc.	3.09B	70.39	16.41	16.11%	30.63%	29.28%	7.2%	0.16
CWANClearwater Analytics Holdings, Inc.	6.98B	24.19	14.40	22.72%	61.25%	19.6%	0.99%	0.07

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Net Interest Income+	77.31M	93.23M	130.55M	264.21M	259.04M	278.99M	324.57M	387.86M	455.12M	0
NII Growth %	0.31%	0.21%	0.4%	1.02%	-0.02%	0.08%	0.16%	0.2%	0.17%	-1%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	81.4M	108.1M	158.53M	325.73M	292.84M	285.85M	329.44M	398.74M	476.35M	0
Interest Expense	4.09M	14.87M	27.98M	61.52M	33.8M	6.86M	4.87M	10.87M	21.23M	0
Loan Loss Provision	4.61M	10.59M	29.43M	55.65M	64.78M	49.77M	56.79M	57.35M	42.66M	0
Non-Interest Income+	69.86M	132.92M	144.68M	188.24M	184.2M	229.28M	193.96M	189.51M	149.84M	328.1M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	151.25M	241.02M	303.21M	513.97M	477.04M	515.13M	523.39M	588.25M	626.2M	328.1M
Revenue Growth %	0.46%	0.59%	0.26%	0.7%	-0.07%	0.08%	0.02%	0.12%	0.06%	-0.48%
Non-Interest Expense	103.74M	160.41M	188.38M	298.86M	263.45M	302.06M	281.43M	337.89M	363.51M	0
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	38.82M	55.15M	57.41M	97.94M	115M	156.45M	180.3M	182.13M	198.79M	208.01M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	1%	0.42%	0.04%	0.71%	0.17%	0.36%	0.15%	0.01%	0.09%	0.05%
Pretax Income+	38.82M	55.15M	57.41M	97.94M	115M	156.45M	180.3M	182.13M	198.79M	223.05M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	5.6M	10.23M	5.12M	-3.37M	5.66M	10.7M	26.2M	16.32M	29.14M	36.27M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	33.22M	44.92M	51.62M	97M	104.72M	141.71M	151.13M	163.62M	168.36M	185.87M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.84%	0.35%	0.15%	0.88%	0.08%	0.35%	0.07%	0.08%	0.03%	0.1%
Net Income (Continuing)	33.22M	44.92M	52.29M	101.32M	109.34M	145.75M	154.1M	165.81M	169.65M	186.79M
EPS (Diluted)+	1.31	1.61	1.67	2.49	2.94	4.38	5.26	5.99	6.62	7.87
EPS Growth %	0.47%	0.23%	0.04%	0.49%	0.18%	0.49%	0.2%	0.14%	0.11%	0.19%
EPS (Basic)	1.32	1.62	1.68	2.49	2.94	4.38	5.26	6.01	6.63	7.91
Diluted Shares Outstanding	25.36M	27.91M	30.85M	38.92M	35.65M	31.75M	29.23M	26.93M	25.2M	23.52M

