Cass Information Systems, Inc. (CASS) 10-Year Financial Performance & Capital Metrics

CASS • • Industrial / General

IndustrialsBusiness ServicesSpecialized Business Process OutsourcingPayment & Financial Processing

AboutCass Information Systems, Inc. provides payment and information processing services to manufacturing, distribution, and retail enterprises in the United States. It operates through two segments, Information Services and Banking Services. The company's services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information. It also processes and pays facility-related invoices, such as electricity, gas, waste, and telecommunications expenses; and provides telecom expense management solutions. In addition, the company, through its banking subsidiary, Cass Commercial Bank, provides a range of banking products and services, such as checking, savings, and time deposit accounts; commercial, industrial, and real estate loans; and cash management services to privately-owned businesses and faith-related ministries. Further, it provides B2B payment platform for clients that require an agile fintech partner. It operates through its banking facility near downtown St. Louis, Missouri; operating branch in the Bridgeton, Missouri; and leased facilities in Fenton, Missouri and Colorado Springs, Colorado. The company was formerly known as Cass Commercial Corporation and changed its name to Cass Information Systems, Inc. in January 2001. Cass Information Systems, Inc. was founded in 1906 and is headquartered in St. Louis, Missouri.Show more

Revenue $220M +3.1%
EBITDA $87M -6.5%
Net Income $19M -36.2%
EPS (Diluted) 1.39 -36.2%
Gross Margin 43.68% -2.0%
EBITDA Margin 39.66% -9.3%
Operating Margin 36.94% -10.8%
Net Margin 8.72% -38.2%
ROE 8.36% -39.4%
ROIC -
Debt/Equity 0.03
Interest Coverage 4.01 -26.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓20 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Healthy dividend yield of 2.8%
✓Healthy 5Y average net margin of 15.4%

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.49%

5Y6.21%

3Y12.32%

TTM-2.79%

Profit (Net Income) CAGR

10Y-2.24%

5Y-8.81%

3Y-12.49%

TTM37.14%

EPS CAGR

10Y-1.15%

5Y-7.66%

3Y-11.42%

TTM40.36%

ROCE

10Y Avg9.89%

5Y Avg23.85%

3Y Avg29.01%

Latest28.65%

Peer Comparison

Payment & Financial Processing

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RBARB Global, Inc.	20.75B	111.72	55.58	16.43%	9.65%	7.31%	3.16%	0.80
CASSCass Information Systems, Inc.	558.44M	42.68	30.71	3.13%	15.38%	12.95%	5.3%	0.03
GPNGlobal Payments Inc.	21B	74.99	12.17	4.68%	19.68%	7.45%	13.61%	0.73
SSTSystem1, Inc.	36.09M	4.44	-4.15	-14.44%	-22.78%	-192.71%		3.24

