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Cass Information Systems (CASS) Financials

Cass Information Systems logo
$39.05 -0.38 (-0.96%)
Closing price 10/24/2025 04:00 PM Eastern
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$39.08 +0.03 (+0.06%)
As of 10/24/2025 04:10 PM Eastern
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Annual Income Statements for Cass Information Systems

Annual Income Statements for Cass Information Systems

This table shows Cass Information Systems' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 32 27 19
Consolidated Net Income / (Loss)		 35 30 19
Net Income / (Loss) Continuing Operations		 32 27 19
Total Pre-Tax Income 		43 37 24
Total Operating Income		 43 51 45
Total Gross Profit		 183 215 215
Total Revenue		 183 214 215
Operating Revenue		 183 214 215
Total Cost of Revenue		 0.00 -0.55 0.45
Other Cost of Revenue		 - -0.55 0.45
Total Operating Expenses		 140 164 170
Selling, General & Admin Expense		 106 119 123
Amortization Expense		 0.68 0.78 0.74
Other Operating Expenses / (Income)		 32 41 43
Other Special Charges / (Income)		 - 4.14 3.17
Total Other Income / (Expense), net		 -3.48 -16 -20
Interest Expense		 3.48 16 20
Income Tax Expense		 8.00 7.30 5.05
Basic Earnings per Share		 $2.58 $2.22 $1.42
Weighted Average Basic Shares Outstanding		 13.71M 13.65M 13.50M
Diluted Earnings per Share		 $2.53 $2.18 $1.39
Weighted Average Diluted Shares Outstanding		 13.71M 13.65M 13.50M
Weighted Average Basic & Diluted Shares Outstanding		 13.71M 13.65M 13.50M
Cash Dividends to Common per Share		 $1.13 $1.17 $1.21

Quarterly Income Statements for Cass Information Systems

This table shows Cass Information Systems' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 9.09 -6.85 7.38 7.39 7.64 4.57 7.43 4.80 3.29 3.64
Consolidated Net Income / (Loss)		 8.80 9.29 7.12 7.14 7.39 8.41 7.15 4.48 2.94 4.59
Net Income / (Loss) Continuing Operations		 9.09 -6.85 7.38 7.39 7.64 4.57 7.43 4.80 3.29 3.64
Total Pre-Tax Income 		11 11 8.97 8.87 9.16 10 9.01 5.80 3.65 5.76
Total Operating Income		 12 -2.84 12 9.16 14 15 14 6.12 9.16 15
Total Gross Profit		 48 60 53 19 54 89 55 19 56 85
Total Revenue		 48 35 53 49 54 59 55 49 56 55
Operating Revenue		 48 35 53 49 54 59 55 49 56 55
Total Cost of Revenue		 0.00 -25 0.00 29 0.00 -30 0.00 30 0.00 -29
Total Operating Expenses		 36 63 40 9.91 40 74 41 13 47 70
Amortization Expense		 0.20 0.20 0.20 0.20 0.20 0.20 0.19 0.18 0.18 0.18
Other Operating Expenses / (Income)		 9.13 8.87 10 9.71 10 11 9.87 13 17 3.52
Total Other Income / (Expense), net		 -0.78 -2.14 -3.24 -0.04 -4.64 -8.34 -5.18 0.00 -5.16 -9.92
Interest Expense		 0.78 2.14 3.24 0.04 4.64 8.34 5.18 0.00 5.16 9.92
Income Tax Expense		 2.09 1.87 1.86 1.73 1.77 1.95 1.86 1.31 0.71 1.17
Basic Earnings per Share		 $0.65 $0.69 $0.52 $0.53 $0.55 $0.62 $0.53 $0.33 $0.22 $0.34
Weighted Average Basic Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M
Diluted Earnings per Share		 $0.64 $0.67 $0.51 $0.52 $0.54 $0.61 $0.52 $0.32 $0.21 $0.34
Weighted Average Diluted Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M
Weighted Average Basic & Diluted Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M

Annual Cash Flow Statements for Cass Information Systems

This table details how cash moves in and out of Cass Information Systems' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -314 172 -23
Net Cash From Operating Activities		 52 37 39
Net Cash From Continuing Operating Activities		 52 37 39
Net Income / (Loss) Continuing Operations		 35 30 19
Consolidated Net Income / (Loss)		 35 30 19
Depreciation Expense		 4.02 4.19 5.25
Amortization Expense		 6.96 5.25 4.33
Non-Cash Adjustments To Reconcile Net Income		 8.07 3.76 3.66
Changes in Operating Assets and Liabilities, net		 -2.34 -6.33 6.54
Net Cash From Investing Activities		 -306 285 3.95
Net Cash From Continuing Investing Activities		 -306 285 3.95
Purchase of Property, Plant & Equipment		 -5.87 -14 -9.33
Acquisitions		 -4.81 0.00 -2.95
Purchase of Investments		 -232 -15 -120
Sale and/or Maturity of Investments		 65 151 213
Other Investing Activities, net		 -129 164 -77
Net Cash From Financing Activities		 -59 -150 -66
Net Cash From Continuing Financing Activities		 -59 -150 -66
Repayment of Debt		 -0.59 -0.83 -1.68
Repurchase of Common Equity		 -5.30 -5.77 -7.25
Payment of Dividends		 -15 -16 -16
Other Financing Activities, net		 -38 -128 -40
Cash Interest Paid		 3.43 16 20
Cash Income Taxes Paid		 8.40 9.30 5.51

