Pathward Financial (CASH)
Market Price (5/3/2026): $86.39 | Market Cap: $1.9 BilSector: Financials | Industry: Regional Banks
Pathward Financial (CASH)
Market Price (5/3/2026): $86.39Market Cap: $1.9 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 22% Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -65% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 92%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62% Low stock price volatilityVol 12M is 28% Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 0.8% Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.42 | Key risksCASH key risks include [1] potential Nasdaq delisting due to its failure to file timely financial reports and [2] significant operational control failures that caused the reporting delays. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 22% |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -65% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 92%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 62% |
| Low stock price volatilityVol 12M is 28% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 0.8% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Digital Payments, and Online Banking & Lending. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.42 |
| Key risksCASH key risks include [1] potential Nasdaq delisting due to its failure to file timely financial reports and [2] significant operational control failures that caused the reporting delays. |
Qualitative Assessment
AI Analysis | Feedback
1. Deterioration in credit quality and increased loan loss provisions in Q2 Fiscal 2026. Pathward Financial experienced a significant increase in nonperforming loans (NPLs), which nearly tripled to 2.39% of total loans in the fiscal second quarter ended March 31, 2026, compared to 0.88% in the prior year. This concerning degradation in asset quality was accompanied by a rise in the provision for credit losses, which surged to $45.6 million in Q2 2026 from $35.3 million in the same period last year, predominantly due to increases in the commercial finance portfolio.
2. Year-over-year decline in net income and compressed reported Net Interest Margin (NIM) in Q2 Fiscal 2026. For the fiscal second quarter, Pathward Financial reported a 3% decrease in net income, reaching $72.9 million for the three months ended March 31, 2026, down from $75.0 million in the corresponding period of the previous year. Concurrently, the company's reported net interest margin (NIM) declined to 6.63% from 7.12% year-over-year, indicating pressure on profitability from its core lending activities.
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Stock Movement Drivers
Fundamental Drivers
The -4.1% change in CASH stock from 1/31/2026 to 5/2/2026 was primarily driven by a -8.3% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.24 | 86.50 | -4.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 674 | 683 | 1.4% |
| Net Income Margin (%) | 27.6% | 28.0% | 1.3% |
| P/E Multiple | 11.0 | 10.1 | -8.3% |
| Shares Outstanding (Mil) | 23 | 22 | 1.7% |
| Cumulative Contribution | -4.1% |
Market Drivers
1/31/2026 to 5/2/2026| Return | Correlation | |
|---|---|---|
| CASH | -4.1% | |
| Market (SPY) | 3.6% | 35.2% |
| Sector (XLF) | -2.3% | 44.0% |
Fundamental Drivers
The 27.3% change in CASH stock from 10/31/2025 to 5/2/2026 was primarily driven by a 16.7% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 67.98 | 86.50 | 27.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 665 | 683 | 2.7% |
| Net Income Margin (%) | 27.1% | 28.0% | 3.0% |
| P/E Multiple | 8.7 | 10.1 | 16.7% |
| Shares Outstanding (Mil) | 23 | 22 | 3.1% |
| Cumulative Contribution | 27.3% |
Market Drivers
10/31/2025 to 5/2/2026| Return | Correlation | |
|---|---|---|
| CASH | 27.3% | |
| Market (SPY) | 5.5% | 35.7% |
| Sector (XLF) | -0.0% | 41.1% |
Fundamental Drivers
The 9.3% change in CASH stock from 4/30/2025 to 5/2/2026 was primarily driven by a 8.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 4302025 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.17 | 86.50 | 9.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 644 | 683 | 6.2% |
| Net Income Margin (%) | 27.7% | 28.0% | 0.9% |
| P/E Multiple | 10.8 | 10.1 | -6.1% |
| Shares Outstanding (Mil) | 24 | 22 | 8.6% |
| Cumulative Contribution | 9.3% |
Market Drivers
4/30/2025 to 5/2/2026| Return | Correlation | |
|---|---|---|
| CASH | 9.3% | |
| Market (SPY) | 30.4% | 39.1% |
| Sector (XLF) | 8.1% | 52.6% |
Fundamental Drivers
The 96.1% change in CASH stock from 4/30/2023 to 5/2/2026 was primarily driven by a 27.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302023 | 5022026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.11 | 86.50 | 96.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 535 | 683 | 27.8% |
| Net Income Margin (%) | 22.0% | 28.0% | 27.1% |
| P/E Multiple | 10.5 | 10.1 | -3.9% |
| Shares Outstanding (Mil) | 28 | 22 | 25.6% |
| Cumulative Contribution | 96.1% |
Market Drivers
4/30/2023 to 5/2/2026| Return | Correlation | |
|---|---|---|
| CASH | 96.1% | |
