What is Cass Information Systems' operating income?

Cass Information Systems' total operating income in 2025 was -$55.96 million, based on the following breakdown: Total Gross Profit: -$21.95 million Total Operating Expenses: $34.01 million

Cass Information Systems (CASS) Financials

$52.46 +0.41 (+0.79%)

Closing price 07/13/2026 04:00 PM Eastern

Extended Trading

$52.46 +0.01 (+0.01%)

As of 07/13/2026 06:18 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	23	24	25	30	364	171	28	32	-2.00	-5.30	18
Consolidated Net Income / (Loss)	23	24	25	30	364	25	29	35	-2.00	-5.30	18
Net Income / (Loss) Continuing Operations	23	24	25	30	364	171	28	32	28	19	31
Total Pre-Tax Income	31	32	35	36	37	30	34	43	34	23	39
Total Operating Income	31	32	37	36	157	179	33	43	-64	-69	-56
Total Gross Profit	121	126	137	62	346	205	153	183	-33	-36	-22
Total Revenue	121	126	137	148	219	294	153	183	72	73	88
Operating Revenue	121	126	137	148	219	294	153	183	72	73	88
Total Cost of Revenue	0.00	0.00	0.00	86	-126	89	0.00	0.00	104	109	110
Operating Cost of Revenue	-	-	-	86	-126	88	-	-	104	109	110
Total Operating Expenses	90	93	100	26	15	27	120	140	31	32	34
Amortization Expense	0.41	0.41	0.43	0.44	-	0.86	0.86	0.68	0.69	0.69	1.17
Other Operating Expenses / (Income)	19	20	23	26	15	26	27	32	31	32	33
Total Other Income / (Expense), net	0.00	0.00	-2.19	0.00	40	-2.36	0.00	-3.48	66	68	78
Interest Expense	-	-	2.19	0.00	-42	2.36	0.00	3.48	-66	-68	-81
Interest & Investment Income	-	-	-	-	136	-	-	-	-0.17	-0.05	-3.53
Income Tax Expense	7.98	7.72	9.89	6.08	7.06	5.17	5.22	8.00	6.57	4.89	7.65
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	2.17	0.61	4.00
Basic Earnings per Share	$1.85	$1.65	$1.70	$2.06	-	$1.75	$2.03	$2.58	$2.22	$1.42	$2.66
Weighted Average Basic Shares Outstanding	11.36M	12.27M	14.70M	14.68M	14.43M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
Diluted Earnings per Share	$1.82	$1.63	$1.68	$2.03	$2.07	$1.73	$2.00	$2.53	$2.18	$1.39	$2.61
Weighted Average Diluted Shares Outstanding	11.36M	12.27M	14.70M	14.68M	14.43M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
Weighted Average Basic & Diluted Shares Outstanding	11.36M	12.27M	14.70M	14.68M	14.43M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
Cash Dividends to Common per Share	$0.85	$0.89	$0.87	$0.89	$1.05	$1.08	$1.09	$1.13	$1.17	$1.21	$1.25

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	7.64	4.57	6.24	5.25	4.16	3.64	11	10	10	-13	11
Consolidated Net Income / (Loss)	7.39	8.41	7.15	4.48	2.94	4.59	8.97	8.86	9.11	-8.83	8.83
Net Income / (Loss) Continuing Operations	7.64	4.57	7.06	4.31	3.03	3.64	8.55	5.16	9.21	8.19	8.74
Total Pre-Tax Income	9.16	10	8.90	5.57	3.76	5.76	11	6.28	12	9.99	11
Total Operating Income	14	15	13	13	11	15	18	13	19	-105	18
Total Gross Profit	54	89	51	45	48	85	46	44	50	-162	48
Total Revenue	54	59	51	45	48	55	46	44	50	-52	48
Operating Revenue	54	59	51	45	48	55	46	44	50	-52	48
Total Cost of Revenue	0.00	-30	0.10	0.00	0.00	-29	0.00	0.00	0.00	110	0.00
Total Operating Expenses	40	74	37	33	37	70	28	31	31	-57	30
Selling, General & Admin Expense	30	-	27	20	21	-	20	21	20	-	19
Amortization Expense	0.20	0.20	0.17	0.17	0.17	0.18	0.29	0.29	0.29	0.29	0.29
Other Operating Expenses / (Income)	10	11	9.13	12	16	3.52	7.96	10	11	4.26	11
Total Other Income / (Expense), net	-4.64	-8.34	-5.18	-6.21	-5.78	-9.92	-5.62	-5.75	-5.84	93	-5.46
Interest Expense	4.64	8.34	5.18	6.21	5.78	9.92	5.62	5.75	5.84	-97	5.46
Income Tax Expense	1.77	1.95	1.83	1.26	0.74	1.17	2.33	1.12	2.40	1.80	2.14
Net Income / (Loss) Discontinued Operations	-	-	0.09	0.18	-0.09	-	0.42	3.70	-0.11	-	0.09
Basic Earnings per Share	$0.55	$0.62	$0.53	$0.33	$0.22	$0.34	$0.67	$0.67	$0.69	$0.63	$0.69
Weighted Average Basic Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
Diluted Earnings per Share	$0.54	$0.61	$0.52	$0.32	$0.21	$0.34	$0.66	$0.66	$0.68	$0.61	$0.67
Weighted Average Diluted Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
Weighted Average Basic & Diluted Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
Cash Dividends to Common per Share	$0.29	-	$0.30	$0.30	$0.30	-	$0.31	$0.31	$0.31	-	$0.32

