Cass Information Systems, Inc. Financial Ratios — CASS Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	22.17	28.73	31.58	26.93	22.32	20.78	26.31	40.69	33.59	24.57	25.23	26.91	20.52	12.38	21.21
Return on Assets (%)	1.84	1.79	1.8	1.7	1.56	1.64	1.58	1.81	1.76	1.27	1.2	1.36	1.19	0.79	1.4
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.27	6.22	6.54	7.16	7.56	7.81	8.67	7.84	3.15	3.81	3.53	2.67	2.77	3.31	3.97
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	29.71	28.05	27.37	27.81	26.5	26.56	26.67	25.35	24.66	21.68	23.07	24.38	20.52	13.56	21.35
Profit Margin (%)	21.69	20.96	20.93	21.02	19.69	20.17	19.11	21.11	20.01	17.99	19.51	19.84	17.9	11.09	19.34
Net Income to Common Margin (%)	21.69	20.96	20.93	21.02	19.69	20.17	19.11	21.11	20.01	17.99	19.51	19.84	17.9	11.09	19.34
Effective Tax Rate (%)	26.97	25.29	23.54	24.41	25.71	24.06	28.32	16.72	18.85	17.02	15.43	18.64	19.07	20.84	19.73
Dvd Payout Ratio (%)	27.29	31.59	36.22	38.85	42.06	40.98	42.68	43.53	50.11	61.96	54	44.24	57.22	88.71	53.07
Sustainable Growth Rate (%)	16.12	19.66	20.14	16.47	12.93	12.27	15.08	22.98	16.76	9.35	11.6	15	8.78	1.4	9.96

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	18	- -	- -	- -	- -	- -	- -
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	18	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	3.76	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-30.06	-18.41	-23.36	-25.95	-20.93	-15.77	-14.94	-17.29	-36.01	-125.8	-99.56	-42.74	-80.17	-61.09	-54.47
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.22	5.2	6.18	6.44	7.55	8.26	3.97	4.89	5.56	4.85	4.7	5.42	6.19	6.52	6.71
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	7.37	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.5	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.02	- -	- -	- -	- -	- -	- -
Net Debt to Equity	-84.79	-73.19	-90.11	-105.91	-89.41	-71.46	-75.29	-84.54	-70.64	-256.75	-209.49	-97.39	-162.08	-152.7	-161.43
Net Debt/Capital (%)	333.39	210.73	191.32	183.51	245.72	610.86	163.53	174.44	231.84	118.95	130.38	326.7	170.13	180.75	180.42
EBITDA	5	7	7	8	9	9	11	11	5	5	5	5	5	6	7
EBITDA-CapEx	3	4	2	2	3	5	7	7	2	3	1	-1	-7	-3	2
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.22	5.2	6.18	6.44	7.55	8.26	3.97	4.89	5.56	4.85	4.7	5.42	6.19	6.52	6.71
Long-Term Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	7.37	- -	- -	- -	- -	- -	- -
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.5	- -	- -	- -	- -	- -	- -
Total Debt/Total Assets (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.02	- -	- -	- -	- -	- -	- -
CFO/Total Liabilities	2.21	3.17	2.54	2.68	2.68	2.71	2.72	3.3	2.77	2.46	1.5	2.18	1.64	1.8	1.58
CFO/CapEx	13.32	11.4	5.95	5.54	5.83	7.51	9.42	10.99	15.47	23.88	7.91	8.8	3.09	4.58	6.61
Altman's Z-Score	0.37	0.41	0.57	0.44	0.46	0.57	0.43	0.47	0.49	0.3	0.26	0.3	0.31	0.31	0.3

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	58.74	3.49	1.63	2.08	2.9
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	6.21	104.52	224.32	175.83	125.98
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	375	480	772	612	584	820	714	778	832	560	554	621	610	552	547
- Cash & Cash Equivalents	136	127	172	212	185	149	169	194	190	671	515	201	372	350	392
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	- -	- -	- -	- -	- -	18	- -	- -	- -	- -	- -	- -
Enterprise Value	-71	10	283	44	23	281	74	142	237	-468	-634	-334	-390	-325	148
Total Capital	95	67	82	97	110	124	66	83	116	107	120	139	154	156	175
Total Debt/Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	15.5	- -	- -	- -	- -	- -	- -
Total Debt / EV	- -	- -	- -	- -	- -	- -	- -	- -	0.08	- -	- -	- -	- -	- -	- -
EV/Sales	- -	0.09	2.52	0.38	0.2	2.33	0.56	0.99	1.56	- -	- -	- -	- -	- -	0.82
EV/EBITDA	- -	1.51	38.46	5.37	2.63	29.8	6.51	12.61	49.44	- -	- -	- -	- -	- -	20.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	0.29	9.78	1.26	0.69	7.99	1.9	2.93	5.62	- -	- -	- -	- -	- -	3.96
EV/Free Cash Flow to Firm	- -	0.27	8.37	1.07	0.59	7.05	1.72	2.69	5.28	- -	- -	- -	- -	- -	3.44
Diluted Market Cap	379	487	783	621	593	832	724	789	848	566	562	633	622	564	559
Diluted Enterprise Value	243	359	612	409	408	683	555	595	676	-104	47	432	250	214	167
EV per Share	- -	0.69	18.68	2.89	1.55	19.09	5.01	9.64	16.44	- -	- -	- -	- -	- -	11.25
TTM Sales	106	111	112	114	117	121	131	143	152	140	147	176	168	173	182
TTM EBITDA	5	7	7	8	9	9	11	11	5	5	5	5	5	6	7
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	26	35	29	35	33	35	39	48	42	48	35	52	37	39	37
TTM Free Cash Flow to Firm	28	38	34	41	39	40	43	53	45	50	39	57	49	47	43