Quarterly Cash Flow Statements for Cass Information Systems

This table details how cash moves in and out of Cass Information Systems' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Net Change in Cash & Equivalents		 86 -146 47 3.35 157 -36 -180 31 282 -156
Net Cash From Operating Activities		 9.74 11 9.29 7.68 12 7.57 9.83 11 -0.20 19
Net Cash From Continuing Operating Activities		 6.74 20 6.86 5.54 9.87 15 9.83 11 -0.20 19
Net Income / (Loss) Continuing Operations		 8.80 9.29 7.12 7.14 7.39 8.41 7.15 4.48 2.94 4.59
Consolidated Net Income / (Loss)		 8.80 9.29 7.12 7.14 7.39 8.41 7.15 4.48 2.94 4.59
Depreciation Expense		 0.97 1.01 0.95 1.08 1.03 1.13 1.14 1.18 1.32 1.60
Amortization Expense		 -1.30 11 -1.02 -0.87 -0.90 8.05 1.23 1.13 1.12 0.86
Non-Cash Adjustments To Reconcile Net Income		 1.84 2.75 1.57 0.99 1.06 0.14 1.32 0.89 0.76 0.69
Changes in Operating Assets and Liabilities, net		 -3.57 -3.89 -1.75 -2.79 1.27 -3.05 -1.02 3.01 -6.33 11
Net Cash From Investing Activities		 -86 -57 104 60 31 90 -72 85 -8.43 -0.17
Net Cash From Continuing Investing Activities		 -109 -56 70 69 56 89 -183 44 152 -8.51
Purchase of Property, Plant & Equipment		 -0.88 -1.60 -1.95 -4.44 -2.97 -4.96 -3.66 -2.04 -2.15 -1.48
Purchase of Investments		 -69 -0.19 -15 -0.14 - - -38 -9.46 -24 -49
Sale and/or Maturity of Investments		 18 15 75 59 43 -26 15 114 27 58
Other Investing Activities, net		 -57 -69 13 15 16 120 -157 -59 152 -13
Net Cash From Financing Activities		 162 -100 -104 -7.24 95 -134 -118 -64 15 101
Net Cash From Continuing Financing Activities		 185 -101 -30 -71 83 -132 -6.04 -23 130 -166
Repayment of Debt		 -0.05 -0.04 -0.97 0.06 0.07 0.00 -1.87 0.06 0.07 0.07
Repurchase of Common Equity		 - - 0.00 -2.38 -2.84 -0.56 -1.05 - -2.65 -3.54
Payment of Dividends		 -3.82 -3.96 -3.98 -3.96 -3.95 -4.07 -4.09 -4.09 -4.08 -4.20
Other Financing Activities, net		 189 -97 -25 -65 - - 0.98 -19 136 -158
Cash Interest Paid		 0.77 2.12 3.14 3.56 4.35 4.65 5.43 5.15 5.08 4.57
Cash Income Taxes Paid		 2.92 2.87 0.14 4.46 2.18 2.53 0.06 2.97 1.06 1.41

Annual Balance Sheets for Cass Information Systems

This table presents Cass Information Systems' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Total Assets		 2,573 2,479 2,395
Total Current Assets		 1,270 1,387 1,432
Cash & Equivalents		 21 21 19
Short-Term Investments		 180 352 330
Note & Lease Receivable		 1,069 1,014 1,082
Plant, Property, & Equipment, net		 20 30 34
Total Noncurrent Assets		 1,283 1,062 929
Goodwill		 17 17 21
Intangible Assets		 4.13 3.35 5.01
Other Noncurrent Operating Assets		 1,261 1,041 903
Total Liabilities & Shareholders' Equity		 2,573 2,479 2,395
Total Liabilities		 2,367 2,249 2,166
Total Current Liabilities		 1,257 1,141 968
Short-Term Debt		 614 616 717
Customer Deposits		 643 524 251
Total Noncurrent Liabilities		 1,109 1,108 1,198
Other Noncurrent Operating Liabilities		 1,109 1,108 1,198
Total Equity & Noncontrolling Interests		 206 230 229
Total Preferred & Common Equity		 206 230 229
Preferred Stock		 0.00 0.00 0.00
Total Common Equity		 206 230 229
Common Stock		 215 216 213
Retained Earnings		 132 146 148
Treasury Stock		 -81 -84 -88
Accumulated Other Comprehensive Income / (Loss)		 -59 -47 -45

