# Meta Financial Group (CASH.US)

Canonical: https://gigainvestors.com/s/CASH

Analysis as of: 2026-10-16T07:27:14.369Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $72.12 per share; close as of 2026-10-15.

Estimated value: low $83.63 per share, central $104.53 per share, high $139.38 per share. Buy at or below the central value $104.53 per share. Valuation as of 2026-10-16T07:27:14.369Z; scenarios are not confidence intervals.

Expected annual return: 11.8% at the stated quote. About 11.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.72×

Chart: Net income; fiscal year observations.

- FY2016: $160K

- FY2017: $167K

- FY2018: $116K

- FY2019: $95M

- FY2020: $102M

- FY2021: $139M

- FY2022: $149M

- FY2023: $141M

- FY2024: $182M

- FY2025: $185M

### moat: fail

- Tangible common book per share

- return on tangible common equity below 5% in more than one year

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 23.5%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.1%

- Cost / income, median: 66.0%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 0.1%

- FY2017: 0.1%

- FY2018: 0.0%

- FY2019: 19.8%

- FY2020: 20.8%

- FY2021: 26.3%

- FY2022: 49.9%

- FY2023: 48.8%

- FY2024: 36.6%

- FY2025: 33.8%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 10.6%

- Book return interval: 10 years

- Starting book value per share: $9.85

- Ending book value per share: $23.28

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 9.1%

- FY2017: -2.3%

- FY2018: 19.9%

- FY2019: 6.5%

- FY2020: 14.0%

- FY2021: 19.0%

- FY2022: -37.5%

- FY2023: 7.3%

- FY2024: 85.3%

- FY2025: 19.2%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: -7.6%

- Share growth excluding flagged crisis recapitalisations: 1.4%

- Five-year share growth excluding flagged crisis recapitalisations: -7.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 2.85×

- Book value created per share: $13.43

- Earnings retained per share after dividends and buybacks: $4.70

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 125

- FY2017: 137

- FY2018: 151

- FY2019: 186

- FY2020: 171

- FY2021: 156

- FY2022: 143

- FY2023: 132

- FY2024: 124

- FY2025: 115

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 13.5%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 4

## Holders

- [Francis Chou](https://gigainvestors.com/ca): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 21% since Feb 2026 · net income +2%

Story as of 2026-10-16T09:58:27.570Z; price observation 2026-10-15.

The price assumes profits grow 3.5% a year forever

### Net income · FY2025

net income +2%; source https://www.sec.gov/Archives/edgar/data/907471/000090747125000116/cash-20250930.htm; observed 2025-11-25.

- FY2016: $160K 

- FY2017: $167K 

- FY2018: $116K 

- FY2019: $95M 

- FY2020: $102M 

- FY2021: $139M 

- FY2022: $149M 

- FY2023: $141M 

- FY2024: $182M 

- FY2025: $185M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 839.9 million.

- Source: https://www.sec.gov/Archives/edgar/data/907471/000090747125000116/cash-20250930.htm#000090747125000116 (filed 2025-11-25); FY2025: revenue 839894000.

### Why customers stay

It earns 23.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on tangible equity observations [[2016,0.0005951487407385389],[2017,0.0005887127770235724],[2018,0.0003121624797724246],[2019,0.19812980008207773],[2020,0.20772454457592568],[2021,0.26323862474340814],[2022,0.4987669647200926],[2023,0.488083091513418],[2024,0.365735778811053],[2025,0.33815910813253836]]; median 0.2354815846596669. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 163 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,4389000],[2017,4839000],[2018,5736000],[2019,7760000],[2020,7100000],[2021,6400000],[2022,5921000],[2023,5426000],[2024,5067000],[2025,4686000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/907471/000090747125000116/cash-20250930.htm (filed 2025-11-25); FY2025: cash repurchases 163047000 USD.

### Are managers owners

Insiders own 1.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); CASH.US SharesStats.PercentInsiders = 1.518 percentage points; cache date 2026-10-15.

