Latest Ratios: P/E Ratio 20.2x · EV/EBITDA 6.3x · ROE 14.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $677M | $559M | $564M | $622M | $633M | $563M | $567M | $848M | $789M | $724M | $832M |
| Enterprise Value | $289M | $171M | $214M | $250M | $432M | $49M | $-103728092 | $662M | $1.0B | $951M | $1.1B |
| P/E Ratio → | 20.15 | 15.91 | 29.43 | 20.67 | 18.11 | 19.66 | 22.49 | 27.89 | 26.07 | 28.88 | 34.19 |
| P/S Ratio | 3.54 | 2.93 | 2.56 | 2.92 | 3.38 | 3.63 | 3.83 | 5.21 | 5.19 | 5.26 | 6.60 |
| P/B Ratio | 2.91 | 2.30 | 2.46 | 2.71 | 3.07 | 2.29 | 2.17 | 3.47 | 3.43 | 3.21 | 4.00 |
| P/FCF | 21.31 | 17.59 | 19.03 | 27.53 | 13.83 | 18.67 | 12.38 | 21.53 | 17.96 | 20.81 | 27.27 |
| P/OCF | 18.08 | 14.93 | 14.47 | 16.85 | 12.26 | 16.31 | 11.86 | 20.14 | 16.32 | 18.61 | 23.64 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.90 | 0.97 | 1.17 | 2.30 | 0.31 | -0.70 | 4.07 | 6.60 | 6.91 | 8.65 |
| EV / EBITDA | 6.29 | 3.73 | 7.08 | 5.89 | 9.07 | 1.24 | -2.49 | 15.67 | 24.63 | 24.40 | 30.53 |
| EV / EBIT | 7.46 | 4.42 | 8.83 | 6.67 | 10.06 | 1.43 | -3.42 | 17.68 | 27.61 | 27.24 | 34.01 |
| EV / FCF | — | 5.39 | 7.22 | 11.05 | 9.44 | 1.61 | -2.27 | 16.81 | 22.84 | 27.35 | 35.75 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 100.0% | 100.0% | 85.3% | 87.8% | 93.1% | 92.6% | 83.2% | 90.9% | 91.8% | 92.5% | 92.6% |
| Operating Margin | 20.3% | 20.3% | 11.0% | 17.6% | 22.9% | 21.8% | 20.5% | 23.0% | 23.9% | 25.4% | 25.4% |
| Net Profit Margin | 18.4% | 18.4% | 8.7% | 14.1% | 18.6% | 18.4% | 17.0% | 18.7% | 19.9% | 18.2% | 19.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | 8.4% | 13.8% | 15.4% | 11.3% | 10.0% | 12.8% | 13.3% | 11.6% | 11.7% |
| ROA | 1.4% | 1.4% | 0.8% | 1.2% | 1.4% | 1.2% | 1.3% | 1.8% | 1.8% | 1.6% | 1.6% |
| ROIC | — | — | — | — | 597.7% | — | — | 11.2% | 6.1% | 5.7% | 5.0% |
| ROCE | 2.8% | 2.8% | 1.0% | 1.5% | 1.7% | 1.4% | 8.7% | 5.6% | 3.7% | 3.9% | 3.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | — | — | — | — | — | 0.07 | 1.78 | 1.76 | 1.96 |
| Debt / EBITDA | 0.10 | 0.10 | — | — | — | — | — | 0.43 | 10.03 | 10.18 | 11.40 |
| Net Debt / Equity | — | -1.60 | -1.53 | -1.62 | -0.97 | -2.09 | -2.57 | -0.76 | 0.93 | 1.01 | 1.24 |
| Net Debt / EBITDA | -8.44 | -8.44 | -11.58 | -8.78 | -4.22 | -13.21 | -16.11 | -4.40 | 5.26 | 5.83 | 7.24 |
| Debt / FCF | — | -12.20 | -11.81 | -16.47 | -4.39 | -17.06 | -14.65 | -4.72 | 4.88 | 6.53 | 8.48 |
| Interest Coverage | — | — | 24220.00 | 323.03 | — | — | 15171.50 | 18734.00 | — | — | — |
Net cash position: cash ($392M) exceeds total debt ($5M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | — | — | — | — | 0.94 | 0.82 | 0.92 | 0.11 | 0.20 |
| Quick Ratio | 1.10 | 1.10 | — | — | — | — | 0.94 | 0.82 | 0.92 | 1.64 | 0.20 |
| Cash Ratio | 0.35 | 0.35 | — | — | — | — | 0.36 | 0.14 | 0.92 | 0.97 | 0.84 |
| Asset Turnover | — | 0.07 | 0.09 | 0.09 | 0.07 | 0.06 | 0.07 | 0.09 | 0.09 | 0.09 | 0.08 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 2133.57 | 92.80 | 189.41 | 186.64 | 11.74 | 2167.73 | 1709.88 | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.3% | 3.0% | 2.9% | 2.6% | 2.4% | 2.7% | 2.8% | 1.8% | 1.7% | 1.5% | 1.2% |
| Payout Ratio | 47.0% | 47.0% | 85.9% | 53.1% | 44.2% | 54.0% | 62.0% | 50.1% | 43.5% | 42.7% | 41.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 6.3% | 3.4% | 4.8% | 5.5% | 5.1% | 4.4% | 3.6% | 3.8% | 3.5% | 2.9% |
| FCF Yield | 4.7% | 5.7% | 5.3% | 3.6% | 7.2% | 5.4% | 8.1% | 4.6% | 5.6% | 4.8% | 3.7% |
| Buyback Yield | 3.8% | 4.6% | 1.3% | 0.9% | 0.8% | 5.5% | 1.2% | 0.9% | 1.1% | 0.3% | 1.1% |
| Total Shareholder Yield | 6.2% | 7.6% | 4.2% | 3.5% | 3.3% | 8.2% | 4.0% | 2.7% | 2.8% | 1.8% | 2.3% |
| Shares Outstanding | — | $13M | $14M | $14M | $14M | $14M | $15M | $15M | $15M | $15M | $15M |
Cyclical freight volume sensitivity
