olivLaw · US equity research
Cass Information Systems, Inc. CASS
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Cass Information Systems processes payments and information for large manufacturing, distribution and retail companies across the United States, and its own bank supports those payment operations. In the third quarter of 2026 the net interest margin rose to 4.02%, while transportation dollar volumes grew 14.5%, which is lifting revenues.
At the close of 04 Nov 2026, Cass Information Systems, Inc. (CASS) stock was 55.03 USD (+2.31% on the day), with market capitalisation 704.7 m USD, P/E 19.8 on diluted EPS of 2.78 USD over the last 12 months, dividend yield 2.31%, beta 0.55, 52-week range 39.55–58.54 USD. Latest reported quarter (Q2 2026): revenue of 49.9 m USD (+12.5% YoY), net income of 10.6 m USD (+19.6% YoY), diluted EPS 0.81 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.4
- neutral
- Bollinger (20, 2)
- 52.35 – 56.31
- in the upper half of the band · %B 0.68 · band width 7.3%
- SMA 50 / 200
- 54.76 / 50.00
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- -0.12 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.6% | −2.0% | +3.6 pp | — |
| 3 months | −3.8% | −2.2% | −1.7 pp | — |
| 6 months | +16.9% | +4.3% | +12.6 pp | — |
| Year to date | +32.5% | +10.6% | +22.0 pp | — |
| 1 year | +40.6% | +10.5% | +30.1 pp | −7.1% |
| 3 years | +39.2% | +73.7% | −34.4 pp | −5.2% |
| 5 years | +19.9% | +61.7% | −41.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 46.5 m | 45.6 m | 46.4 m | 44.4 m | 50.1 m | 49.9 m | 49.1 m | 49.9 m |
| Interest expense | 5.2 m | 4.6 m | 4.1 m | 4.2 m ≈ | 4.2 m ≈ | — | 3.9 m | 4.1 m ≈ |
| Pre-tax income | 3.8 m | 5.2 m | 10.9 m | 6.3 m | 11.6 m | 10.0 m | 10.9 m | 13.2 m |
| Income tax | 736.0 k | 1.1 m | 2.3 m | 1.1 m | 2.4 m | 1.8 m | 2.1 m | 2.6 m |
| Net income | 2.9 m | 4.6 m | 9.0 m | 8.9 m | 9.1 m | 8.2 m | 8.8 m | 10.6 m |
| Diluted EPS | 0.21 | 0.33 ≈ | 0.66 | 0.66 | 0.68 | 0.62 ≈ | 0.67 | 0.81 |
| Operating cash flow | -198.0 k ≈ | 18.6 m | 21.6 m | -1.3 m ≈ | 12.3 m ≈ | 4.8 m | 14.5 m | 16.9 m ≈ |
| Capex | 2.0 m ≈ | 191.0 k | 2.6 m | 1.3 m ≈ | 1.0 m ≈ | 717.0 k | 1.9 m | 3.1 m ≈ |
| Dividends paid | 4.1 m ≈ | 4.2 m | 4.2 m | 4.1 m ≈ | 4.1 m ≈ | 4.1 m | 4.1 m | 4.1 m ≈ |
| Share repurchases | 2.7 m ≈ | 3.5 m | 5.1 m | 5.9 m ≈ | 6.7 m ≈ | 8.3 m | 2.9 m | 3.1 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 39-quarter history (min 14.4, median 22.5, max 30.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 148.3 m | 157.2 m | 145.0 m | 154.1 m | 182.5 m | 177.0 m | 181.2 m | 190.8 m |
| Revenue YoY | +9.6% | +6.0% | −7.8% | +6.3% | +18.4% | −3.0% | +2.4% | +5.3% |
| Net income | 30.3 m | 30.4 m | 25.2 m | 28.6 m | 34.9 m | 30.1 m | 19.2 m | 35.1 m |
| Net income YoY | +21.0% | +0.4% | −17.2% | +13.6% | +22.0% | −13.9% | −36.2% | +83.2% |
| Diluted EPS | 2.03 | 2.07 | 1.73 | 2.00 | 2.53 | 2.18 | 1.39 | 2.61 |
| Diluted EPS YoY | +20.8% | +2.0% | −16.4% | +15.6% | +26.5% | −13.8% | −36.2% | +87.8% |
| net % | 20.4% | 19.3% | 17.4% | 18.6% | 19.1% | 17.0% | 10.6% | 18.4% |
| Free cash flow | 43.9 m | 39.4 m | 45.8 m | 30.2 m | 45.7 m | 25.0 m | 30.4 m | 31.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 392.3 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 243.0 m USD
- Total assets
- 2.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 14.9%
- ROA
- 1.4%
- FCF margin
- 16.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 145.0 m | 154.1 m | 182.5 m | 177.0 m | 181.2 m | 190.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 5.3 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| Interest expense | 2.4 m | 1.2 m | 3.5 m | 16.3 m | 20.3 m | — | SEC (XBRL)· 05 Mar 2025verified |