| Market (SPY) | 78.7% | 44.4% |
| Sector (XLF) | 64.3% | 60.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CASH Return | 64% | -27% | 23% | 39% | -3% | 22% | 142% |
| Peers Return | -1% | -52% | 44% | 26% | 30% | -4% | 8% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 92% |
Monthly Win Rates [3] | |||||||
| CASH Win Rate | 67% | 25% | 58% | 50% | 42% | 50% | |
| Peers Win Rate | 36% | 33% | 57% | 47% | 58% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CASH Max Drawdown | -0% | -46% | -6% | -10% | -9% | 0% | |
| Peers Max Drawdown | -25% | -61% | -20% | -23% | -28% | -20% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GDOT, MQ, SOFI, ENVA, PRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/1/2026 (YTD)
How Low Can It Go
| Event | CASH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.1% | -18.8% |
| % Gain to Breakeven | 20.6% | 23.1% |
| Time to Breakeven | 22 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.4% | 10.5% |
| Time to Breakeven | 247 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.2% | -6.7% |
| % Gain to Breakeven | 25.3% | 7.1% |
| Time to Breakeven | 69 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.4% | -24.5% |
| % Gain to Breakeven | 86.7% | 32.4% |
| Time to Breakeven | 654 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.1% | -33.7% |
| % Gain to Breakeven | 163.5% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.8% | -19.2% |
| % Gain to Breakeven | 46.7% | 23.7% |
| Time to Breakeven | 148 days | 105 days |
In The Past
Pathward Financial's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
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Asset Allocation
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| Event | CASH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.5% | -9.5% |
| % Gain to Breakeven | 32.4% | 10.5% |
| Time to Breakeven | 247 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -20.2% | -6.7% |
| % Gain to Breakeven | 25.3% | 7.1% |
| Time to Breakeven | 69 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -46.4% | -24.5% |
| % Gain to Breakeven | 86.7% | 32.4% |
| Time to Breakeven | 654 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -62.1% | -33.7% |
| % Gain to Breakeven | 163.5% | 50.9% |
| Time to Breakeven | 278 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -31.8% | -19.2% |
| % Gain to Breakeven | 46.7% | 23.7% |
| Time to Breakeven | 148 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -22.4% | -12.2% |
| % Gain to Breakeven | 28.9% | 13.9% |
| Time to Breakeven | 98 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -28.9% | -17.9% |
| % Gain to Breakeven | 40.6% | 21.8% |
| Time to Breakeven | 133 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -83.1% | -53.4% |
| % Gain to Breakeven | 492.6% | 114.4% |
| Time to Breakeven | 1641 days | 1085 days |
In The Past
Pathward Financial's stock fell -17.1% during the 2025 US Tariff Shock. Such a loss loss requires a 20.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Pathward Financial (CASH)
AI Analysis | Feedback
- Imagine Green Dot, but also a specialized bank focused on commercial lending and payment infrastructure for businesses.
- Like The Bancorp (TBBK), providing backend banking services for prepaid cards and tax refund products.
AI Analysis | Feedback
- Deposit Accounts: Pathward offers a variety of demand deposit, savings, money market, and certificate accounts.
- Commercial Lending: The company provides diverse commercial finance products, including term lending, asset-based lending, factoring, leasing, insurance premium financing, and government-guaranteed loans.
- Consumer & Real Estate Lending: Pathward offers student loans, commercial and residential real estate loans, home equity, agricultural loans, and other consumer credit products.
- Prepaid Card Issuance: Pathward issues prepaid cards and other consumer credit products.
- Payment Industry Services: The company provides tax refund transfer, electronic return originator advance loans, and other payment industry products and services, including ATM sponsorship.
AI Analysis | Feedback
Pathward Financial (CASH) serves a diverse range of customers across its Consumer, Commercial, and Corporate Services/Other segments. Based on the provided description, it does not sell primarily to a single type of customer (either individuals or other companies), but rather has significant operations serving both. Since the company description does not name specific major customer companies, the most appropriate approach is to describe the categories of customers it serves.
The major customer categories for Pathward Financial are:
- Individual Consumers: This segment includes individuals utilizing Pathward's demand deposit accounts, savings accounts, money market accounts, and certificate accounts. It also encompasses those receiving consumer credit products, student loans, residential mortgage loans, home equity loans, and taxpayer advance loans. Individual consumers are also the end-users of the prepaid cards issued by Pathward.