Based on current market data, Cass trades at a forward P/E of 17.33, which appears to discount the recent 13.10% revenue contraction while pricing in a cautious outlook compared to higher-growth fintech peers like Flywire, which commands a significantly higher valuation multiple despite lower profitability.
The PEG ratio of 2.30 suggests that investors are paying a premium for the company's stability and banking charter rather than its near-term growth prospects. This valuation warrants investigation, as the market may be struggling to reconcile the company's legacy industrial exposure with its aspirations to pivot toward a more scalable, agile fintech platform.
As reported in financial statements, ROIC has exhibited extreme volatility, swinging from a high of 60.1% in 2025Q1 to a low of 2.3% in 2025Q3, indicating that the company's ability to compound capital is heavily dependent on the timing of interest income and transaction volume cycles.
The wide variance in returns suggests that Cass's capital efficiency is not yet optimized for a consistent growth trajectory. Investors should monitor whether management can stabilize these returns as they transition toward a more technology-driven service model, which may require sustained investment in infrastructure.
According to quarterly filings, the company's DSO has fluctuated significantly, reaching as high as 1,805 days in 2023Q4, which suggests that traditional working capital metrics may be distorted by the unique nature of pass-through payment flows inherent in the freight and utility auditing business model.
The lack of consistent data for DIO and DPO further complicates an assessment of operational efficiency. Analysts should be wary of interpreting these high DSO figures as poor collection performance, as they likely reflect the intermediary role Cass plays in settling large-scale industrial payments rather than credit risk.
Based on reported figures, Cass maintains a negligible debt-to-equity ratio, with total debt remaining near zero for most of the last ten quarters, providing a substantial buffer against the cyclical downturns that currently impact its core freight and payment processing revenue streams.
This conservative capital structure appears to be a strategic choice to protect the company's banking charter and maintain liquidity. While this limits financial risk, it also raises questions regarding capital allocation efficiency, as the company holds significant cash reserves that could potentially be deployed for higher-yielding growth initiatives.
The most commonly misapplied metric for Cass is the traditional Net Interest Margin, which obscures the company's dual identity as both a regulated bank and a specialized payment processor, leading to potential misinterpretations of its true earning power during periods of shifting interest rate environments.
Analysts should instead focus on 'Interest-Equivalent Revenue' to isolate the organic growth of the processing business from macro-driven interest income. Relying solely on banking-centric ratios fails to capture the value of the proprietary data Cass collects, which serves as a significant, albeit under-monetized, competitive moat.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CASS stock.
Cass Information Systems, Inc.'s current P/E ratio is 20.2x. The historical average is 19.5x. This places it at the 60th percentile of its historical range.
Cass Information Systems, Inc.'s current EV/EBITDA is 6.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.0x.
Cass Information Systems, Inc.'s return on equity (ROE) is 14.9%. The historical average is 13.5%.
Based on historical data, Cass Information Systems, Inc. is trading at a P/E of 20.2x. This is at the 60th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cass Information Systems, Inc.'s current dividend yield is 2.33% with a payout ratio of 47.0%.
Cass Information Systems, Inc. has 100.0% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cass Information Systems, Inc.'s Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.