Quarterly Balance Sheets for Cass Information Systems

This table presents Cass Information Systems' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024
Total Assets		 2,611 2,427 2,471 2,505 2,294 2,283 2,261
Total Current Assets		 1,371 1,268 1,313 1,435 1,217 1,272 1,295
Cash & Equivalents		 15 28 27 24 17 5.76 29
Short-Term Investments		 332 182 243 385 175 218 201
Note & Lease Receivable		 1,024 1,057 1,043 1,026 1,024 1,048 1,065
Plant, Property, & Equipment, net		 19 21 24 26 33 33 34
Total Noncurrent Assets		 1,220 1,139 1,133 1,044 1,044 977 931
Goodwill		 17 17 17 17 17 17 17
Intangible Assets		 4.32 3.93 3.74 3.54 3.15 2.97 2.79
Other Noncurrent Operating Assets		 1,199 1,118 1,112 1,023 1,024 957 911
Total Liabilities & Shareholders' Equity		 2,611 2,427 2,471 2,505 2,294 2,283 2,261
Total Liabilities		 2,419 2,210 2,256 2,299 2,064 2,053 2,023
Total Current Liabilities		 1,230 1,116 1,191 1,177 1,079 1,012 1,047
Short-Term Debt		 648 531 512 666 666 640 655
Customer Deposits		 582 585 679 511 413 372 393
Total Noncurrent Liabilities		 1,189 1,094 1,064 1,121 985 1,040 976
Other Noncurrent Operating Liabilities		 1,189 1,094 1,064 1,121 985 1,040 976
Total Equity & Noncontrolling Interests		 192 218 215 206 229 230 238
Total Preferred & Common Equity		 192 218 215 206 229 230 238
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 192 218 215 206 229 230 238
Common Stock		 213 214 214 215 212 212 213
Retained Earnings		 126 135 138 141 149 149 148
Treasury Stock		 -82 -79 -81 -84 -82 -82 -84
Accumulated Other Comprehensive Income / (Loss)		 -66 -52 -56 -67 -49 -50 -39

Annual Metrics And Ratios for Cass Information Systems

This table displays calculated financial ratios and metrics derived from Cass Information Systems' official financial filings.

