$45.62

-0.88 (-1.89%)

Weekly Expected Move ±4.3%

$42 $44 $46 $48 $50

NASDAQ · Industrials · Specialty Business Services · Alpha Radar Neutral · Power 50 · $587.2M mcap · 11M float · 0.657% daily turnover · Short 59% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

47.1 / 100

NoneWeakNarrowWide

Primary source: Intangible Assets · ROIC: -4.6%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. CASS shows a Weak competitive edge (47.1/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Intangible Assets. Negative ROIC of -4.6% indicates the company is currently destroying value, though this may reflect a growth investment phase.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

Low

$47

Avg Target

$47

High

Based on 3 analyst ratings (12 mo)

Analyst Recommendations

Strong Buy: 0Buy: 2Hold: 0Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$47.33

Analysts3

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-01-22	Raymond James	—	$45	$50	+5	+14.7%	$43.58
2025-10-24	Raymond James	—	$47	$45	-2	+13.5%	$39.64
2025-10-07	Raymond James	Joseph Yanchunis	Initiated	$47	—	+20.1%	$39.15
2024-10-18	Piper Sandler	Frank Schiraldi	$44	$45	+1	+6.7%	$42.17
2024-07-22	Piper Sandler	Frank Schiraldi	$51	$44	-7	+12.0%	$39.29
2024-02-11	Piper Sandler	Frank Schiraldi	Initiated	$51	—	+5.4%	$48.39

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B+

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. CASS receives an overall rating of B+. Strongest factors: DCF (4/5), ROE (4/5). Areas of concern: D/E (2/5).

Rating Change History

Date	From	To
2026-04-24	A-	B+
2026-03-30	B+	A-
2026-03-09	B	B+
2026-02-17	B+	B
2026-02-13	B	B+
2026-02-12	B+	B
2026-02-11	B	B+
2026-01-23	B+	B

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 46 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. CASS scores highest in Balance Sheet (71/100) and lowest in Safety (15/100). An overall grade of A places CASS among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.42

Distress Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✗ ✓ ✓ ✓ ✓ ✗

Beneish M-Score

-2.40

Unlikely Manipulator

Ohlson O-Score

-4.85

Bankruptcy prob: 0.8%

Low Risk

Credit Rating

BBB+

Score: 61.8/100

Trend: Improving

Earnings Quality

75/100

OCF/NI: 0.87x

Accruals: 0.2%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. CASS scores 0.42, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. CASS scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. CASS's score of -2.40 falls below this threshold, suggesting earnings are unlikely to be manipulated. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. CASS's implied 0.8% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. CASS receives an estimated rating of BBB+ (score: 61.8/100), with a improving trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). CASS's score of 75/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

16.69x

PEG

0.23x

P/S

2.92x

P/B

2.42x

P/FCF

22.81x

P/OCF

19.07x

EV/EBITDA

-12.33x

EV/Revenue

-2.87x

EV/EBIT

-13.47x

EV/FCF

-22.73x

Earnings Yield

6.03%

FCF Yield

4.38%

Shareholder Yield

6.94%

Graham Number

$33.18

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 16.7x earnings, CASS trades at a reasonable valuation. An earnings yield of 6.0% exceeds typical risk-free rates, suggesting equities are being compensated for risk. Graham's intrinsic value formula yields $33.18 per share, 38% below the current price.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.902

NI / EBT

Interest Burden

0.903

EBT / EBIT

EBIT Margin

0.213

EBIT / Rev

Asset Turnover

0.080

Rev / Assets

Equity Multiplier

10.595

Assets / Equity

ROE

14.8%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. CASS's ROE of 14.8% is driven by financial leverage (equity multiplier: 10.59x). Note: high leverage means ROE is amplified by debt rather than operational performance. A tax burden ratio of 0.90 indicates minimal tax leakage — the company retains over 90% of pre-tax earnings.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

2.90%

Fair P/E

14.31x

Intrinsic Value

$37.97

Price/Value

1.16x

Margin of Safety

-15.94%

Premium

15.94%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with CASS's realized 2.9% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $37.97, CASS appears undervalued with a -16% margin of safety. The adjusted fair P/E of 14.3x compares to the current market P/E of 16.7x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$45.62

