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Side-by-side financial comparison of CASS INFORMATION SYSTEMS INC (CASS) and TELOS CORP (TLS). Click either name above to swap in a different company.
TELOS CORP is the larger business by last-quarter revenue ($46.8M vs $26.2M, roughly 1.8× CASS INFORMATION SYSTEMS INC). CASS INFORMATION SYSTEMS INC runs the higher net margin — 31.3% vs -34.9%, a 66.1% gap on every dollar of revenue. On growth, TELOS CORP posted the faster year-over-year revenue change (77.4% vs -1.3%). TELOS CORP produced more free cash flow last quarter ($8.0M vs $4.1M). Over the past eight quarters, TELOS CORP's revenue compounded faster (25.7% CAGR vs -2.8%).
Cass Information Systems Inc is a leading provider of integrated financial automation and information management solutions for enterprises. Its core services cover freight payment processing, utility expense management, commercial payment services, and supporting data analytics tools, helping clients streamline financial workflows, cut operational costs, and gain clearer cross-category spending visibility to support smarter business decisions.
Telos Corporation is an information technology and cybersecurity company located in Ashburn, Virginia. Telos primarily serves government and enterprise clients, receiving a large number of its contracts from the United States Department of Defense. Customers are primarily military, intelligence and civilian agencies of the US government and NATO allies.
CASS vs TLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $26.2M | $46.8M |
| Net Profit | $8.2M | $-16.3M |
| Gross Margin | — | 35.0% |
| Operating Margin | 38.1% | -39.6% |
| Net Margin | 31.3% | -34.9% |
| Revenue YoY | -1.3% | 77.4% |
| Net Profit YoY | 78.3% | -74.8% |
| EPS (diluted) | $0.61 | $-0.22 |
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 | $26.2M | $46.8M | ||
| Q3 25 | $27.4M | $51.4M | ||
| Q2 25 | $27.6M | $36.0M | ||
| Q1 25 | $26.8M | $30.6M | ||
| Q4 24 | $26.5M | $26.4M | ||
| Q3 24 | $28.1M | $23.8M | ||
| Q2 24 | $27.6M | $28.5M | ||
| Q1 24 | $27.7M | $29.6M |
| Q4 25 | $8.2M | $-16.3M | ||
| Q3 25 | $9.1M | $-2.1M | ||
| Q2 25 | $8.9M | $-9.5M | ||
| Q1 25 | $9.0M | $-8.6M | ||
| Q4 24 | $4.6M | $-9.3M | ||
| Q3 24 | $2.9M | $-28.1M | ||
| Q2 24 | $4.5M | $-7.8M | ||
| Q1 24 | $7.2M | $-7.4M |
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 39.9% | ||
| Q2 25 | — | 33.2% | ||
| Q1 25 | — | 39.8% | ||
| Q4 24 | — | 40.3% | ||
| Q3 24 | — | 13.2% | ||
| Q2 24 | — | 34.1% | ||
| Q1 24 | — | 37.0% |
| Q4 25 | 38.1% | -39.6% | ||
| Q3 25 | 42.3% | -4.8% | ||
| Q2 25 | 22.8% | -27.5% | ||
| Q1 25 | 40.6% | -29.5% | ||
| Q4 24 | 19.7% | -37.6% | ||
| Q3 24 | 13.4% | -121.4% | ||
| Q2 24 | 20.2% | -30.3% | ||
| Q1 24 | 32.1% | -28.5% |
| Q4 25 | 31.3% | -34.9% | ||
| Q3 25 | 33.2% | -4.1% | ||
| Q2 25 | 32.1% | -26.5% | ||
| Q1 25 | 33.5% | -28.1% | ||
| Q4 24 | 17.3% | -35.4% | ||
| Q3 24 | 10.5% | -118.0% | ||