Metric 2022 2023 2024
Period end date 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - -
Revenue Growth		 19.25% 17.33% 0.47%
EBITDA Growth		 19.22% 11.02% -9.75%
EBIT Growth		 31.19% 17.39% -11.84%
NOPAT Growth		 26.20% 16.10% -13.29%
Net Income Growth		 22.02% -13.88% -36.23%
EPS Growth		 26.50% -13.83% -36.24%
Operating Cash Flow Growth		 49.38% -28.43% 5.45%
Free Cash Flow Firm Growth		 -10.87% 186.81% -146.55%
Invested Capital Growth		 67.65% -23.56% 25.79%
Revenue Q/Q Growth		 -1.95% 11.93% 5.89%
EBITDA Q/Q Growth		 98.27% 28.48% 10.76%
EBIT Q/Q Growth		 47.10% 48.13% 36.74%
NOPAT Q/Q Growth		 45.05% 47.03% 35.66%
Net Income Q/Q Growth		 4.75% -2.83% -16.60%
EPS Q/Q Growth		 4.98% -2.68% -16.27%
Operating Cash Flow Q/Q Growth		 15.54% -8.06% 39.66%
Free Cash Flow Firm Q/Q Growth		 -158.75% 230.23% 49.46%
Invested Capital Q/Q Growth		 25.80% 2.14% -9.95%
Profitability Metrics		 - - -
Gross Margin		 100.00% 100.26% 99.79%
EBITDA Margin		 29.59% 27.99% 25.15%
Operating Margin		 23.58% 23.59% 20.70%
EBIT Margin		 23.58% 23.59% 20.70%
Profit (Net Income) Margin		 19.11% 14.03% 8.90%
Tax Burden Percent		 81.36% 80.47% 79.14%
Interest Burden Percent		 99.64% 73.91% 54.35%
Effective Tax Rate		 18.64% 19.53% 20.86%
Return on Invested Capital (ROIC)		 7.08% 7.44% 6.59%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.03% 4.21% 1.32%
Return on Net Nonoperating Assets (RNNOA)		 8.36% 6.35% 1.76%
Return on Equity (ROE)		 15.44% 13.78% 8.36%
Cash Return on Invested Capital (CROIC)		 -43.47% 34.15% -16.25%
Operating Return on Assets (OROA)		 1.68% 2.00% 1.83%
Return on Assets (ROA)		 1.36% 1.19% 0.79%
Return on Common Equity (ROCE)		 15.44% 13.78% 8.36%
Return on Equity Simple (ROE_SIMPLE)		 16.92% 13.08% 8.37%
Net Operating Profit after Tax (NOPAT)		 35 41 35
NOPAT Margin		 19.18% 18.98% 16.38%
Net Nonoperating Expense Percent (NNEP)		 0.05% 3.23% 5.27%
Return On Investment Capital (ROIC_SIMPLE)		 4.27% 4.81% 3.73%
Cost of Revenue to Revenue		 0.00% -0.26% 0.21%
SG&A Expenses to Revenue		 58.30% 55.39% 57.31%
R&D to Revenue		 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 76.42% 76.67% 79.10%
Earnings before Interest and Taxes (EBIT)		 43 51 45
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 54 60 54
Valuation Ratios		 - - -
Price to Book Value (P/BV)		 2.85 2.58 2.41
Price to Tangible Book Value (P/TBV)		 3.18 2.83 2.72
Price to Revenue (P/Rev)		 3.22 2.76 2.56
Price to Earnings (P/E)		 18.62 21.94 28.76
Dividend Yield		 2.62% 2.69% 2.98%
Earnings Yield		 5.37% 4.56% 3.48%
Enterprise Value to Invested Capital (EV/IC)		 1.62 1.76 1.54
Enterprise Value to Revenue (EV/Rev)		 5.48 3.90 4.26
Enterprise Value to EBITDA (EV/EBITDA)		 18.54 13.93 16.96
Enterprise Value to EBIT (EV/EBIT)		 23.26 16.54 20.61
Enterprise Value to NOPAT (EV/NOPAT)		 28.59 20.55 26.04
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.41 22.63 23.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 4.48 0.00
Leverage & Solvency		 - - -
Debt to Equity		 2.98 2.68 3.13
Long-Term Debt to Equity		 0.00 0.00 0.00
Financial Leverage		 1.19 1.51 1.33
Leverage Ratio		 11.34 11.58 10.62
Compound Leverage Factor		 11.30 8.56 5.77
Debt to Total Capital		 74.86% 72.84% 75.78%
Short-Term Debt to Total Capital		 74.86% 72.84% 75.78%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00%
Common Equity to Total Capital		 25.14% 27.16% 24.22%
Debt to EBITDA		 11.37 10.28 13.24
Net Debt to EBITDA		 7.65 4.07 6.78
Long-Term Debt to EBITDA		 0.00 0.00 0.00
Debt to NOPAT		 17.54 15.16 20.32
Net Debt to NOPAT		 11.80 6.00 10.41
Long-Term Debt to NOPAT		 0.00 0.00 0.00
Altman Z-Score		 0.35 0.51 0.62
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00%
Liquidity Ratios		 - - -
Current Ratio		 1.01 1.22 1.48
Quick Ratio		 1.01 1.22 1.48
Cash Flow Metrics		 - - -
Free Cash Flow to Firm (FCFF)		 -215 187 -87
Operating Cash Flow to CapEx		 879.78% 257.86% 417.50%
Free Cash Flow to Firm to Interest Expense		 -61.77 11.48 -4.29
Operating Cash Flow to Interest Expense		 14.82 2.27 1.92
Operating Cash Flow Less CapEx to Interest Expense		 13.14 1.39 1.46
Efficiency Ratios		 - - -
Asset Turnover		 0.07 0.08 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00
Fixed Asset Turnover		 9.59 8.56 6.70
Accounts Payable Turnover		 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00
Capital & Investment Metrics		 - - -
Invested Capital		 620 474 596
Invested Capital Turnover		 0.37 0.39 0.40
Increase / (Decrease) in Invested Capital		 250 -146 122
Enterprise Value (EV)		 1,002 836 918
Market Capitalization		 588 592 551
Book Value per Share		 $15.10 $16.90 $16.88
Tangible Book Value per Share		 $13.53 $15.38 $14.94
Total Capital		 821 846 946
Total Debt		 614 616 717
Total Long-Term Debt		 0.00 0.00 0.00
Net Debt		 414 244 367
Capital Expenditures (CapEx)		 5.87 14 9.33
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 427 490 831
Debt-free Net Working Capital (DFNWC)		 628 862 1,180
Net Working Capital (NWC)		 13 246 464
Net Nonoperating Expense (NNE)		 0.13 11 16
Net Nonoperating Obligations (NNO)		 414 244 367
Total Depreciation and Amortization (D&A)		 11 9.44 9.58
Debt-free, Cash-free Net Working Capital to Revenue		 233.59% 228.64% 385.87%
Debt-free Net Working Capital to Revenue		 343.61% 402.46% 548.31%
Net Working Capital to Revenue		 7.17% 114.78% 215.42%
Earnings Adjustments		 - - -
Adjusted Basic Earnings per Share		 $2.58 $2.22 $1.42
Adjusted Weighted Average Basic Shares Outstanding		 13.71M 13.65M 13.50M
Adjusted Diluted Earnings per Share		 $2.53 $2.18 $1.39
Adjusted Weighted Average Diluted Shares Outstanding		 13.71M 13.65M 13.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.71M 13.65M 13.50M
Normalized Net Operating Profit after Tax (NOPAT)		 35 44 38
Normalized NOPAT Margin		 19.18% 20.53% 17.54%
Pre Tax Income Margin		 23.49% 17.43% 11.25%
Debt Service Ratios		 - - -
EBIT to Interest Expense		 12.37 3.11 2.20
NOPAT to Interest Expense		 10.06 2.50 1.74
EBIT Less CapEx to Interest Expense		 10.68 2.23 1.74
NOPAT Less CapEx to Interest Expense		 8.38 1.62 1.28
Payout Ratios		 - - -
Dividend Payout Ratio		 44.24% 53.09% 85.89%
Augmented Payout Ratio		 59.42% 72.30% 123.70%