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-41	14	-39	2.82	-27	467	-156	-314	172	-23	43
Net Cash From Operating Activities	33	35	39	48	42	48	35	52	37	39	37
Net Cash From Continuing Operating Activities	33	35	39	48	42	48	35	52	35	37	39
Net Income / (Loss) Continuing Operations	23	24	25	30	30	25	29	35	28	19	31
Consolidated Net Income / (Loss)	23	24	25	30	30	25	29	35	30	19	35
Depreciation Expense	8.86	9.43	11	11	4.23	4.47	4.31	4.02	3.95	5.03	6.03
Amortization Expense	-	-	-	-	6.71	6.80	8.19	6.96	5.16	4.28	2.15
Non-Cash Adjustments To Reconcile Net Income	-2.04	0.67	2.34	3.05	3.38	2.00	2.68	8.07	2.47	2.38	6.20
Changes in Operating Assets and Liabilities, net	3.62	0.74	0.20	3.78	-2.59	9.33	-9.24	-2.34	-4.09	6.49	-6.68
Net Cash From Discontinued Operating Activities	-	-	-	-	-	-	-	-	1.55	2.21	-1.37
Net Cash From Investing Activities	-3.64	-42	-140	-47	-76	-44	-529	-306	285	3.95	-145
Net Cash From Continuing Investing Activities	-3.64	-42	-140	-47	-76	-44	-529	-306	287	4.77	-145
Purchase of Property, Plant & Equipment	-5.75	-4.68	-4.13	-4.40	-2.72	-2.00	-4.37	-5.87	-12	-8.51	-5.66
Acquisitions	-	-	0.00	0.00	-2.83	0.00	0.00	-4.81	0.00	-2.95	0.00
Purchase of Investments	-161	-96	-125	-82	0.00	-20	-494	-232	-15	-120	-435
Divestitures	-	-	-	-	-	-	-	-	0.00	0.00	18
Sale and/or Maturity of Investments	138	65	44	97	26	86	161	65	151	213	213
Other Investing Activities, net	26	-5.59	-55	-57	-96	-108	-191	-129	164	-77	65
Net Cash From Discontinued Investing Activities	-	-	-	-	-	-	-	-	-2.39	-0.82	-0.10
Net Cash From Financing Activities	-71	20	62	1.28	6.65	463	338	-59	-150	-66	150
Net Cash From Continuing Financing Activities	-71	20	62	1.28	6.65	463	338	-59	-148	-67	170
Repayment of Debt	-0.49	-1.38	-0.47	-0.95	17	-19	-0.85	-0.59	-0.83	-1.68	-1.30
Repurchase of Common Equity	-11	-9.22	-2.27	-8.84	-7.80	-6.83	-31	-5.30	-5.77	-7.25	-26
Payment of Dividends	-9.70	-9.98	-11	-13	-15	-16	-15	-15	-16	-16	-17
Other Financing Activities, net	-50	41	76	24	13	504	386	-38	-126	-42	214
Net Cash From Discontinued Financing Activities	-	-	-	-	-	-	-	-	-1.64	1.57	-20
Cash Interest Paid	2.13	2.02	2.18	3.70	5.18	2.43	1.19	3.43	16	20	16
Cash Income Taxes Paid	8.19	7.06	7.68	6.72	7.60	4.73	5.64	8.40	9.30	5.51	5.14

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	157	-36	-180	31	282	-156	-129	-2.51	40	134	-148
Net Cash From Operating Activities	12	7.57	9.83	11	-0.20	19	22	-1.29	12	4.85	15
Net Cash From Continuing Operating Activities	9.87	15	8.84	11	-0.20	19	21	0.68	12	4.85	14
Net Income / (Loss) Continuing Operations	7.39	8.41	7.06	4.48	2.94	4.59	8.55	5.16	9.21	8.19	8.74
Consolidated Net Income / (Loss)	7.39	8.41	7.15	4.48	2.94	4.59	8.97	8.86	9.11	8.19	8.83
Net Income / (Loss) Discontinued Operations	-	-	0.09	-	-	-	0.42	3.70	-0.11	-	0.09
Depreciation Expense	1.03	1.13	1.09	1.18	1.32	1.60	1.40	1.63	1.45	1.56	1.44
Amortization Expense	-0.90	8.05	-0.86	1.13	1.12	0.86	-0.17	0.61	0.49	0.29	0.11
Non-Cash Adjustments To Reconcile Net Income	1.06	0.14	1.29	0.89	0.76	0.69	2.16	4.50	0.82	-1.29	1.50
Changes in Operating Assets and Liabilities, net	1.27	-3.05	-1.81	3.01	-6.33	11	7.98	-11	0.45	-3.89	2.67
Net Cash From Discontinued Operating Activities	-	-	0.98	-	-	-	0.71	-1.97	-0.11	-0.00	0.09
Net Cash From Investing Activities	31	90	-72	85	-8.43	-0.17	-71	21	-96	0.82	-145
Net Cash From Continuing Investing Activities	56	89	-72	44	152	-8.51	-71	21	-96	0.82	-145
Purchase of Property, Plant & Equipment	-2.97	-4.96	-3.49	-2.04	-2.15	-1.48	-2.57	-1.34	-1.03	-0.72	-1.90
Purchase of Investments	-	-	-38	-9.46	-24	-49	-81	-73	-202	-80	-42
Divestitures	-	-	-	-	-	-	0.00	-	-	-	0.00
Sale and/or Maturity of Investments	43	-26	15	114	27	58	39	54	88	31	23
Other Investing Activities, net	16	120	-157	-59	152	-13	86	29	55	-105	-231
Net Cash From Discontinued Investing Activities	-	-	-0.17	-	-	-	-0.06	-0.04	-	-	0.00
Net Cash From Financing Activities	95	-134	-118	-64	15	101	-80	-22	124	128	-18
Net Cash From Continuing Financing Activities	83	-132	-121	-23	130	-166	-189	-5.64	124	128	90
Repayment of Debt	0.07	0.00	-1.87	0.06	0.07	0.07	-1.46	0.03	-	0.13	-0.98
Repurchase of Common Equity	-2.84	-0.56	-1.05	-	-2.65	-3.54	-5.08	-5.92	-6.73	-8.26	-2.92
Payment of Dividends	-3.95	-4.07	-4.09	-4.09	-4.08	-4.20	-4.18	-4.13	-4.07	-4.14	-4.13
Issuance of Debt	-	-	-	-	-	-	0.00	-	-	-	145
Other Financing Activities, net	-	-	-2.44	-19	136	-158	-178	-2.43	98	296	-47
Net Cash From Discontinued Financing Activities	-	-	3.42	-	-	-	-3.20	-16	-	-	0.00
Cash Interest Paid	4.35	4.65	5.43	5.15	5.08	4.57	4.37	4.11	3.65	4.26	4.06
Cash Income Taxes Paid	2.18	2.53	0.06	2.97	1.06	1.41	0.05	4.62	0.22	0.25	0.02

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,456	1,505	1,657	1,695	1,764	2,203	2,555	2,573	2,479	2,395	2,606
Total Current Assets	901	921	904	942	1,389	659	1,475	1,270	1,387	2,017	1,440
Cash & Equivalents	253	267	228	231	204	31	12	21	21	19	26
Short-Term Investments	-	-	-	-	423	640	503	180	352	858	366
Note & Lease Receivable	647	655	676	711	762	-12	961	1,069	1,014	1,082	1,048
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	14	0.00
Plant, Property, & Equipment, net	20	21	22	22	21	18	18	20	30	31	29
Total Noncurrent Assets	535	562	731	731	355	1,527	1,061	1,283	1,062	348	1,137
Goodwill	12	12	13	13	14	14	14	17	17	16	16
Intangible Assets	2.41	2.00	2.00	1.55	4.28	3.42	2.56	4.13	3.35	4.91	3.73
Other Noncurrent Operating Assets	521	549	717	717	336	1,509	1,044	1,261	1,041	327	1,117
Total Liabilities & Shareholders' Equity	1,456	1,505	1,657	1,695	1,764	2,203	2,555	2,573	2,479	2,395	2,606
Total Liabilities	1,248	1,297	1,432	1,465	1,520	1,942	2,309	2,367	2,249	2,166	2,363
Total Current Liabilities	646	622	678	409	775	1,051	1,222	1,257	1,141	968	1,200
Short-Term Debt	465	407	397	0.00	424	557	639	614	616	717	687
Customer Deposits	182	215	282	409	351	494	583	643	524	251	513
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	-	0.00
Total Noncurrent Liabilities	602	675	754	1,057	745	891	1,088	1,109	1,108	1,198	1,163
Other Noncurrent Operating Liabilities	602	675	754	743	745	891	1,088	1,109	1,108	1,198	1,163
Total Equity & Noncontrolling Interests	207	208	225	230	244	261	246	206	230	229	243
Total Preferred & Common Equity	207	208	225	230	244	261	246	206	230	229	243
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	207	208	225	230	244	261	246	206	230	229	243
Common Stock	132	134	211	214	213	213	212	215	216	213	215
Retained Earnings	104	118	59	75	90	99	112	132	146	148	167
Treasury Stock	-22	-30	-32	-40	-45	-51	-79	-81	-84	-88	-112
Accumulated Other Comprehensive Income / (Loss)	-6.66	-15	-13	-19	-14	-0.02	0.45	-59	-47	-45	-27