| Pre-tax income | 30.3 m | 33.8 m | 42.9 m | 34.5 m | 23.4 m | 38.8 m | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 5.2 m | 5.2 m | 8.0 m | 6.6 m | 4.9 m | 7.6 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | 25.2 m | 28.6 m | 34.9 m | 30.1 m | 19.2 m | 35.1 m | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | 1.73 | 2.00 | 2.53 | 2.18 | 1.39 | 2.61 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 14.6 m | 14.3 m | 13.8 m | 13.8 m | 13.8 m | 13.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 1.08 | 1.09 | 1.13 | 1.17 | 1.21 | 1.25 | SEC (XBRL)· 06 Mar 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 670.5 m | 514.9 m | 200.9 m | 372.5 m | 349.7 m | 392.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 18.1 m | 18.1 m | 20.0 m | 30.1 m | 30.6 m | 29.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Goodwill | 14.3 m | 14.3 m | 17.3 m | 12.3 m | 16.3 m | 16.2 m | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 3.4 m | 2.6 m | 4.1 m | 3.3 m | 4.9 m | 3.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 2.2 bn | 2.6 bn | 2.6 bn | 2.5 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 1.9 bn | 2.3 bn | 2.4 bn | 2.2 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 261.2 m † | 245.8 m † | 206.3 m † | 229.8 m † | 229.0 m † | 243.0 m † | SEC (XBRL)· 06 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 47.8 m | 34.5 m | 51.6 m | 36.9 m | 38.9 m | 37.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Capex | 2.0 m | 4.4 m | 5.9 m | 11.9 m | 8.5 m | 5.7 m | SEC (XBRL)· 06 Mar 2026verified |
| Free cash flow | 45.8 m ≈ | 30.2 m ≈ | 45.7 m ≈ | 25.0 m ≈ | 30.4 m ≈ | 31.8 m ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Investing cash flow | -43.9 m | -528.5 m | -306.4 m | 284.7 m | 4.0 m | -145.3 m | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | 462.7 m | 338.4 m | -59.2 m | -150.1 m | -65.6 m | 150.4 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividends paid | 15.6 m | 15.4 m | 15.4 m | 16.0 m | 16.5 m | 16.5 m | SEC (XBRL)· 06 Mar 2026verified |
| Share repurchases | 6.8 m | 31.0 m | 5.3 m | 5.8 m | 7.2 m | 26.0 m | SEC (XBRL)· 06 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 704.7 m USD
Key indicators
Coverage and freshness
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 16.43 – 97.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E48.58 – 97.69 (Mid 63.40)20 companies used · median multiple 22.8x · quartiles 17.5x – 35.2xACN, BR, CBZ, CPAY, EBAY, FICO, FIS, FISV, GRAB, HQY, MA, MELI, MSCI, PAYS, PYPL, RBA, RSSS, TNET, UBER, WEX
- Dividend discount (DDM)16.43 – 22.09 (Mid 18.84)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 18.5% | 85 (vs peers) | 11% |
| FCF conversion · Quality | 114.1% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 1.5% | 12 (on a fixed band) | 14% |
| EPS CAGR 3Y · Growth | 1.0% | 7 (on a fixed band) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 19.8x | 73 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.9% | 74 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 5.3% | 76 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 39.2% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth10/100 · 2/2 factors with a value
- Quality92/100 · 2/3 factors with a value
- Returns86/100 · 2/2 factors with a value
- Valuation74/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CASS INFORMATION SYSTEMS, INC. (CASS). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 190.8 m USD in 2025; YoY growth 5.3%; net margin 18.5%; ROE 15.1%.
