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what it is
Cass pays and audits big corporate bills, then uses its bank to help move the money.
how it gets paid
Last year Cass Information made $108M in revenue. Transportation invoice audit and payment was the main engine at $38M, or 35% of sales.
why growth slowed
Revenue fell 1.8% last year. The cleanest number is full-year EPS of $1.39 versus $2.18 in 2023.
what just happened
FY revenue on this page stays ~$108M (segment bridge) with FY EPS ~$1.39. A raw feed that shows ~$82M “revenue” for one quarter usually maps to a different line (pass-through / processing gross) than that GAAP total—do not treat it as one quarter of the same $108M base. Quarterly EPS ~$1.99 vs FY ~$1.39 is still a period-mix warning: check the fiscal calendar.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
80/100 earnings predictability — you can trust these numbers
21.0x trailing p/e — priced about right
2.9% dividend yield — cash in your pocket every quarter
$1.39 fy2024 eps est
xvary composite: 61/100 — average
What they do
Cass pays and audits big corporate bills, then uses its bank to help move the money.
Cass handles more than $90 billion of client money each year while reporting just $108 million of annual revenue. That mismatch is the moat. If your freight, utility, and telecom bills already run through one system, switching means new workflows, new errors, and real payment risk. Cass also has a bank with $2.4 billion of assets behind the platform, so clients get processing and funding in one place.
How they make money
$108M
annual revenue · their business grew -1.8% last year
Transportation invoice audit and payment
$38M
Energy invoice processing
$24M
Telecom expense management
$18M
Payment processing and information services
$16M
Commercial banking services
$12M
The products that matter
audits and pays freight bills
freight audit & payment
$38M · 35% (filing bridge)
this is the largest segment row on the bridge—not the whole $108M company. total revenue still slipped 1.8% last year with this line leading the mix.
core business
moves the money behind invoices
Cass Commercial Bank
$35.1M net income context
the banking arm matters because the payment flow sits inside a company that earned $35.1M in 2025, so operating discipline and payment reliability show up directly in earnings.
plumbing, not hype
Key numbers
$90B+
client flows
Cass processes more than $90 billion a year for clients. Plain English: customers trust it with money movement at a scale far above its $573M market value.
2.9%
dividend yield
You get a 2.9% cash payout while you wait, but income does not fix the fact that full-year EPS fell 36.2% to $1.39.
21.0x
trailing p/e
The stock trades at 21 times trailing earnings. Plain English: you are paying a market-style multiple for a business with falling annual EPS.
80
price stability
Price stability of 80 out of 100 says the stock usually moves less wildly than its earnings history would suggest.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CASS right now.
source: institutional data · return history unavailable
What just happened
beat estimates
One feed shows ~$82M on a quarterly revenue field and EPS near $1.99—but ~$82M cannot be one quarter of the same GAAP net revenue as the ~$108M FY total above. Treat the big quarterly number as a different line (pass-through / gross) or bad mapping.
EDGAR-linked screens still show huge vs. prior year swings on whatever row maps to that field. Consensus also conflicts across sources (e.g. last earnings near $0.68 with thin estimate coverage). Anchor the story on FY EPS ~$1.39 vs ~$2.18 and the ~$108M segment bridge.
~$82M
feed rev line
~$1.99
eps (q · noisy)
noisy
vs. prior year on same field
the number that mattered
The cleanest number is full-year EPS of $1.39 versus $2.18 in 2023, because it tells you the business had one strong quarter inside a weaker year.
source: company earnings report, 2026
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What could go wrong
the #1 risk here is freight payment volume staying soft. cass proved it can defend profit. it still has to prove it can grow without another round of cost help.
med
revenue stagnation
revenue was $108M and fell 1.8% last year. if transaction volume does not recover, the market will stop treating profit gains from expense control as a growth story.
this risk touches the whole revenue base, not a side business.
med
margin giveback
$35.1M of net income and a 15% net margin set a higher bar. if expenses drift back up, the recent 62% earnings jump can unwind faster than the headline suggests.
at 21.0x trailing earnings, a weaker margin profile would pressure both profit and the multiple investors are willing to pay.
low
cyclical shipping exposure
cass serves freight-heavy customers in manufacturing, distribution, and retail. when those customers ship less, cass processes less.
this is a transaction-linked model, so weaker shipping activity can hit both revenue and sentiment at the same time.
$108M of revenue, $35.1M of net income (~33% net margin), and a 21.0x trailing p/e leave less room for error than the profit headline implies. if volume stays soft and that margin slips, the profit story gets thinner fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
whether revenue turns positive again
sales fell 1.8% last year. if that stays negative, this remains a cost-control story wearing a growth headline.
calendar
q1 2026 earnings on april 23, 2026
you want two things from that report: margin staying firm and some sign that transaction volume is no longer slipping.
trend
whether ~33% net margin sticks
that margin is implied by $35.1M net income on $108M revenue—high for this model. if it fades while revenue stays soft, the profit line starts to look temporary.
risk
caspian tariff solution adoption
the feb. 26, 2026 partnership matters only if it adds clients or payment volume. on a $108M business, you do not need huge wins. you do need real ones.
Analyst rankings
earnings predictability
80 / 100
in human-speak, this business usually delivers numbers close to what you expected, even when the growth is dull.
risk rank
3
that puts cass in the middle of the safety pack — not fragile enough to scare you, not strong enough to ignore the weak spots.
source: institutional data
Institutional activity
institutional ownership data for CASS is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$41
current price
n/a
target midpoint · n/a from current
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