Pathward Financial, Inc.
CASH Nasdaq National Commercial Banks Financials FY2016–FY2025
Revenue
Total sales reported in the income statement.
$840M
5.3%
vs prior year
Efficiency ratio
Noninterest expense as a share of revenue. Lower is better for banks.
66.7%
1.4 pts
Net income
Profit after all expenses, interest and tax.
$186M
1.4%
Return on equity
Net income as a share of average shareholders' equity.
22.1%
3.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $7.98 EPS (TTM)
What Pathward Financial, Inc. does
No business description yet.
- Legal name
- PATHWARD FINANCIAL, INC.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 25, 2025
- Accession · CIK
- 0000907471-25-000116
0000907471
Revenue and margins
Pathward Financial, Inc. had $840M of revenue in fiscal 2025, up 5.3% on the year before.
FY16
Revenue $178M
FY17
Revenue $265M
FY18
Revenue $315M
FY19
Revenue $487M
FY20
Revenue $499M
FY21
Revenue $550M
FY22
Revenue $601M
FY23
Revenue $728M
FY24
Revenue $797M
FY25
Revenue $840M
Q4 '23
Revenue $184M
Q1 '24
Revenue $172M
Q2 '24
Revenue $258M
Q3 '24
Revenue $189M
Q4 '24
Revenue $180M
Q1 '25
Revenue $183M
Q2 '25
Revenue $275M
Q3 '25
Revenue $196M
Q4 '25
Revenue $187M
Q1 '26
Revenue $173M
Q2 '26
Revenue $276M
Q3 '26
Revenue $190M
FY16
Net interest share 43.4%
Efficiency ratio 75.6%
FY17
Net interest share 35.1%
Efficiency ratio 75.2%
FY18
Net interest share 41.4%
Efficiency ratio 72.4%
FY19
Net interest share 54.3%
Efficiency ratio 68.4%
FY20
Net interest share 51.9%
Efficiency ratio 64.0%
FY21
Net interest share 50.7%
Efficiency ratio 62.5%
FY22
Net interest share 54.0%
Efficiency ratio 63.4%
FY23
Net interest share 56.5%
Efficiency ratio 63.7%
FY24
Net interest share 62.4%
Efficiency ratio 65.3%
FY25
Net interest share 60.9%
Efficiency ratio 66.7%
Net interest share
Efficiency ratio
Q4 '23
Net interest share 62.0%
Efficiency ratio 65.8%
Q1 '24
Net interest share 69.3%
Efficiency ratio 70.5%
Q2 '24
Net interest share 49.9%
Efficiency ratio 54.6%
Q3 '24
Net interest share 65.1%
Efficiency ratio 66.5%
Q4 '24
Net interest share 71.0%
Efficiency ratio 74.3%
Q1 '25
Net interest share 68.6%
Efficiency ratio 70.0%
Q2 '25
Net interest share 49.6%
Efficiency ratio 53.9%
Q3 '25
Net interest share 62.5%
Efficiency ratio 71.2%
Q4 '25
Net interest share 68.5%
Efficiency ratio 77.5%
Q1 '26
Net interest share 68.9%
Efficiency ratio 73.5%
Q2 '26
Net interest share 45.3%
Efficiency ratio 51.9%
Q3 '26
Net interest share 59.5%
Efficiency ratio 68.1%
Net interest share
Efficiency ratio
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 22.1% a year. Loss periods are shown in red.
FY16
Net income $33.2M
FY17
Net income $44.9M
FY18
Net income $51.6M
FY19
Net income $97.0M
FY20
Net income $105M
FY21
Net income $142M
FY22
Net income $151M
FY23
Net income $143M
FY24
Net income $183M
FY25
Net income $186M
Q4 '23
Net income $25.3M
Q1 '24
Net income $34.9M
Q2 '24
Net income $69.9M
Q3 '24
Net income $44.9M
Q4 '24
Net income $33.5M
Q1 '25
Net income $30.0M
Q2 '25
Net income $75.0M
Q3 '25
Net income $42.1M
Q4 '25
Net income $38.8M
Q1 '26
Net income $35.2M
Q2 '26
Net income $72.9M
Q3 '26
Net income $29.0M
FY16
Diluted EPS $1.30
FY17
Diluted EPS $1.61
FY18
Diluted EPS $1.67
FY19
Diluted EPS $2.49
FY20
Diluted EPS $2.94
FY21
Diluted EPS $4.38
FY22
Diluted EPS $5.09
FY23
Diluted EPS $5.24
FY24
Diluted EPS $7.20
FY25
Diluted EPS $7.87
Q4 '23
Diluted EPS $0.96
Q1 '24
Diluted EPS $1.34
Q2 '24
Diluted EPS $2.74
Q3 '24
Diluted EPS $1.78
Q4 '24
Diluted EPS $1.34
Q1 '25
Diluted EPS $1.23
Q2 '25
Diluted EPS $3.14
Q3 '25
Diluted EPS $1.81
Q4 '25
Diluted EPS $1.69
Q1 '26
Diluted EPS $1.57
Q2 '26
Diluted EPS $3.35
Q3 '26
Diluted EPS $1.37
Returns and efficiency
For banks, return on equity and the efficiency ratio (costs as a share of revenue) say most about how well the business runs.