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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,611	2,427	2,471	2,505	2,294	2,283	2,261	2,318	2,316	2,454	2,534
Total Current Assets	1,371	1,268	1,313	1,435	1,217	1,272	1,295	1,362	1,321	1,333	1,319
Cash & Equivalents	15	28	27	24	17	5.76	29	12	5.10	31	35
Short-Term Investments	332	182	243	385	175	218	201	208	213	228	209
Note & Lease Receivable	1,024	1,057	1,043	1,026	1,024	1,048	1,065	1,128	1,103	1,074	1,075
Other Current Nonoperating Assets	-	-	-	-	-	-	-	14	0.00	0.00	0.00
Plant, Property, & Equipment, net	19	21	24	26	33	33	34	32	31	30	30
Total Noncurrent Assets	1,220	1,139	1,133	1,044	1,044	977	931	924	964	1,090	1,185
Goodwill	17	17	17	17	17	17	17	16	16	16	16
Intangible Assets	4.32	3.93	3.74	3.54	3.15	2.97	2.79	4.62	4.33	4.04	3.44
Other Noncurrent Operating Assets	1,199	1,118	1,112	1,023	1,024	957	911	904	944	1,070	1,165
Total Liabilities & Shareholders' Equity	2,611	2,427	2,471	2,505	2,294	2,283	2,261	2,318	2,316	2,454	2,534
Total Liabilities	2,419	2,210	2,256	2,299	2,064	2,053	2,023	2,084	2,075	2,210	2,292
Total Current Liabilities	1,230	1,116	1,191	1,177	1,079	1,012	1,047	1,019	1,004	1,035	1,251
Short-Term Debt	648	531	512	666	666	640	655	636	633	627	845
Customer Deposits	582	585	679	511	413	372	393	364	371	407	406
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	19	0.00	0.00	0.00
Total Noncurrent Liabilities	1,189	1,094	1,064	1,121	985	1,040	976	1,065	1,071	1,176	1,041
Other Noncurrent Operating Liabilities	1,189	1,094	1,064	1,121	985	1,040	976	1,065	1,071	1,176	1,041
Total Equity & Noncontrolling Interests	192	218	215	206	229	230	238	234	241	243	242
Total Preferred & Common Equity	192	218	215	206	229	230	238	234	241	243	242
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	192	218	215	206	229	230	238	234	241	243	242
Common Stock	213	214	214	215	212	212	213	212	213	214	215
Retained Earnings	126	135	138	141	149	149	148	153	158	163	172
Treasury Stock	-82	-79	-81	-84	-82	-82	-84	-91	-97	-104	-114
Accumulated Other Comprehensive Income / (Loss)	-66	-52	-56	-67	-49	-50	-39	-40	-33	-29	-30

