CASS
Cass Information Systems, Inc.Industrials·Specialty Business Services
$46.03
$592M market cap
Revenue
$98.6M
Free Cash Flow
$16.8M
Rev Growth
+0.0%
FCF Margin
17.0%
P/FCF
35.3x
EV/FCF
29.4x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
Cass Information Systems, Inc. provides payment and information processing services to manufacturing, distribution, and retail enterprises in the United States. It operates through two segments, Information Services and Banking Services. The company's services include freight invoice rating, payment processing, auditing, and the generation of accounting and transportation information. It also processes and pays facility-related invoices, such as electricity, gas, waste, and telecommunications ex
2-Year Price History
$45.62+14.1%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 49.1 | 11.2 | 10.9 | 8.8 | 14.6 | 12.7 | -1.9 | 244.3 | 145.0 | 13.2 | 15.8% | 2.9x | -- |
| Act | 2025-Q4 | 49.5 | 10.0 | 10.0 | 8.2 | 4.9 | 4.1 | -0.7 | 392.3 | 4.5 | 13.2 | 39.2% | -- | -- |
Valuation & Metrics
Market Stats
Price$46.03
Market Cap$592M
Enterprise Value$493M
P/S Ratio6.0x
P/FCF35.3x
EV/FCF29.4x
FCF Margin (TTM)17.0%
FCF Yield2.8%
Dividend Yield (TTM)2.8%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$98.6M
Net Income$17.0M
Free Cash Flow$16.8M
Revenue Growth (YoY)+0.0%
EBITDA Margin21.5%
Net Margin17.3%
FCF Margin17.0%
CapEx % of Revenue2.6%
SBC % of Revenue2.5%
ROIC27.5%
WC Change % Rev1001.4%
Interest Coverage5.4x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.2M
Days to Cover2.7
Change (vs Prior)-14.5%
Need at least 2 settlement dates for chart
Employees
Headcount1,008
Revenue / Employee$97,818
Gross Profit / Employee$97,818
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
39.5%(+3.5% YoY)
145 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
20.0%(-1.9% YoY)
9 filers
Vanguard, iShares, SPDR
Market makers
0.3%(-0.0% YoY)
4 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $39.8M | $39.73 | −$1.8M | −$7.0M | -0.2% | $5.69T |
| Focus Partners Wealth | $30.2M | $39.73 | −$3.4M | −$3.4M | -0.7% | $89.03B |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $24.2M | $44.02 | +$24.2M | +$24.2M | — | $4.04T |
| BROWN ADVISORY INC | $23.0M | $41.21 | −$805K | +$22.5M | -0.5% | $60.79B |
| HEARTLAND ADVISORS INC | $20.7M | $36.29 | +$241K | −$150K | -0.4% | $1.96B |
| SPEECE THORSON CAPITAL GROUP INC | $15.6M | $41.49 | −$456K | +$1.4M | -1.5% | $439M |
| DIMENSIONAL FUND ADVISORS LPPassive | $15.3M | $34.18 | −$334K | −$2.6M | -0.4% | $480.92B |
| ProShare Advisors LLC | $12.8M | $37.72 | −$1.2M | +$5.3M | -0.7% | $67.49B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $12.7M | $37.79 | −$2.0M | −$833K | +2.3% | $1.61T |
| STATE STREET CORPPassive | $12.7M | $40.41 | +$44K | −$1.9M | -0.2% | $2.89T |
| Tributary Capital Management, LLC | $11.0M | $34.49 | −$330K | −$2.6M | -1.2% | $1.03B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $7.3M | $44.02 | +$7.3M | +$7.3M | — | $1.91T |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $6.1M | $38.11 | −$256K | +$2.1M | +0.1% | $184.72B |
| Emmett Investment Management, LP | $5.7M | $40.20 | −$1.7M | +$1.5M | +2.1% | $131M |