The estimated value range is 32.50–59.89 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 41.12 USD, the price of 55.03 USD leaves a potential of -25.3% (value / price − 1) and a margin of safety of -33.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 18.5%
- FCF conversion: 114.1%
- P/E (TTM): 19.8x
- FCF yield: 5.9%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 39.2%
What contradicts it
- Revenue CAGR 3Y: 1.5%
- EPS CAGR 3Y: 1.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA.
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BABAAlibaba Group Holding Ltd | 195.6 bn | 131.6 | 10.3% | 10.1% | +8.1% | −33% / +41% |
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| HQYHealthequity, Inc. | 9.0 bn | 39.4 | 11.4% | 17.4% | +9.5% | +3% / +62% |
| WEXWEX Inc. | 5.9 bn | 15.5 | 35.6% | 14.0% | +1.2% | +21% / +2% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| XMTRXometry, Inc. | 5.2 bn | — | -3.9% | -2.0% | +25.9% | +94% / +364% |
| TNETTrinet Group, Inc. | 3.1 bn | 18.1 | 141.6% | 3.6% | −0.9% | +14% / −42% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | −0% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| AHGAkso Health Group | 2.2 bn | 133.0 | -9.8% | -135.0% | −6.4% | −11% / +56% |
| PAYSPaysign, Inc. | 863.9 m | 58.4 | 30.8% | 15.7% | +40.5% | +194% / +551% |
| PHRPhreesia, Inc. | 818.1 m | 77.1 | 3.1% | 2.1% | +14.5% | −36% / −14% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +41% / +39% |
1- and 3-year price returns: for CASS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.55 Total return -39% · Per year -39% | 57.63 Total return 7% · Per year 7% | 86.92 Total return 61% · Per year 61% |
| 3 years | 29.71 Total return -41% · Per year -16% | 59.36 Total return 15% · Per year 5% | 98.57 Total return 88% · Per year 24% |
| 5 years | 27.11 Total return -42% · Per year -10% | 61.14 Total return 24% · Per year 4% | 111.78 Total return 120% · Per year 17% |
- Exit P/E± 14.84
- Net margin± 10.39
- Annual revenue growth± 8.78
- Annual dilution± 0.87
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cass Information Systems processes payments and information for large manufacturing, distribution and retail companies across the United States, and its own bank supports those payment operations. In the third quarter of 2026 the net interest margin rose to 4.02% 3, while transportation dollar volumes grew 14.5% 3, which is lifting revenues.
SWOT
Strengths
- The company owns a commercial bank, which lets it manage fund flows and differentiates it from competitors 1. It holds a high level of capital and reported exceptional credit quality in 2025 1.
- Cass is not dependent on any one customer or group of customers for a significant portion of its business 1. This diversification reduces commercial concentration risk 1.
- The net interest margin rose in 2025 and continued to rise in 2026, supporting company revenue 13.
Weaknesses
- Transportation processing fees have fallen as invoice volumes decline, and consolidation of smaller carriers pressures fees 2.
- The company has lending concentrations in faith-based ministries, franchise restaurants and privately held businesses near St. Louis, which creates concentration risk 1.
- The value of fixed income securities fell as rates rose, and unrealized losses grew significantly in the third quarter of 2026 3.
Opportunities
- New CassPay and facilities clients could support deposit and fee growth if onboarding goes well 3.
- Technology and AI-enabled systems could reduce costs and improve client experience if deployed successfully 13.
- Rising average dollars per invoice in transportation and energy could increase the volume of funds processed and interest income 23.
Threats
- Lower interest rates could reduce net interest income, which is a significant part of the bank's revenue 1.
- A weaker economy or deterioration in credit quality could generate losses and the need for additional loss provisions 1.
- Risks from artificial intelligence, cyber security and trade policy, including tariffs, could affect results if they materialize 1.
Risks
- Interest rate exposurehigh
Interest income depends on rate levels, so a fall in rates would reduce net interest income, while rising rates could hit the value of the securities portfolio 13.
- Credit qualitymedium
The loan book is concentrated in a few segments and geographies, and an economic slowdown could increase losses and provisions 1.