Median 1Y

$44.33

5th Pctile

$25.95

95th Pctile

$75.74

Ann. Volatility

31.7%

25th–75th percentile 5th–95th percentile Median path Historical

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Martin H. Resch President and CEO	$683,675	$860,626	$2,046,984
Michael J. Normile Executive Vice President and CFO	$355,665	$250,709	$844,642
Dwight D. Erdbruegger President, Cass Commercial Bank	$347,738	$245,153	$788,170
James M. Cavellier Executive Vice President and CIO	$330,655	$232,798	$736,142
Matthew S. Schuckman Executive Vice President, General Counsel, and Corporate Secretary	$294,554	$207,631	$658,545

CEO Pay Ratio

Insufficient data for pay ratio.

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

860

-16.3% YoY

Revenue / Employee

$222,207

Rev: $191,098,000

Profit / Employee

$40,833

NI: $35,116,000

SGA / Employee

—

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	10.4%	10.8%	11.3%	11.8%	12.4%	13.1%	15.4%	14.9%	14.3%	13.7%	13.8%	13.8%	12.6%	10.5%	8.4%	9.1%	11.1%	13.7%	14.9%	14.8%	14.82%
ROA	1.3%	1.4%	1.2%	1.3%	1.3%	1.4%	1.4%	1.3%	1.3%	1.2%	1.2%	1.2%	1.1%	0.9%	0.8%	0.9%	1.0%	1.3%	1.4%	1.4%	1.40%
ROIC	-10.9%	-11.4%	-17.8%	-18.5%	-19.3%	-20.7%	11.0%	11.8%	12.3%	12.8%	-49.8%	-50.4%	-49.8%	-46.9%	-55.7%	-55.4%	-55.5%	-50.5%	-5.6%	-4.6%	-4.64%
ROCE	9.4%	9.6%	11.0%	11.5%	12.2%	13.2%	18.0%	18.7%	19.3%	20.2%	19.3%	20.0%	19.4%	17.6%	15.3%	14.9%	14.7%	15.7%	3.0%	2.9%	2.90%
Gross Margin	41.5%	39.9%	40.9%	41.4%	41.5%	43.2%	43.3%	43.2%	43.4%	44.9%	46.8%	46.4%	46.4%	46.5%	39.8%	45.2%	42.8%	85.9%	1.0%	1.0%	1.00%
Operating Margin	39.0%	37.5%	32.1%	39.2%	39.5%	41.2%	36.0%	41.5%	41.6%	43.2%	39.3%	45.1%	42.5%	33.1%	31.8%	43.8%	41.5%	21.5%	20.2%	22.2%	22.16%
Net Margin	18.4%	17.3%	18.8%	19.4%	19.2%	18.1%	18.0%	13.6%	13.8%	13.7%	15.2%	14.2%	9.0%	5.3%	8.3%	17.4%	18.2%	16.9%	16.5%	18.0%	17.99%
EBITDA Margin	31.7%	29.1%	24.9%	27.4%	27.1%	26.4%	28.1%	25.6%	26.7%	27.8%	29.6%	30.4%	24.5%	18.6%	22.1%	28.6%	25.4%	24.7%	20.2%	22.8%	22.76%
FCF Margin	23.1%	23.3%	19.4%	16.8%	22.7%	21.9%	24.4%	20.5%	14.0%	13.9%	10.6%	10.2%	12.5%	6.9%	13.8%	19.7%	14.8%	21.4%	15.6%	12.6%	12.64%
OCF Margin	24.8%	25.3%	22.3%	20.2%	26.2%	25.3%	27.6%	23.4%	18.4%	19.2%	17.3%	17.7%	19.3%	13.2%	18.5%	23.9%	18.4%	24.5%	18.4%	15.1%	15.12%
ROE 3Y Avg	snapshot only																				12.22%
ROE 5Y Avg	snapshot only																				13.03%
ROA 3Y Avg	snapshot only																				1.14%
ROIC Economic	snapshot only																				17.45%
Cash ROA	snapshot only																				1.17%
NOPAT Margin	snapshot only																				21.12%
Pretax Margin	snapshot only																				19.27%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				17.64%
SBC / Revenue	snapshot only																				2.18%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	19.83	19.40	17.19	15.39	13.50	13.13	16.68	16.45	15.48	15.60	19.49	21.00	19.34	24.01	28.45	27.52	22.83	16.60	15.63	16.59	16.692
P/S Ratio	3.50	3.49	3.17	2.85	2.53	2.48	3.11	2.82	2.45	2.30	2.75	2.99	2.54	2.62	2.59	2.73	2.75	2.50	2.70	2.88	2.918
P/B Ratio	2.00	2.03	2.00	1.87	1.72	1.78	2.82	2.69	2.43	2.34	2.55	2.75	2.31	2.40	2.38	2.52	2.53	2.28	2.26	2.39	2.415
P/FCF	15.16	14.96	16.29	16.92	11.14	11.30	12.72	13.76	17.47	16.51	25.91	29.24	20.21	37.79	18.71	13.81	18.51	11.68	17.27	22.81	22.813
P/OCF	14.13	13.80	14.23	14.08	9.64	9.79	11.28	12.03	13.34	12.01	15.86	16.86	13.11	19.79	14.00	11.39	14.95	10.21	14.66	19.07	19.075
EV/EBITDA	-3.31	-3.04	-0.51	-1.24	-2.03	-1.66	7.46	6.72	5.50	4.96	3.64	4.28	2.69	3.31	4.06	4.76	4.78	3.44	-12.10	-12.33	-12.335
EV/Revenue	-1.00	-0.93	-0.15	-0.35	-0.55	-0.44	2.03	1.80	1.47	1.34	1.00	1.23	0.76	0.85	0.96	1.11	1.12	0.86	-3.00	-2.87	-2.874
EV/EBIT	-4.48	-4.13	-0.66	-1.54	-2.39	-1.85	8.22	7.37	6.03	5.43	3.98	4.68	2.94	3.68	4.60	5.46	5.55	3.98	-13.54	-13.47	-13.470
EV/FCF	-4.34	-3.97	-0.77	-2.08	-2.42	-2.00	8.33	8.78	10.46	9.63	9.44	12.00	6.03	12.28	6.96	5.62	7.56	4.04	-19.19	-22.73	-22.734
Earnings Yield	5.0%	5.2%	5.8%	6.5%	7.4%	7.6%	6.0%	6.1%	6.5%	6.4%	5.1%	4.8%	5.2%	4.2%	3.5%	3.6%	4.4%	6.0%	6.4%	6.0%	6.03%
FCF Yield	6.6%	6.7%	6.1%	5.9%	9.0%	8.9%	7.9%	7.3%	5.7%	6.1%	3.9%	3.4%	4.9%	2.6%	5.3%	7.2%	5.4%	8.6%	5.8%	4.4%	4.38%
PEG Ratio	snapshot only																				0.229
Price/Tangible Book	snapshot only																				2.601
EV/OCF	snapshot only																				-19.009
EV/Gross Profit	snapshot only																				-3.488
Acquirers Multiple	snapshot only																				-10.988
Shareholder Yield	snapshot only																				6.94%
Graham Number	snapshot only																				$33.18

