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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
PATHWARD FINANCIAL, INC. is the larger business by last-quarter revenue ($276.3M vs $192.7M, roughly 1.4× SPS COMMERCE INC). PATHWARD FINANCIAL, INC. runs the higher net margin — 26.4% vs 13.4%, a 13.0% gap on every dollar of revenue. Over the past eight quarters, PATHWARD FINANCIAL, INC.'s revenue compounded faster (21.0% CAGR vs 13.5%).
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 SPSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $276.3M | $192.7M |
| Net Profit | $72.9M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 26.4% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $3.35 | $0.69 |
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 | $192.7M | ||
| Q3 25 | $186.7M | $189.9M | ||
| Q2 25 | $195.8M | $187.4M | ||
| Q1 25 | $274.8M | $181.5M | ||
| Q4 24 | $182.6M | $170.9M | ||
| Q3 24 | $179.5M | $163.7M | ||
| Q2 24 | $188.6M | $153.6M |
| Q1 26 | $72.9M | — | ||
| Q4 25 | $35.2M | $25.8M | ||
| Q3 25 | $38.8M | $25.6M | ||
| Q2 25 | $42.1M | $19.7M | ||
| Q1 25 | $75.0M | $22.2M | ||
| Q4 24 | $30.0M | $17.6M | ||
| Q3 24 | $33.5M | $23.5M | ||
| Q2 24 | $44.9M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% |
| Q1 26 | — | — | ||
| Q4 25 | 24.6% | 18.0% | ||
| Q3 25 | 25.9% | 16.4% | ||
| Q2 25 | 24.1% | 14.1% | ||
| Q1 25 | 33.2% | 14.3% | ||
| Q4 24 | 19.8% | 14.5% | ||
| Q3 24 | 20.9% | 15.6% | ||
| Q2 24 | 27.1% | 15.1% |
| Q1 26 | 26.4% | — | ||
| Q4 25 | 20.3% | 13.4% | ||
| Q3 25 | 20.8% | 13.5% | ||
| Q2 25 | 21.5% | 10.5% | ||
| Q1 25 | 27.3% | 12.2% | ||
| Q4 24 | 16.4% | 10.3% | ||
| Q3 24 | 18.7% | 14.3% | ||
| Q2 24 | 23.8% | 11.7% |
| Q1 26 | $3.35 | — | ||
| Q4 25 | $1.57 | $0.69 | ||
| Q3 25 | $1.69 | $0.67 | ||
| Q2 25 | $1.81 | $0.52 | ||
| Q1 25 | $3.14 | $0.58 | ||
| Q4 24 | $1.23 | $0.46 | ||
| Q3 24 | $1.34 | $0.62 | ||
| Q2 24 | $1.78 | $0.48 |
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 | $151.4M |
| Total DebtLower is stronger | $59.5M | — |
| Stockholders' EquityBook value | $850.7M | $973.9M |
| Total Assets | $7.1B | $1.2B |
| Debt / EquityLower = less leverage | 0.07× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $157.6M | — | ||
| Q4 25 | $331.2M | $151.4M | ||
| Q3 25 | $120.6M | $133.7M | ||
| Q2 25 | $258.3M | $107.6M | ||
| Q1 25 | $254.2M | $94.9M | ||
| Q4 24 | $597.4M | $241.0M | ||
| Q3 24 | $158.3M | $205.8M | ||
| Q2 24 | $298.9M | $271.8M |
| 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 | $973.9M | ||
| Q3 25 | $858.0M | $958.9M | ||
| Q2 25 | $819.0M | $949.8M | ||
| Q1 25 | $814.7M | $920.9M | ||
| Q4 24 | $758.3M | $854.7M | ||
| Q3 24 | $822.5M | $829.4M | ||
| Q2 24 | $748.4M | $703.4M |
| Q1 26 | $7.1B | — | ||
| Q4 25 | $7.6B | $1.2B | ||
| Q3 25 | $7.2B | $1.2B | ||
| Q2 25 | $7.2B | $1.1B | ||
| Q1 25 | $7.0B | $1.1B | ||
| Q4 24 | $7.6B | $1.0B | ||
| Q3 24 | $7.5B | $1.0B | ||
| Q2 24 | $7.5B | $854.5M |
| 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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $108.3M | $45.9M | ||
| Q3 25 | $303.7M | $60.6M | ||
| Q2 25 | $30.4M | $32.3M | ||
| Q1 25 | $188.3M | $40.0M | ||
| Q4 24 | $-71.7M | $40.6M | ||
| Q3 24 | $143.1M | $53.3M | ||
| Q2 24 | $113.2M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $38.2M | ||
| Q3 25 | $300.3M | $54.6M | ||
| Q2 25 | $27.7M | $25.7M | ||
| Q1 25 | $184.7M | $33.8M | ||
| Q4 24 | $-73.8M | $34.3M | ||
| Q3 24 | $138.8M | $48.1M | ||
| Q2 24 | $111.0M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 60.1% | 19.8% | ||
| Q3 25 | 160.9% | 28.7% | ||
| Q2 25 | 14.1% | 13.7% | ||
| Q1 25 | 67.2% | 18.6% | ||
| Q4 24 | -40.4% | 20.1% | ||
| Q3 24 | 77.3% | 29.4% | ||
| Q2 24 | 58.8% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 2.4% | 4.0% | ||
| Q3 25 | 1.8% | 3.2% | ||
| Q2 25 | 1.4% | 3.6% | ||
| Q1 25 | 1.3% | 3.4% | ||
| Q4 24 | 1.1% | 3.6% | ||
| Q3 24 | 2.4% | 3.2% | ||
| Q2 24 | 1.2% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 3.08× | 1.78× | ||
| Q3 25 | 7.83× | 2.37× | ||
| Q2 25 | 0.72× | 1.64× | ||
| Q1 25 | 2.51× | 1.80× | ||
| Q4 24 | -2.39× | 2.31× | ||
| Q3 24 | 4.27× | 2.27× | ||
| Q2 24 | 2.52× | 1.63× |
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% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
