Pathward Financial

CASH · Nasdaq · Financials · Financials, fiscal 2016 to 2025

CASH · Last close · November 6, 2026

$76.26

Pathward Financial's revenue rose 5.3% to $840 million in fiscal 2025. Net income was $186 million, up 1.4%. Its return on equity was 22.1%, down from 25.4% a year earlier. Its efficiency ratio was 66.7%, up from 65.3% a year earlier. It paid out $5 million in dividends and buybacks. The diluted share count fell 6.7%.

PATHWARD FINANCIAL, INC. Latest fiscal year ended September 30, 2025 10-K filed November 25, 2025 · 0000907471-25-000116 Updated November 3, 2026

Revenue

$840M

5.3%

Net income

$186M

1.4%

Return on equity

22.1%

3.3 pts

Return on tangible equity

34.5%

10.8 pts

Efficiency ratio

66.7%

1.4 pts

Market cap

$1.6B

Nov 6 close

P/E

9.6x

On $7.98 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (3-for-1), so every year is on today's share basis.

Charts show fiscal years, from the 10-K filings.

What Pathward Financial does

Pathward Financial is the holding company for Pathward, a national bank based in Sioux Falls, South Dakota. It says its purpose is to power financial inclusion: building payments and lending products for people and businesses that traditional banks underserve. It works with third parties, such as financial technology companies and other businesses, that offer products built on the bank.

The company has two business lines. Partner Solutions provides payments and banking services behind partners' products, such as prepaid cards and consumer accounts. Commercial Finance makes loans to businesses, including term loans, asset-based loans and equipment finance. Its fiscal year ends September 30. As of September 30, 2025, 60% of its term lending exposure was in solar and other alternative energy projects, mostly construction.

The bank earns interest on loans and leases and on investments, and fees from payments. A large part of its deposits, assets and income come from deposit accounts created through Partner Solutions customers. It says it competes in an extremely competitive market.

Its biggest risks, as it describes them

Borrowers failing to pay, and set-asides for loan losses proving too small.
Heavy reliance on deposits and income from a limited number of partner relationships.
Changes in how consumers use prepaid cards.
Depending on third parties whose performance it does not control.
Fraud losses from customer accounts.

From Pathward Financial's annual report on Form 10-K, filed November 25, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both. Revenue is net of interest expense.

Revenue (left axis)Net income (right axis)

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

From fiscal 2016 to 2025, earnings per share grew 38.1% a year and net income 21.1% a year, as the share count fell by 7%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Balance sheet

Loans and deposits

US$ billions, at each fiscal year end

Loans, netDeposits

Total assets and shareholders' equity

US$ billions, at each fiscal year end. Assets on the left axis, equity on the right.

Total assets (left axis)Equity (right axis)

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	3,541	3,490	4,273	4,003	4,612
Deposits	5,515	5,866	6,589	5,875	5,887
Loans to deposits	64.2%	59.5%	64.8%	68.1%	78.3%
Provision for credit losses	50	57	109	58	57
Provision to average loans	1.5%	1.6%	2.8%	1.4%	1.3%
Total assets	6,691	6,736	7,503	7,532	7,172
Shareholders' equity	871	633	619	822	858

US$ millions unless stated, at each fiscal year end.

Cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Pathward Financial's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them. Every projected figure is yours: it is not a forecast of ours.

Open Pathward Financial's projections

Insider trades

Over the 12 months between November 7, 2025 and November 6, 2026, no insider bought Pathward Financial shares on the open market, and 5 insiders sold $2.7 million.

Buys and sells by month

US$ millions, open-market purchases (up) and sales (down) by officers, directors and 10% owners in each month.

BoughtSold

Date	Insider	Trade	Shares	Price	Value	Filing
May 29, 2026	Elizabeth G. HoopleDirector	Sold	4,500	$82.29	$370,305	Form 4
Apr 29, 2026	Douglas J. HajekDirector	Sold	5,000	$86.37	$431,850	Form 4
Feb 23, 2026	Brett L. PharrChief Executive Officer, Director	Sold	15,641	$93.88	$1.5 million	Form 4
Feb 9, 2026	Kendall E StorkDirector	Sold	3,000	$94.15	$282,450	Form 4
Jan 30, 2026	Christopher PerrettaDirector	Sold	1,450	$89.94	$130,413	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Pathward Financial side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Pathward Financial	FY25	5.3%	22.1%	22.1%	34.5%	66.7%
Intl Bancshares	FY25	1.0%	49.0%	13.6%	15.0%	36.4%	Compare
Independent Bank	FY25	24.3%	23.9%	6.2%	9.5%	61.8%	Compare
Customers Bancorp	FY25	14.5%	27.4%	11.3%	11.0%	52.8%	Compare
Community Bank System	FY25	9.6%	25.7%	11.2%	20.7%	63.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	178	265	315	487	499	550	601	728	797	840
Revenue growth	51.7%	49.0%	18.7%	54.5%	2.5%	10.2%	9.3%	21.1%	9.6%	5.3%
Net interest income	77	93	130	264	259	279	325	411	498	512
Noninterest income	101	172	184	222	240	271	294	317	300	328
Noninterest expense	135	200	228	333	319	344	381	463	521	560
Provision for credit losses	−5	11	29	56	65	50	57	109	58	57
Net income	33	45	52	97	105	142	151	143	183	186
Diluted EPS (US$)	0.43	1.61	1.67	2.49	2.94	4.38	5.09	5.24	7.20	7.87
Diluted shares (millions)	25	28	31	38	35	32	29	27	25	24
Payouts
Dividends paid	4	5	6	8	7	6	6	5	5	5
Share buybacks	0	0	0	0	0	0	0	0	0	0
Balance sheet at fiscal year end
Loans, net	920	1,318	2,932	3,630	3,267	3,541	3,490	4,273	4,003	4,612
Deposits	2,430	3,223	4,431	4,337	4,979	5,515	5,866	6,589	5,875	5,887
Total assets	4,006	5,228	5,835	6,183	6,092	6,691	6,736	7,503	7,532	7,172
Shareholders' equity	335	434	744	840	844	871	633	619	822	858
Ratios
Return on equity	11.0%	11.7%	8.8%	12.2%	12.4%	16.5%	20.1%	22.9%	25.4%	22.1%
Return on tangible common equity	0.1%	0.1%	0.0%	22.3%	21.1%	27.2%	36.0%	48.1%	45.3%	34.5%
Return on assets	1.0%	1.0%	0.9%	1.6%	1.7%	2.2%	2.2%	2.0%	2.4%	2.5%
Efficiency ratio	75.6%	75.2%	72.4%	68.5%	64.0%	62.5%	63.4%	63.7%	65.3%	66.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Pathward Financial's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Pathward Financial.