vs
Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and Flywire Corp (FLYW). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($173.1M vs $157.5M, roughly 1.1× Flywire Corp). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 0.0%, a 20.3% gap on every dollar of revenue. On growth, Flywire Corp posted the faster year-over-year revenue change (34.0% vs -0.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $4.5M). Over the past eight quarters, Flywire Corp's revenue compounded faster (17.5% CAGR vs -18.0%).
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.
Flywire Corp is a global payment and receivables solutions provider serving core verticals including education, healthcare, travel, and B2B commerce. It offers secure cross-border payment processing, currency conversion, and workflow tools for organizations and payers worldwide.
CASH vs FLYW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $157.5M |
| Net Profit | $35.2M | $33.0K |
| Gross Margin | — | — |
| Operating Margin | 24.6% | -0.6% |
| Net Margin | 20.3% | 0.0% |
| Revenue YoY | -0.2% | 34.0% |
| Net Profit YoY | 11.9% | 100.2% |
| EPS (diluted) | $1.57 | $0.01 |
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.
| Q4 25 | $173.1M | $157.5M | ||
| Q3 25 | $186.7M | $200.1M | ||
| Q2 25 | $195.8M | $131.9M | ||
| Q1 25 | $274.8M | $133.5M | ||
| Q4 24 | $182.6M | $117.5M | ||
| Q3 24 | $179.5M | $156.8M | ||
| Q2 24 | $188.6M | $103.7M | ||
| Q1 24 | $257.6M | $114.1M |
| Q4 25 | $35.2M | $33.0K | ||
| Q3 25 | $38.8M | $29.6M | ||
| Q2 25 | $42.1M | $-12.0M | ||
| Q1 25 | $75.0M | $-4.2M | ||
| Q4 24 | $30.0M | $-15.9M | ||
| Q3 24 | $33.5M | $38.9M | ||
| Q2 24 | $44.9M | $-13.9M | ||
| Q1 24 | $69.9M | $-6.2M |
| Q4 25 | 24.6% | -0.6% | ||
| Q3 25 | 25.9% | 16.1% | ||
| Q2 25 | 24.1% | -6.8% | ||
| Q1 25 | 33.2% | -8.2% | ||
| Q4 24 | 19.8% | -4.9% | ||
| Q3 24 | 20.9% | 12.9% | ||
| Q2 24 | 27.1% | -15.2% | ||
| Q1 24 | 33.8% | -5.2% |
| Q4 25 | 20.3% | 0.0% | ||
| Q3 25 | 20.8% | 14.8% | ||
| Q2 25 | 21.5% | -9.1% | ||
| Q1 25 | 27.3% | -3.1% | ||
| Q4 24 | 16.4% | -13.5% | ||
| Q3 24 | 18.7% | 24.8% | ||
| Q2 24 | 23.8% | -13.4% | ||
| Q1 24 | 27.1% | -5.4% |
| Q4 25 | $1.57 | $0.01 | ||
| Q3 25 | $1.69 | $0.23 | ||
| Q2 25 | $1.81 | $-0.10 | ||
| Q1 25 | $3.14 | $-0.03 | ||
| Q4 24 | $1.23 | $-0.12 | ||
| Q3 24 | $1.34 | $0.30 | ||
| Q2 24 | $1.78 | $-0.11 | ||
| Q1 24 | $2.74 | $-0.05 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $331.2M | $355.0M |
| Total DebtLower is stronger | $33.5M | — |
| Stockholders' EquityBook value | $854.5M | $835.2M |
| Total Assets | $7.6B | $1.3B |
| Debt / EquityLower = less leverage | 0.04× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $331.2M | $355.0M | ||
| Q3 25 | $120.6M | $377.3M | ||
| Q2 25 | $258.3M | $274.2M | ||
