At a glance
Meta Financial Group Inc is worth $1.58B, about 10 times its fiscal 2025 earnings. Revenue grew 5.3% to $839.9M in fiscal 2025, with 22.1% kept as profit. It pays a 0.26% dividend yield, and returned $27.5M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +10.1% over the past year with dividends reinvested and +7.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 58.9% in the 2020 crash (S&P 500: 33.7%) and 49.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 22 months after the lows.
The business in plain English
Pathward Financial, formerly Meta Financial Group, owns Pathward, a national bank based in Sioux Falls, South Dakota. Its stated purpose is "powering financial inclusion": serving people and businesses that traditional banks underserve. Much of this work happens through partner companies.
The business has two halves. Partner Solutions works with outside firms to issue debit and prepaid cards (Pathward calls itself one of the leading US issuers), process card payments for merchants and move money electronically. It also offers tax refund advances and refund-processing services through more than 42,000 independent tax offices. These programs bring in stable deposits and fees. Pathward puts most of those deposits into loans and leases from its Commercial Finance line. These include working capital loans backed by unpaid invoices and inventory, equipment loans and leases, and structured loans. The structured loans cover alternative energy projects and loans made through Small Business Administration and Agriculture Department programs.
In the fiscal year ended September 30, 2025, revenue was about $840 million. The Consumer segment, home to Partner Solutions, supplied 62.8%, Commercial 32.9% and Corporate Services/Other 4.3%. Net interest income was $511.8 million. That is what loans and investments earn minus what the bank pays on deposits and debt. Noninterest income, such as fees, was $328.1 million. Net loans and leases were $4.61 billion, or 64% of total assets. In October 2024, Pathward sold its commercial insurance premium finance business.
Price history
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CASH +10.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Consumer | $527.3M | 62.8% |
| Commercial | $276.4M | 32.9% |
| Corporate Services/Other | $36.2M | 4.3% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $189.6M, down 3.1% from a year earlier, and net income was $29.0M (-31.3%).
- For fiscal 2025, revenue was $839.9M (+5.3% year over year) with a 22.1% net margin.
Financial health check
| Return on equity | 21.7% good |
|---|---|
| Net income / revenue | 22.1% watch |
| Deposits | $5.95B |
| Loans | $5.00B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $498.8M | $104.7M | — |
| FY2021 | $549.9M | $141.7M | — |
| FY2022 | $618.4M | $151.1M | — |
| FY2023 | $727.7M | $143.3M | — |
| FY2024 | $797.4M | $183.2M | — |
| FY2025 | $839.9M | $185.9M | — |
Valuation snapshot
| Market value | $1.58B |
|---|---|
| P/E ratio | 9.7 |
| Dividend yield | 0.26% |
Rank among 1514 US companies
Market value at each year end
Meta Financial Group’s market value went from $1.26B at the end of 2016 to $1.58B on Oct 28, 2026, up 25%; since the end of 2025 it is down 0%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.58B | -0.5% |
| 2025 | $1.59B | -10.6% |
| 2024 | $1.77B | +29.0% |
| 2023 | $1.38B | +12.2% |
| 2022 | $1.23B | -32.8% |
| 2021 | $1.82B | +49.0% |
| 2020 | $1.22B | -10.9% |
| 2019 | $1.37B | +79.6% |
| 2018 | $764.1M | -36.0% |
| 2017 | $1.19B | -5.3% |
| 2016 | $1.26B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CASH price data to Oct 28, 2026 | +7.2% | +10.1% | +19.0% | +7.0% | +12.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +7.2% |
| 2025 | -3.3% |
| 2024 | +39.5% |
| 2023 | +23.4% |
| 2022 | -27.5% |
| 2021 | +63.8% |
| 2020 | +1.0% |
| 2019 | +89.7% |
| 2018 | -36.8% |
| 2017 | -9.4% |
| 2016 | +126.7% |
| 2015 | +32.8% |
| 2014 | -11.9% |
| 2013 | +80.0% |
| 2012 | +40.2% |
| 2011 | +24.7% |
| 2010 | -32.5% |
| 2009 | +140.8% |
| 2008 | -77.4% |
| 2007 | +40.1% |
| 2006 | +48.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79.8% over that stretch · deepest drop along the way 83.6%, back to its old high 57 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 49.6% over that stretch · deepest drop along the way 58.9%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 38.9% over that stretch · deepest drop along the way 49%, back to its old high 21.6 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 2 sales ($802K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 29, 2026 | Douglas J. Hajek Director | sell | $432K |
| May 29, 2026 | Elizabeth G. Hoople Director | sell | $370K |
Who owns it
Large shareholders (13G filings)
| STATE STREET CORPORATION | 6.8% | Jun 30, 2026 |
| American Century Investment Management, Inc. | 5.3% | Dec 31, 2025 |
| Vanguard Capital Management | 5.23% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 5% | Mar 31, 2026 |
ETFs with the most weight in CASH
| OSCV Opus Small Cap Value ETF | 1.66% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 1.28% |
| KBE SPDR S&P Bank ETF | 1.05% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 1.05% |
| FDFF Fidelity Disruptive Finance ETF | 1.01% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.69% |
| SVAL iShares US Small Cap Value Factor ETF | 0.65% |
| VUSE Vident U.S. Equity Strategy ETF | 0.58% |
What could go wrong
- Depends on a handful of payment partners. Much of Pathward's deposits and income come from accounts opened through payments partners. A few program managers, the firms that run card programs, matter most. Losing one could hit funding and fees.