### What the price says

The price assumes profits grow 3.5% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Price 72.12; FX 1; original perpetual distributable cash 4.716730354500198; discount 0.1; growth 0.03459885809067946. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $24.42 per share

- 2016-11: $30.32 per share

- 2016-12: $34.30 per share

- 2017-01: $29.28 per share

- 2017-02: $28.53 per share

- 2017-03: $29.50 per share

- 2017-04: $28.30 per share

- 2017-05: $28.53 per share

- 2017-06: $29.67 per share

- 2017-07: $23.77 per share

- 2017-08: $23.43 per share

- 2017-09: $26.13 per share

- 2017-10: $29.08 per share

- 2017-11: $31.32 per share

- 2017-12: $30.88 per share

- 2018-01: $39.00 per share

- 2018-02: $35.80 per share

- 2018-03: $36.40 per share

- 2018-04: $37.05 per share

- 2018-05: $37.72 per share

- 2018-06: $32.47 per share

- 2018-07: $29.82 per share

- 2018-08: $28.87 per share

- 2018-09: $27.55 per share

- 2018-10: $25.24 per share

- 2018-11: $22.86 per share

- 2018-12: $19.39 per share

- 2019-01: $23.55 per share

- 2019-02: $23.35 per share

- 2019-03: $19.68 per share

- 2019-04: $25.76 per share

- 2019-05: $26.17 per share

- 2019-06: $28.05 per share

- 2019-07: $30.87 per share

- 2019-08: $30.91 per share

- 2019-09: $32.61 per share

- 2019-10: $31.66 per share

- 2019-11: $35.57 per share

- 2019-12: $36.51 per share

- 2020-01: $37.22 per share

- 2020-02: $32.85 per share

- 2020-03: $21.72 per share

- 2020-04: $18.42 per share

- 2020-05: $18.12 per share

- 2020-06: $18.17 per share

- 2020-07: $18.66 per share

- 2020-08: $19.28 per share

- 2020-09: $19.22 per share

- 2020-10: $29.34 per share

- 2020-11: $33.10 per share

- 2020-12: $36.56 per share

- 2021-01: $38.63 per share

- 2021-02: $44.29 per share

- 2021-03: $45.31 per share

- 2021-04: $49.26 per share

- 2021-05: $53.01 per share

- 2021-06: $50.63 per share

- 2021-07: $49.70 per share

- 2021-08: $49.19 per share

- 2021-09: $52.48 per share

- 2021-10: $55.44 per share

- 2021-11: $59.77 per share

- 2021-12: $59.66 per share

- 2022-01: $59.46 per share

- 2022-02: $55.39 per share

- 2022-03: $54.92 per share

- 2022-04: $43.65 per share

- 2022-05: $41.57 per share

- 2022-06: $38.67 per share

- 2022-07: $33.72 per share

- 2022-08: $32.96 per share

- 2022-09: $32.96 per share

- 2022-10: $42.03 per share

- 2022-11: $43.53 per share

- 2022-12: $43.05 per share

- 2023-01: $49.62 per share

- 2023-02: $51.01 per share

- 2023-03: $41.49 per share

- 2023-04: $44.53 per share

- 2023-05: $43.94 per share

- 2023-06: $46.36 per share

- 2023-07: $51.96 per share

- 2023-08: $49.27 per share

- 2023-09: $46.09 per share

- 2023-10: $45.29 per share

- 2023-11: $49.59 per share

- 2023-12: $52.93 per share

- 2024-01: $51.78 per share

- 2024-02: $50.84 per share

- 2024-03: $50.48 per share

- 2024-04: $50.37 per share

- 2024-05: $53.31 per share

- 2024-06: $56.57 per share

- 2024-07: $67.54 per share

- 2024-08: $68.82 per share

- 2024-09: $66.01 per share

- 2024-10: $70.76 per share

- 2024-11: $83.88 per share

- 2024-12: $73.58 per share

- 2025-01: $79.73 per share

- 2025-02: $77.51 per share

- 2025-03: $72.95 per share

- 2025-04: $79.37 per share

- 2025-05: $78.05 per share

- 2025-06: $79.12 per share

- 2025-07: $75.63 per share

- 2025-08: $79.47 per share

- 2025-09: $74.01 per share

- 2025-10: $68.06 per share

- 2025-11: $71.90 per share

- 2025-12: $71.00 per share

- 2026-01: $90.29 per share

- 2026-02: $90.79 per share

- 2026-03: $89.23 per share

- 2026-04: $86.84 per share

- 2026-05: $82.24 per share

- 2026-06: $87.06 per share

- 2026-07: $88.24 per share

- 2026-08: $81.46 per share

- 2026-09: $71.14 per share

- 2026-10: $72.12 per share

## Annual estimated value (USD per share)

- FY2016: low $6.47 per share, central $8.08 per share, high $10.78 per share

- FY2017: low $6.77 per share, central $8.47 per share, high $11.29 per share

- FY2018: low $11.33 per share, central $14.16 per share, high $18.88 per share

- FY2019: low $15.40 per share, central $19.25 per share, high $25.67 per share

- FY2020: low $17.31 per share, central $21.64 per share, high $28.85 per share

- FY2021: low $23.76 per share, central $29.71 per share, high $39.61 per share

- FY2022: low $18.13 per share, central $22.66 per share, high $30.22 per share

- FY2023: low $25.93 per share, central $32.41 per share, high $43.22 per share

- FY2024: low $58.25 per share, central $72.81 per share, high $97.08 per share

- FY2025: low $74.50 per share, central $93.12 per share, high $124.16 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/907471/000090747125000116/cash-20250930.htm); period 2025-09-30, filed 2025-11-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Meta Financial Group

CASH · US

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: $72.12
Buy up to: $104.53
Expected / yr: 11.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Profits were positive in 10 years (at least 9 needed).

Net income

10y median: $121M
Worst year: $116K
Latest · 2025: $185M

The second-worst year 0.1% (minimum 5%), and costs took 66% of income (limit 65%).

Return on tangible common equity

10y median: 23.5%
Worst year: 0.0%
Latest · 2025: 33.8%

Book value plus dividends grew 10.6% a year (minimum 7%).

Annual book + dividend return

10y median: 11.6%
Worst year: -37.5%
Latest · 2025: 19.2%

Ordinary share growth was 1.4% over the full period and -7.6% over five years (either must be at most 2% a year).

Shares (first year = 100)

11y median: 137
Worst year: 186
Latest · 2025: 115

1 accounting warnings were found (none allowed).

