Latest Ratios: P/E Ratio 11.5x · EV/EBITDA 6.5x · ROE 21.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.9B | $1.7B | $1.7B | $1.2B | $963M | $1.7B | $685M | $1.3B | $850M | $729M | $512M |
| Enterprise Value | $1.8B | $1.7B | $1.9B | $912M | $611M | $1.5B | $356M | $2.0B | $1.3B | $952M | $926M |
| P/E Ratio → | 11.49 | 9.40 | 9.17 | 7.69 | 6.27 | 11.98 | 6.54 | 13.10 | 16.50 | 16.23 | 15.42 |
| P/S Ratio | 2.79 | 2.54 | 2.49 | 2.03 | 1.84 | 3.23 | 1.44 | 2.47 | 2.80 | 3.03 | 3.39 |
| P/B Ratio | 2.48 | 2.03 | 1.98 | 1.91 | 1.49 | 1.91 | 0.81 | 1.50 | 1.14 | 1.68 | 1.53 |
| P/FCF | 8.07 | 7.36 | 9.41 | — | — | 3.22 | 1.71 | 38.92 | 7.56 | 6.44 | — |
| P/OCF | 4.24 | 3.86 | 3.67 | 4.09 | 3.58 | 2.86 | 1.47 | 6.64 | 6.17 | 6.08 | 9312.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.43 | 2.86 | 1.49 | 1.17 | 2.82 | 0.75 | 3.90 | 4.17 | 3.95 | 6.12 |
| EV / EBITDA | 6.48 | 5.88 | 6.93 | 4.15 | 2.53 | 6.73 | 2.03 | 13.09 | 13.29 | 9.50 | 23.86 |
| EV / EBIT | 8.21 | 7.45 | 8.76 | 5.88 | 3.39 | 9.27 | 3.10 | 20.47 | 22.03 | 17.26 | 23.85 |
| EV / FCF | — | 7.03 | 10.84 | — | — | 2.80 | 0.89 | 61.47 | 11.26 | 8.41 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 90.0% | 90.0% | 88.1% | 80.4% | 88.2% | 89.0% | 79.3% | 77.2% | 81.1% | 89.4% | 94.3% |
| Operating Margin | 32.6% | 32.6% | 32.7% | 25.4% | 34.4% | 30.4% | 24.1% | 19.1% | 18.9% | 22.9% | 25.7% |
| Net Profit Margin | 27.1% | 27.1% | 27.4% | 23.4% | 28.9% | 27.5% | 22.0% | 18.9% | 17.0% | 18.6% | 22.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 21.9% | 21.9% | 24.6% | 22.1% | 19.9% | 16.5% | 12.4% | 12.2% | 8.7% | 11.7% | 11.0% |
| ROA | 2.5% | 2.5% | 2.4% | 2.0% | 2.2% | 2.2% | 1.7% | 1.6% | 0.9% | 1.0% | 1.0% |
| ROIC | 15.6% | 15.6% | 16.8% | 16.9% | 16.4% | 12.3% | 6.5% | 4.9% | 2.7% | 2.4% | 2.5% |
| ROCE | 17.3% | 17.3% | 22.1% | 22.7% | 21.9% | 16.4% | 11.5% | 10.3% | 8.5% | 11.6% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.05 | 0.05 | 0.49 | 0.07 | 0.06 | 0.11 | 0.12 | 1.02 | 0.69 | 3.43 | 3.55 |
| Debt / EBITDA | 0.15 | 0.15 | 1.48 | 0.21 | 0.15 | 0.45 | 0.56 | 5.63 | 5.41 | 14.87 | 30.61 |
| Net Debt / Equity | — | -0.09 | 0.30 | -0.51 | -0.55 | -0.25 | -0.39 | 0.87 | 0.55 | 0.51 | 1.24 |
| Net Debt / EBITDA | -0.28 | -0.28 | 0.91 | -1.49 | -1.46 | -1.00 | -1.87 | 4.80 | 4.36 | 2.22 | 10.66 |
| Debt / FCF | — | -0.33 | 1.43 | — | — | -0.42 | -0.82 | 22.55 | 3.69 | 1.97 | — |
| Interest Coverage | 19.23 | 19.23 | 10.30 | 14.26 | 37.01 | 22.80 | 3.40 | 1.59 | 2.05 | 3.71 | 9.49 |
Net cash position: cash ($121M) exceeds total debt ($42M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.22 | 0.22 | 0.33 | 0.35 | 0.41 | 0.43 | 0.25 | 0.20 | 0.33 | 0.51 | 0.48 |
| Quick Ratio | 0.22 | 0.22 | 0.33 | 0.35 | 0.41 | 0.43 | 0.25 | 0.20 | 0.33 | 0.51 | 0.48 |
| Cash Ratio | 0.02 | 0.02 | 0.03 | 0.05 | 0.06 | 0.05 | 0.08 | 0.02 | 0.02 | 0.27 | 0.22 |
| Asset Turnover | — | 0.10 | 0.09 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.2% | 0.3% | 0.3% | 0.4% | 0.6% | 0.4% | 1.0% | 0.6% | 0.7% | 0.7% | 0.9% |
| Payout Ratio | 2.5% | 2.5% | 2.8% | 3.8% | 3.9% | 4.5% | 6.8% | 8.0% | 11.1% | 10.8% | 13.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.7% | 10.6% | 10.9% | 13.0% | 16.0% | 8.3% | 15.3% | 7.6% | 6.1% | 6.2% | 6.5% |
| FCF Yield | 12.4% | 13.6% | 10.6% | — | — | 31.1% | 58.6% | 2.6% | 13.2% | 15.5% | — |
| Buyback Yield | 8.5% | 9.4% | 5.2% | 9.7% | 17.5% | 6.0% | 17.3% | 3.9% | 0.3% | 0.1% | 0.0% |
| Total Shareholder Yield | 8.8% | 9.6% | 5.5% | 10.1% | 18.1% | 6.4% | 18.4% | 4.5% | 1.0% | 0.7% | 0.9% |
| Shares Outstanding | — | $24M | $25M | $27M | $29M | $32M | $36M | $39M | $31M | $28M | $25M |
Regulatory and seasonal concentration
