Cass Information Systems, Inc. (CASS) 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

+20.1%

$64.96

vs $54.09 price

Levered DCF

$65.34

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.03

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	15.61×	28.81×	20.29×	17.76×	19.37×	22.23×	27.36×	25.69×
P/B	2.25×	2.41×	2.7×	3.01×	2.29×	2.14×	3.41×	3.38×
P/S	2.86×	2.51×	2.91×	3.32×	3.62×	3.78×	5.12×	5.11×
EV / EBITDA	3.47×	6.71×	5.86×	8.82×	1.22×	-3.1×	15.32×	20.82×
Gross margin	100.0%	85.3%	87.8%	93.1%	92.6%	83.2%	90.9%	91.8%
Operating margin	20.3%	11.0%	17.6%	22.9%	21.8%	20.5%	23.0%	23.9%
Net margin	18.4%	8.7%	14.1%	18.6%	18.4%	17.0%	18.7%	19.9%
Current ratio	1.1×	0×	0×	0×	0×	0.94×	0.82×	0.92×
Debt / equity	0.02×	0×	0×	0×	0×	0×	0.07×	1.78×
Interest coverage	0×	24,220×	323.03×	0×	0×	15,171.5×	18,733×	0×
Dividend yield	3.0%	3.0%	2.6%	2.5%	2.7%	2.8%	1.8%	1.7%
Payout ratio	47.0%	85.9%	53.1%	44.2%	54.0%	62.0%	50.1%	43.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	8.4%	13.1%	16.9%	11.6%	9.6%	12.5%	13.2%
Return on invested capital	19.7%	0.0%	0.0%	0.0%	0.0%	7.1%	8.5%	7.2%
Return on assets	1.3%	0.8%	1.2%	1.4%	1.1%	1.1%	1.7%	1.8%
Free cash flow yield	5.8%	5.4%	3.6%	7.4%	5.4%	8.2%	4.7%	5.7%
Earnings yield	6.4%	3.5%	4.8%	5.6%	5.1%	4.5%	3.6%	3.9%
Enterprise value	$159.6M	$202.6M	$248.7M	$420M	$47.4M	-$110.8M	$647.5M	$991M
Net debt / EBITDA	-8.44×	-11.58×	-8.78×	-4.22×	-13.21×	-18.8×	-4.4×	4.5×
Cash conversion cycle (days)	2,134	-12,699	-14,800	-30,058	-33,283	-10,079	-15,199	-20,230