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	773.83M	1.27B	99.98M	126.55M	427.37M	314.02M	388.04M	375.58M	158.34M	120.57M
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	3.01B	3.57B	4.97B	5.19B	4.81B	5.25B	5.23B	6.05B	6.34B	0
Investments Growth %	0.3%	0.19%	0.39%	0.04%	-0.07%	0.09%	-0.01%	0.16%	0.05%	-1%
Long-Term Investments	2.1B	2.47B	3.48B	4.3B	4B	3.39B	3.34B	4.25B	4.6B	0
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	36.93M	98.72M	303.27M	309.5M	309.5M	309.5M	309.5M	309.5M	309.5M	0
Intangible Assets	28.92M	52.18M	70.72M	52.81M	41.69M	33.15M	25.69M	20.72M	16.59M	0
PP&E (Net)	18.63M	19.32M	147.75M	254.47M	247.57M	258M	246.08M	250.91M	244.39M	40.63M
Other Assets	112.9M	158.85M	177.42M	205.07M	212.39M	204.99M	324.14M	320.54M	296.08M	0
Total Current Assets	1.71B	2.42B	1.63B	1.05B	1.27B	2.47B	2.5B	2.39B	2.08B	1.49B
Total Non-Current Assets	2.3B	2.81B	4.2B	5.14B	4.83B	4.22B	4.25B	5.15B	5.47B	351.06M
Total Assets+	4.01B	5.23B	5.84B	6.18B	6.09B	6.69B	6.75B	7.54B	7.55B	7.17B
Asset Growth %	0.58%	0.3%	0.12%	0.06%	-0.01%	0.1%	0.01%	0.12%	0%	-0.05%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.03%
Accounts Payable	875K	2.28M	7.79M	9.41M	1.92M	579K	0	0	0	0
Total Debt+	1.19B	1.49B	514.72M	861.86M	98.22M	98.03M	36.03M	46.87M	410.35M	9M
Net Debt	413.75M	222.48M	414.75M	735.31M	-329.14M	-215.99M	-352.01M	-328.71M	252.02M	-111.57M
Long-Term Debt	90.52M	83.66M	87.15M	197.31M	87.47M	92.83M	36.03M	33.87M	33.35M	33.46M
Short-Term Debt	1.1B	1.4B	425.69M	646.02M	0	0	0	13M	377M	9M
Other Liabilities	0	0	0	0	0	-5.77M	0	0	424.29M	6.31B
Total Current Liabilities	3.57B	4.71B	5B	5.12B	5.15B	5.73B	6.07B	6.85B	6.25B	9M
Total Non-Current Liabilities	97.06M	85.53M	88.96M	215.84M	98.22M	92.25M	36.03M	33.87M	457.65M	6.31B
Total Liabilities	3.67B	4.79B	5.09B	5.34B	5.24B	5.82B	6.1B	6.88B	6.71B	6.31B
Total Equity+	334.98M	434.5M	747.73M	843.96M	847.31M	871.88M	645.14M	650.63M	839.61M	857.45M
Equity Growth %	0.23%	0.3%	0.72%	0.13%	0%	0.03%	-0.26%	0.01%	0.29%	0.02%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.12%	0.09%	0.12%	0.12%	0.16%	0.2%	0.25%	0.23%	0.22%
Book Value per Share	13.21	15.57	24.24	21.68	23.77	27.46	22.07	24.16	33.32	36.45
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	85K	288K	393K	378K	344K	317K	288K	262K	248K	228K
Additional Paid-in Capital	184.78M	258.34M	565.81M	580.83M	594.57M	604.48M	617.4M	628.5M	638.8M	648.33M
Retained Earnings	127.19M	167.16M	213.05M	252.81M	234.93M	259.19M	245.39M	278.65M	354.47M	359.83M
