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    Cass Information Systems (CASS)

    Market Price (10/11/2026): $53.27 | Market Cap: $682.1 MilSector: Industrials | Industry: Diversified Support Services

    Cass Information Systems (CASS)

    Market Price (10/11/2026): $53.27
    Market Cap: $682.1 Mil
    Sector: Industrials
    Industry: Diversified Support Services

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 2.4%, FCF Yield is 6.1%

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%

    Low stock price volatility
    Vol 12M is 22%

    Megatrend and thematic drivers
    Megatrends include Future of Freight, Fintech & Digital Payments, and Automation & Robotics. Themes include Freight Technology, Show more.

    Weak multi-year price returns
    3Y Excs Rtn is -25%

    Key risks
    CASS key risks include [1] a weakening core logistics market depressing transportation volumes and [2] substantial financial losses from recent cybersecurity and operational failures.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.8%, Dividend Yield is 2.4%, FCF Yield is 6.1%
    1 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23%
    2 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
    3 Low stock price volatility
    Vol 12M is 22%
    4 Megatrend and thematic drivers
    Megatrends include Future of Freight, Fintech & Digital Payments, and Automation & Robotics. Themes include Freight Technology, Show more.
    5 Weak multi-year price returns
    3Y Excs Rtn is -25%
    6 Key risks
    CASS key risks include [1] a weakening core logistics market depressing transportation volumes and [2] substantial financial losses from recent cybersecurity and operational failures.

    CASS in ETFs

    Weight = CASS's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    VIG0.00%
    IWN0.69%
    IWO0.04%
    VTWO0.02%
    DFAS0.02%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31CASS [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$189.5 Mil—
    FY 2026 Sales$204.8 Mil—
    FY 2027 Sales$218.2 Mil—
    FY 2026 Sales Growth8.1%—
    FY 2027 Sales Growth6.5%13.1%
    EARNINGS
    LTM Net Income (GAAP) [3]$36.7 Mil—
    FY 2026 Net Income (Non-GAAP)$40.1 Mil—
    FY 2027 Net Income (Non-GAAP)$48.7 Mil—
    FY 2027 Net Income Growth21.5%18.9%
    FY 2026 EPS (Non-GAAP)$2.98—
    FY 2027 EPS (Non-GAAP)$3.62—
    FY 2027 EPS Growth21.4%—
    VALUATION
    FY 2026 P/S3.31.7
    FY 2027 P/S3.1—
    FY 2026 P/E17.07.9
    FY 2027 P/E14.0—

    [1] CASS forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    CASSS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.2
    Rev Chg Q13.6%9.3%
    Rev Chg LTM8.2%8.3%
    Rev Chg 3Y Avg1.1%5.9%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.0
    Net Inc LTM ($ Bil)0.0
    CFO/Rev LTM25.7%21.9%
    Net Inc Mgn19.4%13.3%
    VALUATIONMODERATE
    P/S3.63.1
    P/CFO14.014.7
    P/FCF16.319.0
    P/E18.622.0
    STABILITYGOOD
    Debt/Equity0.120.21
    Cash/Assets0.090.07

    AI Analysis | Feedback

    MetricValueDateSource
    Transportation Invoice Volume8,355 (in thousands)3312025Link
    Transportation Invoice Dollar Volume$8.64 billion3312025Link
    Facility-related Transaction Volume4,225 (in thousands)3312025Link
    Facility-related Dollar Volume$5.82 billion3312025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Cass Information Systems (CASS) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Earnings Exceeded Expectations.

    Cass Information Systems reported record net income of $10.59 million and diluted earnings per share (EPS) of $0.81 for fiscal Q2 2026, which ended on June 30, 2026. These results, announced on July 23, 2026, represented a significant increase from $8.86 million in net income and $0.66 diluted EPS in the prior year's comparable quarter. The reported EPS of $0.81 notably beat the consensus estimate by $0.09. The company also maintained its quarterly dividend at $0.32 per share, reinforcing investor confidence.

    2. Positive Analyst Sentiment and Upgraded Price Targets.

    Following the strong earnings report, several analysts revised their outlooks for Cass Information Systems. On July 1, 2026, Raymond James adjusted its price target for CASS to $56 from $52 while maintaining an "Outperform" rating. Zacks Investment Research subsequently upgraded CASS to a "Strong Buy" on July 16, 2026, reflecting growing optimism about the company's earnings prospects. Piper Sandler also raised its price target to $61 from $52. This collective positive sentiment from analysts contributed to the stock's upward trend.

    Show more
    Updated on 10/1/2026

    Cass Information Systems (CASS) stock has gained about 5% since 6/30/2026 because of the following key factors:

    1. Strong Fiscal Q2 2026 Earnings Exceeded Expectations.

    Cass Information Systems reported record net income of $10.59 million and diluted earnings per share (EPS) of $0.81 for fiscal Q2 2026, which ended on June 30, 2026. These results, announced on July 23, 2026, represented a significant increase from $8.86 million in net income and $0.66 diluted EPS in the prior year's comparable quarter. The reported EPS of $0.81 notably beat the consensus estimate by $0.09. The company also maintained its quarterly dividend at $0.32 per share, reinforcing investor confidence.