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	13.74	12.67	23.22	15.1	15.12	20.86	16.84	14.96	18.91	11.37	14.45	11.01	12.73	11.88	12.97
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-71	10	283	44	23	281	74	142	237	-468	-634	-334	-390	-325	148
Low Price	18.63	23.42	28.8	29.55	32.58	34.13	44.36	45.31	44.35	28.85	37.95	31.85	35.05	37.99	36.07
EV/Sales	- -	0.09	2.52	0.38	0.2	2.33	0.56	0.99	1.56	- -	- -	- -	- -	- -	0.82
EV/EBITDA	- -	1.51	38.46	5.37	2.63	29.8	6.51	12.61	49.44	- -	- -	- -	- -	- -	20.59
Price/Earnings	16.32	20.59	32.85	25.48	25.35	33.69	28.54	25.69	27.36	22.23	19.37	17.79	20.28	28.82	15.59
Price/Earnings Average	15.2	17.96	24.28	23.91	25.39	24.94	28.91	25.92	24.31	23.65	21.34	14.91	18.65	30.48	15.72
Price/Earnings High	17.07	21.35	33.57	32.2	29.11	34.27	33.28	30.13	28.9	33.16	23.92	17.87	23.17	35.4	17.64
Price/Earnings Low	12.13	15.08	18.54	18.66	21.19	20.63	26.09	22	21.02	16.49	18.69	12.37	15.78	26.76	13.54
Price/Book Value	3.94	7.17	9.42	6.34	5.31	6.6	10.84	9.38	8.48	5.24	4.62	4.45	3.97	3.54	3.13
Price/Book Value Average	3.67	6.25	6.96	5.95	5.32	4.88	10.98	9.46	7.53	5.58	5.09	3.73	3.65	3.74	3.16
Price/Book Value High	4.12	7.43	9.63	8.01	6.1	6.71	12.64	11	8.96	7.82	5.7	4.47	4.54	4.34	3.54
Price/Book Value Low	2.93	5.25	5.32	4.64	4.44	4.04	9.91	8.03	6.51	3.89	4.46	3.1	3.09	3.28	2.72
Price/Tangible Book Value	2.46	3.02	4.4	3.29	3.02	4.22	3.39	3.6	3.69	2.3	2.42	3.36	2.91	2.66	2.45
Price/Tangible Book Value Average	2.29	2.64	3.25	3.09	3.03	3.12	3.44	3.64	3.28	2.45	2.67	2.81	2.68	2.81	2.47
Price/Tangible Book Value High	2.57	3.13	4.49	4.16	3.47	4.29	3.95	4.23	3.89	3.43	2.99	3.37	3.33	3.27	2.78
Price/Tangible Book Value Low	1.83	2.21	2.48	2.41	2.53	2.58	3.1	3.09	2.83	1.7	2.34	2.33	2.27	2.47	2.13
Price/Sales	3.54	4.31	6.88	5.36	4.99	6.79	5.45	5.42	5.48	4	3.78	3.53	3.63	3.2	3.01
Price/Sales Average	3.3	3.76	5.08	5.03	5	5.03	5.53	5.47	4.86	4.26	4.16	2.96	3.34	3.38	3.04
Price/Sales High	3.7	4.47	7.03	6.77	5.73	6.91	6.36	6.36	5.78	5.97	4.67	3.54	4.15	3.92	3.41
Price/Sales Low	2.63	3.16	3.88	3.92	4.17	4.16	4.99	4.64	4.21	2.97	3.65	2.45	2.82	2.97	2.62
Price/Cash Flow	14.64	13.58	26.72	17.57	17.45	23.31	18.35	16.09	19.75	11.72	16.04	12.03	16.5	14.18	14.62
Price/Cash Flow Average	13.64	11.85	19.75	16.49	17.48	17.26	18.6	16.23	17.54	12.46	17.67	10.08	15.17	15	14.75
Price/Cash Flow High	15.32	14.08	27.3	22.21	20.04	23.71	21.4	18.87	20.86	17.47	19.8	12.09	18.86	17.42	16.55
Price/Cash Flow Low	10.88	9.95	15.08	12.87	14.58	14.28	16.78	13.77	15.17	8.69	15.48	8.36	12.84	13.17	12.7
Price/Free Cash Flow Average	12.8	11.05	17.16	14.17	15.14	15.44	17.06	15.1	16.8	12.1	15.92	9.22	11.71	12.56	13.08
Price/Free Cash Flow High	14.38	13.14	23.72	19.09	17.36	21.22	19.64	17.55	19.97	16.96	17.84	11.06	14.55	14.59	14.68
Price/Free Cash Flow Low	10.22	9.28	13.11	11.06	12.63	12.78	15.4	12.81	14.52	8.43	13.95	7.65	9.91	11.03	11.27
EV/Sales Average	2.01	2.62	3.55	3.17	3.42	3.8	4.23	4.12	3.73	- -	0.65	1.81	1.12	1.36	0.88
EV/Sales High	2.42	3.33	5.5	4.91	4.15	5.68	5.07	5.01	4.65	1.17	1.15	2.4	1.93	1.9	1.25
EV/Sales Low	1.35	2.02	2.35	2.07	2.59	2.93	3.69	3.29	3.07	- -	0.14	1.31	0.61	0.94	0.46
EV/EBITDA Average	47.19	42.1	54.3	44.3	45.15	48.64	48.82	52.52	118.29	-14.07	18.48	67.92	40.48	40.96	22.2
EV/EBITDA High	56.69	53.51	84.01	68.64	54.83	72.72	58.45	63.86	147.4	30.83	32.71	89.93	69.75	57.42	31.56
EV/EBITDA Low	31.58	32.4	35.96	28.88	34.2	37.51	42.61	41.95	97.4	-47.93	3.83	49.08	21.9	28.51	11.55
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	25.06	31.97	51.02	40.34	38.98	55.73	48.51	52.92	57.74	38.91	39.32	45.82	45.05	40.91	41.52
High Price	26.22	33.15	52.13	50.98	44.77	56.69	56.57	62.07	60.97	58.03	48.55	46.02	51.48	50.25	47
Enterprise Value Average	214	291	399	362	400	459	554	590	567	-75	96	319	188	234	160
Enterprise Value High	257	370	617	562	486	686	663	718	706	164	169	423	324	329	227
Enterprise Value Low	143	224	264	236	303	354	483	471	467	-255	20	231	102	163	83

