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Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026

Cass Information Systems Inc (CASS)

A forensic read on Cass Information Systems Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality, modest growth
Forensic grade
Not computable
Earnings quality
1
Forensic signals
14.9%
ROE
5.2%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Cass Information Systems Inc earns an A (High-quality, modest growth) forensic quality grade. 1 forensic signal was flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

134% of FCF
FY2025
Shareholder returns. Returned $42M to shareholders (buybacks + dividends) in FY2025 — 134% of free cash flow. That is $11M (34%) more than free cash flow covered, and more than operating cash flow as well. Over FY2025 cash and short-term investments rose $43M, so that line did not fund the gap. The FY2025 cash-flow statement filed $130M from sales and maturities of investments against $435M of investments purchased; net cash used in investing activities of $145M; net cash provided by financing activities of $150M. A payout past free cash flow draws the balance sheet down in every year it continues, which isn't sustainable indefinitely. Counting the $4M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 147%.

Key fundamentals

Latest Revenue$191.1M
Revenue Growth YoY+5.2%
Revenue CAGR (2yr)+3.9%
Net Margin18.4%
Free Cash Flow$31.8M
Return on Equity14.9%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

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