FY16
ROE 9.9%
ROTE 0.1%
Efficiency ratio 75.6%
FY17
ROE 11.7%
ROTE 0.1%
Efficiency ratio 75.2%
FY18
ROE 8.8%
ROTE 0.0%
Efficiency ratio 72.4%
FY19
ROE 12.2%
ROTE 19.8%
Efficiency ratio 68.4%
FY20
ROE 12.4%
ROTE 20.8%
Efficiency ratio 64.0%
FY21
ROE 16.5%
ROTE 26.3%
Efficiency ratio 62.5%
FY22
ROE 20.1%
ROTE 49.9%
Efficiency ratio 63.4%
FY23
ROE 22.9%
ROTE 48.8%
Efficiency ratio 63.7%
FY24
ROE 25.4%
ROTE 36.6%
Efficiency ratio 65.3%
FY25
ROE 22.1%
ROTE 33.8%
Efficiency ratio 66.7%
ROE
ROTE
Efficiency ratio
Dividends, buybacks and share count
Pathward Financial, Inc. returned $4.7M to shareholders in fiscal 2025, 1% of free cash flow. The diluted share count fell 6.7%.
FY16
Dividends $4.4M
Buybacks —
FY17
Dividends $4.8M
Buybacks —
FY18
Dividends $5.7M
Buybacks —
FY19
Dividends $7.8M
Buybacks —
FY20
Dividends $7.1M
Buybacks —
FY21
Dividends $6.4M
Buybacks —
FY22
Dividends $5.9M
Buybacks —
FY23
Dividends $5.4M
Buybacks —
FY24
Dividends $5.1M
Buybacks —
FY25
Dividends $4.7M
Buybacks —
Dividends
Buybacks
Q4 '23
Dividends $1.3M
Buybacks —
Q1 '24
Dividends $1.3M
Buybacks —
Q2 '24
Dividends $1.3M
Buybacks —
Q3 '24
Dividends $1.3M
Buybacks —
Q4 '24
Dividends $1.2M
Buybacks —
Q1 '25
Dividends $1.2M
Buybacks —
Q2 '25
Dividends $1.2M
Buybacks —
Q3 '25
Dividends $1.2M
Buybacks —
Q4 '25
Dividends $1.1M
Buybacks —
Q1 '26
Dividends $1.1M
Buybacks —
Q2 '26
Dividends $1.1M
Buybacks —
Q3 '26
Dividends $1.1M
Buybacks —
Dividends
Buybacks
FY16
Diluted shares 0.01B
FY17
Diluted shares 0.03B
FY18
Diluted shares 0.03B
FY19
Diluted shares 0.04B
FY20
Diluted shares 0.03B
FY21
Diluted shares 0.03B
FY22
Diluted shares 0.03B
FY23
Diluted shares 0.03B
FY24
Diluted shares 0.03B
FY25
Diluted shares 0.02B
Balance sheet
Loans, deposits and capital at each fiscal year end.