Based on recent market data, Pathward trades at a P/B of 2.39, which suggests investors are pricing the bank as a specialized fintech utility rather than a traditional regional lender, despite the inherent volatility in its seasonal earnings profile as reported in recent financial filings.
The current valuation multiple appears to reflect a market skepticism regarding the durability of fee-based income streams outside of the tax season. Investors should monitor whether the P/B expansion can be sustained if the bank fails to demonstrate consistent non-seasonal growth in its commercial finance segment.
As reported in financial statements, Pathward's ROE fluctuates significantly between 3.7% and 9.5% on a quarterly basis, indicating that profitability is heavily tethered to the seasonal surge in fee-based income rather than stable, recurring net interest margin expansion across the entire fiscal year.
The decomposition of ROE highlights that asset utilization is the primary driver of profitability during the first half of the year. The reliance on non-interest income suggests that the bank's return profile may remain strained during off-peak quarters, necessitating a focus on commercial lending to smooth out earnings volatility.
According to recent quarterly data, Pathward's efficiency ratio improved to 50.9% in 2026Q2 from 72.7% in 2026Q1, demonstrating that the bank's operating leverage is highly sensitive to the seasonal revenue spikes that characterize its tax-related and prepaid card sponsorship business model.
The wide variance in the efficiency ratio suggests that the bank maintains a high fixed-cost base to support its regulatory infrastructure. This implies that any regulatory-driven increase in compliance spending could disproportionately impact margins during the lower-volume quarters of the fiscal year.
Based on reported figures, Pathward maintains a consistent equity-to-assets ratio hovering around 0.10 to 0.12, which suggests a conservative capital structure that provides a meaningful buffer against the inherent volatility of its high-velocity, fee-driven consumer lending and tax-advance business segments.
This capital positioning appears adequate to absorb potential credit shocks within the tax-advance portfolio. The bank's ability to maintain these levels while aggressively repurchasing shares suggests management's confidence in the underlying liquidity of its custodial deposit base.
As noted in recent institutional research, the P/E ratio is frequently misapplied to Pathward, as it obscures the extreme quarterly earnings volatility caused by the tax-refund cycle, leading to potentially misleading conclusions about the bank's true earnings power and valuation relative to its peers.
Investors should instead focus on P/TBV and normalized annual ROE to better assess the bank's franchise value. Relying on trailing P/E ratios may lead to an overestimation of value during peak quarters or an underestimation during the off-season, failing to capture the structural nature of the BaaS model.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CASH stock.
Pathward Financial, Inc.'s current P/E ratio is 11.5x. The historical average is 15.8x. This places it at the 30th percentile of its historical range.
Pathward Financial, Inc.'s current EV/EBITDA is 6.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.3x.
Pathward Financial, Inc.'s return on equity (ROE) is 21.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 9.8%.
Based on historical data, Pathward Financial, Inc. is trading at a P/E of 11.5x. This is at the 30th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Pathward Financial, Inc.'s current dividend yield is 0.22% with a payout ratio of 2.5%.
Pathward Financial, Inc. has 90.0% gross margin and 32.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Pathward Financial, Inc.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.