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	120.82M	120.72M	135.3M	148.27M	162.68M	148.13M	155.19M	187.31M	213.23M	219.89M
Revenue Growth %	0.03%	-0%	0.12%	0.1%	0.1%	-0.09%	0.05%	0.21%	0.14%	0.03%
Cost of Goods Sold+	89.78M	20.89M	23.06M	26.04M	91.33M	88.87M	92.03M	107.82M	118.14M	123.84M
COGS % of Revenue	0.74%	0.17%	0.17%	0.18%	0.56%	0.6%	0.59%	0.58%	0.55%	0.56%
Gross Profit+	31.03M	99.83M	112.24M	122.23M	71.34M	59.26M	63.16M	79.48M	95.08M	96.06M
Gross Margin %	0.26%	0.83%	0.83%	0.82%	0.44%	0.4%	0.41%	0.42%	0.45%	0.44%
Gross Profit Growth %	-0.02%	2.22%	0.12%	0.09%	-0.42%	-0.17%	0.07%	0.26%	0.2%	0.01%
Operating Expenses+	89.78M	93.47M	100.4M	-103.27M	7.76M	5.92M	6.45M	6.57M	6.81M	14.83M
OpEx % of Revenue	0.74%	0.77%	0.74%	-0.7%	0.05%	0.04%	0.04%	0.04%	0.03%	0.07%
Selling, General & Admin	75.6M	78.06M	82.73M	92.18M	7.76M	5.92M	6.45M	6.57M	6.81M	14.83M
SG&A % of Revenue	0.63%	0.65%	0.61%	0.62%	0.05%	0.04%	0.04%	0.04%	0.03%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	0%	0%	0%	-	-	-	-	-	-
Other Operating Expenses	89.78M	93.47M	100.4M	-196.38M	0	0	0	0	0	0
Operating Income+	-140.86M	-74.44M	-81.49M	40.08M	63.59M	53.33M	56.71M	72.92M	88.27M	81.23M
Operating Margin %	-1.17%	-0.62%	-0.6%	0.27%	0.39%	0.36%	0.37%	0.39%	0.41%	0.37%
Operating Income Growth %	-0.07%	0.47%	-0.09%	1.49%	0.59%	-0.16%	0.06%	0.29%	0.21%	-0.08%
EBITDA+	-132M	19.57M	21.1M	155.74M	68.38M	58.66M	61.88M	77.62M	93.24M	87.21M
EBITDA Margin %	-1.09%	0.16%	0.16%	1.05%	0.42%	0.4%	0.4%	0.41%	0.44%	0.4%
EBITDA Growth %	-0.07%	1.15%	0.08%	6.38%	-0.56%	-0.14%	0.05%	0.25%	0.2%	-0.06%
D&A (Non-Cash Add-back)	8.86M	94M	102.59M	115.66M	4.79M	5.33M	5.17M	4.7M	4.97M	5.99M
EBIT	-8.86M	-9.43M	-11.34M	-11.24M	42.66M	32.7M	34.99M	46.38M	53.62M	44.48M
Net Interest Income+	36.6M	37.9M	39.79M	44.19M	47.42M	45.33M	44.33M	58.84M	66.49M	67.79M
Interest Income	38.71M	39.93M	41.98M	47.93M	52.61M	47.69M	44.33M	62.33M	82.76M	88.05M
Interest Expense	2.11M	2.03M	2.19M	3.74M	5.19M	2.36M	0	3.48M	16.27M	20.26M
Other Income/Expense	1.4M	-17.34M	-19.21M	126.38M	-26.12M	-22.99M	-22.89M	-30.02M	-50.91M	-57.01M
Pretax Income+	31.03M	32.06M	34.9M	36.35M	37.47M	30.34M	33.82M	42.9M	37.36M	24.22M
Pretax Margin %	0.26%	0.27%	0.26%	0.25%	0.23%	0.2%	0.22%	0.23%	0.18%	0.11%
Income Tax+	7.98M	7.72M	9.88M	6.08M	7.06M	5.17M	5.22M	8M	7.3M	5.05M
Effective Tax Rate %	0.74%	0.76%	0.72%	0.83%	0.81%	0.83%	0.85%	0.81%	0.8%	0.79%
Net Income+	23.06M	24.35M	25.01M	30.27M	30.4M	25.18M	28.6M	34.9M	30.06M	19.17M
Net Margin %	0.19%	0.2%	0.18%	0.2%	0.19%	0.17%	0.18%	0.19%	0.14%	0.09%
Net Income Growth %	-0.04%	0.06%	0.03%	0.21%	0%	-0.17%	0.14%	0.22%	-0.14%	-0.36%
Net Income (Continuing)	23.06M	24.35M	25.01M	30.27M	30.4M	25.18M	28.6M	34.9M	30.06M	19.17M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.52	1.63	1.68	2.03	2.07	1.73	2.00	2.53	2.18	1.39
EPS Growth %	-0.03%	0.07%	0.03%	0.21%	0.02%	-0.16%	0.16%	0.27%	-0.14%	-0.36%
EPS (Basic)	1.54	1.65	1.70	2.06	2.11	1.75	2.03	2.58	2.22	1.42
Diluted Shares Outstanding	15.22M	14.93M	14.92M	14.91M	14.69M	14.57M	14.33M	13.81M	13.82M	13.78M
Basic Shares Outstanding	14.99M	14.72M	14.7M	14.68M	14.43M	14.39M	14.3M	13.55M	13.79M	13.5M
Dividend Payout Ratio	0.42%	0.41%	0.43%	0.44%	0.5%	0.62%	0.54%	0.44%	0.53%	0.86%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	76.77M	129.89M	76.05M	635.86M	1.17B	1.74B	1.76B	1.66B	1.68B	1.68B