    2. Positive Analyst Sentiment and Upgraded Price Targets.

    Following the strong earnings report, several analysts revised their outlooks for Cass Information Systems. On July 1, 2026, Raymond James adjusted its price target for CASS to $56 from $52 while maintaining an "Outperform" rating. Zacks Investment Research subsequently upgraded CASS to a "Strong Buy" on July 16, 2026, reflecting growing optimism about the company's earnings prospects. Piper Sandler also raised its price target to $61 from $52. This collective positive sentiment from analysts contributed to the stock's upward trend.

    3. Industry Recognition Highlighted Core Competencies.

    Cass Information Systems received significant industry acknowledgment when it was named a "2026-27 Hot Company by PARCEL" on September 15, 2026. This recognition specifically highlighted Cass's capabilities in parcel spend management, including analytics-driven invoice auditing, carrier payment processing, and transportation financial operations. This underscores the company's strong competitive position and its ability to provide valuable solutions to high-volume shippers, potentially attracting further investor interest.

    4. Favorable Macroeconomic Conditions in the Freight Industry.

    During the period, broader macroeconomic factors also provided a tailwind for Cass's core business. Reports indicated that truckload (TL) rates jumped 11% in August 2026, and freight shipments turned positive. As a leading provider of transportation payment and information management solutions, Cass Information Systems benefits directly from increased activity and favorable pricing within the freight and logistics sector, contributing to its revenue and profitability outlook.

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    Stock Movement Drivers

    Fundamental Drivers

    The 4.7% change in CASS stock from 6/30/2026 to 10/10/2026 was primarily driven by a 3.3% change in the company's Total Revenues ($ Mil).
    (LTM values as of)630202610102026Change
    Stock Price ($)51.0353.404.7%
    Change Contribution By: 
    Total Revenues ($ Mil)1831893.3%
    Net Income Margin (%)19.1%19.4%1.6%
    P/E Multiple18.818.6-0.8%
    Shares Outstanding (Mil)13130.5%
    Cumulative Contribution4.7%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/10/2026
    ReturnCorrelation
    CASS4.7% 
    Market (SPY)4.3%4.4%
    Sector (XLI)-8.6%13.9%

    Fundamental Drivers

    The 22.8% change in CASS stock from 3/31/2026 to 10/10/2026 was primarily driven by a 16.3% change in the company's P/E Multiple.
    (LTM values as of)331202610102026Change
    Stock Price ($)43.4753.4022.8%
    Change Contribution By: 
    Total Revenues ($ Mil)1821894.4%
    Net Income Margin (%)19.3%19.4%0.2%
    P/E Multiple16.018.616.3%
    Shares Outstanding (Mil)13131.1%
    Cumulative Contribution22.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/10/2026
    ReturnCorrelation
    CASS22.8% 
    Market (SPY)20.0%6.5%
    Sector (XLI)4.9%10.3%

    Fundamental Drivers

    The 39.5% change in CASS stock from 9/30/2025 to 10/10/2026 was primarily driven by a 33.8% change in the company's Net Income Margin (%).
    (LTM values as of)930202510102026Change
    Stock Price ($)38.2853.4039.5%
    Change Contribution By: 
    Total Revenues ($ Mil)1751898.2%
    Net Income Margin (%)14.5%19.4%33.8%
    P/E Multiple20.018.6-7.1%
    Shares Outstanding (Mil)13133.7%
    Cumulative Contribution39.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/10/2026
    ReturnCorrelation
    CASS39.5% 
    Market (SPY)17.8%20.1%
    Sector (XLI)10.7%18.6%

    Fundamental Drivers

    The 55.8% change in CASS stock from 9/30/2023 to 10/10/2026 was primarily driven by a 29.6% change in the company's P/E Multiple.
    (LTM values as of)930202310102026Change
    Stock Price ($)34.2853.4055.8%
    Change Contribution By: 
    Total Revenues ($ Mil)1861891.6%
    Net Income Margin (%)17.3%19.4%11.7%
    P/E Multiple14.418.629.6%
    Shares Outstanding (Mil)14135.8%
    Cumulative Contribution55.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/10/2026
    ReturnCorrelation
    CASS55.8% 
    Market (SPY)88.4%39.2%
    Sector (XLI)73.6%41.9%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    CASS Return4%20%1%-7%4%33%62%
    Peers Return27%-17%7%-15%6%3%4%
    S&P 500 Return27%-19%24%23%16%13%107%

    Monthly Win Rates [3]
    CASS Win Rate42%58%58%42%58%60% 
    Peers Win Rate61%39%56%44%39%54% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    CASS Max Drawdown-17%-23%-30%-20%-20%-9% 
    Peers Max Drawdown-14%-33%-33%-37%-33%-43% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: UHAL, HTZ, SUNB, VAI, CTAS.
    [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 10/9/2026 (YTD)