- Commercial and Agricultural Businesses: Pathward provides a wide array of services to businesses, ranging from small enterprises to larger corporations. This includes commercial finance products such as term lending, asset-based lending, factoring, leasing, insurance premium financing, and government-guaranteed lending. This category also includes businesses seeking warehouse financing, healthcare receivables loans, commercial real estate loans, and agricultural loans.
- Payment Industry Partners and Electronic Return Originators (EROs): Pathward plays a significant role in the payment industry, partnering with other businesses to deliver its services. This category includes entities that leverage Pathward for issuing prepaid cards, sponsoring automated teller machines into debit networks, facilitating tax refund transfers, and other payment industry products and services. Specifically, it includes tax preparation businesses (Electronic Return Originators) that utilize ERO advance loans and related tax services.
AI Analysis | Feedback
- Fiserv (FI)
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Brett L. Pharr, Chief Executive Officer
Brett L. Pharr was appointed CEO of Pathward Financial, Inc. and Pathward, N.A. in October 2021. Prior to this role, he served as Co-President and Chief Operating Officer from June 2020 to October 2021, and as Executive Vice President, Group Head of Governance, Risk and Compliance from February 2019 to June 2020. Before joining Pathward, he was the Senior Risk Director in the Consumer Division at Citizens Bank, where he developed an enterprise risk organization and culture. Pharr also had an extensive career of 32 years at Bank of America, holding various positions in Commercial and Consumer lines of business, Business Transformation, Mergers and Acquisitions, and Risk. He holds an MBA from Bristol University and a Bachelor of Science in Finance from Freed-Hardeman University. He has also served on the board of directors for Freed-Hardeman University for over two decades and as a Board Member and Finance Chair of the Haitian Christian Foundation since 2004.
Gregory A. Sigrist, Executive Vice President and Chief Financial Officer
Gregory A. Sigrist assumed the role of Executive Vice President and Chief Financial Officer of Pathward Financial, Inc. and Pathward, N.A. in November 2023, succeeding Glen Herrick. Before joining Pathward, Sigrist served as EVP and CFO of Metropolitan Bank Holding Corp. and Metropolitan Commercial Bank for three years. He was also the EVP and CFO of Columbia Banking System, Inc. from June 2018 to February 2020. Sigrist spent 12 years at Morgan Stanley, where he held several senior financial positions, including CFO of Morgan Stanley Bank, N.A. from 2014 to early 2018. His experience also includes five years as Vice President, Corporate Accounting Policy/M&A Finance with Citigroup. He began his career with 12 years in senior auditing roles at Ernst & Young and McGladrey & Pullen, focusing on financial services clients. Sigrist is a Certified Public Accountant and earned a B.S. in Accounting from Illinois State University.
Anthony Sharett, President
Anthony Sharett became the President of Pathward in 2021.
Charles Ingram, Executive Vice President and Chief Technology and Product Officer
Charles Ingram is the Executive Vice President and Chief Technology and Product Officer of Pathward Financial, Inc. and Pathward, N.A.
Nadia Dombrowski, Executive Vice President and Chief Legal and Administrative Officer
Nadia Dombrowski serves as the Executive Vice President and Chief Legal and Administrative Officer of Pathward Financial, Inc. and Pathward, N.A.
AI Analysis | Feedback
Here are the key risks to Pathward Financial (CASH):- Regulatory and Compliance Risks: Pathward Financial faces significant risks related to regulatory scrutiny and compliance. The company has recently received non-compliance notices from Nasdaq due to missed deadlines for filing quarterly reports and has been restating past financial quarters to address issues in recording certain loans and third-party relationships in its Consumer Solutions segment. These ongoing accounting restatements and high compliance costs present challenges to growth and investor confidence.
- Credit Risk and Loan Portfolio Quality: A crucial risk for Pathward Financial is the management of its allowance for credit losses (ACL). Any unexpected increase in non-performing loans could quickly deplete this allowance, putting pressure on future earnings and liquidity. Concerns about perceived credit risk across lenders due to economic data have also contributed to recent pressure on Pathward Financial's shares.
- Competitive Market Pressures and Margin Contraction: Pathward Financial operates in highly competitive markets, facing rivals from both regional and national banks, as well as non-bank commercial finance companies. This intense competition could pressure profit margins and market share. Analysts have forecast that the company's profit margins will contract, signaling market skepticism about its ability to maintain its currently high net interest margin.
