Cass Information Systems Inc. (CASS) intrinsic value & 10-year financials
Cass Information Systems Inc. (CASS) has a Graham intrinsic value of $28.96 per share. At $54.68 on Oct 17, 2026, the stock trades 89% above that value. Over the last 10 fiscal years revenue shrank 1.7% a year to $108.0M, with an average return on invested capital of 19.6%.
- Graham intrinsic value
- $28.96
- Share price (Oct 17, 2026)
- $54.68
- Price vs Graham value
- 89% above
- Market cap
- $736.2M
- Revenue (FY2025)
- $108.0M
- Revenue growth (10-yr CAGR)
- -1.7%
- ROIC (10-yr avg)
- 19.6%
- Free cash flow (FY2025)
- $31.8M
CASS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $108.0M | $35.1M | $2.61 | $31.8M | — | 14.9% |
| FY2024 | $127.3M | $19.2M | $1.39 | $29.6M | — | 8.4% |
| FY2023 | $126.6M | $30.1M | $2.18 | $22.6M | — | 13.8% |
| FY2022 | $121.7M | $34.9M | $2.53 | $45.7M | — | 15.4% |
| FY2021 | $108.7M | $28.6M | $2.00 | $30.2M | — | 11.3% |
| FY2020 | $98.9M | $25.2M | $1.73 | $45.8M | — | 43.2% |
| FY2019 | $109.3M | $30.4M | $2.07 | $39.4M | — | 52.2% |
| FY2018 | $148.3M | $30.3M | $2.03 | $43.9M | — | 13.3% |
| FY2017 | $135.3M | $25.0M | $2.01 | $34.8M | — | 11.6% |
| FY2016 | $125.5M | $24.3M | $2.15 | $30.5M | — | 11.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CASS INFORMATION SYSTEMS INC is facing top-line stagnation, with revenue contracting over the decade.
CASS INFORMATION SYSTEMS INC has earned high returns on invested capital, averaging 47.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
CASS INFORMATION SYSTEMS INC has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CASS INFORMATION SYSTEMS INC is modeled at 2.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.96 per share.