    How Low Can It Go

    EventCASSS&P 500
    2025 US Tariff Shock
      % Loss-12.0%-18.8%
      % Gain to Breakeven13.7%23.1%
      Time to Breakeven84 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-30.4%-6.7%
      % Gain to Breakeven43.6%7.1%
      Time to Breakeven1073 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-18.3%-24.5%
      % Gain to Breakeven22.4%32.4%
      Time to Breakeven150 days427 days
    2020 COVID-19 Crash
      % Loss-44.5%-33.7%
      % Gain to Breakeven80.3%50.9%
      Time to Breakeven1050 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.9%-19.2%
      % Gain to Breakeven28.0%23.8%
      Time to Breakeven2761 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-12.8%-12.2%
      % Gain to Breakeven14.6%13.9%
      Time to Breakeven43 days62 days

    Compare to UHAL, HTZ, SUNB, VAI, CTAS

    In The Past

    Cass Information Systems's stock fell -12.0% during the 2025 US Tariff Shock. Such a loss loss requires a 13.7% 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.

    EventCASSS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-30.4%-6.7%
      % Gain to Breakeven43.6%7.1%
      Time to Breakeven1073 days31 days
    2020 COVID-19 Crash
      % Loss-44.5%-33.7%
      % Gain to Breakeven80.3%50.9%
      Time to Breakeven1050 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-21.9%-19.2%
      % Gain to Breakeven28.0%23.8%
      Time to Breakeven2761 days105 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-20.9%-17.9%
      % Gain to Breakeven26.4%21.8%
      Time to Breakeven22 days123 days
    2008-2009 Global Financial Crisis
      % Loss-35.9%-53.4%
      % Gain to Breakeven56.1%114.4%
      Time to Breakeven615 days1085 days

    Compare to UHAL, HTZ, SUNB, VAI, CTAS

    In The Past

    Cass Information Systems's stock fell -12.0% during the 2025 US Tariff Shock. Such a loss loss requires a 13.7% 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 Cass Information Systems (CASS)

    Cass Information Systems (CASS) operates as a specialized financial services company offering payment and information processing solutions primarily to large manufacturing, distribution, and retail enterprises. Its core business involves handling intricate expense management, including comprehensive freight invoice rating, payment processing, and auditing services. The company also processes and pays facility-related invoices, such as electricity, gas, waste, and telecommunications expenses, alongside providing telecom expense management solutions and a B2B payment platform to help clients streamline operations and gain valuable financial and logistical insights.

    Beyond its information processing segment, Cass Information Systems also operates Cass Commercial Bank, a banking subsidiary. This segment offers a range of traditional banking products and services, including checking, savings, and time deposit accounts, as well as commercial, industrial, and real estate loans. Cash management services are also a key offering. The banking arm primarily serves privately-owned businesses and faith-related ministries, providing a complementary financial service component to the company's broader payment and information management offerings.

    AI Analysis | Feedback

    1. Like ADP for complex corporate bills: Imagine ADP or Paychex, but instead of managing payroll, they specialize in automating, auditing, and processing a company's complex bills for things like freight, utilities, and telecommunications, providing detailed data.

    2. A WEX for B2B invoice management that also owns a bank: They provide specialized B2B payment solutions and expense management for complex corporate invoices (like freight and utilities), similar to WEX, but they also operate their own commercial bank, offering traditional banking services to businesses and ministries.

    AI Analysis | Feedback

    • Freight Invoice Processing & Management: Provides services for rating, processing, auditing, and generating accounting and transportation information for freight invoices.
    • Facility Invoice Processing & Management: Manages and pays facility-related invoices, including electricity, gas, waste, and other utility expenses.
    • Telecom Expense Management (TEM): Offers solutions to manage and optimize telecommunications expenses.
    • Deposit Accounts: Provides various banking deposit accounts such as checking, savings, and time deposits.
    • Commercial Lending: Offers commercial, industrial, and real estate loans to privately-owned businesses and faith-related ministries.
    • Cash Management Services: Delivers services to help businesses manage their cash flow efficiently.
    • B2B Payment Platform: Operates a B2B payment platform designed for clients seeking an agile fintech partner.

    AI Analysis | Feedback

    Based on the provided background, Cass Information Systems (CASS) primarily serves other companies and organizations. The background does not list specific names of major customer companies. Instead, it describes the following categories of customers:

    • Manufacturing, distribution, and retail enterprises (for payment and information processing services, including freight, facility expenses, and telecom expense management).
    • Privately-owned businesses (served by its banking subsidiary, Cass Commercial Bank, for banking products, commercial and industrial loans, real estate loans, and cash management services).
    • Faith-related ministries (served by its banking subsidiary, Cass Commercial Bank, for banking products, loans, and cash management services).

    Additionally, the company provides a B2B payment platform for clients that require an agile fintech partner, which would typically fall within the categories of businesses mentioned above.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Martin H. Resch, President and Chief Executive Officer

    Martin H. Resch was appointed President and Chief Executive Officer of Cass Information Systems, Inc., effective April 18, 2023, and also joined the Board of Directors at that time. He joined Cass in November 2020, serving as President and Chief Operating Officer since February 2022. Prior to joining Cass, Mr. Resch was a senior executive at Bank of the West in San Francisco, California, where he held the position of executive vice president and served as the commercial banking group's chief administrative officer/chief operating officer. In this role, he was responsible for strategy, operations, finance, technology, and collaboration with a B2B FinTech incubator.