FY16
Loans $919M
Deposits $2.4B
FY17
Loans $1.3B
Deposits $3.2B
FY18
Loans $2.9B
Deposits $4.4B
FY19
Loans $3.6B
Deposits $4.3B
FY20
Loans $3.3B
Deposits $5.0B
FY21
Loans $3.5B
Deposits $5.5B
FY22
Loans $3.5B
Deposits $5.9B
FY23
Loans $4.3B
Deposits $6.6B
FY24
Loans $4.0B
Deposits $5.9B
FY25
Loans $4.6B
Deposits $5.9B
Loans
Deposits
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Loans, net | $3.5B | $3.5B | $4.3B | $4.0B | $4.6B |
| Deposits | $5.5B | $5.9B | $6.6B | $5.9B | $5.9B |
| Loans / deposits | 64.2% | 59.5% | 64.8% | 68.1% | 78.3% |
| Total assets | $6.7B | $6.7B | $7.5B | $7.5B | $7.2B |
| Shareholders' equity | $871M | $633M | $619M | $822M | $858M |
| Goodwill | $310M | $310M | $310M | $310M | $298M |
| Intangible assets | $33.1M | $25.7M | $20.7M | $16.6M | $12.5M |
| Provision / loans | 1.4% | 0.8% | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $178M | $265M | $315M | $487M | $499M | $550M | $601M | $728M | $797M | $840M |
| Net interest income | $77.3M | $93.2M | $131M | $264M | $259M | $279M | $325M | $411M | $498M | $512M |
| Noninterest income | $101M | $172M | $185M | $223M | $240M | $271M | $294M | $317M | $300M | $328M |
| Noninterest expense | $135M | $200M | $228M | $333M | $319M | $344M | $381M | $463M | $521M | $560M |
| Provision for credit losses | −$4.6M | $10.6M | $29.4M | $55.7M | $64.8M | $49.8M | $28.5M | — | — | — |
| Interest expense | $4.1M | $14.9M | $28.0M | $61.5M | $33.8M | $6.9M | $4.9M | $10.9M | — | — |
| Pretax income | $38.8M | $55.2M | $57.4M | $97.9M | $115M | $156M | $180M | $155M | $219M | $223M |
| Income tax | $5.6M | $10.2M | $5.1M | −$3.4M | $5.7M | $10.7M | $26.2M | $9.6M | $34.1M | $36.3M |
| Net income | $33.2M | $44.9M | $51.6M | $97.0M | $105M | $142M | $151M | $143M | $183M | $186M |
| Net income to common | $0.2M | $0.2M | $0.1M | $94.6M | $102M | $139M | $149M | $141M | $182M | $185M |
| Diluted EPS | $1.30 | $1.61 | $1.67 | $2.49 | $2.94 | $4.38 | $5.09 | $5.24 | $7.20 | $7.87 |
| Diluted shares | 0.01B | 0.03B | 0.03B | 0.04B | 0.03B | 0.03B | 0.03B | 0.03B | 0.03B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $78.5M | $120M | $138M | $191M | $467M | $582M | $290M | $328M | $489M | $451M |
| Capital expenditure | $7.0M | $6.8M | $8.5M | $14.0M | $12.3M | $13.0M | $8.2M | $8.6M | $10.1M | $11.7M |
| Free cash flow | $71.5M | $113M | $129M | $177M | $455M | $569M | $282M | $319M | $479M | $439M |
| Depreciation and amortization | $35.6M | $45.0M | $37.7M | $55.1M | $60.7M | $59.0M | $61.6M | $65.0M | $57.8M | $59.7M |
| Stock-based compensation | $0.5M | $10.4M | $11.1M | $12.9M | $10.2M | $6.9M | $10.0M | $11.1M | $10.3M | $9.5M |
| Acquisitions | $0.0M | $29.4M | $0.0M | $0.0M | — | — | — | — | — | — |
| Dividends paid | $4.4M | $4.8M | $5.7M | $7.8M | $7.1M | $6.4M | $5.9M | $5.4M | $5.1M | $4.7M |
| Dividends and buybacks | $4.4M | $4.8M | $5.7M | $7.8M | $7.1M | $6.4M | $5.9M | $5.4M | $5.1M | $4.7M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $774M | $1.3B | $100.0M | $127M | $427M | $314M | $388M | $376M | $158M | $121M |