Cash & Short-Term Investments	561.12M	539.22M	640M	635.86M	203.95M	670.53M	514.93M	200.94M	372.47M	349.73M
Cash Only	185.42M	148.67M	169.48M	194.32M	203.95M	670.53M	514.93M	200.94M	372.47M	349.73M
Short-Term Investments	375.7M	390.55M	470.52M	441.53M	0	0	0	0	0	0
Accounts Receivable	0	0	0	0	762.08M	879.73M	953.52M	1.17B	1.11B	1.12B
Days Sales Outstanding	-	-	-	-	1.71K	2.17K	2.24K	2.27K	1.9K	1.87K
Inventory	-1.24B	0	-1.01B	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	0	206.16M	194.56M	291.43M	293.77M	198.86M	208.53M
Total Non-Current Assets+	33.64M	34.67M	36.15M	477.69M	592.05M	458.41M	795.03M	913.16M	795.41M	712.32M
Property, Plant & Equipment	19.65M	21.09M	21.59M	22.03M	20.53M	18.06M	18.11M	19.96M	30.09M	41.17M
Fixed Asset Turnover	6.15x	5.73x	6.27x	6.73x	7.93x	8.20x	8.57x	9.39x	7.09x	5.34x
Goodwill	11.59M	11.59M	12.57M	12.57M	14.26M	14.26M	14.26M	17.31M	17.31M	21.35M
Intangible Assets	2.4M	2M	2M	1.55M	4.28M	3.42M	2.56M	4.13M	3.35M	5.01M
Long-Term Investments	375.7M	390.55M	470.52M	441.53M	422.67M	357.73M	673.45M	754.47M	627.12M	528.02M
Other Non-Current Assets	-375.7M	-1.9B	-2.07B	-1.7B	130.31M	64.94M	86.64M	117.3M	117.55M	116.77M
Total Assets+	1.46B	1.5B	1.6B	1.7B	1.76B	2.2B	2.55B	2.57B	2.48B	2.4B
Asset Turnover	0.08x	0.08x	0.08x	0.09x	0.09x	0.07x	0.06x	0.07x	0.09x	0.09x
Asset Growth %	-0.03%	0.03%	0.07%	0.06%	0.04%	0.25%	0.16%	0.01%	-0.04%	-0.03%
Total Current Liabilities+	577.26M	642.29M	661.89M	694.36M	1.42B	1.85B	2.24B	2.32B	2.2B	2.11B
Accounts Payable	577.26M	642.29M	715.89M	694.36M	684.29M	835.39M	1.05B	1.07B	1.07B	1.15B
Days Payables Outstanding	2.35K	11.22K	11.33K	9.73K	2.73K	3.43K	4.17K	3.61K	3.31K	3.39K
Short-Term Debt	0	0	0	0	18M	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	-54M	0	721M	1.01B	1.19B	1.25B	1.13B	955.19M
Current Ratio	0.13x	0.20x	0.11x	0.92x	0.82x	0.94x	0.79x	0.72x	0.76x	0.80x
Quick Ratio	2.28x	0.20x	1.64x	0.92x	0.82x	0.94x	0.79x	0.72x	0.76x	0.80x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	670.87M	654.52M	716.23M	770.97M	96.76M	93.33M	71.64M	50.99M	47.96M	60.24M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	6.08M
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	670.87M	654.52M	716.23M	770.97M	96.76M	93.33M	71.64M	50.99M	47.96M	54.16M
Total Liabilities	1.25B	1.3B	1.43B	1.47B	1.52B	1.94B	2.31B	2.37B	2.25B	2.17B
Total Debt+	464.66M	407.31M	396.55M	408.67M	18M	0	0	0	0	7.43M
Net Debt	279.24M	258.64M	227.07M	214.34M	-185.95M	-670.53M	-514.93M	-200.94M	-372.47M	-342.3M
Debt / Equity	2.24x	1.96x	1.76x	1.78x	0.07x	-	-	-	-	0.03x
Debt / EBITDA	-	20.82x	18.79x	2.62x	0.26x	-	-	-	-	0.09x
Net Debt / EBITDA	-	13.22x	10.76x	1.38x	-2.72x	-11.43x	-8.32x	-2.59x	-3.99x	-3.92x
Interest Coverage	-66.72x	-36.69x	-37.26x	10.73x	12.25x	22.58x	-	20.94x	5.43x	4.01x
Total Equity+	207.38M	208.03M	225.09M	229.85M	244.19M	261.16M	245.8M	206.32M	229.81M	229.03M
Equity Growth %	0.03%	0%	0.08%	0.02%	0.06%	0.07%	-0.06%	-0.16%	0.11%	-0%
Book Value per Share	13.63	13.94	15.09	15.42	16.62	17.93	17.15	14.94	16.63	16.62
Total Shareholders' Equity	207.38M	208.03M	225.09M	229.85M	244.19M	261.16M	245.8M	206.32M	229.81M	229.03M
Common Stock	5.97M	5.97M	6.52M	7.75M	7.75M	7.75M	7.75M	7.75M	7.75M	7.75M