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.94	0.94	0.79	0.79	0.79	0.79	0.72	0.72	0.72	0.72	0.76	0.76	0.76	0.76	0.80	0.80	0.80	0.80	1.10	1.10	1.096
Quick Ratio	0.94	0.94	0.79	0.79	0.79	0.79	0.72	0.72	0.72	0.72	0.76	0.76	0.76	0.76	0.80	0.80	0.80	0.80	1.10	1.10	1.096
Debt/Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.03	0.03	0.03	0.03	0.02	0.02	0.019
Net Debt/Equity	-2.57	-2.57	-2.09	-2.09	-2.09	-2.09	-0.97	-0.97	-0.97	-0.97	-1.62	-1.62	-1.62	-1.62	-1.49	-1.49	-1.49	-1.49	-4.77	-4.77	-4.768
Debt/Assets	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.002
Debt/EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.15	0.15	0.15	0.14	0.09	0.10	0.096
Net Debt/EBITDA	-14.85	-14.50	-11.29	-11.35	-11.35	-11.01	-3.93	-3.81	-3.68	-3.54	-6.36	-6.15	-6.32	-6.87	-6.85	-6.94	-6.91	-6.51	-22.99	-24.71	-24.712
Interest Coverage	36.35	75.45	—	—	—	—	—	—	13.47	6.22	4.12	3.05	2.71	2.40	2.18	2.24	2.36	3.52	5.44	5.33	5.331
Equity Multiplier	8.44	8.44	10.39	10.39	10.39	10.39	12.47	12.47	12.47	12.47	10.79	10.79	10.79	10.79	10.46	10.46	10.46	10.46	10.72	10.72	10.724
Cash Ratio	snapshot only																				1.034
Debt Service Coverage	snapshot only																				5.822
Cash to Debt	snapshot only																				257.937
FCF to Debt	snapshot only																				5.641
Defensive Interval	snapshot only																				7353.7 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.08	0.08	0.07	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.08	0.08	0.080
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover (trade)	0.18	0.19	0.17	0.18	0.18	0.19	0.18	0.19	0.19	0.20	0.19	0.19	0.18	0.19	0.19	0.19	0.19	0.19	0.18	0.18	0.180
Payables Turnover	0.12	0.12	0.10	0.10	0.10	0.11	0.10	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.11	0.11	0.09	0.06	0.03	0.031
DSO (trade)	2013	1972	2156	2079	1998	1894	2064	1963	1894	1845	1949	1966	1986	1971	1937	1927	1937	1952	2010	2033	2033.2 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	3115	3077	3740	3621	3481	3348	3585	3434	3339	3276	3304	3381	3461	3462	3478	3443	3410	4189	6527	11723	11722.7 days
Cash Conversion Cycle (trade)	-1102	-1105	-1584	-1541	-1482	-1454	-1521	-1471	-1445	-1431	-1355	-1415	-1475	-1491	-1541	-1516	-1473	-2237	-4517	-9689	-9689.5 days
Fixed Asset Turnover	snapshot only																				6.832
Cash Velocity	snapshot only																				0.173
Capital Intensity	snapshot only																				12.952

