Latest Ratios: P/E Ratio 20.7x · EV/EBITDA 6.7x · ROE 14.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $695M | $559M | $564M | $622M | $633M | $563M | $567M | $848M | $789M | $724M | $832M |
| Enterprise Value | $308M | $171M | $214M | $250M | $432M | $49M | $-103728092 | $662M | $1.0B | $951M | $1.1B |
| P/E Ratio → | 20.70 | 15.91 | 29.43 | 20.67 | 18.11 | 19.66 | 22.49 | 27.89 | 26.07 | 28.88 | 34.19 |
| P/S Ratio | 3.64 | 2.93 | 2.56 | 2.92 | 3.38 | 3.63 | 3.83 | 5.21 | 5.19 | 5.26 | 6.60 |
| P/B Ratio | 2.99 | 2.30 | 2.46 | 2.71 | 3.07 | 2.29 | 2.17 | 3.47 | 3.43 | 3.21 | 4.00 |
| P/FCF | 21.89 | 17.59 | 19.03 | 27.53 | 13.83 | 18.67 | 12.38 | 21.53 | 17.96 | 20.81 | 27.27 |
| P/OCF | 18.58 | 14.93 | 14.47 | 16.85 | 12.26 | 16.31 | 11.86 | 20.14 | 16.32 | 18.61 | 23.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.90 | 0.97 | 1.17 | 2.30 | 0.31 | -0.70 | 4.07 | 6.60 | 6.91 | 8.65 |
| EV / EBITDA | 6.69 | 3.73 | 7.08 | 5.89 | 9.07 | 1.24 | -2.49 | 15.67 | 24.63 | 24.40 | 30.53 |
| EV / EBIT | 7.94 | 4.42 | 8.83 | 6.67 | 10.06 | 1.43 | -3.42 | 17.68 | 27.61 | 27.24 | 34.01 |
| EV / FCF | — | 5.39 | 7.22 | 11.05 | 9.44 | 1.61 | -2.27 | 16.81 | 22.84 | 27.35 | 35.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 85.3% | 87.8% | 93.1% | 92.6% | 83.2% | 90.9% | 91.8% | 92.5% | 92.6% |
| Operating Margin | 20.3% | 20.3% | 11.0% | 17.6% | 22.9% | 21.8% | 20.5% | 23.0% | 23.9% | 25.4% | 25.4% |
| Net Profit Margin | 18.4% | 18.4% | 8.7% | 14.1% | 18.6% | 18.4% | 17.0% | 18.7% | 19.9% | 18.2% | 19.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 8.4% | 13.8% | 15.4% | 11.3% | 10.0% | 12.8% | 13.3% | 11.6% | 11.7% |
| ROA | 1.4% | 1.4% | 0.8% | 1.2% | 1.4% | 1.2% | 1.3% | 1.8% | 1.8% | 1.6% | 1.6% |
| ROIC | — | — | — | — | 597.7% | — | — | 11.2% | 6.1% | 5.7% | 5.0% |
| ROCE | 2.8% | 2.8% | 1.0% | 1.5% | 1.7% | 1.4% | 8.7% | 5.6% | 3.7% | 3.9% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | — | — | — | — | — | 0.07 | 1.78 | 1.76 | 1.96 |
| Debt / EBITDA | 0.10 | 0.10 | — | — | — | — | — | 0.43 | 10.03 | 10.18 | 11.40 |
| Net Debt / Equity | — | -1.60 | -1.53 | -1.62 | -0.97 | -2.09 | -2.57 | -0.76 | 0.93 | 1.01 | 1.24 |
| Net Debt / EBITDA | -8.44 | -8.44 | -11.58 | -8.78 | -4.22 | -13.21 | -16.11 | -4.40 | 5.26 | 5.83 | 7.24 |
| Debt / FCF | — | -12.20 | -11.81 | -16.47 | -4.39 | -17.06 | -14.65 | -4.72 | 4.88 | 6.53 | 8.48 |
| Interest Coverage | — | — | 24220.00 | 323.03 | — | — | 15171.50 | 18734.00 | — | — | — |
Net cash position: cash ($392M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | — | — | — | — | 0.94 | 0.82 | 0.92 | 0.11 | 0.20 |
| Quick Ratio | 1.10 | 1.10 | — | — | — | — | 0.94 | 0.82 | 0.92 | 1.64 | 0.20 |
| Cash Ratio | 0.35 | 0.35 | — | — | — | — | 0.36 | 0.14 | 0.92 | 0.97 | 0.84 |
| Asset Turnover | — | 0.07 | 0.09 | 0.09 | 0.07 | 0.06 | 0.07 | 0.09 | 0.09 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 2133.57 | 92.80 | 189.41 | 186.64 | 11.74 | 2167.73 | 1709.88 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 3.0% | 2.9% | 2.6% | 2.4% | 2.7% | 2.8% | 1.8% | 1.7% | 1.5% | 1.2% |
| Payout Ratio | 47.0% | 47.0% | 85.9% | 53.1% | 44.2% | 54.0% | 62.0% | 50.1% | 43.5% | 42.7% | 41.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 6.3% | 3.4% | 4.8% | 5.5% | 5.1% | 4.4% | 3.6% | 3.8% | 3.5% | 2.9% |
| FCF Yield | 4.6% | 5.7% | 5.3% | 3.6% | 7.2% | 5.4% | 8.1% | 4.6% | 5.6% | 4.8% | 3.7% |
| Buyback Yield | 3.7% | 4.6% | 1.3% | 0.9% | 0.8% | 5.5% | 1.2% | 0.9% | 1.1% | 0.3% | 1.1% |
| Total Shareholder Yield | 6.0% | 7.6% | 4.2% | 3.5% | 3.3% | 8.2% | 4.0% | 2.7% | 2.8% | 1.8% | 2.3% |
| Shares Outstanding | — | $13M | $14M | $14M | $14M | $14M | $15M | $15M | $15M | $15M | $15M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CASS stock.