AI Analysis | Feedback
The clear emerging threat for Pathward Financial comes from the rapid proliferation and increasing market share of digital-first challenger banks and fintech companies. These agile, technology-driven entities offer a wide array of financial products—including deposit accounts, various lending options, and payment solutions—often with superior digital user experiences, lower fees, and competitive interest rates, without the overhead of traditional branch networks. This directly challenges Pathward's core banking operations across its Consumer and Commercial segments, as well as its specialized payment industry products and services like prepaid card issuance and tax refund transfers. These digital competitors are capable of attracting Pathward's existing and potential customers by leveraging advanced analytics and streamlined mobile-first platforms to provide more convenient and personalized financial services.
AI Analysis | Feedback
Pathward Financial (NASDAQ: CASH) engages in diverse financial services, and several of its main product and service areas operate within substantial addressable markets in the United States.
Prepaid Cards
The U.S. prepaid card market is a significant addressable market for Pathward Financial, which is identified as one of the leading prepaid card issuers in the country. This market was valued at approximately USD 1.76 trillion in 2024 and is projected to expand significantly, reaching an estimated USD 10.62 trillion by 2034, growing at a compound annual growth rate (CAGR) of 19.69% from 2025 to 2034. Another estimate projects growth from USD 1.48 trillion in 2023 to USD 10.72 trillion by 2034 at a CAGR of 19.4%.
Tax-Related Financial Services
Pathward Financial holds a substantial presence in tax-related financial services, including offering refund advance loans and supporting over 30,000 independent tax offices. The addressable market for services like tax refund transfers and advance loans can be gauged by the total volume of tax refunds. As of March 13, 2026, the IRS had refunded a total of $160.829 billion for the current tax season, an increase of 10.9% from the same period in 2025. The IRS anticipates receiving approximately 164 million tax returns annually in the U.S..
Commercial Lending
Pathward Financial is active in various types of commercial lending, including term lending, asset-based lending, factoring, leasing, and government-guaranteed lending [cite: BACKGROUND]. The U.S. commercial banking market, which encompasses commercial lending, is estimated to be USD 765.53 billion in 2026 and is projected to grow to USD 954.48 billion by 2031. Commercial lending itself constituted 43.78% of the U.S. commercial banking market share in 2025. This suggests an addressable market of approximately USD 335 billion for commercial lending within the U.S. commercial banking sector (calculated as 43.78% of USD 765.53 billion).
Digital Consumer Lending
In the realm of consumer lending, Pathward Financial offers various consumer credit products and has partnered to offer personal loans through AI-driven lending marketplaces [cite: BACKGROUND, 20]. A significant segment of this, the United States digital lending market, was valued at USD 303.51 billion in 2025 and is projected to grow to USD 592.87 billion by 2031, at a CAGR of 11.81% during the forecast period (2026-2031). Consumer borrowers accounted for 78.12% of the originations in the U.S. digital lending market in 2025.
AI Analysis | Feedback
Pathward Financial (CASH) is expected to drive future revenue growth over the next two to three years through several key initiatives and market dynamics:
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Growth in Noninterest Income through Partner Solutions and Tax Services: A primary driver of Pathward Financial's revenue growth is anticipated to come from an increase in noninterest income. This growth is largely fueled by the Partner Solutions business line, specifically through card and deposit fees. Additionally, the company has seen strong performance in its tax services product revenue, which increased significantly in the first nine months of fiscal year 2025.
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Expansion of Commercial Finance Lending: Pathward Financial has demonstrated an increase in its commercial finance loans, contributing to the overall growth of its loan and lease portfolio. This segment is a core part of their business and is expected to continue contributing to revenue expansion.
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Strategic Partnerships and Multi-threaded Banking Solutions: The company's strategy revolves around expanding financial inclusion by forming strategic partnerships with fintech companies, affinity groups, and government agencies. Pathward's evolved operating model aims to enhance these partnerships by offering multi-threaded solutions, supporting partner growth, and scaling to serve a wider range of consumers and businesses. New partner contracts are also a key component of their expected revenue growth.
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Balance Sheet Optimization and Strong Loan Originations: Pathward Financial's strategic focus on optimizing its balance sheet and implementing partner-centric solutions has been effective in driving revenue growth. The company has shown strong performance in loan originations, particularly in both commercial and consumer finance loans, which serves as a significant engine for its balance sheet optimization strategy.