Quarterly Metrics And Ratios for Cass Information Systems

This table displays calculated financial ratios and metrics derived from Cass Information Systems' official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 22.91% -9.45% -3.30% 7.82% 12.09% 69.45% 4.32% 0.84% 3.60% -6.18%
EBITDA Growth		 -1.16% 143.67% -43.67% -14.27% 22.02% 154.04% 35.74% -10.11% -18.22% -28.10%
EBIT Growth		 39.19% 82.90% -44.77% -19.22% 17.51% 622.44% 15.90% -33.26% -34.78% -0.26%
NOPAT Growth		 31.94% 84.04% -45.50% -19.64% 17.33% 609.90% 16.03% -35.87% -35.00% -2.10%
Net Income Growth		 29.30% 20.55% -13.82% -16.63% -15.97% -9.42% 0.49% -37.18% -60.27% -45.37%
EPS Growth		 33.33% 21.82% -15.00% -16.13% -15.63% -8.96% 1.96% -38.46% -61.11% -44.26%
Operating Cash Flow Growth		 9.15% 179.52% -36.94% -52.96% 27.28% -29.97% 5.75% 39.21% -101.61% 146.10%
Free Cash Flow Firm Growth		 173.48% -6.73% -166.99% -40.79% -88.56% 162.62% 50.60% -331.44% -573.95% -169.81%
Invested Capital Growth		 -40.97% 67.65% 147.77% -13.69% -5.86% -23.56% 30.69% 41.47% 42.68% 25.79%
Revenue Q/Q Growth		 7.32% -28.09% 46.86% -8.23% 11.56% 8.71% 27.56% -11.30% 14.62% -1.55%
EBITDA Q/Q Growth		 6.32% -18.64% 15.57% -24.42% 51.32% 69.38% 220.06% -49.95% 37.68% 48.91%
EBIT Q/Q Growth		 5.38% -123.78% 894.97% -26.58% 53.30% 5.73% 409.01% -57.72% 49.80% 61.70%
NOPAT Q/Q Growth		 5.30% -124.48% 857.73% -25.49% 53.73% 6.38% 397.65% -58.82% 55.81% 60.23%
Net Income Q/Q Growth		 2.77% 5.52% -23.35% 0.30% 3.59% 13.74% -14.96% -37.30% -34.48% 56.36%
EPS Q/Q Growth		 3.23% 4.69% -23.88% 1.96% 3.85% 12.96% -14.75% -38.46% -34.38% 61.90%
Operating Cash Flow Q/Q Growth		 -40.36% 11.01% -14.03% -17.36% 61.37% -38.92% 29.82% 8.79% -101.86% 9,461.81%
Free Cash Flow Firm Q/Q Growth		 160.73% -171.81% -23.65% 125.68% -49.62% 293.12% -203.51% -20.33% -3.16% 42.09%
Invested Capital Q/Q Growth		 -6.94% 25.80% -13.23% -15.03% 1.50% 2.14% 48.35% -8.02% 2.37% -9.95%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 100.00% 171.87% 100.00% 39.32% 100.00% 150.97% 100.00% 38.95% 100.00% 153.29%
EBITDA Margin		 24.08% 27.24% 23.47% 19.33% 26.21% 40.85% 30.53% 17.23% 20.69% 31.30%
Operating Margin		 24.76% -8.19% 23.61% 18.89% 25.96% 25.25% 26.24% 12.50% 16.34% 26.84%
EBIT Margin		 24.76% -8.19% 23.61% 18.89% 25.96% 25.25% 26.24% 12.50% 16.34% 26.84%
Profit (Net Income) Margin		 18.23% 26.75% 13.47% 14.72% 13.66% 14.30% 12.97% 9.17% 5.24% 8.32%
Tax Burden Percent		 80.84% 83.21% 79.32% 80.49% 80.72% 81.22% 79.40% 77.35% 80.45% 79.72%
Interest Burden Percent		 91.04% -392.47% 71.89% 96.77% 65.21% 69.72% 62.26% 94.78% 39.86% 38.90%
Effective Tax Rate		 19.16% 16.79% 20.68% 19.51% 19.28% 18.78% 20.60% 22.65% 19.55% 20.28%
Return on Invested Capital (ROIC)		 5.62% -2.52% 9.04% 5.72% 8.39% 8.04% 6.75% 3.53% 4.75% 8.61%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.42% 1.82% 7.30% 5.64% 6.98% 6.93% 5.66% 3.46% 3.45% 6.25%
Return on Net Nonoperating Assets (RNNOA)		 10.96% 2.16% 5.38% 7.58% 9.79% 10.44% 10.05% 5.11% 5.30% 8.32%
Return on Equity (ROE)		 16.58% -0.35% 14.42% 13.30% 18.18% 18.48% 16.79% 8.64% 10.05% 16.94%
Cash Return on Invested Capital (CROIC)		 55.16% -43.47% -77.62% 19.96% 11.82% 34.15% -21.35% -28.92% -30.56% -16.25%
Operating Return on Assets (OROA)		 1.88% -0.58% 1.77% 1.43% 1.94% 2.14% 2.23% 1.06% 1.39% 2.37%
Return on Assets (ROA)		 1.38% 1.91% 1.01% 1.11% 1.02% 1.21% 1.10% 0.78% 0.45% 0.74%
Return on Common Equity (ROCE)		 16.58% -0.35% 14.42% 13.30% 18.18% 18.48% 16.79% 8.64% 10.05% 16.94%
Return on Equity Simple (ROE_SIMPLE)		 17.38% 0.00% 15.52% 15.03% 15.00% 0.00% 13.11% 11.93% 9.67% 0.00%