| Total debt | $1.2B | $1.5B | $515M | $862M | $98.2M | $92.8M | $36.0M | $46.9M | $410M | $42.5M |
| Loans, net | $919M | $1.3B | $2.9B | $3.6B | $3.3B | $3.5B | $3.5B | $4.3B | $4.0B | $4.6B |
| Deposits | $2.4B | $3.2B | $4.4B | $4.3B | $5.0B | $5.5B | $5.9B | $6.6B | $5.9B | $5.9B |
| Property and equipment, net | $18.6M | $19.3M | $40.5M | $45.9M | $41.6M | $44.9M | $41.7M | $39.2M | $39.1M | $40.6M |
| Goodwill | $36.9M | $98.7M | $303M | $310M | $310M | $310M | $310M | $310M | $310M | $298M |
| Intangible assets | $28.9M | $52.2M | $70.7M | $52.8M | $41.7M | $33.1M | $25.7M | $20.7M | $16.6M | $12.5M |
| Total assets | $4.0B | $5.2B | $5.8B | $6.2B | $6.1B | $6.7B | $6.7B | $7.5B | $7.5B | $7.2B |
| Total liabilities | $3.7B | $4.8B | $5.1B | $5.3B | $5.2B | $5.8B | $6.1B | $6.9B | $6.7B | $6.3B |
| Preferred stock | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | $335M | $434M | $744M | $840M | $844M | $871M | $633M | $619M | $822M | $858M |
| Margins | ||||||||||
| Net margin | 18.7% | 16.9% | 16.4% | 19.9% | 21.0% | 25.8% | 25.1% | 19.7% | 23.0% | 22.1% |
| FCF margin | 40.2% | 42.6% | 41.0% | 36.4% | 91.2% | 103.4% | 46.9% | 43.9% | 60.0% | 52.3% |
| Net interest share of revenue | 43.4% | 35.1% | 41.4% | 54.3% | 51.9% | 50.7% | 54.0% | 56.5% | 62.4% | 60.9% |
| Efficiency ratio | 75.6% | 75.2% | 72.4% | 68.4% | 64.0% | 62.5% | 63.4% | 63.7% | 65.3% | 66.7% |
| Returns | ||||||||||
| Return on equity | 9.9% | 11.7% | 8.8% | 12.2% | 12.4% | 16.5% | 20.1% | 22.9% | 25.4% | 22.1% |
| Return on assets | 0.8% | 1.0% | 0.9% | 1.6% | 1.7% | 2.2% | 2.3% | 2.0% | 2.4% | 2.5% |
| Return on tangible equity | 0.1% | 0.1% | 0.0% | 19.8% | 20.8% | 26.3% | 49.9% | 48.8% | 36.6% | 33.8% |
| Growth | ||||||||||
| Revenue growth | — | 49.0% | 18.7% | 54.5% | 2.5% | 10.2% | 9.3% | 21.1% | 9.6% | 5.3% |
| Net income growth | — | 35.2% | 14.9% | 87.9% | 8.0% | 35.3% | 6.7% | −5.2% | 27.9% | 1.4% |
| EPS growth | — | 23.8% | 3.7% | 49.1% | 18.1% | 49.0% | 16.2% | 2.9% | 37.4% | 9.3% |
| FCF growth | — | 58.3% | 14.2% | 37.0% | 157.0% | 25.0% | −50.4% | 13.3% | 49.9% | −8.3% |
| Share count change | — | 229.1% | 10.6% | 23.1% | −8.3% | −8.8% | −7.9% | −7.9% | −6.4% | −6.7% |
| Financial health | ||||||||||
| Debt / equity | 3.5x | 3.4x | 0.7x | 1.0x | 0.1x | 0.1x | 0.1x | 0.1x | 0.5x | 0.0x |
| Loans / deposits | 37.8% | 40.9% | 66.2% | 83.7% | 65.6% | 64.2% | 59.5% | 64.8% | 68.1% | 78.3% |
| Provision / loans | −0.5% | 0.8% | 1.0% | 1.5% | 2.0% | 1.4% | 0.8% | — | — | — |
| Capital allocation | ||||||||||
| Capex / revenue | 3.9% | 2.6% | 2.7% | 2.9% | 2.5% | 2.4% | 1.4% | 1.2% | 1.3% | 1.4% |
| Stock comp / revenue | 0.3% | 3.9% | 3.5% | 2.7% | 2.0% | 1.2% | 1.7% | 1.5% | 1.3% | 1.1% |
| Payouts / FCF | 6.1% | 4.3% | 4.4% | 4.4% | 1.6% | 1.1% | 2.1% | 1.7% | 1.1% | 1.1% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 6.0 | 5.0 | 7.0 | 7.0 | 7.0 | 5.0 | 6.0 | 7.0 |
| Accruals ratio | −1.1% | −1.6% | −1.6% | −1.6% | −5.9% | −6.9% | −2.1% | −2.6% | −4.1% | −3.6% |
Source: SEC EDGAR XBRL filings (CIK 0000907471). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.