COMP <GO>

CASH vs LOB // FORWARD P/E MULTIPLE

Pathward Financial Inc. (NASDAQ) VS. Live Oak Bancshares Inc. (NYSE) • 15-METRIC TALLY: CASH 4 — LOB 2

▲ FORWARD P/E MULTIPLE LEADER: CASH

LAST: $76.67 (+0.88%) • MKT CAP: $1.59B

forward-pe

8.0x

LAST: $35.07 (+1.18%) • MKT CAP: $1.62B

forward-pe

14.2x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CASH VS. LOB) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CASH	LOB	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	21.80%	8.50%	+13.30	CASH	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	8.84%	—	TIE	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	22.10%	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	5.30%	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.29%	0.34%	-0.05	LOB	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	6/9	5/9	+1.00	CASH	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	55.0	44.4	+10.60	CASH	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	8.0x	14.2x	-6.20	CASH	/forward-pe <GO>
Enterprise Scale & Market Cap	$1.59B	$1.62B	-$30.5M	LOB	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CASH REV	LOB REV	CASH GROSS %	LOB GROSS %	CASH FCF	LOB FCF
FY 2025	$839.9M	$0	—	—	$438.9M	$143.5M
FY 2024	$797.4M	$0	—	—	$478.7M	$107.5M
FY 2023	$727.7M	$0	—	—	$327.9M	$184.9M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CASH // BETA —

LOB // BETA —