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	11,341,370.00	11,176,204.00	11,166,349.00	12,289,377.00	14,497,763.00	14,422,133.00	14,010,148.00	-	-	-	13,084,279.00
DEI Adjusted Shares Outstanding	11,341,370.00	11,176,204.00	11,166,349.00	12,289,377.00	14,497,763.00	14,422,133.00	14,010,148.00	-	-	-	13,084,279.00
DEI Earnings Per Adjusted Shares Outstanding	2.03	2.18	2.24	2.46	25.09	11.88	1.97	-	-	-	1.38
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.08%	3.91%	9.52%	7.84%	47.97%	34.12%	-47.95%	19.25%	17.33%	0.47%	20.65%
EBITDA Growth	-0.20%	4.01%	16.71%	-1.74%	-36.77%	531.72%	-76.16%	19.22%	11.02%	-9.75%	19.61%
EBIT Growth	-2.38%	3.32%	15.66%	-1.99%	-47.31%	833.72%	-81.65%	31.19%	17.39%	-11.84%	18.61%
NOPAT Growth	-4.07%	5.60%	9.17%	13.87%	321.56%	16.28%	-81.29%	26.20%	16.10%	-13.29%	17.47%
Net Income Growth	-4.07%	5.60%	2.74%	21.00%	1,101.56%	-93.08%	13.62%	22.02%	-13.88%	-36.23%	441.87%
EPS Growth	-11.65%	-10.44%	3.07%	20.83%	1.97%	-16.43%	15.61%	26.50%	-13.83%	-36.24%	87.77%
Operating Cash Flow Growth	-3.87%	5.06%	10.52%	24.29%	-12.85%	13.42%	-27.70%	49.38%	-28.43%	5.45%	-3.88%
Free Cash Flow Firm Growth	-148.78%	410.08%	-119.39%	708.40%	256.71%	-89.45%	-561.78%	-10.87%	186.81%	-146.55%	-244.53%
Invested Capital Growth	14.66%	-16.78%	12.89%	-20.67%	-86.67%	255.59%	149.85%	67.65%	-23.56%	25.79%	903.34%
Revenue Q/Q Growth	0.29%	1.58%	3.82%	0.06%	41.17%	33.14%	-46.79%	-1.95%	11.93%	5.89%	-58.37%
EBITDA Q/Q Growth	0.70%	0.71%	7.50%	-7.36%	-36.63%	14.05%	-77.13%	98.27%	28.48%	10.76%	-166.73%
EBIT Q/Q Growth	0.13%	0.67%	8.37%	-8.82%	-47.77%	10.27%	-82.97%	47.10%	48.13%	36.74%	-198.54%
NOPAT Q/Q Growth	0.10%	1.68%	1.82%	-2.38%	323.81%	12.92%	-82.78%	45.05%	47.03%	35.66%	-199.30%
Net Income Q/Q Growth	1.33%	1.40%	-4.19%	6.05%	1,069.79%	-92.98%	4.73%	4.75%	-2.83%	-16.60%	-42.57%
EPS Q/Q Growth	-7.14%	-15.54%	3.07%	-96.11%	104.28%	0.00%	5.82%	4.98%	-2.68%	-16.27%	11.54%
Operating Cash Flow Q/Q Growth	4.01%	5.66%	3.68%	-2.84%	-14.57%	12.66%	-10.03%	15.54%	-8.06%	39.66%	-26.91%
Free Cash Flow Firm Q/Q Growth	-151.50%	33.26%	19.28%	-72.66%	201.58%	-79.70%	40.24%	-158.75%	230.23%	49.46%	-657.85%
Invested Capital Q/Q Growth	10.84%	5.37%	3.65%	13,189.61%	-90.19%	-57.58%	-55.70%	25.80%	2.14%	-9.95%	-12.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	42.08%	157.53%	69.80%	100.00%	100.00%	100.26%	99.79%	-24.91%
EBITDA Margin	33.02%	33.05%	35.22%	32.09%	13.72%	64.60%	29.59%	29.59%	27.99%	25.15%	-54.23%
Operating Margin	25.69%	25.54%	26.97%	24.51%	71.67%	60.77%	21.43%	23.58%	23.59%	20.70%	-63.51%
EBIT Margin	25.69%	25.54%	26.97%	24.51%	8.73%	60.77%	21.43%	23.58%	23.59%	20.70%	-63.51%
Profit (Net Income) Margin	19.08%	19.40%	18.19%	20.41%	165.77%	8.56%	18.68%	19.11%	14.03%	8.90%	20.54%
Tax Burden Percent	74.29%	75.94%	71.68%	83.28%	970.71%	82.98%	84.57%	81.36%	80.47%	79.14%	46.70%
Interest Burden Percent	100.00%	100.00%	94.10%	100.00%	195.63%	16.97%	103.05%	99.64%	73.91%	54.35%	-69.26%
Effective Tax Rate	25.71%	24.06%	28.32%	16.72%	18.85%	17.02%	15.43%	18.64%	19.53%	20.86%	19.73%
Return on Invested Capital (ROIC)	5.88%	6.35%	7.16%	8.58%	72.13%	156.52%	10.72%	7.08%	7.44%	6.59%	-15.20%
ROIC Less NNEP Spread (ROIC-NNEP)	5.88%	6.35%	6.15%	8.58%	-320.54%	234.55%	26.45%	7.03%	4.21%	1.32%	90.84%
Return on Net Nonoperating Assets (RNNOA)	5.43%	5.38%	4.39%	4.73%	81.31%	-146.55%	0.56%	8.36%	6.35%	1.76%	22.87%
Return on Equity (ROE)	11.31%	11.72%	11.55%	13.31%	153.44%	9.96%	11.28%	15.44%	13.78%	8.36%	7.67%
Cash Return on Invested Capital (CROIC)	-7.78%	24.66%	-4.94%	31.63%	225.08%	44.31%	-74.94%	-43.47%	34.15%	-16.25%	-178.95%
Operating Return on Assets (OROA)	2.10%	2.17%	2.35%	2.17%	1.11%	9.01%	1.38%	1.68%	2.00%	1.83%	-2.24%
Return on Assets (ROA)	1.56%	1.64%	1.58%	1.81%	21.03%	1.27%	1.20%	1.36%	1.19%	0.79%	0.72%
Return on Common Equity (ROCE)	11.31%	11.72%	11.55%	13.31%	153.44%	9.96%	11.28%	15.44%	13.78%	8.36%	7.67%
Return on Equity Simple (ROE_SIMPLE)	11.12%	11.70%	11.11%	13.17%	148.94%	9.64%	11.64%	16.92%	13.08%	8.37%	0.00%
Net Operating Profit after Tax (NOPAT)	23	24	27	30	128	148	28	35	41	35	-45
NOPAT Margin	19.08%	19.40%	19.33%	20.41%	58.16%	50.43%	18.13%	19.18%	18.98%	16.38%	-50.98%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	1.01%	0.00%	392.67%	-78.04%	-15.72%	0.05%	3.23%	5.27%	-106.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.27%	4.81%	3.73%	-4.83%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	57.92%	-57.53%	30.20%	0.00%	0.00%	-0.26%	0.21%	124.91%
SG&A Expenses to Revenue	58.20%	57.82%	56.25%	0.00%	0.00%	0.00%	60.17%	58.30%	55.39%	57.31%	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%	0.00%
Operating Expenses to Revenue	74.31%	74.46%	73.03%	17.56%	6.94%	9.02%	78.57%	76.42%	76.67%	79.10%	38.60%
Earnings before Interest and Taxes (EBIT)	31	32	37	36	19	179	33	43	51	45	-56
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	40	41	48	48	30	190	45	54	60	54	-48
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.33	3.33	2.47	2.45	3.04	1.95	2.09	2.85	2.58	2.41	2.22
Price to Tangible Book Value (P/TBV)	2.50	3.56	2.64	2.62	3.29	2.09	2.24	3.18	2.83	2.72	2.42
Price to Revenue (P/Rev)	4.00	5.51	4.04	3.81	3.38	1.73	3.35	3.22	2.76	2.56	6.12
Price to Earnings (P/E)	20.96	28.42	22.19	18.64	2.04	2.98	18.59	18.62	21.94	28.76	29.80
Dividend Yield	1.99%	1.44%	1.87%	2.22%	2.05%	3.06%	2.98%	2.62%	2.69%	2.98%	3.03%
Earnings Yield	4.77%	3.52%	4.51%	5.36%	49.05%	33.60%	5.38%	5.37%	4.56%	3.48%	3.36%
Enterprise Value to Invested Capital (EV/IC)	1.66	2.39	1.84	2.07	12.95	2.68	1.72	1.62	1.76	1.54	1.55
Enterprise Value to Revenue (EV/Rev)	5.75	6.63	5.26	4.36	2.46	1.35	4.16	5.48	3.90	4.26	9.46
Enterprise Value to EBITDA (EV/EBITDA)	17.42	20.07	14.94	13.59	17.91	2.09	14.06	18.54	13.93	16.96	0.00
Enterprise Value to EBIT (EV/EBIT)	22.39	25.97	19.51	17.79	28.14	2.22	19.41	23.26	16.54	20.61	0.00
Enterprise Value to NOPAT (EV/NOPAT)	30.14	34.19	27.22	21.36	4.22	2.67	22.95	28.59	20.55	26.04	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	20.75	23.66	18.60	13.38	12.79	8.30	18.44	19.41	22.63	23.57	22.27