- Artificial intelligence riskmedium
Use of artificial intelligence can produce errors, reputational harm or legal action if models are deficient or controversial 1.
- Trade policy and tariffsmedium
Changes in trade policy and tariffs can shift transportation volumes and affect clients and financial markets 12.
- Higher operating costslow
The company expects operating expense growth in the fourth quarter of 2026 and in 2027, linked to client onboarding and technology projects 3.
Investment thesis
What would need to be true (bull case)
- Rising transportation tariffs and dollar volumes could support interest income and financial fees over the medium term 23.
- Profitability improved in 2026 and management announced a dividend increase, reflecting confidence in earnings growth 3.
- New CassPay and facilities clients could drive non-interest bearing deposit and fee growth if integration succeeds 3.
What would break the thesis
- Falling transportation invoice volumes could keep pressuring processing fees, and loan concentration could generate losses 12.
- Unrealized losses on securities could weigh on tangible common equity and limit the company's ability to repurchase shares 3.
- Higher operating expenses in 2027 could reduce profitability if revenue does not grow at the same pace 3.
What to watch
- Evolution of net interest margin and net interest incomeQ4 2026
- Transportation invoice dollar volume and contract freight rate levelsQ4 2026
- Integration of new CassPay and facilities clients2027
- Credit quality trends and loss provisionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cass provides payment and information processing services to large companies, including freight invoice rating, payment processing, auditing, and generation of accounting and transportation information 1. The company also processes and pays facility-related invoices such as electricity, gas, waste and telecommunications 1. Its commercial bank supports payment operations and serves privately held businesses, restaurant franchises and faith-based ministries 1.
The revenue model combines service fees, transactional payment fees and interest income on balances held during the payment cycle 1. Interest income depends on rate levels and how long Cass holds funds, so transaction count and dollar volume are key metrics for management 1. The bank earns most of its revenue from net interest income 2.
In April 2025 Cass agreed to sell its telecom expense management business unit to Asignet USA Inc., and the sale closed on June 30, 2025 1. Results reported in 2026 are presented on a continuing operations basis, and the company also agreed a transition services arrangement with the buyer 12.
Segments
Facilities expense management
The Facilities Expense Management unit processes invoices for electricity, gas, waste and telecommunications and is considered one of the largest providers of utility information processing and payment services 1. In the third quarter of 2026 facility dollar volume grew 5.5%, and higher electricity and gas prices lifted the average dollars per invoice 3.
Market context
The market for transportation and utility bill processing in the United States is fragmented, with a few primary competitors and numerous small transportation audit firms 1. Cass states it is one of the largest firms in this segment, and competition centers mainly on price, functionality and service levels 1.
The bank's main competitors are large bank holding companies with extensive branch networks, while in corporate payments Cass competes with providers of payment solutions 1. Company revenue is shaped by the general level of interest rates and the volume of invoices processed, which vary from quarter to quarter 2.
Competitive position
Competition in transportation invoice processing comes from a few primary competitors and numerous small firms, few of which compete nationally 1. In corporate payments Cass competes with payment solution providers, and in banking with large banks that offer extensive branch networks 1.
In utility services competitors are companies that pay bills and provide management reporting across the country, and Cass differentiates itself by not being exclusively affiliated with any one energy service provider 1. Its differentiation also rests on technology and the processing controls of its bank 2.
- Transportation audit firms
Numerous small transportation audit firms in the United States, few of which operate nationally, compete on price and service levels 1.
- Corporate payment solution providers
Providers of corporate payment solutions compete with the company's CassPay platform 1.
- Large bank holding companies
Large banks with extensive branch networks are the main competitors of the company's bank in the St. Louis area and other cities 1.
- Utility bill payment companies
Other companies across the United States that pay utility bills and provide management reporting compete in the facilities segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report22 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report08 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report23 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report23 Apr 2026Results of operations · Departure or appointment of officers · Shareholder vote · Other events · Financial statements and exhibits
- Current report30 Mar 2026Departure or appointment of officers · Financial statements and exhibits
- Proxy statement06 Mar 2026
- Annual report06 Mar 2026
- Current report22 Jan 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Cass Information Systems, Inc. · 06 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Cass Information Systems, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cass Information Systems, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.