Filing signals · estimated likelihood

accounting warnings: 1
Passing bar: ≤ 0

Profit record · pass 0 loss years in 10 (at most 2), three-year average earnings per share 6.77 USD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price USD 24.42 · Value 8.08 · Buy at or below 8.08; 2016-11 · Price USD 30.32 · Value 8.08 · Buy at or below 8.08; 2016-12 · Price USD 34.30 · Value 8.08 · Buy at or below 8.08; 2017-01 · Price USD 29.28 · Value 8.08 · Buy at or below 8.08; 2017-02 · Price USD 28.53 · Value 8.47 · Buy at or below 8.47; 2017-03 · Price USD 29.50 · Value 8.47 · Buy at or below 8.47; 2017-04 · Price USD 28.30 · Value 8.47 · Buy at or below 8.47; 2017-05 · Price USD 28.53 · Value 8.47 · Buy at or below 8.47; 2017-06 · Price USD 29.67 · Value 8.47 · Buy at or below 8.47; 2017-07 · Price USD 23.77 · Value 8.47 · Buy at or below 8.47; 2017-08 · Price USD 23.43 · Value 8.47 · Buy at or below 8.47; 2017-09 · Price USD 26.13 · Value 8.47 · Buy at or below 8.47; 2017-10 · Price USD 29.08 · Value 8.47 · Buy at or below 8.47; 2017-11 · Price USD 31.32 · Value 8.47 · Buy at or below 8.47; 2017-12 · Price USD 30.88 · Value 8.47 · Buy at or below 8.47; 2018-01 · Price USD 39.00 · Value 8.47 · Buy at or below 8.47; 2018-02 · Price USD 35.80 · Value 14.16 · Buy at or below 14.16; 2018-03 · Price USD 36.40 · Value 14.16 · Buy at or below 14.16; 2018-04 · Price USD 37.05 · Value 14.16 · Buy at or below 14.16; 2018-05 · Price USD 37.72 · Value 14.16 · Buy at or below 14.16; 2018-06 · Price USD 32.47 · Value 14.16 · Buy at or below 14.16; 2018-07 · Price USD 29.82 · Value 14.16 · Buy at or below 14.16; 2018-08 · Price USD 28.87 · Value 14.16 · Buy at or below 14.16; 2018-09 · Price USD 27.55 · Value 14.16 · Buy at or below 14.16; 2018-10 · Price USD 25.24 · Value 14.16 · Buy at or below 14.16; 2018-11 · Price USD 22.86 · Value 14.16 · Buy at or below 14.16; 2018-12 · Price USD 19.39 · Value 14.16 · Buy at or below 14.16; 2019-01 · Price USD 23.55 · Value 14.16 · Buy at or below 14.16; 2019-02 · Price USD 23.35 · Value 19.25 · Buy at or below 19.25; 2019-03 · Price USD 19.68 · Value 19.25 · Buy at or below 19.25; 2019-04 · Price USD 25.76 · Value 19.25 · Buy at or below 19.25; 2019-05 · Price USD 26.17 · Value 19.25 · Buy at or below 19.25; 2019-06 · Price USD 28.05 · Value 19.25 · Buy at or below 19.25; 2019-07 · Price USD 30.87 · Value 19.25 · Buy at or below 19.25; 2019-08 · Price USD 30.91 · Value 19.25 · Buy at or below 19.25; 2019-09 · Price USD 32.61 · Value 19.25 · Buy at or below 19.25; 2019-10 · Price USD 31.66 · Value 19.25 · Buy at or below 19.25; 2019-11 · Price USD 35.57 · Value 19.25 · Buy at or below 19.25; 2019-12 · Price USD 36.51 · Value 19.25 · Buy at or below 19.25; 2020-01 · Price USD 37.22 · Value 19.25 · Buy at or below 19.25; 2020-02 · Price USD 32.85 · Value 21.64 · Buy at or below 21.64; 2020-03 · Price USD 21.72 · Value 21.64 · Buy at or below 21.64; 2020-04 · Price USD 