    Michael J. Normile, Executive Vice President and Chief Financial Officer

    Michael J. Normile serves as the Executive Vice President and Chief Financial Officer of Cass Information Systems.

    James M. Cavellier, Executive Vice President and Chief Information Officer

    James M. Cavellier is the Executive Vice President and Chief Information Officer at Cass Information Systems.

    Dwight D. Erdbruegger, President and Chief Operating Officer, Cass Commercial Bank

    Dwight D. Erdbruegger holds the position of President and Chief Operating Officer of Cass Commercial Bank, the company's banking subsidiary.

    Mark A. Campbell, Senior Vice President, Strategy & Business Operations

    Mark A. Campbell is the Senior Vice President, Strategy & Business Operations at Cass Information Systems. He has also been noted as Senior Vice President and President, Government Payables and President of Transportation Information Services.

    AI Analysis | Feedback

    Key Risks to Cass Information Systems (CASS)

    Cass Information Systems (symbol: CASS) faces several key risks to its business, primarily stemming from its reliance on the logistics sector, intense competition within the financial technology space, and the ever-present threat of cybersecurity breaches.

    1. Weakening Core Logistics Market: A significant portion of Cass Information Systems' revenue is derived from its Information Services segment, which includes freight invoice rating, payment processing, and auditing. The company is vulnerable to slowdowns or recessions in the transport and logistics sector. Management has noted a weakening core logistics market, which directly impacts transaction volumes and profitability in its main operations.

    2. Competition and Technological Advancements (Fintech Disruption): Cass operates in a dynamic and highly competitive financial technology (fintech) sector. It faces competition from both established financial institutions and innovative newcomers offering specialized expense management and payment processing solutions. Rapid technological advancements, particularly in artificial intelligence (AI) and automation, are transforming the industry. Failure to continuously innovate and adapt to these technological shifts could lead to a loss of market share and reduced profitability.

    3. Cybersecurity Threats: As a provider of payment and information processing services and a financial exchange platform, Cass Information Systems is a prime target for cybersecurity attacks. The risk is not theoretical; a cybersecurity incident involving a CassPay client in early 2024 resulted in a significant indirect balance sheet reduction. Such incidents can lead to substantial financial losses, legal liabilities, and severe reputational damage, requiring continuous and significant investment in robust security measures.

    AI Analysis | Feedback

    The following are clear emerging threats for Cass Information Systems:

    • Disruption in B2B Payments and Expense Management by Advanced Fintech Solutions: Cass Information Systems provides specialized services for freight, facility, and telecommunications expense processing and payment. The broader B2B payments and financial operations landscape is experiencing rapid innovation driven by fintech companies. These new entrants often offer highly automated, AI-powered, and integrated platforms that streamline entire procure-to-pay cycles, provide real-time analytics, and can potentially offer greater efficiency and lower costs than traditional or specialized point solutions. This fundamental shift towards more holistic and technologically advanced financial operations platforms could disintermediate Cass's specialized information services.
    • Increased Competition and Disintermediation in Traditional Commercial Banking: Through Cass Commercial Bank, the company offers traditional banking services like loans, deposits, and cash management to businesses and ministries. This segment faces an emerging threat from digital-only banks (neobanks) and the rise of embedded finance. Neobanks can offer more competitive rates and superior digital user experiences due to lower overheads. Embedded finance involves non-financial companies integrating banking services directly into their core platforms (e.g., ERP systems offering credit, e-commerce platforms providing payment solutions), potentially siphoning away customers for commercial loans, deposits, and cash management services from traditional community banks.

    AI Analysis | Feedback

    ```html

    The addressable markets for Cass Information Systems' main products or services are sized as follows:

    • Freight Payment Services: The global Freight Audit and Payment (FAP) market was estimated at USD 16.08 billion in 2023 and is projected to grow to USD 34.2 billion by 2032. North America is noted as holding the largest market share in the freight audit and payment market.
    • Utility Expense Management: The United States Utility Bill Management System Market was valued at USD 6.68 billion in 2024 and is expected to reach USD 10.81 billion by 2030.
    • Telecom Expense Management (TEM): The U.S. telecom expense management market generated a revenue of USD 870.5 million in 2022 and is expected to reach USD 1,968.5 million by 2030.
    • Commercial Banking Services: The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
    • B2B Payment Platform: The U.S. B2B payments transaction market size was evaluated at USD 460 billion in 2024 and is projected to be worth around USD 1,160 billion by 2034.
    ```

    AI Analysis | Feedback

    Cass Information Systems (CASS) is expected to drive future revenue growth over the next 2-3 years through a combination of factors across its Information Services and Banking Services segments:

    1. Net Interest Income (NII) and Net Interest Margin (NIM) Expansion: The company anticipates continued growth in net interest income, primarily from its banking subsidiary, Cass Commercial Bank. This growth is fueled by an expanding net interest margin, which benefits from higher yields on loans and investment securities, and the effective utilization of "free float" generated from its payment processing activities.
    2. Recovery in Freight Volumes: After experiencing a "freight recession" that impacted its transportation invoice volumes, Cass Information Systems expects a recovery in the freight market. This rebound in freight volumes is poised to increase transaction fees and generate high-margin incremental revenue for its Information Services segment.
    3. Growth in Facility Expense Transaction Volumes and New Client Onboarding: The company has demonstrated success in increasing its facility expense transaction volumes and is actively onboarding new clients in this area. This consistent growth in facility-related invoice processing contributes significantly to its fee-based revenue.
    4. Enhanced Freight Product Offerings and Technology Investments (including AI): Cass is investing in technology and launching enhanced freight product offerings, such as the Amplify solution through its partnership with Lupeon, and has acquired platforms like AcuAudit. These initiatives, along with the expanded use of AI-enabled systems for automated invoice processing, aim to improve efficiency, attract new clients, and support revenue growth in the transportation sector.
    5. Strategic Focus on Higher-Margin Businesses: Cass Information Systems is strategically pruning lower-margin business lines, such as the sale of its Telecom Expense Management (TEM) business, to concentrate on its core, higher-margin operations within its dual-engine model of payment processing and banking. This focus is expected to lead to a more profitable revenue mix and improved overall financial performance.

    AI Analysis | Feedback

    Share Repurchases

    • On November 10, 2025, Cass Information Systems' board of directors authorized the repurchase of up to 1,000,000 shares of common stock, replacing a prior program for 500,000 shares. This authorization has no expiration date and would cost approximately $40 million if fully utilized based on the stock's closing price on November 7, 2025.
    • Over the four quarters preceding November 10, 2025, the company repurchased approximately 496,000 shares.
    • In the third quarter of 2025, Cass repurchased 159,587 shares at a weighted average price of $41.96, totaling $6.7 million.

    Share Issuance

    • The average diluted shares outstanding increased from 14,517 in 2021 to 16,603 in 2024.
    • As of March 2026, the company had 13,182,000 shares outstanding, compared to 13,116,000 shares outstanding at the end of 2025, indicating a slight increase.
    • The company's equity incentive plans aim to attract, retain, and motivate employees, consultants, and directors through stock-based compensation awards.

    Outbound Investments

    • At the end of 2024, Cass completed the acquisition of AcuAudit, an audit platform specializing in maritime and international air transport accounts.
    • In February 2026, Cass Information Systems announced a strategic partnership with Caspian, an AI command center focused on customs refunds.

    Capital Expenditures

    • Cass Information Systems' capital expenditures were approximately $5.87 million in 2022, $14 million in 2023, and $9.33 million in 2024.
    • Over the last five years, the company's capital expenditures have ranged from a low of $2.5 million to a high of $16.03 million, with an average of $7.87 million.
    • The company continues to make strategic investments in technology, including optical character recognition, artificial intelligence, and machine learning, to digitize documents and process data, with an expectation of improved operating leverage starting in the second quarter of 2024.

    Peer Outperformance in Diversified Support Services

    CASS has outperformed 58% of its 31 Diversified Support Services peers over 5Y. Diversified Support Services ranks 9th of 23 industries in Industrials by median 5Y return.
    Share of Diversified Support Services constituents that CASS has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    72%
    of 36 industry peers · 48.2% return
    3Y
    67%
    of 33 industry peers · 53.5% return
    5Y
    58%
    of 31 industry peers · 46.5% return
    No Diversified Support Services peer with a comparable growth profile has beaten CASS by more than 20pp over 5Y.
    Median price return by industry across the Industrials sector, ranked by 5Y. Diversified Support Services is CASS's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Construction & Engineering 31 8.2%116.0%198.4% STRL 2149% · FIX 2142% · CDNL 1525%
    Marine Transportation 5 108.3%65.3%158.9% HOS 39216% · MATX 191% · KEX 159%
    Construction Machinery & Heavy Transportation Equipment 13 1.6%39.1%95.4% CAT 352% · ALSN 234% · WAB 229%
    Aerospace & Defense 54 -12.7%62.7%59.7% ATI 1036% · FTAI 807% · HWM 627%
    Industrial Machinery & Supplies & Components 72 16.0%41.3%48.1% PSIX 1201% · CRS 1108% · EROC 587%
    Rail Transportation 7 26.1%55.9%45.0% FSTR 124% · CSX 56% · RAIL 45%
    Trading Companies & Distributors 19 11.9%29.4%37.7% DXPE 466% · AIT 268% · URI 220%
    Cargo Ground Transportation 16 39.5%0.5%31.4% XPO 292% · R 228% · CVLG 126%
    Diversified Support Services ← 32 8.8%27.1%28.1% LIME 3223% · TH 387% · CXW 246%
    Electrical Components & Equipment 39 1.1%57.8%27.3% POWL 2337% · BE 1313% · VRT 996%
    Building Products 33 -12.5%-1.3%16.4% LMB 729% · GFF 336% · PPIH 271%
    Industrial Conglomerates 17 10.7%2.9%-2.1% RCMT 577% · CSW 121% · DD 71%
    Agricultural & Farm Machinery 17 13.1%-12.0%-6.3% BLBD 179% · DE 99% · GENC 63%
    Environmental & Facilities Services 30 -35.0%13.8%-7.2% CECO 839% · ADUR 388% · NVRI 326%
    Research & Consulting Services 13 -2.4%-26.9%-10.9% HURN 229% · CRAI 78% · GRNQ 9%
    Security & Alarm Services 9 -44.1%18.8%-16.3% CIX 168% · MG 111% · BCO 76%
    Passenger Ground Transportation 3 -23.4%42.7%-21.7% UBER 54% · CAR -22% · LYFT -69%
    Data Processing & Outsourced Services 6 -28.2%-11.5%-22.5% EXLS 49% · BR 8% · G -22%
    Office Services & Supplies 9 28.6%19.3%-24.9% PBI 190% · TILE 126% · HNI 44%
    Passenger Airlines 11 11.0%19.3%-32.7% LTM 3111% · UAL 118% · DAL 97%
    Air Freight & Logistics 12 -21.2%-27.7%-35.2% FDX 83% · EXPD 77% · CHRW 76%
    Human Resource & Employment Services 22 11.8%-20.7%-41.3% BBSI 65% · ADP 49% · KFY 6%
    Airport Services 3 -77.1%-78.8%-71.0% JOBY -40% · ASLE -71% · UP -100%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Financials

