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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $101.1M, roughly 2.7× FORRESTER RESEARCH, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs -33.5%, a 59.9% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 0.5%).
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.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
CASH vs FORR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $101.1M |
| Net Profit | $72.9M | $-33.9M |
| Gross Margin | — | 56.7% |
| Operating Margin | — | -36.6% |
| Net Margin | 26.4% | -33.5% |
| Revenue YoY | — | -6.5% |
| Net Profit YoY | — | -7941.4% |
| EPS (diluted) | $3.35 | $-1.75 |
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 | $101.1M | ||
| Q3 25 | $186.7M | $94.3M | ||
| Q2 25 | $195.8M | $111.7M | ||
| Q1 25 | $274.8M | $89.9M | ||
| Q4 24 | $182.6M | $108.0M | ||
| Q3 24 | $179.5M | $102.5M | ||
| Q2 24 | $188.6M | $121.8M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $-33.9M | ||
| Q3 25 | $38.8M | $-2.1M | ||
| Q2 25 | $42.1M | $3.9M | ||
| Q1 25 | $75.0M | $-87.3M | ||
| Q4 24 | $30.0M | $432.0K | ||
| Q3 24 | $33.5M | $-5.8M | ||
| Q2 24 | $44.9M | $6.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | 56.7% | ||
| Q3 25 | — | 60.0% | ||
| Q2 25 | — | 55.5% | ||
| Q1 25 | — | 55.9% | ||
| Q4 24 | — | 58.8% | ||
| Q3 24 | — | 60.5% | ||
| Q2 24 | — | 57.3% |
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | -36.6% | ||
| Q3 25 | 25.9% | 4.7% | ||
| Q2 25 | 24.1% | 6.2% | ||
| Q1 25 | 33.2% | -97.5% | ||
| Q4 24 | 19.8% | -0.5% | ||
| Q3 24 | 20.9% | -0.7% | ||
| Q2 24 | 27.1% | 9.3% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | -33.5% | ||
| Q3 25 | 20.8% | -2.3% | ||
| Q2 25 | 21.5% | 3.5% | ||
| Q1 25 | 27.3% | -97.1% | ||
| Q4 24 | 16.4% | 0.4% | ||
| Q3 24 | 18.7% | -5.7% | ||
| Q2 24 | 23.8% | 5.2% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $-1.75 | ||
| Q3 25 | $1.69 | $-0.11 | ||
| Q2 25 | $1.81 | $0.20 | ||
| Q1 25 | $3.14 | $-4.62 | ||
| Q4 24 | $1.23 | $0.02 | ||
| Q3 24 | $1.34 | $-0.30 | ||
| Q2 24 | $1.78 | $0.33 |
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 | $63.3M |
| Total DebtLower is stronger | $59.5M | — |
| Stockholders' EquityBook value | $850.7M | $126.5M |
| Total Assets | $7.1B | $404.0M |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $63.3M | ||
| Q3 25 | $120.6M | $65.1M | ||
| Q2 25 | $258.3M | $67.8M | ||
| Q1 25 | $254.2M | $75.6M | ||
| Q4 24 | $597.4M | $56.1M | ||
| Q3 24 | $158.3M | $62.8M | ||
| Q2 24 | $298.9M | $58.9M |
| Q1 26 | $59.5M | — | ||
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | — | ||
| Q2 24 | $33.3M | — |
| Q1 26 | $850.7M | — | ||
| Q4 25 | $854.5M | $126.5M | ||
| Q3 25 | $858.0M | $157.7M | ||
| Q2 25 | $819.0M | $159.5M | ||
| Q1 25 | $814.7M | $147.4M | ||
| Q4 24 | $758.3M | $229.5M | ||
| Q3 24 | $822.5M | $234.3M | ||
| Q2 24 | $748.4M | $237.1M |
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $404.0M | ||
| Q3 25 | $7.2B | $414.2M | ||
| Q2 25 | $7.2B | $436.0M | ||
| Q1 25 | $7.0B | $439.8M | ||
| Q4 24 | $7.6B | $503.9M | ||
| Q3 24 | $7.5B | $505.3M | ||
| Q2 24 | $7.5B | $524.2M |
| Q1 26 | 0.07× | — | ||
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | — | ||
| Q2 24 | 0.04× | — |
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 | — | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $-3.2M | ||
| Q3 25 | $303.7M | $1.2M | ||
| Q2 25 | $30.4M | $-3.6M | ||
| Q1 25 | $188.3M | $26.7M | ||
| Q4 24 | $-71.7M | $-1.8M | ||
| Q3 24 | $143.1M | $264.0K | ||
| Q2 24 | $113.2M | $-2.9M |
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $-4.3M | ||
| Q3 25 | $300.3M | $524.0K | ||
| Q2 25 | $27.7M | $-4.2M | ||
| Q1 25 | $184.7M | $26.1M | ||
| Q4 24 | $-73.8M | $-2.5M | ||
| Q3 24 | $138.8M | $-223.0K | ||
| Q2 24 | $111.0M | $-3.7M |
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | -4.2% | ||
| Q3 25 | 160.9% | 0.6% | ||
| Q2 25 | 14.1% | -3.8% | ||
| Q1 25 | 67.2% | 29.0% | ||
| Q4 24 | -40.4% | -2.3% | ||
| Q3 24 | 77.3% | -0.2% | ||
| Q2 24 | 58.8% | -3.1% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 1.1% | ||
| Q3 25 | 1.8% | 0.7% | ||
| Q2 25 | 1.4% | 0.5% | ||
| Q1 25 | 1.3% | 0.7% | ||
| Q4 24 | 1.1% | 0.6% | ||
| Q3 24 | 2.4% | 0.5% | ||
| Q2 24 | 1.2% | 0.7% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | -0.93× | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | -4.24× | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | -0.46× |
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% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