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	8.80	0.00	5.79	1.35	9.44	0.00	0.00	4.48	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.24	1.96	1.76	1.36	1.74	2.13	2.60	2.98	2.68	3.13	2.83
Long-Term Debt to Equity	0.00	0.00	0.00	1.36	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.92	0.85	0.71	0.55	-0.25	-0.62	0.02	1.19	1.51	1.33	0.25
Leverage Ratio	7.25	7.13	7.30	7.37	7.30	7.85	9.39	11.34	11.58	10.62	10.59
Compound Leverage Factor	7.25	7.13	6.87	7.37	14.28	1.33	9.67	11.30	8.56	5.77	-7.34
Debt to Total Capital	69.14%	66.19%	63.79%	57.68%	63.46%	68.09%	72.22%	74.86%	72.84%	75.78%	73.86%
Short-Term Debt to Total Capital	69.14%	66.19%	63.79%	0.00%	63.46%	68.09%	72.22%	74.86%	72.84%	75.78%	73.86%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	57.68%	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%	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%	0.00%
Common Equity to Total Capital	30.86%	33.81%	36.21%	42.32%	36.54%	31.91%	27.78%	25.14%	27.16%	24.22%	26.14%
Debt to EBITDA	11.65	9.82	8.19	6.58	14.09	2.93	14.10	11.37	10.28	13.24	-14.37
Net Debt to EBITDA	5.30	3.39	3.48	1.73	-6.73	-0.60	2.73	7.65	4.07	6.78	-6.16
Long-Term Debt to EBITDA	0.00	0.00	0.00	6.58	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	20.15	16.73	14.92	10.35	3.32	3.76	23.02	17.54	15.16	20.32	-15.28
Net Debt to NOPAT	9.17	5.77	6.34	2.72	-1.59	-0.76	4.46	11.80	6.00	10.41	-6.55
Long-Term Debt to NOPAT	0.00	0.00	0.00	10.35	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	0.70	0.82	0.60	0.83	0.94	0.41	0.42	0.35	0.51	0.62	0.30
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.39	1.48	1.33	2.31	1.79	0.63	1.21	1.01	1.22	1.48	1.20
Quick Ratio	1.39	1.48	1.33	2.31	1.79	0.63	1.21	1.01	1.22	1.48	1.20
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-31	95	-18	112	398	42	-194	-215	187	-87	-529
Operating Cash Flow to CapEx	582.79%	751.26%	942.33%	1,098.77%	1,547.04%	2,387.86%	790.73%	879.78%	257.86%	417.50%	661.08%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-8.39	0.00	0.00	17.79	0.00	-61.77	11.48	-4.29	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	17.78	0.00	0.00	20.23	0.00	14.82	2.27	1.92	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	15.90	0.00	0.00	19.38	0.00	13.14	1.39	1.46	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.08	0.08	0.09	0.09	0.13	0.15	0.06	0.07	0.08	0.09	0.04
Accounts Receivable Turnover	0.00	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	0.00
Fixed Asset Turnover	6.61	6.16	6.44	6.80	10.31	15.25	8.47	9.59	8.56	6.70	2.94
Accounts Payable Turnover	0.00	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	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	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	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	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	419	349	394	312	42	148	370	620	474	596	537
Invested Capital Turnover	0.31	0.33	0.37	0.42	1.24	3.10	0.59	0.37	0.39	0.40	0.30
Increase / (Decrease) in Invested Capital	54	-70	45	-81	-271	106	222	250	-146	122	484
Enterprise Value (EV)	695	833	723	647	539	397	637	1,002	836	918	834
Market Capitalization	483	692	555	564	741	510	513	588	592	551	539
Book Value per Share	$18.29	$18.61	$20.16	$18.70	$16.84	$18.11	$17.54	$15.10	$16.90	$16.88	$18.57
Tangible Book Value per Share	$17.05	$17.40	$18.85	$17.55	$15.56	$16.88	$16.34	$13.53	$15.38	$14.94	$17.05
Total Capital	672	615	622	543	668	819	885	821	846	946	930
Total Debt	465	407	397	313	424	557	639	614	616	717	687
Total Long-Term Debt	0.00	0.00	0.00	313	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	211	141	168	82	-203	-113	124	414	244	367	294
Capital Expenditures (CapEx)	5.75	4.68	4.13	4.40	2.72	2.00	4.37	5.87	14	9.33	5.66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	466	440	394	303	411	-505	378	427	490	831	534
Debt-free Net Working Capital (DFNWC)	719	707	623	534	1,038	165	893	628	862	1,180	926
Net Working Capital (NWC)	254	299	226	534	614	-392	254	13	246	464	240
Net Nonoperating Expense (NNE)	0.00	0.00	1.57	0.00	-236	123	-0.85	0.13	11	16	-63
Net Nonoperating Obligations (NNO)	211	141	168	82	-203	-113	124	414	244	367	294
Total Depreciation and Amortization (D&A)	8.86	9.43	11	11	11	11	13	11	9.44	9.58	8.18
Debt-free, Cash-free Net Working Capital to Revenue	385.37%	350.52%	286.92%	204.16%	187.33%	-171.78%	246.77%	233.59%	228.64%	385.87%	606.25%
Debt-free Net Working Capital to Revenue	594.92%	563.00%	452.83%	359.91%	472.95%	56.10%	583.00%	343.61%	402.46%	548.31%	1,051.44%
Net Working Capital to Revenue	210.32%	238.55%	164.41%	359.91%	279.67%	-133.32%	165.85%	7.17%	114.78%	215.42%	272.21%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.03	$2.18	$2.04	$2.06	$2.11	$1.75	$0.00	$2.58	$2.22	$1.42	$2.66
Adjusted Weighted Average Basic Shares Outstanding	11.29M	11.20M	12.29M	14.52M	14.55M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
Adjusted Diluted Earnings per Share	$2.00	$2.15	$2.01	$2.03	$2.07	$1.73	$2.00	$2.53	$2.18	$1.39	$2.61
Adjusted Weighted Average Diluted Shares Outstanding	11.29M	11.20M	12.29M	14.52M	14.55M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.29M	11.20M	12.29M	14.52M	14.55M	14.39M	13.69M	13.71M	13.65M	13.50M	12.90M
Normalized Net Operating Profit after Tax (NOPAT)	23	24	27	30	128	148	28	35	44	38	-45
Normalized NOPAT Margin	19.08%	19.40%	19.33%	20.41%	58.16%	50.43%	18.13%	19.18%	20.53%	17.54%	-50.98%
Pre Tax Income Margin	25.69%	25.54%	25.38%	24.51%	17.08%	10.31%	22.08%	23.49%	17.43%	11.25%	43.99%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	16.96	0.00	0.00	75.71	0.00	12.37	3.11	2.20	0.00
NOPAT to Interest Expense	0.00	0.00	12.15	0.00	0.00	62.82	0.00	10.06	2.50	1.74	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	15.07	0.00	0.00	74.86	0.00	10.68	2.23	1.74	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	10.27	0.00	0.00	61.97	0.00	8.38	1.62	1.28	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.06%	40.98%	42.68%	43.53%	4.19%	61.96%	54.00%	44.24%	53.09%	85.89%	91.21%
