Pathward Financial, Inc. (CASH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-435.4%

-$259.72

vs $77.43 price

Levered DCF

$3.81

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.33

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.7×	9.36×	9.16×	7.67×	6.27×	11.98×	6.54×	13.1×
P/B	1.86×	2.02×	1.98×	1.9×	1.49×	1.91×	0.81×	1.51×
P/S	1.83×	2.53×	2.48×	2.02×	1.84×	3.23×	1.44×	2.47×
EV / EBITDA	8.43×	5.85×	6.92×	4.13×	2.53×	6.73×	2.03×	13.09×
Gross margin	88.3%	90.0%	88.1%	80.4%	88.2%	89.0%	79.3%	77.2%
Operating margin	24.7%	32.6%	32.7%	25.4%	34.4%	30.4%	24.1%	19.1%
Net margin	21.1%	27.1%	27.4%	23.4%	28.9%	27.5%	22.0%	18.9%
Current ratio	0.24×	0.22×	0.33×	0.35×	0.41×	0.43×	0.25×	0.2×
Debt / equity	0.45×	0.05×	0.49×	0.07×	0.06×	0.11×	0.12×	1.03×
Interest coverage	20.53×	19.23×	10.3×	14.26×	37.01×	22.8×	3.4×	1.59×
Dividend yield	0.3%	0.3%	0.3%	0.4%	0.6%	0.4%	1.0%	0.6%
Payout ratio	2.4%	2.5%	2.8%	3.8%	3.9%	4.5%	6.8%	8.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	21.4%	21.7%	21.8%	22.0%	23.4%	16.3%	12.4%	11.5%
Return on invested capital	11.3%	14.5%	11.0%	20.9%	22.6%	15.1%	11.6%	5.7%
Return on assets	2.4%	2.6%	2.4%	1.9%	2.2%	2.1%	1.7%	1.6%
Free cash flow yield	0.0%	13.7%	10.6%	-11.9%	-17.7%	31.1%	58.6%	2.6%
Earnings yield	11.5%	10.7%	11.0%	11.6%	15.7%	8.5%	15.3%	7.7%
Enterprise value	$1.7B	$1.7B	$1.9B	$908M	$611.3M	$1.4B	$356.1M	$2B
Net debt / EBITDA	1×	-0.28×	0.91×	-1.49×	-1.46×	-1×	-1.87×	4.8×
Cash conversion cycle (days)	16	100	100	123	159	196	6	-15