AI Analysis | Feedback
Share Repurchases
- Pathward Financial announced a new share repurchase program in August 2023, authorizing the buyback of up to 7 million shares of its outstanding common stock on or before September 30, 2028.
- An existing share repurchase program authorized in September 2021 allowed for the repurchase of 6 million shares through September 30, 2024.
- The company completed repurchases of 2,713,988 shares for $203.89 million under the August 2023 buyback as of February 2026, which retired approximately 11% of its share count over that period.
Share Issuance
- The number of shares outstanding for Pathward Financial has generally trended downwards, with a decrease of 7.15% in one year as of the last 12 months (ending December 31, 2025), indicating more repurchases than issuances.
Outbound Investments
- In fiscal year 2025, Pathward Financial completed the divestiture of its insurance premium finance business and the sale of its transportation loan portfolio as part of a balance sheet optimization strategy.
- The company announced five new partnerships and expanded existing partnerships in areas such as merchant acquiring, issuing, and credit solutions during fiscal year 2025.
- Strategic investments have been made in digital banking and technology partnerships to drive growth in transaction revenue, client base, and recurring noninterest income.
Capital Expenditures
- Over the last 12 months, capital expenditures for Pathward Financial were -$208.76 million.
- The company emphasizes investing in technology to facilitate evolution and scalability, which is considered imperative for being a comprehensive source of growth for its partners.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| How Low Can Pathward Financial Stock Really Go? | 10/17/2025 | |
| CASH Dip Buy Analysis | 07/10/2025 | |
| Time To Buy Pathward Financial Stock? | 05/16/2025 | |
| Pathward Financial (CASH) Operating Cash Flow Comparison | 02/17/2025 | |
| Pathward Financial (CASH) Net Income Comparison | 02/15/2025 |
| Title | |
|---|---|
| ARTICLES |
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| 12312024 | CASH | Pathward Financial | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 11.0% | -3.2% | -9.5% |
| 10312021 | CASH | Pathward Financial | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -21.1% | -23.8% | -41.9% |
| 10312019 | CASH | Pathward Financial | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | -41.6% | -6.6% | -55.9% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 26.31 |
| Mkt Cap | 1.9 |
| Rev LTM | 2,274 |
| Op Inc LTM | 208 |
| FCF LTM | 209 |
| FCF 3Y Avg | 115 |
| CFO LTM | 230 |
| CFO 3Y Avg | 168 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.1% |
| Rev Chg 3Y Avg | 10.8% |
| Rev Chg Q | 16.1% |
| QoQ Delta Rev Chg LTM | 3.7% |
| Op Inc Chg LTM | 14.2% |
| Op Inc Chg 3Y Avg | 8.5% |
| Op Mgn LTM | 7.2% |
| Op Mgn 3Y Avg | 6.2% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 11.5% |
| FCF/Rev LTM | 16.4% |
| FCF/Rev 3Y Avg | 9.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.9 |
| P/S | 2.1 |
| P/Op Inc | 6.8 |
| P/EBIT | 8.2 |
| P/E | 9.9 |
| P/CFO | 4.0 |
| Total Yield | 5.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.1 |
| Net D/E | -0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.4% |
| 3M Rtn | 3.5% |
| 6M Rtn | 17.5% |
| 12M Rtn | 32.7% |
| 3Y Rtn | 67.2% |
| 1M Excs Rtn | 1.5% |
| 3M Excs Rtn | -0.6% |
| 6M Excs Rtn | 7.2% |
| 12M Excs Rtn | 5.7% |
| 3Y Excs Rtn | -8.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Consumer | 497 | 388 | 288 | 287 | 252 |
| Commercial | 266 | 261 | 256 | 236 | 211 |
| Corporate Services/Other | 35 | 55 | 58 | 27 | 36 |
| Total | 797 | 704 | 601 | 550 | 499 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 4,441 | 4,180 | 3,487 | 3,209 | 2,836 |
| Corporate Services/Other | 2,674 | 2,863 | 2,903 | 3,127 | 2,961 |