    CASSUHALHTZSUNBVAICTASMedian
    NameCass Inf.U-Haul Hertz Gl.Sunbelt .Valor En.Cintas  
    Mkt Price53.2757.431.9175.212.70202.0955.35
    Mkt Cap0.711.20.6--80.96.0
    Rev LTM1896,0898,906-311,5616,089
    Op Inc LTM-435248--32,730341
    FCF LTM42-1,234-10,185-02,0330
    FCF 3Y Avg34-1,594-8,518--11,844-1
    CFO LTM491,8261,429-02,4341,429
    CFO 3Y Avg431,6221,888--12,2491,622

    Growth & Margins

    CASSUHALHTZSUNBVAICTASMedian
    NameCass Inf.U-Haul Hertz Gl.Sunbelt .Valor En.Cintas  
    Rev Chg LTM8.2%3.0%3.4%--52.5%9.5%3.4%
    Rev Chg 3Y Avg1.1%1.7%-0.3%-172.4%8.7%1.7%
    Rev Chg Q13.6%3.2%9.7%--59.3%10.9%9.7%
    QoQ Delta Rev Chg LTM3.3%0.9%2.4%--18.4%2.6%2.4%
    Op Inc Chg LTM--40.1%127.6%-27.7%13.0%20.4%
    Op Inc Chg 3Y Avg--31.8%-236.1%-28.1%13.6%-9.1%
    Op Mgn LTM-7.1%2.8%--115.2%23.6%5.0%
    Op Mgn 3Y Avg-12.2%-2.9%--89.4%22.8%4.6%
    QoQ Delta Op Mgn LTM--0.5%0.7%--7.4%0.3%-0.1%
    CFO/Rev LTM25.7%30.0%16.0%-10.3%21.1%21.1%
    CFO/Rev 3Y Avg24.3%27.5%21.1%--3.6%21.2%21.2%
    FCF/Rev LTM22.1%-20.3%-114.4%-9.3%17.6%9.3%
    FCF/Rev 3Y Avg19.5%-27.2%-95.7%--12.7%17.4%-12.7%

    Valuation

    CASSUHALHTZSUNBVAICTASMedian
    NameCass Inf.U-Haul Hertz Gl.Sunbelt .Valor En.Cintas  
    Mkt Cap0.711.20.6--80.96.0
    P/S3.61.80.1--7.02.7
    P/Op Inc-25.92.4--29.625.9
    P/EBIT-24.30.8--29.924.3
    P/E18.6176.5-2.2--39.228.9
    P/CFO14.06.20.4--33.210.1
    Total Yield7.8%0.9%-45.8%--3.4%2.2%
    Dividend Yield2.4%0.3%0.0%--0.9%0.6%
    FCF Yield 3Y Avg5.8%-13.1%-811.9%--2.3%-5.4%
    D/E0.10.734.8--0.00.4
    Net D/E-0.20.633.8--0.00.3