Retained Earnings	103.99M	118.36M	59.31M	75.17M	90.34M	99.06M	112.22M	131.68M	145.78M	148.49M
Treasury Stock	-22.21M	-30.21M	-32.06M	-39.97M	-45.38M	-50.52M	-78.9M	-81.21M	-84.26M	-87.61M
Accumulated OCI	-6.66M	-14.54M	-13.32M	-18.87M	-13.92M	-15K	453K	-59.32M	-47.47M	-45.19M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	33.49M	35.19M	38.89M	48.34M	42.13M	47.78M	34.55M	51.61M	36.94M	38.95M
Operating CF Margin %	0.28%	0.29%	0.29%	0.33%	0.26%	0.32%	0.22%	0.28%	0.17%	0.18%
Operating CF Growth %	-0.04%	0.05%	0.11%	0.24%	-0.13%	0.13%	-0.28%	0.49%	-0.28%	0.05%
Net Income	23.06M	24.35M	25.01M	30.27M	30.4M	25.18M	28.6M	34.9M	30.06M	19.17M
Depreciation & Amortization	8.86M	9.43M	11.34M	11.24M	10.94M	5.33M	5.17M	4.7M	4.97M	5.99M
Stock-Based Compensation	2.06M	1.96M	2.34M	3.01M	3.14M	2.27M	2.86M	6.73M	4.14M	3.17M
Deferred Taxes	-137K	319K	4M	-3.52M	1.25M	-874K	-698K	-1.16M	-284K	-1.05M
Other Non-Cash Items	-4.94M	-5.36M	-4.13M	-5.75M	-1.39M	9.47M	817K	10.71M	825K	4.08M
Working Capital Changes	4.6M	4.49M	326K	13.1M	-2.22M	6.42M	-2.21M	-4.28M	-2.77M	7.59M
Change in Receivables	-839K	-4.07M	-4.66M	4.71M	988K	756K	-602K	-2.52M	-3.84M	-3.34M
Change in Inventory	0	0	-22.63M	23.34M	22.4M	0	0	0	0	0
Change in Payables	-78.17M	65.03M	19.6M	-19.59M	-22.4M	0	0	17.2M	0	0
Cash from Investing+	-3.64M	-41.55M	-139.84M	-46.8M	-75.76M	-43.9M	-528.52M	-306.39M	284.66M	3.95M
Capital Expenditures	-5.75M	-4.68M	-4.13M	-4.4M	-2.72M	-2M	-4.37M	-5.87M	-14.32M	-9.33M
CapEx % of Revenue	0.05%	0.04%	0.03%	0.03%	0.02%	0.01%	0.03%	0.03%	0.07%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	14.7M	179K	-33.76M	-21.67M	-45.38M	-107.59M	-190.65M	-128.67M	163.5M	-80.29M
Cash from Financing+	-71.02M	19.93M	62.32M	1.28M	6.65M	462.69M	338.37M	-59.2M	-150.07M	-65.64M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-9.7M	-9.98M	-10.68M	-13.18M	-15.23M	-15.6M	-15.45M	-15.44M	-15.96M	-16.46M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-50.37M	39.13M	75.26M	23.3M	11.69M	503.12M	384.81M	-38.46M	-128.34M	-41.93M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	27.75M	30.5M	34.76M	43.94M	39.4M	45.78M	30.18M	45.74M	22.61M	29.62M
FCF Margin %	0.23%	0.25%	0.26%	0.3%	0.24%	0.31%	0.19%	0.24%	0.11%	0.13%
FCF Growth %	-0.03%	0.1%	0.14%	0.26%	-0.1%	0.16%	-0.34%	0.52%	-0.51%	0.31%
FCF per Share	1.82	2.04	2.33	2.95	2.68	3.14	2.11	3.31	1.64	2.15
FCF Conversion (FCF/Net Income)	1.45x	1.45x	1.55x	1.60x	1.39x	1.90x	1.21x	1.48x	1.23x	2.03x
Interest Paid	2.13M	2.02M	2.18M	3.7M	5.18M	2.43M	1.19M	3.43M	15.7M	20.23M
Taxes Paid	8.19M	7.06M	7.68M	6.72M	7.6M	4.73M	5.64M	8.4M	9.3M	5.51M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.31%	11.72%	11.55%	13.31%	12.83%	9.96%	11.28%	15.44%	13.78%	8.36%
Return on Invested Capital (ROIC)	-22.62%	-11.71%	-13.3%	6.71%	18.98%	-	-	1015.96%	-	-
Gross Margin	25.69%	82.69%	82.95%	82.44%	43.86%	40%	40.7%	42.43%	44.59%	43.68%
Net Margin	19.08%	20.17%	18.49%	20.41%	18.69%	17%	18.43%	18.63%	14.1%	8.72%
Debt / Equity	2.24x	1.96x	1.76x	1.78x	0.07x	-	-	-	-	0.03x
Interest Coverage	-66.72x	-36.69x	-37.26x	10.73x	12.25x	22.58x	-	20.94x	5.43x	4.01x
FCF Conversion	1.45x	1.45x	1.55x	1.60x	1.39x	1.90x	1.21x	1.48x	1.23x	2.03x
Revenue Growth	3.08%	-0.08%	12.08%	9.58%	9.72%	-8.94%	4.77%	20.7%	13.84%	3.13%