| CRAWFORD INVESTMENT COUNSEL INC | $5.4M | $44.02 | +$1.7M | +$5.4M | -0.7% | $5.85B |
| PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. | $5.0M | $44.02 | +$5.0M | +$5.0M | -0.3% | $1.72B |
| Acumen Wealth Advisors, LLC | $4.7M | $41.22 | −$283K | +$4.7M | -0.5% | $372M |
| NORTHERN TRUST CORPPassive | $4.4M | $38.70 | +$24K | −$1.3M | -0.2% | $755.34B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $4.2M | $36.78 | −$160K | −$317K | +0.7% | $645.81B |
| CSM Advisors, LLC | $4.0M | $42.52 | −$22K | +$4.0M | +0.3% | $4.07B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.39%
avg per quarter
Holders (ex-self)
-0.40%
excl. this stock
Buyers (this Q)
-0.27%
69 buyers · $0.06B in
Sellers (this Q)
+0.06%
60 sellers · $0.01B out
alpha coverage: 90% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
+7.1%
how holders react when this stock falls
On quiet Qs
-3.5%
−10% to +10% baseline
On rallies (+10%+)
-9.2%
how they react when this stock rises
Holders' portfolio flow this Q
+3.1%
inflows — adds are organic
Sellers' portfolio flow this Q
+9.3%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.3%
Holder mid (any stock)
-0.6%
Holder rally (any stock)
-3.4%
Biggest decreases this quarter
Focus Partners Wealth−$3.4Mα-0.7GEODE CAPITAL MANAGEMENT, LLC−$2.0Mα+2.3IFG Advisory, LLCexited−$1.9MBlackRock, Inc.−$1.8Mα-0.2Emmett Investment Management, LP−$1.7Mα+2.1ProShare Advisors LLC−$1.2Mα-0.7MARSHALL WACE, LLPexited−$842KBROWN ADVISORY INC−$805Kα-0.5Point72 Asset Management, L.P.exited−$513KGOLDMAN SACHS GROUP INC−$501Kα-0.2
New buyers this quarter
Top-5 holders · 38.5%
BlackRock, Inc.--
Focus Partners Wealth--
VANGUARD CAPITAL MANAGEMENT LLC--
BROWN ADVISORY INC--
HEARTLAND ADVISORS INC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
Buckingham Asset Management, LLC—Focus Partners Wealth686KATLANTA CAPITAL MANAGEMENT CO L L C—BROWN ADVISORY INC522KHEARTLAND ADVISORS INC471KFENIMORE ASSET MANAGEMENT INC—ProShare Advisors LLC290KSPEECE THORSON CAPITAL GROUP INC354KTributary Capital Management, LLC249KROYCE & ASSOCIATES LP88K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (3 analysts)$47.33280.0%
Current Price$46.03
Analyst Ratings
2
Buy: 2Consensus: Buy
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$67K
4 txns · 2 insiders · 1,700 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-10-02 | BUY | Resch Martin H. | officer: President & CEO | 500 | $38.69 | $19K | $1.62M |
| 2025-08-01 | BUY | Normile Michael James | officer: CFO | 200 | $39.61 | $8K | $630K |
| 2025-08-01 | BUY | Resch Martin H. | officer: President & CEO | 500 | $39.50 | $20K | $1.64M |
| 2025-07-31 | BUY | Resch Martin H. | officer: President & CEO | 500 | $39.75 | $20K | $1.63M |
Order Flow (FINRA, ~3w lag)
12.8%retail+3.6pp
19.5%dark+1.0pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
CASS Information Systems: Administrative Compliance Devoid of Substantive Forensic Disclosure
Overall Risk
1/10
Fraud
1/10
Dilution
1/10
Insolvency
1/10
Earnings Overstated
1/10
Hidden Liabilities
1/10
Legal
1/10
Audit Warnings
1/10
Hidden Upside
1/10
Contextually Acceptable
10/10