Accumulated OCI	22.92M	9.17M	-33.11M	6.34M	17.54M	7.6M	-213.08M	-255.44M	-153.39M	-145.46M
Treasury Stock	0	-266K	-1.99M	-445K	-3.68M	-860K	-4.83M	-344K	-249K	-4.88M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	55K	120M	137.75M	191.01M	467.22M	581.64M	268.81M	303.11M	453.54M	168M
Operating CF Growth %	-1%	2180.78%	0.15%	0.39%	1.45%	0.24%	-0.54%	0.13%	0.5%	-0.63%
Net Income	33.22M	44.92M	52.29M	101.32M	109.34M	145.75M	159.35M	165.81M	168.36M	185.87M
Depreciation & Amortization	-22K	45.05M	37.72M	55.15M	60.74M	59.05M	61.6M	64.95M	57.77M	102K
Deferred Taxes	-230K	-6.29M	6.53M	-14.3M	-2.35M	-1.64M	17.59M	-175K	11.12M	0
Other Non-Cash Items	-33.88M	21.51M	53.98M	24.01M	262.63M	328.95M	55.18M	-23.46M	34.41M	-27.48M
Working Capital Changes	536K	4.41M	-23.89M	11.9M	26.63M	43.27M	-34.92M	84.91M	171.61M	0
Cash from Investing+	-81M	-700.43M	-389.79M	-339.2M	-206.32M	-1.12B	-310.87M	-920.76M	-227.66M	-722K
Purchase of Investments	-902.86M	-849.54M	-626.58M	-299.27M	-229.33M	-1.04B	-907.36M	-156.88M	-3.46M	0
Sale/Maturity of Investments	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-81M	-29.43M	58.85M	0	3.5M	0	0	0	0	0
Other Investing	909.84M	-449.88M	-596.08M	-836.21M	-196.76M	-469.24M	430.89M	-496.1M	-152.49M	-722K
Cash from Financing+	82.38M	1.07B	-915.58M	174.88M	40.02M	422.93M	117.82M	604.86M	-443.2M	-167.73M
Dividends Paid	-4.39M	-4.84M	-5.74M	-7.76M	-7.1M	-6.4M	-5.92M	-5.43M	-5.07M	-159.5M
Share Repurchases	0	-470K	-2.6M	-49.91M	-118.74M	-99.88M	-168.24M	-120.44M	-86.85M	-163.05M
Stock Issued	0	12K	4K	3K	2K	0	1K	1K	3K	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	1000K	1000K	-1000K	1000K	-1000K	-32K	-1000K	1000K	1000K	0
Other Financing	11.77M	776.09M	-480.29M	-42.37M	923.61M	529.24M	347.05M	717.72M	-715.28M	-8.23M
Net Change in Cash+	1.44M	493.76M	-1.17B	26.57M	300.82M	-113.35M	74.02M	-12.46M	-217.24M	-453K
Exchange Rate Effect	0	0	3K	-122K	-101K	476K	-1000K	331K	81K	0
Cash at Beginning	14.28M	773.83M	1.27B	99.98M	126.55M	427.37M	314.02M	388.04M	375.58M	1.9M
Cash at End	15.72M	1.27B	99.98M	126.55M	427.37M	314.02M	388.04M	375.58M	158.34M	1.45M
Interest Paid	3.49M	16.28M	33.5M	0	41.29M	8.21M	5.26M	10.82M	20.91M	0
Income Taxes Paid	5.9M	20.06M	8.95M	0	7.04M	9.01M	14.73M	15.41M	20.36M	0
Free Cash Flow+	-6.92M	113.2M	112.36M	32.61M	401.32M	517.62M	-170.06M	-146.79M	176.78M	168M
FCF Growth %	-1.16%	17.35%	-0.01%	-0.71%	11.31%	0.29%	-1.33%	0.14%	2.2%	-0.05%