Cass Information Systems, Inc.'s current P/E ratio is 20.7x. The historical average is 19.5x. This places it at the 67th percentile of its historical range.
Cass Information Systems, Inc.'s current EV/EBITDA is 6.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Cass Information Systems, Inc.'s return on equity (ROE) is 14.9%. The historical average is 13.5%.
Based on historical data, Cass Information Systems, Inc. is trading at a P/E of 20.7x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cass Information Systems, Inc.'s current dividend yield is 2.27% with a payout ratio of 47.0%.
Cass Information Systems, Inc. has 100.0% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cass Information Systems, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue contraction persists despite EPS beat
Metrics are mathematically derived from official filings.
Margin Expansion Masks Revenue Decline
Operating margin surged from 10.5% in 2024Q4 to 26.1% in 2026Q2, a 1,560 bps improvement, while TTM revenue fell 13.1%, per the latest financial statements.
The margin expansion appears driven by a shift to a 100% gross margin model and disciplined cost control, but the sustainability is questionable given the revenue contraction. Net margin reached 21.0% in 2026Q2, yet the earnings quality is tempered by a 19% gap between net income and operating income, suggesting tax benefits or non-operating gains. Investors should monitor whether margin levels can hold if revenue growth does not stabilize.
ROIC Volatility Reflects Business Model
ROIC swung from 60.1% in 2025Q1 to 4.6% in 2026Q2, with a 26.0% spike in 2025Q2, indicating high sensitivity to float and interest income, as reported in quarterly data.
The extreme volatility in ROIC suggests that returns are heavily influenced by the timing of client deposits and interest rate movements, rather than operational efficiency. The 2026Q2 ROIC of 4.6% is below the 2025Q1 peak, but the low asset turnover of 0.02x indicates the model relies on high margins rather than asset efficiency. This pattern implies that capital returns are not compounding steadily but are subject to macro-driven swings.
Working Capital Metrics Distorted by Float
DSO spiked to 1,028 days in 2026Q1 from 45 days in 2026Q2, while DPO remained extreme at over 11,000 days, reflecting the pass-through nature of client funds, per the ratio data.
The reported DSO and DPO are not meaningful for a payment processor because they include client float that is not operational receivables or payables. The cash conversion cycle is effectively incalculable from these figures, and the extreme values highlight the need to adjust for pass-through funds. Asset turnover of 0.02x is typical for a bank-like model, where assets are dominated by investments and loans, not revenue-generating assets.
Debt Spike Raises Refinancing Questions
Total debt jumped to $80M in 2026Q2 from zero in prior quarters, lifting D/E to 0.33, while cash fell to $41M, according to the balance sheet data.
The sudden appearance of debt, coupled with a $351M drop in cash from the prior quarter, suggests a strategic deployment of the balance sheet, possibly for acquisitions or technology investments. Interest coverage of 3.80x in 2026Q1 indicates adequate coverage, but the D/EBITDA of 6.07x is elevated relative to the company's historical near-zero leverage. This shift warrants monitoring, as it may signal a departure from the conservative capital allocation that has characterized the company.
Liquidity Swings Reflect Float Dynamics
The current ratio swung from 0.22 in 2026Q1 to 3.38 in 2026Q2, while cash dropped from $392M to $41M, indicating volatile liquidity tied to deposit flows, per the balance sheet.
The extreme fluctuation in the current ratio is likely due to the timing of client deposits and the reclassification of funds, not a deterioration in liquidity. The quick ratio mirrors the current ratio, suggesting minimal inventory, which is consistent with a service-based model. Despite the volatility, the company's fortress balance sheet, with minimal debt and a large cash position in 2025Q4, suggests it can withstand stress, but the 2026Q2 cash level is notably lower.
Misapplied P/E on Cyclical Earnings
The P/E of 21.61 is misleading because earnings are inflated by non-operating items and favorable rates, while revenue declines 13.1%, per the valuation data.
The market may be applying a traditional P/E to a business whose earnings are heavily influenced by interest income and tax benefits, which are not sustainable. A more appropriate metric would be EV/EBITDA, which at 7.36x appears reasonable, but it too is distorted by the bank's asset base. Investors should adjust for interest-equivalent revenue and normalize for the rate cycle to assess the true earning power of the processing business.