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	-3.9%	0.9%	4.8%	10.5%	12.5%	16.3%	20.7%	22.4%	21.9%	18.6%	13.8%	7.3%	2.5%	0.6%	-1.2%	0.2%	0.7%	-0.8%	-3.4%	-5.0%	-4.98%
Net Income	-4.5%	8.7%	13.6%	20.6%	19.2%	22.0%	22.0%	13.3%	3.2%	-7.2%	-13.9%	-10.9%	-15.1%	-25.7%	-36.2%	-30.3%	-7.6%	37.1%	83.2%	66.7%	66.72%
EPS	-4.3%	10.7%	18.2%	26.9%	25.3%	26.2%	23.7%	12.9%	2.8%	-7.1%	-13.5%	-10.4%	-15.0%	-25.7%	-36.1%	-29.6%	-5.5%	41.1%	90.1%	72.6%	72.56%
FCF	-24.4%	-11.2%	-34.1%	-38.1%	10.5%	9.4%	51.6%	49.0%	-24.5%	-24.5%	-50.6%	-46.4%	-8.4%	-50.0%	28.9%	93.4%	19.1%	2.1%	9.0%	-39.1%	-39.15%
EBITDA	29.0%	1.9%	3.8%	5.8%	0.5%	1.1%	12.0%	16.3%	20.2%	21.3%	14.7%	14.8%	8.0%	-4.5%	-14.7%	-18.5%	-15.9%	-3.0%	0.8%	-5.0%	-4.99%
Op. Income	2.1%	3.5%	6.3%	15.2%	15.5%	20.9%	28.6%	31.1%	31.7%	26.3%	21.1%	14.5%	8.5%	-1.5%	-9.7%	-10.9%	-11.5%	-14.4%	-19.4%	-33.8%	-33.84%
OCF Growth	snapshot only																				-39.98%
Asset Growth	snapshot only																				8.81%
Equity Growth	snapshot only																				6.10%
Debt Growth	snapshot only																				-39.30%
Shares Change	snapshot only																				-3.38%
Dividend Growth	snapshot only																				-0.52%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	1.7%	1.6%	1.5%	2.2%	2.9%	4.1%	5.7%	7.3%	9.6%	11.6%	12.9%	13.2%	12.0%	11.5%	10.7%	9.6%	8.0%	5.8%	2.8%	0.7%	0.71%
Revenue 5Y	3.9%	4.2%	5.0%	5.5%	5.9%	6.6%	6.7%	7.2%	7.6%	7.6%	7.5%	7.0%	6.4%	6.1%	5.9%	5.8%	6.3%	6.8%	6.6%	6.7%	6.69%
EPS 3Y	-0.7%	0.1%	0.4%	1.5%	3.0%	4.5%	7.2%	6.2%	7.2%	9.1%	8.1%	8.7%	3.1%	-4.5%	-11.9%	-10.7%	-6.2%	-0.9%	1.7%	2.9%	2.90%
EPS 5Y	2.7%	3.5%	4.1%	5.3%	5.9%	6.6%	8.5%	6.3%	4.8%	3.3%	1.6%	1.1%	-0.9%	-4.7%	-7.4%	-5.5%	-0.2%	6.4%	9.0%	9.3%	9.32%
Net Income 3Y	-1.8%	-1.5%	-1.9%	-0.6%	0.9%	2.3%	4.7%	4.3%	5.5%	7.2%	6.1%	6.8%	1.4%	-5.6%	-12.5%	-11.0%	-6.8%	-1.8%	0.2%	1.2%	1.19%
Net Income 5Y	2.1%	2.6%	3.3%	3.7%	4.2%	5.0%	6.9%	4.7%	3.1%	1.6%	-0.1%	-0.2%	-2.1%	-5.9%	-8.8%	-6.8%	-1.6%	4.6%	6.9%	7.2%	7.21%
EBITDA 3Y	—	—	—	—	—	—	61.2%	28.0%	15.9%	7.7%	10.0%	12.2%	9.3%	5.4%	3.1%	2.8%	3.0%	4.0%	-0.5%	-3.9%	-3.87%
EBITDA 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	32.6%	14.4%	7.2%	3.0%	2.8%	1.8%	1.79%
Gross Profit 3Y	-9.6%	-9.4%	-8.8%	-7.6%	-7.0%	-5.6%	-5.2%	-5.5%	2.8%	14.2%	17.1%	18.6%	17.3%	16.7%	14.2%	12.6%	10.2%	15.0%	20.8%	25.2%	25.22%
Gross Profit 5Y	—	—	4.9%	5.8%	-0.3%	0.5%	0.8%	1.5%	1.8%	2.0%	2.7%	2.8%	2.5%	2.2%	0.2%	-1.2%	2.5%	12.8%	18.8%	23.6%	23.59%
Op. Income 3Y	—	—	—	—	—	—	—	—	68.2%	16.5%	18.3%	20.1%	18.2%	14.5%	12.0%	10.2%	8.1%	2.1%	-4.1%	-12.3%	-12.27%
Op. Income 5Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	35.5%	5.9%	3.8%	0.4%	0.41%
FCF 3Y	-2.9%	-7.3%	-11.8%	-14.2%	-6.7%	-6.2%	5.1%	-0.9%	-14.3%	-9.8%	-21.0%	-21.0%	-8.6%	-25.6%	-1.2%	15.5%	-6.3%	5.0%	-11.4%	-14.3%	-14.26%
FCF 5Y	3.3%	4.6%	-0.2%	-1.5%	1.7%	2.9%	5.6%	-2.9%	-5.3%	-8.0%	-12.4%	-12.8%	-10.9%	-20.8%	-5.9%	0.2%	-7.2%	2.4%	-7.0%	-10.3%	-10.28%
OCF 3Y	-4.6%	-8.3%	-10.6%	-11.3%	-4.0%	-3.2%	7.0%	1.7%	-8.1%	-1.8%	-8.2%	-6.8%	3.1%	-10.1%	4.1%	15.9%	-4.1%	4.7%	-10.1%	-13.0%	-12.99%
OCF 5Y	1.5%	2.9%	-0.4%	-0.7%	2.4%	3.6%	5.8%	-2.1%	-2.5%	-4.2%	-5.2%	-4.3%	-4.0%	-10.8%	-1.6%	2.9%	-4.4%	3.8%	-4.8%	-8.1%	-8.07%
