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

Cass Information Systems (CASS) Financials

$48.17 +0.19 (+0.40%)

As of 02:31 PM Eastern

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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

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

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

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

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

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

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%

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 ended 2024 with a much better bottom-line result than earlier in the year, but the underlying trend across revenue, cash flow, and the balance sheet looks mixed. The company produced solid operating income in most quarters, yet results were highly sensitive to non-operating items, financing activity, and volatility in investment-related cash flows.

On the income statement, 2024 showed a recovery from the weak first quarter. Revenue was relatively stable year over year in the low-to-mid $50 million range per quarter, but profits swung sharply. Q1 2024 net income was $7.4 million, Q2 fell to $4.8 million, Q3 came in at $3.3 million, and Q4 improved to $3.6 million. Compared with Q4 2023, revenue declined from $58.8 million to $55.2 million, while net income attributable to common shareholders fell from $4.6 million to $3.6 million.

Operating margins were pressured by higher expenses. In Q4 2024, operating revenue was $55.2 million and operating income was $14.8 million, implying a margin of about 26.8%. That is lower than the prior-year quarter’s operating income of $14.9 million on $58.8 million of revenue, and it followed a weak first quarter where operating income was just $12.5 million on $55.1 million of revenue. The key pressure point has been operating expenses rather than revenue collapse.

Cash flow from operations improved sharply in Q4 2024. The company generated $18.6 million in operating cash flow, versus just $0.2 million in Q3 2024 and $10.7 million in Q2 2024. That is a meaningful positive sign, especially since Q4 2023 operating cash flow was $14.7 million. Stronger operating cash generation suggests the business was able to convert earnings into cash more effectively late in the year.

However, cash flow remained very volatile across the year. Q1 2024 operating cash flow was $9.8 million, but the company then posted negative operating cash flow in Q3 2024. The big swings appear tied to changes in operating assets and liabilities, which can make quarterly cash results uneven for a financial-services business.

The balance sheet showed a major reduction in cash and a shift in short-term investments. Cash and equivalents rose to $29.1 million at Q3 2024 from $17.3 million at Q1 2024, but short-term investments fell from $175.5 million to $201.4 million at Q3 2024 and then to $201.4 million in Q3 2024 from $217.9 million in Q2 2024. At the same time, total assets declined from $2.29 billion in Q1 2024 to $2.26 billion in Q3 2024, suggesting a somewhat smaller asset base by year-end.

Leverage remains a key factor to watch. Short-term debt stood at $654.8 million in Q3 2024, compared with $666.2 million in Q1 2024 and $640.3 million in Q2 2024. Total liabilities were $2.02 billion in Q3 2024 versus $2.06 billion in Q1 2024 and $2.05 billion in Q2 2024. Equity was $237.6 million in Q3 2024, up modestly from $229.5 million in Q1 2024, but the company still carries a relatively heavy liability load.

Q4 2024 operating cash flow rebounded strongly to $18.6 million from near breakeven in Q3 2024.
Full-year 2024 earnings remained positive, with Q4 net income of $4.6 million and continued profitability throughout the year.
Revenue stayed fairly stable across 2024, holding in the mid-$50 million range per quarter.
Short-term investments remained sizable, giving the company a meaningful liquidity buffer.
Equity ticked higher in 2024, suggesting book value held up despite uneven results.
Quarterly earnings were volatile, with net income ranging from $3.3 million to $7.4 million in 2024.
Non-operating and investing cash flows were inconsistent, making quarterly cash results harder to interpret.
The company continued returning cash to shareholders through dividends and share repurchases.
Q4 2024 revenue declined year over year from $58.8 million to $55.2 million.
Short-term debt remains elevated at roughly $655 million, which adds balance-sheet risk.

Bottom line: Cass Information Systems appears to be a steady but not fast-growing business, with respectable profitability and improving operating cash flow, but also notable volatility in quarterly results and a balance sheet that still carries significant leverage. For retail investors, the key question is whether the company can sustain stronger cash generation while keeping expenses and debt under control.

06/16/26 11:51 AM ETAI Generated. May Contain Errors.

Cass Information Systems Financials - Frequently Asked Questions

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

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. See where experts think Cass Information Systems is headed by visiting Cass Information Systems' forecast page.

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

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%.

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.

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.

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%.

Related Companies

Financial statements for NASDAQ:CASS last updated on 4/6/2025 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cass Information Systems (CASS) Financials

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Cass Information Systems (CASS) Financials

Annual Income Statements for Cass Information Systems

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Quarterly Cash Flow Statements for Cass Information Systems

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Cass Information Systems Financials - Frequently Asked Questions

When does Cass Information Systems' financial year end?

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

What is Cass Information Systems' operating income?

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

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

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