- Fintechs could win their own bank charters. The OCC, which regulates national banks, may grant bank charters to fintech (financial technology) companies. Partners that rely on Pathward to hold funds and issue cards could then become banks and rivals.
- Partner-run consumer loans carry legal risk. Outside companies market and service consumer loans that Pathward makes. That setup exposes the bank to credit and fraud losses. Regulators or other parties could also bring claims that, if successful, hurt the business.
- Tax refund glitches could damage trust. Pathward offers refund advances and refund transfers through more than 42,000 independent tax offices. Errors by government agencies, technology or staff could delay refunds, which would hurt its reputation and revenue.
- Loans lean heavily on solar projects. As of September 30, 2025, 60% of its term-loan exposure was in solar and alternative energy. Most are construction projects set to become government-guaranteed loans. Setbacks there could cause losses.
- Loan losses could outrun reserves. Pathward set aside $56.8 million for credit losses in fiscal 2025. If commercial, consumer or tax-loan borrowers default more than expected, bigger charges would cut profits.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Change of auditor
For income and retirement investors
Pathward pays only a token dividend. It paid $0.20 per share in every fiscal year from 2020 through 2025, with no increases. In fiscal 2025 that used about 2.5% of earnings. The yield was 0.26% as of October 28, 2026, so an investor seeking regular income would get very little here and would depend on share price gains instead. The number of shares outstanding fell about 35%, from about 31.9 million in August 2021 to about 20.8 million in July 2026. That gives each remaining share a bigger claim on profits.
The stock has dropped sharply in downturns. It fell 83.6% from December 2007 to December 2008 and took 57 months to recover. It fell 58.9% in early 2020 and recovered in about 10 months. It fell 49% in 2022 and recovered by July 2024. Single stocks carry more risk than diversified funds, because one company's setbacks aren't offset by gains elsewhere.
Questions investors ask
How does Pathward Financial make money?
Mostly from interest and fees. Pathward works with partner companies to issue debit and prepaid cards, process payments and offer tax refund products through more than 42,000 independent tax offices. Those programs bring in deposits and fees, and Pathward lends much of the money to businesses. In the fiscal year ended September 30, 2025, net interest income (what loans and investments earn minus funding costs) was $511.8 million. Noninterest income was $328.1 million. The Consumer segment produced 62.8% of revenue and Commercial 32.9%.
Does Pathward Financial pay a dividend?
Yes, but it is small. Pathward paid $0.20 per share in each fiscal year from 2020 through 2025 and did not raise it. That was about 2.5% of fiscal 2025 earnings of $7.87 per diluted share. The dividend yield was 0.26% as of October 28, 2026. Investors who rely on portfolio income may find dividend-focused funds worth comparing, since this stock's return depends mainly on its share price.
Is Pathward Financial the same company as Meta Financial?
Yes. Pathward Financial was formerly called Meta Financial Group, and before that First Midwest Financial. The holding company was incorporated in Delaware in 1993 and is based in Sioux Falls, South Dakota. It owns Pathward, a national bank. The Federal Deposit Insurance Corporation (FDIC) insures the bank's deposits up to the usual limits. The shares trade on Nasdaq under the ticker CASH.
What is Pathward Financial's P/E ratio?
About 9.7 as of October 28, 2026, based on fiscal 2025 diluted earnings of $7.87 per share. The price-to-earnings (P/E) ratio compares the share price with a year of profit. Pathward's return on equity was 21.7% in fiscal 2025. That means it earned about 22 cents for each dollar of shareholders' equity. Profit fell in a later quarter: net income for the quarter ended June 30, 2026, was $29.0 million, down 31.3% from a year earlier.
How did Pathward stock hold up in past market crashes?
It fell steeply in each one. The shares dropped 83.6% from December 2007 to December 2008 and took 57 months to recover. They fell 58.9% in the 2020 COVID crash and recovered by January 2021. In the 2022 bear market (a broad decline of 20% or more) they fell 49% and recovered by July 2024. The share price gained an average of 12.6% a year over the 10 years to October 28, 2026. Even so, it fell as much as 29.1% in the 12 months to that date.