    Returns

    CASSUHALHTZSUNBVAICTASMedian
    NameCass Inf.U-Haul Hertz Gl.Sunbelt .Valor En.Cintas  
    1M Rtn-3.3%-9.3%-6.8%3.2%34.3%1.8%-0.7%
    3M Rtn2.9%-14.7%-6.8%0.9%57.9%12.8%1.9%
    6M Rtn15.6%12.1%-69.8%11.9%57.9%16.1%13.9%
    12M Rtn47.9%5.7%-65.9%3.4%57.9%8.6%7.2%
    3Y Rtn53.1%6.0%-83.2%3.4%57.9%61.9%29.5%
    1M Excs Rtn-6.2%-12.2%-9.7%0.3%31.5%-1.1%-3.6%
    3M Excs Rtn-1.8%-19.6%0.5%-1.6%54.0%6.3%-0.6%
    6M Excs Rtn1.1%-2.5%-84.3%-2.7%43.5%1.6%-0.7%
    12M Excs Rtn26.2%-12.5%-82.6%-12.3%42.5%-13.0%-12.4%
    3Y Excs Rtn-24.9%-75.0%-165.0%-79.9%-24.1%-11.6%-50.0%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/5/20265/5/20263/6/202611/4/20258/5/20255/7/20253/5/202511/7/20248/6/20245/3/20242/28/202411/7/2023
    Key Financials Quarterly            
    Total Revenue504940504447374644452249
    Ebitda------------
    Operating Income------------
    Net Income1198999534787
    EPS0.830.690.630.690.670.670.340.220.330.530.620.55
    Key Financials TTM            
    Total Revenue TTM189183182179175175173157160164168188
    Ebitda TTM------------
    Operating Income TTM------------
    Net Income TTM373535322521192327303031
    Growth Rates Quarterly            
    Total Revenue Growth13.6%3.9%8.3%7.5%0.1%4.7%71.6%-6.0%-7.7%-7.8%-48.3%3.3%
    EBITDA Growth------------
    Operating Income Growth------------
    Net Income Growth19.6%-1.5%78.3%209.9%97.5%25.4%-45.4%-60.3%-37.2%0.5%-9.4%-16.0%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin21.0%18.0%20.5%18.3%19.9%19.0%12.4%6.3%10.1%15.8%39.1%15.0%
    Cash & Debt            
    Total Cash2382543999762257978787817658151,0001,024
    Total Debt801450000000000
    Net Debt / (Cash)-158-109-399-976-225-797-878-781-765-815-1,000-1,024
    Cash Flows Quarterly            
    FCF from Operations1715512-12219-01110812
    Cash Flows TTM            
    FCF from Operations TTM493037513951392840373740
    Returns to Shareholders Quarterly            
    Dividends444444444444
    Share Repurchases33876543-0113
    Return on Invested Capital (ROIC) Quarterly            
    ROIC------------
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM------------

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320192015
    Information Services15514914513497
    Banking Services3828302724
    Corporate, Eliminations and Other-242-2 
    Tax-equivalent adjustment   -2 
    Total191181177157121


    Operating Income by Segment
    $ Mil1998199719961995
    Information Services7666
    Banking Services5443
    Total1211109


    Net Income by Segment
    $ Mil20172016201520142013
    Information Services1414151615
    Banking Services1110888
    Corporate,Eliminations and Other    0
    Total2524232423


    Assets by Segment
    $ Mil20252024202320222021
    Information Services1,7041,7201,5861,5961,451
    Banking Services1,1501,1441,1031,1821,091
    Corporate, Eliminations and Other-248-469-211-20514
    Total2,6062,3952,4792,5732,555


    Price Behavior

    Price Behavior
    Market Price$53.40 
    Market Cap ($ Bil)0.7 
    First Trading Date01/02/1996 
    Distance from 52W High-8.3% 
       50 Days200 Days
    DMA Price$55.64$48.45
    DMA Trendupup
    Distance from DMA-4.0%10.2%
     3M1YR
    Volatility17.5%22.0%
    Downside Capture9.7621.35
    Upside Capture24.6262.02
    Correlation (SPY)5.5%20.6%
    CASS Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta0.510.420.090.120.350.69
    Up Beta-0.440.750.130.310.390.66
    Down Beta0.300.19-0.53-0.660.040.61
    Up Capture38%17%28%39%49%49%
    Bmk +ve Days6162766132424
    Stock +ve Days9193471131389
    Down Capture120%66%9%3%34%92%
    Bmk -ve Days16263760120328
    Stock -ve Days13233053119358

    [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 CASS
    CASS42.4%22.1%1.51-
    Sector ETF (XLI)9.8%17.4%0.3718.6%
    Equity (SPY)16.7%13.0%0.9120.3%
    Gold (GLD)3.3%29.5%0.11-9.6%
    Commodities (DBC)45.0%20.9%1.67-22.6%
    Real Estate (VNQ)4.8%13.8%0.0931.3%
    Bitcoin (BTCUSD)-33.2%44.2%-0.794.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with CASS
    CASS7.5%26.6%0.26-
    Sector ETF (XLI)12.9%17.6%0.5644.9%
    Equity (SPY)13.9%17.1%0.6242.2%
    Gold (GLD)18.5%18.9%0.790.6%
    Commodities (DBC)10.0%19.5%0.393.3%
    Real Estate (VNQ)1.3%18.8%-0.0440.6%
    Bitcoin (BTCUSD)11.4%52.0%0.3919.6%

    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 CASS
    CASS2.0%29.9%0.12-
    Sector ETF (XLI)13.2%20.0%0.5854.8%
    Equity (SPY)15.5%17.9%0.7350.0%
    Gold (GLD)11.8%16.4%0.59-1.4%
    Commodities (DBC)8.2%18.1%0.3714.6%
    Real Estate (VNQ)4.5%20.7%0.1846.3%
    Bitcoin (BTCUSD)63.5%66.2%1.0314.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9302026
    Short Interest: Shares Quantity0.4 Mil
    Short Interest: % Change Since 9152026-10.6%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest4.0 days
    Basic Shares Quantity12.8 Mil
    Short % of Basic Shares3.0%

