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Side-by-side financial comparison of PATHWARD FINANCIAL, INC. (CASH) and Varex Imaging Corp (VREX). Click either name above to swap in a different company.
Varex Imaging Corp is the larger business by last-quarter revenue ($209.6M vs $173.1M, roughly 1.2× PATHWARD FINANCIAL, INC.). PATHWARD FINANCIAL, INC. runs the higher net margin — 20.3% vs 1.1%, a 19.2% gap on every dollar of revenue. On growth, Varex Imaging Corp posted the faster year-over-year revenue change (4.9% vs -0.2%). PATHWARD FINANCIAL, INC. produced more free cash flow last quarter ($104.1M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% 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.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
CASH vs VREX — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $173.1M | $209.6M |
| Net Profit | $35.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 24.6% | 7.3% |
| Net Margin | 20.3% | 1.1% |
| Revenue YoY | -0.2% | 4.9% |
| Net Profit YoY | 11.9% | 866.7% |
| EPS (diluted) | $1.57 | $0.05 |
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 | — | $209.6M | ||
| Q4 25 | $173.1M | $228.9M | ||
| Q3 25 | $186.7M | $203.0M | ||
| Q2 25 | $195.8M | $212.9M | ||
| Q1 25 | $274.8M | $199.8M | ||
| Q4 24 | $182.6M | — | ||
| Q3 24 | $179.5M | $205.7M | ||
| Q2 24 | $188.6M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $35.2M | $12.2M | ||
| Q3 25 | $38.8M | $-89.1M | ||
| Q2 25 | $42.1M | $6.9M | ||
| Q1 25 | $75.0M | $-300.0K | ||
| Q4 24 | $30.0M | — | ||
| Q3 24 | $33.5M | $-51.1M | ||
| Q2 24 | $44.9M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 24.6% | 8.6% | ||
| Q3 25 | 25.9% | -39.8% | ||
| Q2 25 | 24.1% | 10.4% | ||
| Q1 25 | 33.2% | 5.6% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 20.9% | 5.3% | ||
| Q2 24 | 27.1% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 20.3% | 5.3% | ||
| Q3 25 | 20.8% | -43.9% | ||
| Q2 25 | 21.5% | 3.2% | ||
| Q1 25 | 27.3% | -0.2% | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | 18.7% | -24.8% | ||
| Q2 24 | 23.8% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $1.57 | $0.29 | ||
| Q3 25 | $1.69 | $-2.15 | ||
| Q2 25 | $1.81 | $0.17 | ||
| Q1 25 | $3.14 | $-0.01 | ||
| Q4 24 | $1.23 | — | ||
| Q3 24 | $1.34 | $-1.25 | ||
| Q2 24 | $1.78 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | $33.5M | $367.6M |
| Stockholders' EquityBook value | $854.5M | $476.9M |
| Total Assets | $7.6B | $1.1B |
| Debt / EquityLower = less leverage | 0.04× | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $331.2M | $155.1M | ||
| Q3 25 | $120.6M | $152.6M | ||
| Q2 25 | $258.3M | $223.0M | ||
| Q1 25 | $254.2M | $212.6M | ||
| Q4 24 | $597.4M | — | ||
| Q3 24 | $158.3M | $200.5M | ||
| Q2 24 | $298.9M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | $33.5M | $367.5M | ||
| Q3 25 | $33.5M | $367.5M | ||
| Q2 25 | $33.4M | $567.2M | ||
| Q1 25 | $33.4M | $567.0M | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | $443.4M | ||
| Q2 24 | $33.3M | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $854.5M | $472.6M | ||
| Q3 25 | $858.0M | $455.3M | ||
| Q2 25 | $819.0M | $549.7M | ||
| Q1 25 | $814.7M | $540.2M | ||
| Q4 24 | $758.3M | — | ||
| Q3 24 | $822.5M | $529.1M | ||
| Q2 24 | $748.4M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $7.6B | $1.1B | ||
| Q3 25 | $7.2B | $1.1B | ||
| Q2 25 | $7.2B | $1.4B | ||
| Q1 25 | $7.0B | $1.3B | ||
| Q4 24 | $7.6B | — | ||
| Q3 24 | $7.5B | $1.2B | ||
| Q2 24 | $7.5B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | 0.04× | 0.78× | ||
| Q3 25 | 0.04× | 0.81× | ||
| Q2 25 | 0.04× | 1.03× | ||
| Q1 25 | 0.04× | 1.05× | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | 0.84× | ||
| Q2 24 | 0.04× | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $104.1M | $-26.8M |
| FCF MarginFCF / Revenue | 60.1% | -12.8% |
| Capex IntensityCapex / Revenue | 2.4% | 5.1% |
| Cash ConversionOCF / Net Profit | 3.08× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $616.8M | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $108.3M | $7.9M | ||
| Q3 25 | $303.7M | $7.7M | ||
| Q2 25 | $30.4M | $16.6M | ||
| Q1 25 | $188.3M | $9.5M | ||
| Q4 24 | $-71.7M | — | ||
| Q3 24 | $143.1M | $25.9M | ||
| Q2 24 | $113.2M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $104.1M | $2.3M | ||
| Q3 25 | $300.3M | $1.4M | ||
| Q2 25 | $27.7M | $9.8M | ||
| Q1 25 | $184.7M | $5.3M | ||
| Q4 24 | $-73.8M | — | ||
| Q3 24 | $138.8M | $19.9M | ||
| Q2 24 | $111.0M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 60.1% | 1.0% | ||
| Q3 25 | 160.9% | 0.7% | ||
| Q2 25 | 14.1% | 4.6% | ||
| Q1 25 | 67.2% | 2.7% | ||
| Q4 24 | -40.4% | — | ||
| Q3 24 | 77.3% | 9.7% | ||
| Q2 24 | 58.8% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 2.4% | 2.4% | ||
| Q3 25 | 1.8% | 3.1% | ||
| Q2 25 | 1.4% | 3.2% | ||
| Q1 25 | 1.3% | 2.1% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 2.4% | 2.9% | ||
| Q2 24 | 1.2% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 3.08× | 0.65× | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | 2.41× | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