Net Operating Profit after Tax (NOPAT)		 9.66 -2.37 9.90 7.38 11 12 11 4.73 7.37 12
NOPAT Margin		 20.02% -6.81% 18.73% 15.21% 20.96% 20.51% 20.83% 9.67% 13.15% 21.40%
Net Nonoperating Expense Percent (NNEP)		 0.20% -4.34% 1.74% 0.08% 1.41% 1.11% 1.09% 0.07% 1.30% 2.36%
Return On Investment Capital (ROIC_SIMPLE)		 - -0.29% - - - 1.43% - - - 1.25%
Cost of Revenue to Revenue		 0.00% -71.87% 0.00% 60.68% 0.00% -50.97% 0.00% 61.05% 0.00% -53.29%
SG&A Expenses to Revenue		 55.93% 0.00% 56.81% 0.00% 54.77% 0.00% 55.51% 0.00% 53.28% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 75.24% 180.05% 76.39% 20.43% 74.04% 125.72% 73.76% 26.45% 83.66% 126.45%
Earnings before Interest and Taxes (EBIT)		 12 -2.84 12 9.16 14 15 14 6.12 9.16 15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 12 9.46 12 9.37 14 24 17 8.43 12 17
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 2.35 2.85 2.63 2.40 2.40 2.58 2.83 2.38 2.38 2.41
Price to Tangible Book Value (P/TBV)		 2.65 3.18 2.92 2.66 2.67 2.83 3.11 2.61 2.60 2.72
Price to Revenue (P/Rev)		 2.42 3.22 3.15 2.79 2.59 2.76 3.24 2.71 2.78 2.56
Price to Earnings (P/E)		 1,419.71 18.62 24.54 23.77 24.38 21.94 20.86 19.12 23.32 28.76
Dividend Yield		 3.39% 2.62% 2.73% 3.05% 3.20% 2.69% 2.47% 2.97% 2.89% 2.98%
Earnings Yield		 0.07% 5.37% 4.08% 4.21% 4.10% 4.56% 4.79% 5.23% 4.29% 3.48%
Enterprise Value to Invested Capital (EV/IC)		 1.53 1.62 1.66 1.66 1.62 1.76 1.60 1.49 1.49 1.54
Enterprise Value to Revenue (EV/Rev)		 4.04 5.48 4.91 4.09 3.93 3.90 5.59 4.78 4.87 4.26
Enterprise Value to EBITDA (EV/EBITDA)		 27.61 18.54 19.55 17.20 16.13 13.93 21.44 18.72 20.24 16.96
Enterprise Value to EBIT (EV/EBIT)		 25.71 23.26 26.11 23.70 22.07 16.54 27.73 25.71 30.36 20.61
Enterprise Value to NOPAT (EV/NOPAT)		 31.16 28.59 32.17 29.23 27.22 20.55 34.46 32.15 38.06 26.04
Enterprise Value to Operating Cash Flow (EV/OCF)		 16.85 19.41 19.35 20.23 18.74 22.63 29.99 23.80 35.48 23.57
Enterprise Value to Free Cash Flow (EV/FCFF)		 2.06 0.00 0.00 7.71 13.32 4.48 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 3.38 2.98 2.44 2.38 3.23 2.68 2.90 2.78 2.76 3.13
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 2.02 1.19 0.74 1.34 1.40 1.51 1.78 1.48 1.54 1.33
Leverage Ratio		 11.16 11.34 11.16 11.68 12.85 11.58 10.56 10.68 10.74 10.62
Compound Leverage Factor		 10.16 -44.51 8.02 11.30 8.38 8.08 6.58 10.12 4.28 4.13
Debt to Total Capital		 77.17% 74.86% 70.94% 70.43% 76.36% 72.84% 74.38% 73.58% 73.37% 75.78%
Short-Term Debt to Total Capital		 77.17% 74.86% 70.94% 70.43% 76.36% 72.84% 74.38% 73.58% 73.37% 75.78%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 22.83% 25.14% 29.06% 29.57% 23.64% 27.16% 25.62% 26.42% 26.63% 24.22%
Debt to EBITDA		 23.78 11.37 11.62 11.61 14.26 10.28 12.71 12.44 13.40 13.24
Net Debt to EBITDA		 11.04 7.65 7.01 5.48 5.52 4.07 9.03 8.10 8.68 6.78
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 26.83 17.54 19.12 19.73 24.08 15.16 20.43 21.37 25.19 20.32
Net Debt to NOPAT		 12.46 11.80 11.54 9.31 9.31 6.00 14.52 13.90 16.32 10.41
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 0.33 0.29 0.40 0.36 0.43 0.47 0.46 0.48 0.49 0.58
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 1.11 1.01 1.14 1.10 1.22 1.22 1.13 1.26 1.24 1.48
Quick Ratio		 1.11 1.01 1.14 1.10 1.22 1.22 1.13 1.26 1.24 1.48
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 352 -252 -311 80 40 158 -154 -185 -191 -110
Operating Cash Flow to CapEx		 1,110.26% 677.26% 475.59% 173.13% 417.27% 152.50% 268.42% 524.33% -9.26% 1,257.93%