Augmented Payout Ratio	89.56%	78.83%	51.75%	72.73%	6.33%	89.07%	162.37%	59.42%	72.30%	123.70%	234.78%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	13,503,248.00	13,359,999.00	13,216,006.00	13,084,279.00	12,901,080.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	13,503,248.00	13,359,999.00	13,216,006.00	13,084,279.00	12,901,080.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	0.78	0.76	0.79	-1.00	0.83
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.09%	69.45%	4.32%	0.84%	3.60%	-6.18%	-9.22%	-2.21%	4.31%	26.46%	5.17%
EBITDA Growth	22.02%	154.04%	35.74%	-10.11%	-18.22%	-28.10%	44.20%	20.32%	84.35%	-6.00%	2.12%
EBIT Growth	17.51%	622.44%	15.90%	-33.26%	-34.78%	-0.26%	37.31%	5.92%	75.04%	0.54%	0.46%
NOPAT Growth	17.33%	609.90%	16.03%	-35.87%	-35.00%	-2.10%	35.96%	12.50%	72.57%	-2.29%	2.62%
Net Income Growth	-15.97%	-9.42%	0.49%	-37.18%	-60.27%	-45.37%	25.36%	97.48%	209.94%	55.58%	-1.49%
EPS Growth	-15.63%	-8.96%	1.96%	-38.46%	-61.11%	-44.26%	26.92%	106.25%	223.81%	79.41%	1.52%
Operating Cash Flow Growth	27.28%	-29.97%	5.75%	39.21%	-101.61%	146.10%	119.45%	-112.08%	6,319.70%	-73.98%	-32.53%
Free Cash Flow Firm Growth	-88.56%	162.62%	50.60%	-331.44%	-573.95%	-169.81%	140.31%	100.89%	134.06%	-269.34%	-377.04%
Invested Capital Growth	-5.86%	-23.56%	30.69%	41.47%	42.68%	25.79%	-6.85%	1.44%	-7.48%	903.34%	28.60%
Revenue Q/Q Growth	11.56%	8.71%	27.56%	-11.30%	14.62%	-1.55%	165.09%	-3.67%	12.38%	-204.36%	193.09%
EBITDA Q/Q Growth	51.32%	69.38%	220.06%	-49.95%	37.68%	48.91%	119.90%	-17.07%	33.78%	-594.87%	119.17%
EBIT Q/Q Growth	53.30%	5.73%	409.01%	-57.72%	49.80%	61.70%	117.17%	-19.77%	41.73%	-655.52%	117.35%
NOPAT Q/Q Growth	53.73%	6.38%	397.65%	-58.82%	55.81%	60.23%	116.94%	-16.13%	36.78%	-674.27%	116.99%
Net Income Q/Q Growth	3.59%	13.74%	-14.96%	-37.30%	-34.48%	56.36%	145.13%	-1.24%	2.83%	-196.91%	200.08%
EPS Q/Q Growth	3.85%	12.96%	-14.75%	-38.46%	-34.38%	61.90%	94.12%	0.00%	3.03%	-10.29%	9.84%
Operating Cash Flow Q/Q Growth	61.37%	-38.92%	29.82%	8.79%	-101.86%	9,461.81%	15.75%	-105.99%	1,053.91%	-60.63%	200.10%
Free Cash Flow Firm Q/Q Growth	-49.62%	293.12%	-203.51%	-20.33%	-3.16%	42.09%	-81.47%	-97.40%	3,950.55%	-983.38%	69.69%
Invested Capital Q/Q Growth	1.50%	2.14%	48.35%	-8.02%	2.37%	-9.95%	1,122.66%	0.16%	-6.64%	-12.25%	56.70%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	150.97%	100.00%	38.95%	100.00%	153.29%	100.00%	100.00%	100.00%	0.00%	100.00%
EBITDA Margin	26.21%	40.85%	30.53%	17.23%	20.69%	31.30%	41.97%	35.06%	41.74%	0.00%	40.76%
Operating Margin	25.96%	25.25%	26.24%	12.50%	16.34%	26.84%	39.30%	30.01%	37.85%	0.00%	37.54%
EBIT Margin	25.96%	25.25%	26.24%	12.50%	16.34%	26.84%	39.30%	30.01%	37.85%	0.00%	37.54%
Profit (Net Income) Margin	13.66%	14.30%	12.97%	9.17%	5.24%	8.32%	19.50%	19.99%	18.29%	0.00%	18.26%
Tax Burden Percent	80.72%	81.22%	79.40%	77.35%	80.45%	79.72%	82.43%	141.03%	78.40%	-88.36%	81.15%
Interest Burden Percent	65.21%	69.72%	62.26%	94.78%	39.86%	38.90%	60.19%	47.23%	61.65%	-9.54%	59.94%
Effective Tax Rate	19.28%	18.78%	20.60%	22.65%	19.55%	20.28%	21.38%	17.82%	20.69%	18.01%	19.70%
Return on Invested Capital (ROIC)	8.39%	8.04%	6.75%	3.53%	4.75%	8.61%	3.11%	7.94%	9.97%	0.00%	3.64%
ROIC Less NNEP Spread (ROIC-NNEP)	6.98%	6.93%	5.66%	3.46%	3.45%	6.25%	1.94%	7.44%	8.50%	0.00%	2.52%
Return on Net Nonoperating Assets (RNNOA)	9.79%	10.44%	10.05%	5.11%	5.30%	8.32%	3.74%	13.15%	14.01%	0.00%	5.40%
Return on Equity (ROE)	18.18%	18.48%	16.79%	8.64%	10.05%	16.94%	6.85%	21.08%	23.99%	0.00%	9.05%
Cash Return on Invested Capital (CROIC)	11.82%	34.15%	-21.35%	-28.92%	-30.56%	-16.25%	-0.33%	4.55%	14.88%	-178.95%	-31.05%
Operating Return on Assets (OROA)	1.94%	2.14%	2.23%	1.06%	1.39%	2.37%	1.17%	2.74%	3.40%	0.00%	1.40%
Return on Assets (ROA)	1.02%	1.21%	1.10%	0.78%	0.45%	0.74%	0.58%	1.82%	1.64%	0.00%	0.68%
Return on Common Equity (ROCE)	18.18%	18.48%	16.79%	8.64%	10.05%	16.94%	6.85%	21.08%	23.99%	0.00%	9.05%
Return on Equity Simple (ROE_SIMPLE)	15.00%	0.00%	13.11%	11.93%	9.67%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	11	12	11	4.73	7.37	12	14	11	15	-86	15
NOPAT Margin	20.96%	20.51%	20.83%	9.67%	13.15%	21.40%	30.90%	24.66%	30.02%	0.00%	30.15%
Net Nonoperating Expense Percent (NNEP)	1.41%	1.11%	1.09%	0.07%	1.30%	2.36%	1.17%	0.50%	1.47%	-129.55%	1.13%
Return On Investment Capital (ROIC_SIMPLE)	-	1.43%	-	-	-	1.25%	1.63%	1.25%	1.72%	-9.23%	1.34%
Cost of Revenue to Revenue	0.00%	-50.97%	0.00%	61.05%	0.00%	-53.29%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	54.77%	0.00%	55.51%	0.00%	53.28%	0.00%	42.76%	46.59%	40.39%	0.00%	39.84%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	74.04%	125.72%	73.76%	26.45%	83.66%	126.45%	60.70%	69.99%	62.15%	0.00%	62.46%
Earnings before Interest and Taxes (EBIT)	14	15	14	6.12	9.16	15	18	13	19	-105	18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	14	24	17	8.43	12	17	19	16	21	-103	20
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	2.58	2.83	2.38	2.38	2.41	2.42	2.41	2.14	2.22	2.35
Price to Tangible Book Value (P/TBV)	2.67	2.83	3.11	2.61	2.60	2.72	2.66	2.63	2.33	2.42	2.56
Price to Revenue (P/Rev)	2.59	2.76	3.24	2.71	2.78	2.56	8.30	2.77	2.46	6.12	6.28
Price to Earnings (P/E)	24.38	21.94	20.86	19.12	23.32	28.76	0.00	20.48	14.99	29.80	31.20
Dividend Yield	3.20%	2.69%	2.47%	2.97%	2.89%	2.98%	2.90%	2.83%	3.15%	3.03%	2.86%
Earnings Yield	4.10%	4.56%	4.79%	5.23%	4.29%	3.48%	0.00%	4.88%	6.67%	3.36%	3.21%
Enterprise Value to Invested Capital (EV/IC)	1.62	1.76	1.60	1.49	1.49	1.54	1.50	1.52	1.45	1.55	1.39
Enterprise Value to Revenue (EV/Rev)	3.93	3.90	5.59	4.78	4.87	4.26	14.38	4.75	4.20	9.46	12.91
Enterprise Value to EBITDA (EV/EBITDA)	16.13	13.93	21.44	18.72	20.24	16.96	0.00	16.03	12.41	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	22.07	16.54	27.73	25.71	30.36	20.61	0.00	20.44	15.65	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	27.22	20.55	34.46	32.15	38.06	26.04	0.00	25.57	19.64	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	18.74	22.63	29.99	23.80	35.48	23.57	19.39	25.72	17.35	22.27	38.40