18.42 · Value 21.64 · Buy at or below 21.64; 2020-05 · Price USD 18.12 · Value 21.64 · Buy at or below 21.64; 2020-06 · Price USD 18.17 · Value 21.64 · Buy at or below 21.64; 2020-07 · Price USD 18.66 · Value 21.64 · Buy at or below 21.64; 2020-08 · Price USD 19.28 · Value 21.64 · Buy at or below 21.64; 2020-09 · Price USD 19.22 · Value 21.64 · Buy at or below 21.64; 2020-10 · Price USD 29.34 · Value 21.64 · Buy at or below 21.64; 2020-11 · Price USD 33.10 · Value 21.64 · Buy at or below 21.64; 2020-12 · Price USD 36.56 · Value 21.64 · Buy at or below 21.64; 2021-01 · Price USD 38.63 · Value 21.64 · Buy at or below 21.64; 2021-02 · Price USD 44.29 · Value 29.71 · Buy at or below 29.71; 2021-03 · Price USD 45.31 · Value 29.71 · Buy at or below 29.71; 2021-04 · Price USD 49.26 · Value 29.71 · Buy at or below 29.71; 2021-05 · Price USD 53.01 · Value 29.71 · Buy at or below 29.71; 2021-06 · Price USD 50.63 · Value 29.71 · Buy at or below 29.71; 2021-07 · Price USD 49.70 · Value 29.71 · Buy at or below 29.71; 2021-08 · Price USD 49.19 · Value 29.71 · Buy at or below 29.71; 2021-09 · Price USD 52.48 · Value 29.71 · Buy at or below 29.71; 2021-10 · Price USD 55.44 · Value 29.71 · Buy at or below 29.71; 2021-11 · Price USD 59.77 · Value 29.71 · Buy at or below 29.71; 2021-12 · Price USD 59.66 · Value 29.71 · Buy at or below 29.71; 2022-01 · Price USD 59.46 · Value 29.71 · Buy at or below 29.71; 2022-02 · Price USD 55.39 · Value 22.66 · Buy at or below 22.66; 2022-03 · Price USD 54.92 · Value 22.66 · Buy at or below 22.66; 2022-04 · Price USD 43.65 · Value 22.66 · Buy at or below 22.66; 2022-05 · Price USD 41.57 · Value 22.66 · Buy at or below 22.66; 2022-06 · Price USD 38.67 · Value 22.66 · Buy at or below 22.66; 2022-07 · Price USD 33.72 · Value 22.66 · Buy at or below 22.66; 2022-08 · Price USD 32.96 · Value 22.66 · Buy at or below 22.66; 2022-09 · Price USD 32.96 · Value 22.66 · Buy at or below 22.66; 2022-10 · Price USD 42.03 · Value 22.66 · Buy at or below 22.66; 2022-11 · Price USD 43.53 · Value 22.66 · Buy at or below 22.66; 2022-12 · Price USD 43.05 · Value 22.66 · Buy at or below 22.66; 2023-01 · Price USD 49.62 · Value 22.66 · Buy at or below 22.66; 2023-02 · Price USD 51.01 · Value 32.41 · Buy at or below 32.41; 2023-03 · Price USD 41.49 · Value 32.41 · Buy at or below 32.41; 2023-04 · Price USD 44.53 · Value 32.41 · Buy at or below 32.41; 2023-05 · Price USD 43.94 · Value 32.41 · Buy at or below 32.41; 2023-06 · Price USD 46.36 · Value 32.41 · Buy at or below 32.41; 2023-07 · Price USD 51.96 · Value 32.41 · Buy at or below 32.41; 2023-08 · Price USD 49.27 · Value 32.41 · Buy at or below 32.41; 2023-09 · Price USD 46.09 · Value 32.41 · Buy at or below 32.41; 2023-10 · Price USD 45.29 · Value 32.41 · Buy at or below 32.41; 2023-11 · Price USD 49.59 · Value 32.41 · Buy at or below 32.41; 2023-12 · Price USD 52.93 · Value 32.41 · Buy at or below 32.41; 2024-01 · Price USD 51.78 · Value 