Assets 3Y	11.2%	11.2%	14.7%	14.7%	14.7%	14.7%	13.4%	13.4%	13.4%	13.4%	4.0%	4.0%	4.0%	4.0%	-2.1%	-2.1%	-2.1%	-2.1%	0.4%	0.4%	0.43%
Assets 5Y	8.6%	8.6%	11.2%	11.2%	11.2%	11.2%	9.9%	9.9%	9.9%	9.9%	7.9%	7.9%	7.9%	7.9%	6.3%	6.3%	6.3%	6.3%	3.4%	3.4%	3.41%
Equity 3Y	5.1%	5.1%	2.3%	2.3%	2.3%	2.3%	-5.5%	-5.5%	-5.5%	-5.5%	-4.2%	-4.2%	-4.2%	-4.2%	-2.3%	-2.3%	-2.3%	-2.3%	5.6%	5.6%	5.60%
Book Value 3Y	6.3%	6.8%	4.7%	4.4%	4.4%	4.4%	-3.2%	-3.7%	-3.9%	-3.8%	-2.3%	-2.5%	-2.6%	-3.0%	-1.7%	-1.9%	-1.6%	-1.4%	7.2%	7.4%	7.39%
Dividend 3Y	1.3%	1.3%	2.0%	1.7%	1.6%	1.8%	2.4%	2.2%	2.5%	2.9%	3.1%	2.8%	2.6%	2.2%	1.7%	1.4%	1.5%	1.5%	1.6%	1.5%	1.52%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.74	0.71	0.67	0.66	0.77	0.77	0.69	0.64	0.70	0.73	0.74	0.75	0.76	0.78	0.79	0.83	0.87	0.86	0.75	0.68	0.676
Earnings Stability	0.26	0.11	0.18	0.14	0.25	0.21	0.32	0.23	0.28	0.14	0.07	0.08	0.01	0.05	0.12	0.08	0.02	0.05	0.02	0.05	0.045
Margin Stability	0.00	0.19	0.80	0.78	0.84	0.83	0.81	0.78	0.84	0.84	0.85	0.86	0.86	0.86	0.84	0.81	0.90	0.89	0.76	0.65	0.651
Rev. Growth Consistency	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	1.00	1.00	0.00	0.00	0.00	0.000
Earn. Growth Consistency	0.00	0.50	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.500
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.98	0.97	0.95	0.92	0.92	0.91	0.91	0.95	0.99	0.97	0.94	0.96	0.94	0.90	0.86	0.88	0.97	0.85	0.50	0.50	0.500
Earnings Smoothness	0.95	0.92	0.87	0.81	0.83	0.80	0.80	0.88	0.97	0.93	0.85	0.89	0.84	0.71	0.56	0.64	0.92	0.69	0.41	0.50	0.500
ROE Trend	-0.02	-0.01	0.01	0.01	0.02	0.03	0.06	0.06	0.04	0.03	-0.01	-0.01	-0.02	-0.04	-0.07	-0.06	-0.03	0.01	0.04	0.03	0.033
Gross Margin Trend	-0.14	-0.08	-0.09	-0.10	-0.05	0.01	0.02	0.03	0.03	0.02	0.03	0.03	0.04	0.04	0.01	0.00	-0.01	0.09	0.24	0.38	0.375
FCF Margin Trend	-0.07	-0.05	-0.08	-0.11	-0.04	-0.03	-0.01	-0.03	-0.09	-0.09	-0.11	-0.08	-0.06	-0.11	-0.04	0.04	0.02	0.11	0.03	-0.02	-0.023
Sustainable Growth Rate	4.3%	4.7%	5.2%	5.7%	6.3%	7.1%	8.6%	8.0%	7.3%	6.7%	6.5%	6.4%	5.2%	3.0%	1.2%	1.9%	3.8%	6.5%	7.9%	7.8%	7.85%
Internal Growth Rate	0.5%	0.6%	0.6%	0.6%	0.7%	0.8%	0.8%	0.7%	0.7%	0.6%	0.6%	0.6%	0.4%	0.3%	0.1%	0.2%	0.4%	0.6%	0.7%	0.7%	0.75%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	1.40	1.41	1.21	1.09	1.40	1.34	1.48	1.37	1.16	1.30	1.23	1.25	1.48	1.21	2.03	2.42	1.53	1.62	1.07	0.87	0.870
FCF/OCF	0.93	0.92	0.87	0.83	0.87	0.87	0.89	0.87	0.76	0.73	0.61	0.58	0.65	0.52	0.75	0.82	0.81	0.87	0.85	0.84	0.836
FCF/Net Income	snapshot only																				0.727
OCF/EBITDA	snapshot only																				0.649
CapEx/Revenue	1.7%	2.0%	2.8%	3.4%	3.5%	3.4%	3.1%	3.0%	4.3%	5.2%	6.7%	7.5%	6.8%	6.3%	4.7%	4.2%	3.5%	3.1%	2.8%	2.5%	2.48%
CapEx/Depreciation	snapshot only																				1.261
Accruals Ratio	-0.01	-0.01	-0.00	-0.00	-0.01	-0.00	-0.01	-0.00	-0.00	-0.00	-0.00	-0.00	-0.01	-0.00	-0.01	-0.01	-0.01	-0.01	-0.00	0.00	0.002
Sloan Accruals	snapshot only																				0.211
Cash Flow Adequacy	snapshot only																				1.418
Earnings Quality Score	snapshot only																				0.750