Enterprise Value to Free Cash Flow (EV/FCFF)	13.32	4.48	0.00	0.00	0.00	0.00	0.00	33.63	9.38	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.23	2.68	2.90	2.78	2.76	3.13	2.72	2.63	2.58	2.83	3.49
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	0.00
Financial Leverage	1.40	1.51	1.78	1.48	1.54	1.33	1.93	1.77	1.65	0.25	2.14
Leverage Ratio	12.85	11.58	10.56	10.68	10.74	10.62	9.95	9.77	9.80	10.59	10.19
Compound Leverage Factor	8.38	8.08	6.58	10.12	4.28	4.13	5.99	4.61	6.04	-1.01	6.11
Debt to Total Capital	76.36%	72.84%	74.38%	73.58%	73.37%	75.78%	73.09%	72.45%	72.05%	73.86%	77.74%
Short-Term Debt to Total Capital	76.36%	72.84%	74.38%	73.58%	73.37%	75.78%	73.09%	72.45%	72.05%	73.86%	77.74%
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%	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%	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%	0.00%
Common Equity to Total Capital	23.64%	27.16%	25.62%	26.42%	26.63%	24.22%	26.91%	27.55%	27.95%	26.14%	22.26%
Debt to EBITDA	14.26	10.28	12.71	12.44	13.40	13.24	-11.89	10.20	8.76	-14.37	-17.83
Net Debt to EBITDA	5.52	4.07	9.03	8.10	8.68	6.78	-7.76	6.68	5.15	-6.16	-12.67
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	0.00
Debt to NOPAT	24.08	15.16	20.43	21.37	25.19	20.32	-12.64	16.26	13.87	-15.28	-18.72
Net Debt to NOPAT	9.31	6.00	14.52	13.90	16.32	10.41	-8.26	10.66	8.15	-6.55	-13.30
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	0.00
Altman Z-Score	0.43	0.47	0.46	0.48	0.49	0.58	0.49	0.54	0.49	0.24	0.34
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.22	1.22	1.13	1.26	1.24	1.48	1.34	1.32	1.29	1.20	1.05
Quick Ratio	1.22	1.22	1.13	1.26	1.24	1.48	1.32	1.32	1.29	1.20	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	158	-154	-185	-191	-110	62	1.59	64	-570	-173
Operating Cash Flow to CapEx	417.27%	152.50%	268.42%	524.33%	-9.26%	1,257.93%	838.13%	-96.27%	1,193.31%	676.15%	767.76%
Free Cash Flow to Firm to Interest Expense	8.67	18.96	-29.66	0.00	-36.97	-11.12	11.09	0.28	11.05	0.00	-31.61
Operating Cash Flow to Interest Expense	2.67	0.91	1.90	0.00	-0.04	1.88	3.84	-0.22	2.11	0.00	2.66
Operating Cash Flow Less CapEx to Interest Expense	2.03	0.31	1.19	0.00	-0.46	1.73	3.38	-0.46	1.93	0.00	2.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.08	0.09	0.08	0.09	0.09	0.03	0.09	0.09	0.04	0.04
Accounts Receivable Turnover	0.00	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	0.00
Fixed Asset Turnover	8.39	8.56	7.50	6.97	6.72	6.70	2.12	6.53	6.56	2.94	2.94
Accounts Payable Turnover	0.00	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	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	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	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	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	464	474	703	647	662	596	655	656	612	537	842
Invested Capital Turnover	0.40	0.39	0.32	0.37	0.36	0.40	0.10	0.32	0.33	0.30	0.12
Increase / (Decrease) in Invested Capital	-29	-146	165	190	198	122	-48	9.33	-50	484	187
Enterprise Value (EV)	753	836	1,124	963	989	918	983	996	889	834	1,168
Market Capitalization	495	592	650	547	565	551	567	580	520	539	568
Book Value per Share	$15.09	$16.90	$16.82	$16.85	$17.44	$16.88	$17.35	$18.03	$18.42	$18.57	$18.74
Tangible Book Value per Share	$13.56	$15.38	$15.32	$15.37	$15.97	$14.94	$15.81	$16.49	$16.89	$17.05	$17.22
Total Capital	872	846	896	870	892	946	871	874	871	930	1,086
Total Debt	666	616	666	640	655	717	636	633	627	687	845
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	258	244	473	417	424	367	416	415	369	294	600
Capital Expenditures (CapEx)	2.97	4.96	3.66	2.04	2.15	1.48	2.57	1.34	1.03	0.72	1.90
Debt-free, Cash-free Net Working Capital (DFCFNWC)	515	490	611	676	672	831	759	732	667	534	669
Debt-free Net Working Capital (DFNWC)	923	862	804	900	903	1,180	980	950	926	926	913
Net Working Capital (NWC)	257	246	137	260	248	464	343	317	298	240	69
Net Nonoperating Expense (NNE)	3.95	3.65	4.33	0.25	4.43	7.22	5.24	2.07	5.84	-77	5.75
Net Nonoperating Obligations (NNO)	258	244	473	417	424	367	421	415	369	294	600
Total Depreciation and Amortization (D&A)	0.14	9.17	2.37	2.31	2.44	2.46	1.23	2.24	1.94	1.84	1.56
Debt-free, Cash-free Net Working Capital to Revenue	269.00%	228.64%	303.93%	335.85%	330.68%	385.87%	1,110.08%	349.25%	315.15%	606.25%	739.04%
Debt-free Net Working Capital to Revenue	482.33%	402.46%	399.86%	446.94%	444.07%	548.31%	1,432.88%	453.32%	437.33%	1,051.44%	1,009.06%
Net Working Capital to Revenue	134.44%	114.78%	68.37%	128.98%	122.05%	215.42%	502.12%	151.26%	140.90%	272.21%	75.73%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.55	$0.62	$0.53	$0.33	$0.22	$0.34	$0.67	$0.67	$0.69	$0.63	$0.69
Adjusted Weighted Average Basic Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
Adjusted Diluted Earnings per Share	$0.54	$0.61	$0.52	$0.32	$0.21	$0.34	$0.66	$0.66	$0.68	$0.61	$0.67
Adjusted Weighted Average Diluted Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.60M	13.65M	13.64M	13.63M	13.57M	13.50M	13.36M	13.22M	13.08M	12.90M	12.87M
Normalized Net Operating Profit after Tax (NOPAT)	11	12	11	4.73	7.37	12	14	11	15	-86	15
Normalized NOPAT Margin	20.96%	20.51%	20.83%	9.67%	13.15%	21.40%	30.90%	24.66%	30.02%	0.00%	30.15%
Pre Tax Income Margin	16.93%	17.60%	16.34%	11.85%	6.51%	10.44%	23.65%	14.17%	23.33%	0.00%	22.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.03	1.78	2.79	0.00	1.78	1.49	3.22	2.31	3.23	0.00	3.32
NOPAT to Interest Expense	2.44	1.45	2.22	0.00	1.43	1.19	2.53	1.90	2.56	0.00	2.67
EBIT Less CapEx to Interest Expense	2.39	1.19	2.09	0.00	1.36	1.34	2.76	2.08	3.05	0.00	2.98
NOPAT Less CapEx to Interest Expense	1.80	0.85	1.51	0.00	1.01	1.04	2.07	1.67	2.38	0.00	2.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.24%	53.09%	53.40%	59.04%	71.08%	85.89%	-475.41%	65.41%	52.58%	91.21%	91.62%
Augmented Payout Ratio	68.09%	72.30%	76.09%	75.26%	89.64%	123.70%	-799.17%	133.22%	120.07%	234.78%	224.25%