| Consumer | 418 | 493 | 357 | 354 | 295 |
| Total | 7,532 | 7,536 | 6,747 | 6,691 | 6,092 |
Price Behavior
| Market Price | $86.50 | |
| Market Cap ($ Bil) | 1.9 | |
| First Trading Date | 09/21/1993 | |
| Distance from 52W High | -13.4% | |
| 50 Days | 200 Days | |
| DMA Price | $91.72 | $80.02 |
| DMA Trend | up | up |
| Distance from DMA | -5.7% | 8.1% |
| 3M | 1YR | |
| Volatility | 33.0% | 28.1% |
| Downside Capture | 0.92 | 0.68 |
| Upside Capture | 105.33 | 97.28 |
| Correlation (SPY) | 34.3% | 38.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.56 | 0.73 | 0.73 | 0.81 | 0.88 | 0.87 |
| Up Beta | 0.64 | 0.63 | 0.38 | 0.35 | 0.71 | 0.76 |
| Down Beta | 7.35 | -0.26 | 0.10 | 0.22 | 0.53 | 0.80 |
| Up Capture | 102% | 79% | 106% | 161% | 96% | 101% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 16 | 24 | 39 | 72 | 130 | 390 |
| Down Capture | 955% | 123% | 105% | 93% | 116% | 99% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 19 | 25 | 52 | 120 | 357 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CASH | |
|---|---|---|---|---|
| CASH | 9.3% | 28.1% | 0.31 | - |
| Sector ETF (XLF) | 8.2% | 14.7% | 0.32 | 52.6% |
| Equity (SPY) | 30.6% | 12.5% | 1.88 | 39.1% |
| Gold (GLD) | 39.5% | 27.2% | 1.20 | 1.3% |
| Commodities (DBC) | 51.5% | 17.9% | 2.20 | -10.0% |
| Real Estate (VNQ) | 13.1% | 13.5% | 0.67 | 31.5% |
| Bitcoin (BTCUSD) | -17.1% | 42.2% | -0.33 | 16.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CASH | |
|---|---|---|---|---|
| CASH | 14.1% | 33.7% | 0.46 | - |
| Sector ETF (XLF) | 9.8% | 18.7% | 0.40 | 63.6% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 51.8% |
| Gold (GLD) | 20.5% | 17.9% | 0.94 | -2.1% |
| Commodities (DBC) | 14.3% | 19.1% | 0.61 | 9.2% |
| Real Estate (VNQ) | 3.5% | 18.8% | 0.09 | 43.3% |
| Bitcoin (BTCUSD) | 7.7% | 56.2% | 0.35 | 20.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CASH | |
|---|---|---|---|---|
| CASH | 19.5% | 41.3% | 0.57 | - |
| Sector ETF (XLF) | 12.6% | 22.2% | 0.52 | 60.7% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 48.6% |
| Gold (GLD) | 13.6% | 15.9% | 0.71 | -6.0% |
| Commodities (DBC) | 9.7% | 17.7% | 0.46 | 15.7% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 44.1% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 14.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/22/2026 | -11.0% | -12.3% | |
| 1/22/2026 | 7.3% | 11.9% | 16.1% |
| 10/21/2025 | -0.0% | -3.6% | -6.0% |
| 7/28/2025 | -3.2% | -7.2% | -1.2% |
| 4/22/2025 | 6.0% | 7.6% | 5.0% |
| 1/21/2025 | -1.4% | 2.1% | 1.8% |
| 10/23/2024 | -3.5% | -2.1% | 11.1% |
| 7/24/2024 | 5.4% | 4.3% | -0.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 14 |
| # Negative | 10 | 10 | 9 |
| Median Positive | 6.6% | 5.9% | 10.5% |
| Median Negative | -4.2% | -5.4% | -2.8% |
| Max Positive | 25.4% | 27.2% | 51.6% |
| Max Negative | -21.2% | -21.2% | -18.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/25/2025 | 10-K |
| 06/30/2025 | 09/16/2025 | 10-Q |
| 03/31/2025 | 09/10/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/26/2024 | 10-K |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/21/2023 | 10-K |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/07/2023 | 10-Q |
| 09/30/2022 | 11/22/2022 | 10-K |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pharr, Brett L | Chief Executive Officer | Direct | Sell | 2242026 | 93.88 | 15,641 | 1,468,421 | 7,347,362 | Form |
| 2 | Stork, Kendall E | KS Trust | Sell | 2102026 | 94.15 | 3,000 | 282,450 | 202,705 | Form | |
| 3 | Perretta, Christopher | Direct | Sell | 2042026 | 89.94 | 1,450 | 130,413 | 602,598 | Form | |
| 4 | Mehta, Neeraj | Direct | Sell | 12012025 | 69.34 | 2,500 | 173,350 | 166,416 | Form | |
| 5 | Hajek, Douglas J | Direct | Sell | 11032025 | 68.11 | 3,000 | 204,330 | 1,132,737 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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