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	15	15	15	15	15	15	15	15	15	14	14	14	14	14	13
Diluted Weighted Avg Shares	15	15	15	15	15	15	15	15	15	15	14	14	14	14	13
Basic Weighted Avg Shares	15	15	15	15	15	15	15	15	14	14	14	14	14	14	13
Revenue per Share	7.08	7.41	7.42	7.53	7.81	8.2	8.89	9.76	10.55	9.73	10.4	12.98	12.41	12.8	13.77
EBITDA per Share	0.3	0.46	0.49	0.54	0.59	0.64	0.77	0.76	0.33	0.37	0.37	0.35	0.34	0.42	0.55
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	1.54	1.55	1.55	1.58	1.54	1.65	1.7	2.06	2.11	1.75	2.03	2.58	2.22	1.42	2.66
Basic EPS from Cont Ops	1.54	1.55	1.55	1.58	1.54	1.65	1.7	2.06	2.11	1.75	2.03	2.58	2.06	1.37	2.36
Diluted EPS, GAAP	1.52	1.53	1.53	1.56	1.52	1.63	1.68	2.03	2.07	1.73	2	2.53	2.18	1.39	2.61
Diluted EPS from Cont Ops	1.52	1.53	1.53	1.56	1.52	1.63	1.68	2.03	2.07	1.73	2	2.53	2.02	1.35	2.31
Dividend per Share	0.42	0.49	0.56	0.62	0.65	0.68	0.73	0.9	1.06	1.08	1.1	1.14	1.18	1.22	1.25
Cash Flow per Share	1.71	2.35	1.91	2.3	2.23	2.39	2.64	3.29	2.92	3.32	2.45	3.81	2.73	2.88	2.84
Free Cash Flow per Basic Share	1.58	2.15	1.59	1.88	1.85	2.07	2.36	2.99	2.73	3.18	2.14	3.38	1.85	2.25	2.41
Cash & Equivalents per Share	29.82	31.28	32.34	37.45	37.43	36.64	43.5	43.28	42.55	71.47	84.34	70.49	73.88	65.01	30.27
Book Value per Share	6.36	4.46	5.41	6.36	7.33	8.45	4.47	5.64	6.81	7.42	8.51	10.29	11.35	11.57	13.26
Tangible Book Value per Share	10.21	10.57	11.61	12.26	12.9	13.21	14.31	14.68	15.66	16.92	16.25	13.64	15.46	15.39	16.93

Cass Information Systems, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)