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	3.0%	2.9%	3.1%	3.4%	3.6%	3.5%	2.7%	2.8%	3.1%	3.3%	2.7%	2.5%	3.1%	3.0%	3.0%	2.9%	2.9%	3.2%	3.0%	2.8%	2.76%
Dividend/Share	$1.07	$1.08	$1.10	$1.11	$1.11	$1.11	$1.12	$1.12	$1.14	$1.15	$1.16	$1.17	$1.17	$1.18	$1.20	$1.21	$1.23	$1.24	$1.25	$1.25	$1.26
Payout Ratio	59.1%	56.6%	54.0%	51.7%	49.0%	46.1%	44.2%	46.2%	48.6%	51.2%	53.1%	53.4%	59.0%	71.1%	85.9%	78.9%	65.4%	52.6%	47.0%	47.1%	47.06%
FCF Payout Ratio	45.2%	43.7%	51.2%	56.8%	40.4%	39.6%	33.8%	38.6%	54.9%	54.2%	70.6%	74.4%	61.7%	1.1%	56.5%	39.6%	53.0%	37.0%	52.0%	64.7%	64.72%
Total Payout Ratio	84.2%	1.3%	1.6%	1.7%	1.5%	98.0%	59.4%	46.8%	56.0%	68.1%	72.3%	76.1%	75.3%	89.6%	1.2%	1.3%	1.3%	1.2%	1.2%	1.2%	1.15%
Div. Increase Streak	1	0	0	0	0	0	0	0	0	0	0	1	1	1	1	1	1	1	1	0	0
Chowder Number	0.03	0.02	0.02	0.02	0.02	0.03	0.03	0.04	0.06	0.07	0.06	0.06	0.06	0.06	0.06	0.06	0.05	0.05	0.03	0.02	0.023
Buyback Yield	1.3%	3.8%	6.3%	7.6%	7.3%	4.0%	0.9%	0.0%	0.5%	1.1%	1.0%	1.1%	0.8%	0.8%	1.3%	2.0%	3.0%	4.1%	4.7%	4.1%	4.11%
Net Buyback Yield	1.3%	3.8%	6.3%	7.6%	7.3%	4.0%	0.9%	0.0%	0.5%	1.1%	1.0%	1.1%	0.8%	0.8%	1.3%	2.0%	3.0%	4.1%	4.7%	4.1%	4.11%
Total Shareholder Return	4.2%	6.7%	9.4%	11.0%	11.0%	7.5%	3.6%	2.8%	3.6%	4.4%	3.7%	3.6%	3.9%	3.7%	4.3%	4.8%	5.8%	7.2%	7.7%	6.9%	6.94%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.83	0.84	0.85	0.84	0.84	0.83	0.81	0.81	0.81	0.81	0.80	0.81	0.81	0.81	0.80	0.81	0.95	0.91	0.91	0.90	0.902
Interest Burden (EBT/EBIT)	0.95	0.96	0.97	0.97	0.97	0.96	0.92	0.86	0.80	0.74	0.70	0.67	0.63	0.58	0.54	0.60	0.62	0.76	0.86	0.90	0.903
EBIT Margin	0.22	0.22	0.23	0.23	0.23	0.24	0.25	0.24	0.24	0.25	0.25	0.26	0.26	0.23	0.21	0.20	0.20	0.22	0.22	0.21	0.213
Asset Turnover	0.08	0.08	0.07	0.07	0.07	0.07	0.07	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.09	0.09	0.09	0.09	0.08	0.08	0.080
Equity Multiplier	7.85	7.85	9.39	9.39	9.39	9.39	11.34	11.34	11.34	11.34	11.58	11.58	11.58	11.58	10.62	10.62	10.62	10.62	10.59	10.59	10.595