    Returns Analyses

    Earnings Returns History

    Updated 8/25/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20262.8%6.6%8.3%
    4/23/2026-3.2%-3.9%-4.1%
    1/22/20261.5%0.3%4.2%
    10/23/20253.7%3.0%5.5%
    7/17/20250.4%-2.3%-5.5%
    5/5/2025-0.2%3.5%1.7%
    1/23/20252.7%2.9%6.9%
    10/17/2024-1.9%-3.3%3.7%
    ...
    SUMMARY STATS   
    # Positive161517
    # Negative897
    Median Positive2.0%3.2%6.9%
    Median Negative-2.1%-3.3%-5.5%
    Max Positive5.7%9.1%19.2%
    Max Negative-14.2%-14.3%-11.2%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/23/20262.8%6.6%8.3%
    4/23/2026-3.2%-3.9%-4.1%
    1/22/20261.5%0.3%4.2%
    10/23/20253.7%3.0%5.5%
    7/17/20250.4%-2.3%-5.5%
    5/5/2025-0.2%3.5%1.7%
    1/23/20252.7%2.9%6.9%
    10/17/2024-1.9%-3.3%3.7%
    7/18/2024-14.2%-12.4%-9.6%
    4/18/2024-2.3%-2.3%1.8%
    1/25/20243.1%0.5%10.6%
    10/19/20230.4%1.4%11.5%
    7/20/20231.9%-0.9%-0.7%
    4/17/2023-10.9%-14.3%-11.2%
    1/19/20232.5%4.2%7.8%
    10/13/20225.7%9.1%19.2%
    7/14/20221.2%8.1%10.9%
    4/14/20222.5%5.6%-11.0%
    1/27/20222.2%7.0%5.5%
    10/21/20210.4%-1.9%7.3%
    7/22/2021-1.2%3.2%7.0%
    4/22/2021-0.8%1.4%-3.6%
    1/28/20211.0%2.2%6.8%
    10/22/20200.4%-11.0%1.7%
    SUMMARY STATS   
    # Positive161517
    # Negative897
    Median Positive2.0%3.2%6.9%
    Median Negative-2.1%-3.3%-5.5%
    Max Positive5.7%9.1%19.2%
    Max Negative-14.2%-14.3%-11.2%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/05/202610-Q
    12/31/202503/06/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/05/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/07/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/05/202610-Q
    03/31/202605/05/202610-Q
    12/31/202503/06/202610-K
    09/30/202511/04/202510-Q
    06/30/202508/05/202510-Q
    03/31/202505/07/202510-Q
    12/31/202403/05/202510-K
    09/30/202411/07/202410-Q
    06/30/202408/06/202410-Q
    03/31/202405/03/202410-Q
    12/31/202302/28/202410-K
    09/30/202311/07/202310-Q
    06/30/202308/07/202310-Q
    03/31/202305/09/202310-Q
    12/31/202202/28/202310-K
    09/30/202211/07/202210-Q
    06/30/202208/05/202210-Q
    03/31/202205/06/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/05/202110-Q
    06/30/202108/05/202110-Q
    03/31/202105/06/202110-Q
    12/31/202002/26/202110-K
    09/30/202011/05/202010-Q
    06/30/202008/06/202010-Q
    03/31/202005/07/202010-Q
    12/31/201902/28/202010-K
    09/30/201911/07/201910-Q

    Recent Forward Guidance

    Updated 10/4/2026

    Latest: Q2 2026 Earnings Reported 7/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 Core Expense GrowthReported 2.0%    
    2026 Loan GrowthReported6.0%7.0%8.0% 0.0%AffirmedGuidance: 7.0% for 2026


    Prior: Q1 2026 Earnings Reported 4/23/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Loan GrowthReported6.0%7.0%8.0%   
    2026 Leverage RatioReported 0.1  0.0%AffirmedGuidance: 0.1 for 2026

    Q4 2025 Earnings Reported 1/22/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Leverage RatioReported 0.1    
    2026 Effective Tax RateReported 20.5%    

    Q3 2025 Earnings Reported 10/23/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q4 2025 DividendsReported 0.32 3.2% RaisedActual: 0.31 for Q3 2025
    2026 SavingsReported      

    Insider Activity

    Updated 6/12/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Resch, Martin HPresident & CEODirectBuy1006202538.6950019,3451,621,885Form
    2Normile, Michael JamesCFODirectBuy804202539.612007,922630,195Form
    3Resch, Martin HPresident & CEODirectBuy804202539.5050019,7501,636,090Form
    4Resch, Martin HPresident & CEODirectBuy801202539.7550019,8751,626,570Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Resch, Martin HPresident & CEODirectBuy1006202538.6950019,3451,621,885Form
    2Normile, Michael JamesCFODirectBuy804202539.612007,922630,195Form
    3Resch, Martin HPresident & CEODirectBuy804202539.5050019,7501,636,090Form
    4Resch, Martin HPresident & CEODirectBuy801202539.7550019,8751,626,570Form

    Cass Information Systems — Investor Video Playlist

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