32.41 · Buy at or below 32.41; 2024-02 · Price USD 50.84 · Value 72.81 · Buy at or below 72.81; 2024-03 · Price USD 50.48 · Value 72.81 · Buy at or below 72.81; 2024-04 · Price USD 50.37 · Value 72.81 · Buy at or below 72.81; 2024-05 · Price USD 53.31 · Value 72.81 · Buy at or below 72.81; 2024-06 · Price USD 56.57 · Value 72.81 · Buy at or below 72.81; 2024-07 · Price USD 67.54 · Value 72.81 · Buy at or below 72.81; 2024-08 · Price USD 68.82 · Value 72.81 · Buy at or below 72.81; 2024-09 · Price USD 66.01 · Value 72.81 · Buy at or below 72.81; 2024-10 · Price USD 70.76 · Value 72.81 · Buy at or below 72.81; 2024-11 · Price USD 83.88 · Value 72.81 · Buy at or below 72.81; 2024-12 · Price USD 73.58 · Value 72.81 · Buy at or below 72.81; 2025-01 · Price USD 79.73 · Value 72.81 · Buy at or below 72.81; 2025-02 · Price USD 77.51 · Value 93.12 · Buy at or below 93.12; 2025-03 · Price USD 72.95 · Value 93.12 · Buy at or below 93.12; 2025-04 · Price USD 79.37 · Value 93.12 · Buy at or below 93.12; 2025-05 · Price USD 78.05 · Value 93.12 · Buy at or below 93.12; 2025-06 · Price USD 79.12 · Value 93.12 · Buy at or below 93.12; 2025-07 · Price USD 75.63 · Value 93.12 · Buy at or below 93.12; 2025-08 · Price USD 79.47 · Value 93.12 · Buy at or below 93.12; 2025-09 · Price USD 74.01 · Value 93.12 · Buy at or below 93.12; 2025-10 · Price USD 68.06 · Value 93.12 · Buy at or below 93.12; 2025-11 · Price USD 71.90 · Value 93.12 · Buy at or below 93.12; 2025-12 · Price USD 71.00 · Value 93.12 · Buy at or below 93.12; 2026-01 · Price USD 90.29 · Value 93.12 · Buy at or below 93.12; 2026-02 · Price USD 90.79 · Value 104.53 · Buy at or below 104.53; 2026-03 · Price USD 89.23 · Value 104.53 · Buy at or below 104.53; 2026-04 · Price USD 86.84 · Value 104.53 · Buy at or below 104.53; 2026-05 · Price USD 82.24 · Value 104.53 · Buy at or below 104.53; 2026-06 · Price USD 87.06 · Value 104.53 · Buy at or below 104.53; 2026-07 · Price USD 88.24 · Value 104.53 · Buy at or below 104.53; 2026-08 · Price USD 81.46 · Value 104.53 · Buy at or below 104.53; 2026-09 · Price USD 71.14 · Value 104.53 · Buy at or below 104.53; 2026-10 · Price USD 72.12 · Value 104.53 · Buy at or below 104.53; 2026-10 · Price USD 72.12 · Value 104.53 · Buy at or below 104.53

USD per share · annual estimates

Price & return math
Value range	$83.63 – $139.38
Buy at or below	Central value $104.53
Discount to value	1 − 72.12 / 104.53 = 31.0%
Return / year	About 11.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Book USD 26.13/share; ROE 24.0%; first payout USD 4.18/share, growing 6.0% perpetually (4× book payout cap applied).
Required return	10.0% / year, earned by construction at the central value

Net income$185M

Net income

Book / share$23.28

Book / share

Dividend / share$0.20

Dividend / share

Return on tangible equity33.8%

Return on tangible equity

Diluted shares24M

Diluted shares

Prices 15 Oct 2026 · FY2025Original filing ↗ ·