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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $89.5M, roughly 3.1× Commerce.com, Inc.). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs -9.3%, a 35.7% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 5.5%).
Pathward Financial, Inc. is a U.S.-based banking and financial services company. It adopted its current name in 2022 after its parent, Meta Financial Group, sold the "Meta" trademark to Meta Platforms.
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
CASH vs CMRC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $89.5M |
| Net Profit | $72.9M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | — | -7.4% |
| Net Margin | 26.4% | -9.3% |
| Revenue YoY | — | 2.9% |
| Net Profit YoY | — | -250.0% |
| EPS (diluted) | $3.35 | $-0.11 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $276.3M | — | ||
| Q4 25 | $173.1M | $89.5M | ||
| Q3 25 | $186.7M | $86.0M | ||
| Q2 25 | $195.8M | $84.4M | ||
| Q1 25 | $274.8M | $82.4M | ||
| Q4 24 | $182.6M | $87.0M | ||
| Q3 24 | $179.5M | $83.7M | ||
| Q2 24 | $188.6M | $81.8M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $-8.4M | ||
| Q3 25 | $38.8M | $-2.2M | ||
| Q2 25 | $42.1M | $-8.4M | ||
| Q1 25 | $75.0M | $-353.0K | ||
| Q4 24 | $30.0M | $-2.4M | ||
| Q3 24 | $33.5M | $-7.0M | ||
| Q2 24 | $44.9M | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 78.3% | ||
| Q3 25 | — | 78.4% | ||
| Q2 25 | — | 79.0% | ||
| Q1 25 | — | 79.4% | ||
| Q4 24 | — | 77.6% | ||
| Q3 24 | — | 76.3% | ||
| Q2 24 | — | 75.8% |
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | -7.4% | ||
| Q3 25 | 25.9% | -0.5% | ||
| Q2 25 | 24.1% | -8.0% | ||
| Q1 25 | 33.2% | -2.9% | ||
| Q4 24 | 19.8% | -0.9% | ||
| Q3 24 | 20.9% | -23.0% | ||
| Q2 24 | 27.1% | -16.5% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | -9.3% | ||
| Q3 25 | 20.8% | -2.6% | ||
| Q2 25 | 21.5% | -9.9% | ||
| Q1 25 | 27.3% | -0.4% | ||
| Q4 24 | 16.4% | -2.7% | ||
| Q3 24 | 18.7% | -8.4% | ||
| Q2 24 | 23.8% | -13.8% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $-0.11 | ||
| Q3 25 | $1.69 | $-0.03 | ||
| Q2 25 | $1.81 | $-0.10 | ||
| Q1 25 | $3.14 | $0.00 | ||
| Q4 24 | $1.23 | $-0.03 | ||
| Q3 24 | $1.34 | $-0.09 | ||
| Q2 24 | $1.78 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $157.6M | $141.1M |
| Total DebtLower is stronger | $59.5M | $157.0M |
| Stockholders' EquityBook value | $850.7M | $39.4M |
| Total Assets | $7.1B | $308.8M |
| Debt / EquityLower = less leverage | 0.07× | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $141.1M | ||
| Q3 25 | $120.6M | $142.0M | ||
| Q2 25 | $258.3M | $134.5M | ||
| Q1 25 | $254.2M | $120.7M | ||
| Q4 24 | $597.4M | $178.2M | ||
| Q3 24 | $158.3M | $168.4M | ||
| Q2 24 | $298.9M | $275.8M |
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | $157.0M | ||
| Q3 25 | $33.5M | $157.3M | ||
| Q2 25 | $33.4M | $157.5M | ||
| Q1 25 | $33.4M | $157.8M | ||
| Q4 24 | $33.4M | $216.5M | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | $340.9M |
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $39.4M | ||
| Q3 25 | $858.0M | $42.8M | ||
| Q2 25 | $819.0M | $38.8M | ||
| Q1 25 | $814.7M | $38.1M | ||
| Q4 24 | $758.3M | $33.4M | ||
| Q3 24 | $822.5M | $29.0M | ||
| Q2 24 | $748.4M | $26.1M |
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $308.8M | ||
| Q3 25 | $7.2B | $309.5M | ||
| Q2 25 | $7.2B | $302.5M | ||
| Q1 25 | $7.0B | $286.3M | ||
| Q4 24 | $7.6B | $340.3M | ||
| Q3 24 | $7.5B | $335.1M | ||
| Q2 24 | $7.5B | $452.5M |
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | 3.99× | ||
| Q3 25 | 0.04× | 3.67× | ||
| Q2 25 | 0.04× | 4.06× | ||
| Q1 25 | 0.04× | 4.14× | ||
| Q4 24 | 0.04× | 6.49× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | 13.06× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $980.0K |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -2.4% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $980.0K | ||
| Q3 25 | $303.7M | $10.6M | ||
| Q2 25 | $30.4M | $13.6M | ||
| Q1 25 | $188.3M | $401.0K | ||
| Q4 24 | $-71.7M | $12.4M | ||
| Q3 24 | $143.1M | $5.6M | ||
| Q2 24 | $113.2M | $11.7M |
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $-2.2M | ||
| Q3 25 | $300.3M | $7.6M | ||
| Q2 25 | $27.7M | $11.9M | ||
| Q1 25 | $184.7M | $-424.0K | ||
| Q4 24 | $-73.8M | $11.6M | ||
| Q3 24 | $138.8M | $4.5M | ||
| Q2 24 | $111.0M | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | -2.4% | ||
| Q3 25 | 160.9% | 8.8% | ||
| Q2 25 | 14.1% | 14.1% | ||
| Q1 25 | 67.2% | -0.5% | ||
| Q4 24 | -40.4% | 13.3% | ||
| Q3 24 | 77.3% | 5.4% | ||
| Q2 24 | 58.8% | 13.0% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 3.5% | ||
| Q3 25 | 1.8% | 3.4% | ||
| Q2 25 | 1.4% | 2.0% | ||
| Q1 25 | 1.3% | 1.0% | ||
| Q4 24 | 1.1% | 0.9% | ||
| Q3 24 | 2.4% | 1.3% | ||
| Q2 24 | 1.2% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Noninterest Income | $151.2M | 55% |
| Net Interest Income | $125.1M | 45% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
