CASS INFORMATION SYSTEMS INC
CASSdata completeness 88%17 fiscal years on fileCASS INFORMATION SYSTEMS INC earns about 13% on equity, comfortably above its ~9% cost of capital, and has bought back 6% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $23.14 and $61.44 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $108.7M1 | $121.7M2 | $106.1M3 | $109.9M3 | $108M3 |
| Net income | $28.6M4 | $34.9M5 | $30.1M6 | $19.2M6 | $35.1M6 |
| Operating cash flow | $34.5M7 | $51.6M8 | $36.9M9 | $38.9M9 | $37.4M9 |
| Capital expenditure | $4.37M10 | $5.87M11 | $11.9M12 | $8.51M12 | $5.66M12 |
| Free cash flow (derived) | $30.2M7 | $45.7M8 | $25M9 | $30.4M9 | $31.8M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $514.9M13 | $200.9M14 | $372.5M14 | $349.7M14 | $392.3M14 |
| Diluted shares | 14.3M | 13.8M | 13.8M | 13.8M | 13.5M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $180.49 of net worth that earned you $26.08 and generated $23.6 of cash last year.
It earned about 13% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $23.14 and $61.44 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$30.4M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$30.4M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$30.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $61.44 |
| Base | 0.0% | $61.44 |
| Bull | 5.0% | $69.26 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
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.
- 10-K · period ending 2021-12-31 · accession 0000708781-24-000023 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000708781-25-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000708781-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000708781-24-000023 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000708781-25-000018 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000708781-26-000010 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000708781-24-000023 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000708781-25-000018 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000708781-26-000010 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000708781-24-000023 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000708781-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000708781-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000708781-25-000018 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000708781-26-000010 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)