Banking Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.96%	11.67%	8.73%	12.19%	12.38%	16.49%	19.93%	25.25%	22.59%	21.91%
Return on Assets (ROA)	1.02%	0.97%	0.93%	1.61%	1.71%	2.22%	2.25%	2.29%	2.23%	2.53%
Net Interest Margin	1.93%	1.78%	2.24%	4.27%	4.25%	4.17%	4.81%	5.15%	6.03%	0%
Efficiency Ratio	68.58%	66.55%	62.13%	58.15%	55.23%	58.64%	53.77%	57.44%	58.05%	0%
Equity / Assets	8.36%	8.31%	12.81%	13.65%	13.91%	13.03%	9.56%	8.63%	11.12%	11.96%
Book Value / Share	13.21	15.57	24.24	21.68	23.77	27.46	22.07	24.16	33.32	36.45
NII Growth	30.54%	20.6%	40.03%	102.38%	-1.96%	7.7%	16.34%	19.5%	17.34%	-100%
Dividend Payout	13.21%	10.77%	11.11%	8%	6.78%	4.52%	3.92%	3.32%	3.01%	-

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Payment Card and Deposit Fees	-	-	-	-	-	-	-	-	125.94M	124.97M
Payment Card and Deposit Fees Growth	-	-	-	-	-	-	-	-	-	-0.77%
Rental Income	-	-	7.33M	41.05M	44.83M	-	-	-	54.16M	51.69M
Rental Income Growth	-	-	-	459.84%	9.19%	-	-	-	-	-4.56%
Refund Transfer Fees	-	-	-	-	-	-	-	-	-	43.98M
Refund Transfer Fees Growth	-	-	-	-	-	-	-	-	-	-
Consumer	-	-	-	-	-	-	-	387.86M	-	-
Consumer Growth	-	-	-	-	-	-	-	-	-	-
Commercial	-	-	-	-	-	-	-	261.29M	-	-
Commercial Growth	-	-	-	-	-	-	-	-	-	-
Corporate and Other	-	-	-	-	-	-	-	55.31M	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-
Payment card and deposit fees	-	-	-	-	87.38M	107.18M	104.68M	-	-	-
Payment card and deposit fees Growth	-	-	-	-	-	22.66%	-2.33%	-	-	-
Financial Service, Other	-	-	41.88M	39.2M	-	37.97M	39.81M	-	-	-
Financial Service, Other Growth	-	-	-	-6.40%	-	-	4.85%	-	-	-
Tax Advance Product Fees	-	-	35.7M	34.69M	31.83M	-	-	-	-	-
Tax Advance Product Fees Growth	-	-	-	-2.85%	-8.25%	-	-	-	-	-
Other Bank and Deposit Fees	-	-	-	-	1.31M	-	-	-	-	-
Other Bank and Deposit Fees Growth	-	-	-	-	-	-	-	-	-	-
Credit Card	-	-	94.45M	79.98M	-	-	-	-	-	-
Credit Card Growth	-	-	-	-15.31%	-	-	-	-	-	-
Deposit Fees	-	-	4.45M	9.09M	-	-	-	-	-	-
Deposit Fees Growth	-	-	-	104.22%	-	-	-	-	-	-
Mortgage Banking	-	-	4.47M	4.29M	-	-	-	-	-	-
Mortgage Banking Growth	-	-	-	-3.98%	-	-	-	-	-	-
Life Insurance Product Line	-	-	2.59M	2.54M	-	-	-	-	-	-
Life Insurance Product Line Growth	-	-	-	-2.12%	-	-	-	-	-	-
Retail Banking	36.99M	49.51M	-	-	-	-	-	-	-	-
Retail Banking Growth	-	33.84%	-	-	-	-	-	-	-	-
Others	30.79M	30.38M	-	-	-	-	-	-	-	-
Others Growth	-	-1.32%	-	-	-	-	-	-	-	-
Meta Payment Systems	9.53M	13.34M	-	-	-	-	-	-	-	-
Meta Payment Systems Growth	-	40.00%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Pathward Financial, Inc. (CASH) has a price-to-earnings (P/E) ratio of 9.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Pathward Financial, Inc. (CASH) saw revenue decline by 47.6% over the past year.

Yes, Pathward Financial, Inc. (CASH) is profitable, generating $180.7M in net income for fiscal year 2025 (56.7% net margin).

Dividend & Returns

Yes, Pathward Financial, Inc. (CASH) pays a dividend with a yield of 8.86%. This makes it attractive for income-focused investors.

Pathward Financial, Inc. (CASH) has a return on equity (ROE) of 21.9%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Pathward Financial, Inc. (CASH) has a net interest margin (NIM) of N/A. NIM has been under pressure due to interest rate environment.

Pathward Financial, Inc. (CASH) has an efficiency ratio of 0.0%. This is excellent, indicating strong cost control.

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