Revenue by Segment

	2012	2014	2015	2021	2022	2023	2024
Information Services	79.85M	-	-	-	120.23M	125.55M	125.97M
Information Services Growth	-	-	-	-	-	4.43%	0.33%
Processing Fees	-	-	-	-	76.47M	79.57M	82.67M
Processing Fees Growth	-	-	-	-	-	4.05%	3.90%
Financial Fees	-	-	-	-	43.76M	45.98M	43.3M
Financial Fees Growth	-	-	-	-	-	5.09%	-5.85%
Bank Service Fees	-	-	-	2.24M	1.43M	1.06M	1.28M
Bank Service Fees Growth	-	-	-	-	-36.13%	-25.66%	20.70%
Information Services Payment And Processing	-	-	-	106.45M	-	-	-
Information Services Payment And Processing Growth	-	-	-	-	-	-	-
Information Services Payment And Processing Revenue, Invoice Processing Fees	-	-	-	77.7M	-	-	-
Information Services Payment And Processing Revenue, Invoice Processing Fees Growth	-	-	-	-	-	-	-
Information Services Payment And Processing Revenue, Invoice Payment Fees	-	-	-	28.75M	-	-	-
Information Services Payment And Processing Revenue, Invoice Payment Fees Growth	-	-	-	-	-	-	-
Corporate Eliminations and Other	-11.65M	-10.71M	-11.73M	-	-	-	-
Corporate Eliminations and Other Growth	-	8.04%	-9.45%	-	-	-	-
Banking Services	2.94M	-	-	-	-	-	-
Banking Services Growth	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cass Information Systems, Inc. (CASS) has a price-to-earnings (P/E) ratio of 30.7x. This suggests investors expect higher future growth.

Growth & Financials

Cass Information Systems, Inc. (CASS) reported $205.0M in revenue for fiscal year 2024. This represents a 92% increase from $106.5M in 2011.

Cass Information Systems, Inc. (CASS) grew revenue by 3.1% over the past year. Growth has been modest.

Yes, Cass Information Systems, Inc. (CASS) is profitable, generating $31.5M in net income for fiscal year 2024 (8.7% net margin).

Dividend & Returns

Yes, Cass Information Systems, Inc. (CASS) pays a dividend with a yield of 2.80%. This makes it attractive for income-focused investors.

Cass Information Systems, Inc. (CASS) has a return on equity (ROE) of 8.4%. This is below average, suggesting room for improvement.

Cass Information Systems, Inc. (CASS) generated $44.8M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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