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$1.81	$1.91	$2.04	$2.16	$2.27	$2.41	$2.53	$2.44	$2.33	$2.24	$2.19	$2.18	$1.99	$1.67	$1.40	$1.54	$1.88	$2.35	$2.66	$2.65	$2.65
Book Value/Share	$18.00	$18.29	$17.55	$17.79	$17.81	$17.81	$14.94	$14.88	$14.89	$14.96	$16.71	$16.67	$16.63	$16.67	$16.70	$16.79	$16.94	$17.09	$18.38	$18.43	$18.89
Tangible Book/Share	$16.78	$17.05	$16.35	$16.58	$16.59	$16.59	$13.39	$13.34	$13.35	$13.41	$15.21	$15.17	$15.13	$15.17	$14.77	$14.86	$14.99	$15.13	$16.88	$16.93	$16.93
Revenue/Share	$10.26	$10.64	$11.08	$11.65	$12.13	$12.80	$13.56	$14.21	$14.74	$15.20	$15.50	$15.33	$15.14	$15.29	$15.36	$15.52	$15.58	$15.61	$15.40	$15.26	$15.72
FCF/Share	$2.37	$2.48	$2.16	$1.96	$2.75	$2.81	$3.31	$2.91	$2.07	$2.12	$1.64	$1.57	$1.90	$1.06	$2.12	$3.06	$2.31	$3.34	$2.40	$1.93	$1.99
OCF/Share	$2.54	$2.69	$2.47	$2.36	$3.18	$3.24	$3.74	$3.33	$2.71	$2.91	$2.69	$2.72	$2.93	$2.02	$2.84	$3.72	$2.86	$3.82	$2.83	$2.31	$2.38
Cash/Share	$46.21	$46.97	$36.77	$37.28	$37.31	$37.30	$14.55	$14.49	$14.50	$14.57	$27.08	$27.02	$26.95	$27.02	$25.49	$25.63	$25.87	$26.10	$87.98	$88.23	$19.09
EBITDA/Share	$3.11	$3.24	$3.26	$3.29	$3.29	$3.39	$3.70	$3.81	$3.94	$4.11	$4.26	$4.39	$4.26	$3.93	$3.64	$3.62	$3.66	$3.92	$3.81	$3.56	$3.56
Debt/Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.54	$0.54	$0.55	$0.55	$0.34	$0.34	$0.34
Net Debt/Share	$-46.21	$-46.97	$-36.77	$-37.28	$-37.31	$-37.30	$-14.55	$-14.49	$-14.50	$-14.57	$-27.08	$-27.02	$-26.95	$-27.02	$-24.95	$-25.09	$-25.32	$-25.55	$-87.64	$-87.89	$-87.89