| Q2 24 | 16.2% | -27.2% | ||
| Q1 24 | 25.8% | -24.9% |
| Q4 25 | $0.61 | $-0.22 | ||
| Q3 25 | $0.68 | $-0.03 | ||
| Q2 25 | $0.66 | $-0.13 | ||
| Q1 25 | $0.66 | $-0.12 | ||
| Q4 24 | $0.34 | $-0.13 | ||
| Q3 24 | $0.21 | $-0.39 | ||
| Q2 24 | $0.32 | $-0.11 | ||
| Q1 24 | $0.52 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $758.4M | $53.2M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $243.0M | $96.0M |
| Total Assets | $2.6B | $139.9M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $758.4M | $53.2M | ||
| Q3 25 | $486.6M | $59.0M | ||
| Q2 25 | $431.2M | $57.0M | ||
| Q1 25 | $428.9M | $57.8M | ||
| Q4 24 | $680.1M | $54.6M | ||
| Q3 24 | $432.0M | $69.8M | ||
| Q2 24 | $441.7M | $80.1M | ||
| Q1 24 | $368.3M | $93.9M |
| Q4 25 | $243.0M | $96.0M | ||
| Q3 25 | $243.4M | $119.7M | ||
| Q2 25 | $240.8M | $118.4M | ||
| Q1 25 | $234.2M | $126.1M | ||
| Q4 24 | $229.0M | $127.1M | ||
| Q3 24 | $237.6M | $129.5M | ||
| Q2 24 | $229.9M | $149.1M | ||
| Q1 24 | $229.5M | $154.4M |
| Q4 25 | $2.6B | $139.9M | ||
| Q3 25 | $2.5B | $164.3M | ||
| Q2 25 | $2.3B | $165.0M | ||
| Q1 25 | $2.3B | $158.1M | ||
| Q4 24 | $2.4B | $158.2M | ||
| Q3 24 | $2.3B | $166.3M | ||
| Q2 24 | $2.3B | $182.4M | ||
| Q1 24 | $2.3B | $195.4M |
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 | $4.8M | $8.0M |
| Free Cash FlowOCF − Capex | $4.1M | $8.0M |
| FCF MarginFCF / Revenue | 15.8% | 17.0% |
| Capex IntensityCapex / Revenue | 2.7% | 0.1% |
| Cash ConversionOCF / Net Profit | 0.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $31.8M | $29.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.8M | $8.0M | ||
| Q3 25 | $12.3M | $9.1M | ||
| Q2 25 | $-1.3M | $7.0M | ||
| Q1 25 | $21.6M | $6.1M | ||
| Q4 24 | $18.6M | $-10.5M | ||
| Q3 24 | $-198.0K | $-7.1M | ||
| Q2 24 | $10.7M | $-8.0M | ||
| Q1 24 | $9.8M | $-350.0K |
| Q4 25 | $4.1M | $8.0M | ||
| Q3 25 | $11.3M | $8.7M | ||
| Q2 25 | $-2.6M | $6.8M | ||
| Q1 25 | $19.0M | $6.0M | ||
| Q4 24 | $18.4M | $-12.4M | ||
| Q3 24 | $-2.2M | $-7.1M | ||
| Q2 24 | $7.9M | $-8.2M | ||
| Q1 24 | $6.3M | $-447.0K |
| Q4 25 | 15.8% | 17.0% | ||
| Q3 25 | 41.1% | 16.9% | ||
| Q2 25 | -9.5% | 19.0% | ||
| Q1 25 | 71.0% | 19.5% | ||
| Q4 24 | 69.5% | -47.0% | ||
| Q3 24 | -8.0% | -30.0% | ||
| Q2 24 | 28.6% | -28.9% | ||
| Q1 24 | 22.9% | -1.5% |
| Q4 25 | 2.7% | 0.1% | ||
| Q3 25 | 3.8% | 0.9% | ||
| Q2 25 | 4.9% | 0.4% | ||
| Q1 25 | 9.6% | 0.4% | ||
| Q4 24 | 0.7% | 7.1% | ||
| Q3 24 | 7.2% | 0.2% | ||
| Q2 24 | 10.1% | 0.8% | ||
| Q1 24 | 12.6% | 0.3% |
| Q4 25 | 0.59× | — | ||
| Q3 25 | 1.35× | — | ||
| Q2 25 | -0.15× | — | ||
| Q1 25 | 2.41× | — | ||
| Q4 24 | 4.06× | — | ||
| Q3 24 | -0.07× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 1.37× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CASS
| Processing Fees | $15.9M | 61% |
| Financial Fees | $9.9M | 38% |
TLS
| Security Solutions Segment | $44.8M | 96% |
| Secure Networks Segment | $1.9M | 4% |