Free Cash Flow to Firm to Interest Expense		 449.60 -118.09 -95.83 1,856.73 8.67 18.96 -29.66 0.00 -36.97 -11.12
Operating Cash Flow to Interest Expense		 12.45 5.06 2.86 178.60 2.67 0.91 1.90 0.00 -0.04 1.88
Operating Cash Flow Less CapEx to Interest Expense		 11.33 4.31 2.26 75.44 2.03 0.31 1.19 0.00 -0.46 1.73
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.08 0.07 0.08 0.08 0.07 0.08 0.09 0.08 0.09 0.09
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 10.10 9.59 9.09 8.48 8.39 8.56 7.50 6.97 6.72 6.70
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 493 620 538 457 464 474 703 647 662 596
Invested Capital Turnover		 0.28 0.37 0.48 0.38 0.40 0.39 0.32 0.37 0.36 0.40
Increase / (Decrease) in Invested Capital		 -342 250 321 -72 -29 -146 165 190 198 122
Enterprise Value (EV)		 752 1,002 893 759 753 836 1,124 963 989 918
Market Capitalization		 451 588 573 517 495 592 650 547 565 551
Book Value per Share		 $14.04 $15.10 $15.86 $15.69 $15.09 $16.90 $16.82 $16.85 $17.44 $16.88
Tangible Book Value per Share		 $12.45 $13.53 $14.31 $14.15 $13.56 $15.38 $15.32 $15.37 $15.97 $14.94
Total Capital		 840 821 748 727 872 846 896 870 892 946
Total Debt		 648 614 531 512 666 616 666 640 655 717
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 301 414 320 242 258 244 473 417 424 367
Capital Expenditures (CapEx)		 0.88 1.60 1.95 4.44 2.97 4.96 3.66 2.04 2.15 1.48
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 442 427 472 364 515 490 611 676 672 831
Debt-free Net Working Capital (DFNWC)		 789 628 682 634 923 862 804 900 903 1,180
Net Working Capital (NWC)		 141 13 151 122 257 246 137 260 248 464
Net Nonoperating Expense (NNE)		 0.87 -12 2.78 0.24 3.95 3.65 4.33 0.25 4.43 7.22
Net Nonoperating Obligations (NNO)		 301 414 320 242 258 244 473 417 424 367
Total Depreciation and Amortization (D&A)		 -0.33 12 -0.08 0.21 0.14 9.17 2.37 2.31 2.44 2.46
Debt-free, Cash-free Net Working Capital to Revenue		 237.48% 233.59% 259.08% 195.86% 269.00% 228.64% 303.93% 335.85% 330.68% 385.87%
Debt-free Net Working Capital to Revenue		 423.78% 343.61% 374.67% 341.57% 482.33% 402.46% 399.86% 446.94% 444.07% 548.31%
Net Working Capital to Revenue		 75.88% 7.17% 83.17% 65.56% 134.44% 114.78% 68.37% 128.98% 122.05% 215.42%
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.65 $0.69 $0.52 $0.53 $0.55 $0.62 $0.53 $0.33 $0.22 $0.34
Adjusted Weighted Average Basic Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M
Adjusted Diluted Earnings per Share		 $0.64 $0.67 $0.51 $0.52 $0.54 $0.61 $0.52 $0.32 $0.21 $0.34
Adjusted Weighted Average Diluted Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.66M 13.71M 13.72M 13.67M 13.60M 13.65M 13.64M 13.63M 13.57M 13.50M
Normalized Net Operating Profit after Tax (NOPAT)		 9.66 -2.37 9.90 7.38 11 12 11 4.73 7.37 12
Normalized NOPAT Margin		 20.02% -6.81% 18.73% 15.21% 20.96% 20.51% 20.83% 9.67% 13.15% 21.40%
Pre Tax Income Margin		 22.55% 32.14% 16.98% 18.28% 16.93% 17.60% 16.34% 11.85% 6.51% 10.44%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 15.29 -1.33 3.85 213.12 3.03 1.78 2.79 0.00 1.78 1.49
NOPAT to Interest Expense		 12.36 -1.11 3.05 171.54 2.44 1.45 2.22 0.00 1.43 1.19
EBIT Less CapEx to Interest Expense		 14.17 -2.08 3.25 109.95 2.39 1.19 2.09 0.00 1.36 1.34
NOPAT Less CapEx to Interest Expense		 11.24 -1.85 2.45 68.38 1.80 0.85 1.51 0.00 1.01 1.04
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 46.06% 44.24% 46.17% 48.64% 51.24% 53.09% 53.40% 59.04% 71.08% 85.89%
Augmented Payout Ratio		 98.04% 59.42% 46.80% 55.99% 68.09% 72.30% 76.09% 75.26% 89.64% 123.70%