| Q1 25 | $254.2M | $255.3M | ||
| Q4 24 | $597.4M | $611.1M | ||
| Q3 24 | $158.3M | $681.1M | ||
| Q2 24 | $298.9M | $571.0M | ||
| Q1 24 | $347.9M | $619.0M |
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | $15.0M | ||
| Q2 25 | $33.4M | $60.0M | ||
| Q1 25 | $33.4M | $60.0M | ||
| Q4 24 | $33.4M | $0 | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — | ||
| Q1 24 | $33.4M | — |
| Q4 25 | $854.5M | $835.2M | ||
| Q3 25 | $858.0M | $829.1M | ||
| Q2 25 | $819.0M | $792.4M | ||
| Q1 25 | $814.7M | $784.3M | ||
| Q4 24 | $758.3M | $814.8M | ||
| Q3 24 | $822.5M | $843.2M | ||
| Q2 24 | $748.4M | $802.6M | ||
| Q1 24 | $719.5M | $-797.0M |
| Q4 25 | $7.6B | $1.3B | ||
| Q3 25 | $7.2B | $1.3B | ||
| Q2 25 | $7.2B | $1.1B | ||
| Q1 25 | $7.0B | $1.1B | ||
| Q4 24 | $7.6B | $1.1B | ||
| Q3 24 | $7.5B | $1.2B | ||
| Q2 24 | $7.5B | $998.7M | ||
| Q1 24 | $7.4B | $998.7M |
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | 0.02× | ||
| Q2 25 | 0.04× | 0.08× | ||
| Q1 25 | 0.04× | 0.08× | ||
| Q4 24 | 0.04× | 0.00× | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — | ||
| Q1 24 | 0.05× | — |
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 | $108.3M | $4.9M |
| Free Cash FlowOCF − Capex | $104.1M | $4.5M |
| FCF MarginFCF / Revenue | 60.1% | 2.9% |
| Capex IntensityCapex / Revenue | 2.4% | 0.2% |
| Cash ConversionOCF / Net Profit | 3.08× | 148.06× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $98.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $108.3M | $4.9M | ||
| Q3 25 | $303.7M | $150.1M | ||
| Q2 25 | $30.4M | $24.1M | ||
| Q1 25 | $188.3M | $-78.9M | ||
| Q4 24 | $-71.7M | $-28.6M | ||
| Q3 24 | $143.1M | $184.6M | ||
| Q2 24 | $113.2M | $-19.3M | ||
| Q1 24 | $203.0M | $-38.1M |
| Q4 25 | $104.1M | $4.5M | ||
| Q3 25 | $300.3M | $149.9M | ||
| Q2 25 | $27.7M | $23.5M | ||
| Q1 25 | $184.7M | $-79.1M | ||
| Q4 24 | $-73.8M | $-28.7M | ||
| Q3 24 | $138.8M | $184.4M | ||
| Q2 24 | $111.0M | $-19.7M | ||
| Q1 24 | $201.3M | $-38.3M |
| Q4 25 | 60.1% | 2.9% | ||
| Q3 25 | 160.9% | 74.9% | ||
| Q2 25 | 14.1% | 17.8% | ||
| Q1 25 | 67.2% | -59.3% | ||
| Q4 24 | -40.4% | -24.4% | ||
| Q3 24 | 77.3% | 117.6% | ||
| Q2 24 | 58.8% | -19.0% | ||
| Q1 24 | 78.1% | -33.6% |
| Q4 25 | 2.4% | 0.2% | ||
| Q3 25 | 1.8% | 0.1% | ||
| Q2 25 | 1.4% | 0.4% | ||
| Q1 25 | 1.3% | 0.1% | ||
| Q4 24 | 1.1% | 0.1% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 1.2% | 0.3% | ||
| Q1 24 | 0.7% | 0.2% |
| Q4 25 | 3.08× | 148.06× | ||
| Q3 25 | 7.83× | 5.07× | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | 4.75× | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.90× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
FLYW
| Transactions | $126.4M | 80% |
| Platform And Other Revenues | $31.1M | 20% |