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.418
Altman Z-Prime	snapshot only																				0.848
Piotroski F-Score	6	6	6	7	6	7	7	6	6	6	7	7	7	7	6	6	6	8	8	7	7
Beneish M-Score	-2.49	-2.49	-2.17	-2.16	-2.16	-2.19	-2.25	-2.27	-2.26	-2.27	-2.63	-2.63	-2.64	-2.61	-2.48	-2.56	-2.50	-2.80	-2.26	-2.40	-2.398
Ohlson O-Score	snapshot only																				-4.852
ROIC (Greenblatt)	snapshot only																				31.32%
Net-Net WC	snapshot only																				$-85.77

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				BBB+
Credit Score	54.00	54.01	51.49	52.12	51.98	52.23	52.40	52.05	49.23	43.82	39.90	39.52	36.51	36.15	51.39	51.41	51.56	55.88	60.50	61.82	61.819
Credit Grade	snapshot only																				8
Credit Trend	snapshot only																				10.410
Implied Spread (bps)	snapshot only																				225.000
Industry Credit Rank	snapshot only																				57
Sector Credit Rank	snapshot only																				49

CASS NASDAQ

Edge Score

Analyst Insights

Financial Rating

InsiderStreet Scorecard

Risk & Quality Signals

Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

Monte Carlo Price Simulation

Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Scaling Efficiency

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