Financials Breakdown Chart

Key Financial Trends

Cass Information Systems (NASDAQ: CASS) Financial Overview

Analyzing the last four years of quarterly financial data reveals important trends in Cass Information Systems' revenue, profitability, cash flows, and balance sheet health.

  • Operating revenue has shown consistent growth from around $34.7 million in Q4 2022 to $55.2-$56.1 million in 2024 quarters, indicating stable top-line expansion.
  • Gross profit margins have generally improved, with gross profits rising from about $59.7 million in Q4 2022 to over $84.6 million in Q4 2024.
  • Net income has remained positive since recovering from a loss in Q4 2022; Q4 2024 net income was $3.6 million from continuing operations and $4.6 million consolidated.
  • Earnings per share (EPS) have improved to $0.34 (basic and diluted) in Q4 2024 compared to a loss per share in late 2022, reflecting enhanced profitability.
  • Cash flow from operating activities is healthy, totaling $18.6 million in Q4 2024, up from negative or modest numbers in prior quarters, supporting operational strength.
  • Consistent dividend payments around $0.29-$0.30 per share signal shareholder returns stability.
  • The company has significant investments and notes & leases receivable, collectively around $1.1 billion on the balance sheet, which serve as valuable assets but require effective management.
  • Total liabilities are high at approximately $2 billion, reflecting leverage and obligations; however, common equity of about $237 million suggests a moderate equity buffer.
  • Interest expense remains substantial, for example $9.9 million in Q4 2024, which reduces net income and could pressure future earnings if debt is not managed effectively.
  • Negative net change in cash and equivalents was observed in Q4 2024 (-$155.9 million), driven partly by financing activities and large swings in investing activities, pointing to cash management challenges.

Summary: Over the recent four-year period, Cass Information Systems has demonstrated solid revenue growth and improved profitability from earlier losses. The company generates positive and increasing operating cash flow, using it partially for dividends and repurchasing stock, which benefits shareholders. However, substantial debt-related interest expense and large fluctuations in investing and financing cash flows suggest the need for continued focus on liquidity and debt management. Investors should monitor future quarters for sustainable margin improvement and cash flow stability as indicators of financial health.

10/25/25 09:47 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cass Information Systems' Financials

When does Cass Information Systems' fiscal year end?

According to the most recent income statement we have on file, Cass Information Systems' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Cass Information Systems' net income changed over the last 2 years?

Cass Information Systems' net income appears to be on a downward trend, with a most recent value of $19.17 million in 2024, falling from $34.90 million in 2022. The previous period was $30.06 million in 2023. View Cass Information Systems' forecast to see where analysts expect Cass Information Systems to go next.

What is Cass Information Systems' operating income?
Cass Information Systems' total operating income in 2024 was $44.56 million, based on the following breakdown:
  • Total Gross Profit: $214.85 million
  • Total Operating Expenses: $170.29 million
How has Cass Information Systems' revenue changed over the last 2 years?

Over the last 2 years, Cass Information Systems' total revenue changed from $182.63 million in 2022 to $215.30 million in 2024, a change of 17.9%.

How much debt does Cass Information Systems have?

Cass Information Systems' total liabilities were at $2.17 billion at the end of 2024, a 3.7% decrease from 2023, and a 8.5% decrease since 2022.

How much cash does Cass Information Systems have?

In the past 2 years, Cass Information Systems' cash and equivalents has ranged from $19.33 million in 2024 to $21.00 million in 2022, and is currently $19.33 million as of their latest financial filing in 2024.

How has Cass Information Systems' book value per share changed over the last 2 years?

Over the last 2 years, Cass Information Systems' book value per share changed from 15.10 in 2022 to 16.88 in 2024, a change of 11.8%.


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This page (NASDAQ:CASS) was last updated on 10/25/2025 by MarketBeat.com Staff
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