MeritValue

PATHWARD FINANCIAL, INC.

CASHdata completeness 100%17 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$549.9M1$601.1M2$727.7M3$797.4M4$839.9M4
Net income$141.7M5$151.1M6$143.3M7$183.2M7$185.9M7
Operating cash flow$581.6M8$290M9$327.9M10$488.8M10$450.6M10
Capital expenditure$13M11$8.18M12$8.62M13$10.1M13$11.7M13
Free cash flow (derived)$568.7M8$281.9M9$319.3M10$478.7M10$438.9M10
Total debt$92.8M14$36M15$59.9M15$787.4M16$51.5M16
Cash & equivalents$314M17$388M18$375.6M18$158.3M19$120.6M19
Diluted shares31.8M29.2M26.9M25.2M23.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.000043%
of the whole company
Your share of last year’s profit
$79.02
Your share of its debt
$21.88
Your share of free cash flow
$186.6
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$255.28
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$438.9M
DCF · Growth Exit 5Y
$276.05
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$438.9M
Earnings Power Value
$67.7
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$151.1M
  • growthAssumed0.0%
Graham Number
$80.37
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $276.05

Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0000907471-22-000156 (Revenues)
  2. 10-K · period ending 2022-09-30 · accession 0000907471-23-000138 (Revenues)
  3. 10-K/A · period ending 2023-09-30 · accession 0000907471-25-000083 (Revenues)
  4. 10-K · period ending 2024-09-30 · accession 0000907471-25-000116 (Revenues)
  5. 10-K · period ending 2021-09-30 · accession 0000907471-23-000138 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-09-30 · accession 0000907471-25-000083 (NetIncomeLoss)
  7. 10-K · period ending 2023-09-30 · accession 0000907471-25-000116 (NetIncomeLoss)
  8. 10-K · period ending 2021-09-30 · accession 0000907471-23-000138 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K/A · period ending 2022-09-30 · accession 0000907471-25-000083 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-09-30 · accession 0000907471-25-000116 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-09-30 · accession 0000907471-23-000138 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K/A · period ending 2022-09-30 · accession 0000907471-25-000083 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-09-30 · accession 0000907471-25-000116 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2021-09-30 · accession 0000907471-22-000156 (LongTermDebt)
  15. 10-K/A · period ending 2022-09-30 · accession 0000907471-25-000083 (LongTermDebt)
  16. 10-K · period ending 2024-09-30 · accession 0000907471-25-000116 (LongTermDebt)
  17. 10-K · period ending 2021-09-30 · accession 0000907471-22-000156 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K/A · period ending 2022-09-30 · accession 0000907471-25-000083 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-09-30 · accession 0000907471-25-000116 (CashAndCashEquivalentsAtCarryingValue)