Financials Breakdown Chart

Key Financial Trends

Cass Information Systems (NASDAQ: CASS) shows a mixed but fairly resilient trend over the last several years, with strong profitability in early 2026, improving operating cash flow, but a balance sheet that has become much more leveraged and less liquid than it was in 2023.

In Q1 2026, revenue rose to $48.4 million from $45.0 million in Q2 2025 and $47.8 million in Q3 2025, suggesting business activity remains stable after a weaker stretch in late 2025. Net income from continuing operations improved to $8.7 million, and operating cash flow rebounded sharply to $14.5 million after a weak Q4 2025 and negative Q2 2025 result. That is a constructive sign for near-term earnings power.

At the same time, the company’s financing and balance sheet profile has changed meaningfully. Total debt was $844.6 million in Q1 2026, up from $627.5 million in Q3 2025 and $666.2 million in Q1 2024. Total equity fell to $241.8 million from $243.4 million in Q3 2025 and $229.5 million in Q1 2024, while liabilities climbed to $2.29 billion. This means leverage remains elevated relative to equity, which is a key risk for investors to monitor.

Key trends over the period:

Q1 2026 operating revenue increased to $48.4 million, up from $45.0 million in Q2 2025 and close to prior-year levels.
Q1 2026 operating cash flow improved to $14.5 million, a sharp rebound from $4.8 million in Q4 2025 and a negative $1.3 million in Q2 2025.
Q1 2026 net income from continuing operations was $8.7 million, up from $8.2 million in Q4 2025 and $5.2 million in Q2 2025.
The company continues to generate regular earnings per share, with Q1 2026 diluted EPS of $0.67.
Dividend payments have remained consistent, indicating management is still returning capital to shareholders.
Short-term investments remain substantial at $209.4 million in Q1 2026, helping support liquidity.
Note and lease receivables have been relatively stable around $1.07 billion to $1.13 billion, indicating a steady core asset base.
The company’s discontinued operations have had a noticeable impact on reported results in several quarters, which can make headline earnings less straightforward.
Short-term debt increased meaningfully to $844.6 million in Q1 2026, compared with $627.5 million in Q3 2025 and $636.3 million in Q1 2025.
Q1 2026 investing cash flow was heavily negative at $144.9 million, driven largely by “other investing activities, net,” which can be a red flag without more context.

Looking back further, 2024 was a much stronger year than 2025 for operating cash generation. In Q1 2024, Cass produced $9.8 million of operating cash flow, and in Q4 2024 it generated $18.6 million. By contrast, Q1 2025 and Q2 2025 were much weaker on operating cash flow, and Q4 2025 showed a big rebound in financing-related cash flow but not in core operating cash flow. That pattern suggests the business has been somewhat uneven quarter to quarter.

The most important takeaway for retail investors is that Cass still looks profitable and cash-generative, but its capital structure deserves close attention. Stronger recent earnings are encouraging, yet the rising debt load and recurring swings in cash flow suggest the stock may be more sensitive to funding costs and balance sheet management than in prior years.

07/14/26 03:19 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 2025 ended on December 31, 2025.

Cass Information Systems' net income appears to be on a downward trend, with a most recent value of $18.10 million in 2025, falling from $23.06 million in 2015. The previous period was -$5.30 million in 2024. See where experts think Cass Information Systems is headed by visiting Cass Information Systems' forecast page.

Cass Information Systems' total operating income in 2025 was -$55.96 million, based on the following breakdown:

Total Gross Profit: -$21.95 million
Total Operating Expenses: $34.01 million

Over the last 10 years, Cass Information Systems' total revenue changed from $120.82 million in 2015 to $88.11 million in 2025, a change of -27.1%.

Cass Information Systems' total liabilities were at $2.36 billion at the end of 2025, a 9.1% increase from 2024, and a 89.3% increase since 2015.

In the past 10 years, Cass Information Systems' cash and equivalents has ranged from $12.30 million in 2021 to $266.74 million in 2016, and is currently $26.13 million as of their latest financial filing in 2025.

Over the last 10 years, Cass Information Systems' book value per share changed from 18.29 in 2015 to 18.57 in 2025, a change of 1.6%.

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Financial statements for NASDAQ:CASS last updated on 7/2/2026 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

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