Detailed financial statements for Cathay General Bancorp (CATY): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cathay General Bancorp serves as the parent entity for Cathay Bank, a financial institution that delivers a broad spectrum of commercial banking solutions. These services are tailored for individual clients, professional practices, and small to medium-sized enterprises, primarily within the United States.
Analysis Summary
Cathay General Bancorp reported revenue of $1.38B in the most recent fiscal year, growing at a 5-year CAGR of 13.2%. Net income reached $315.1M, with a 6.6% 5-year CAGR.
Trailing-twelve-month margins: gross margin 57.2%, operating margin 33.2%, net margin 25.0%. Free cash flow grew at 3.0% CAGR over 5 years.
At the current price of $62.00, CATY trades at a P/E of 12.11 and an ROE of 11.71%. Market capitalisation stands at $4.2B.
Balance sheet quality for CATY: current ratio of 0.2, net cash position of $1.60B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $363.7M represents 115% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $532.4M | $606.8M | $719.3M | $814.0M | $743.4M | $721.1M | $908.1M | $1.31B | $1.39B | $1.38B |
| Cost of Revenue | $65.5M | $77.9M | $117.6M | $187.4M | $206.0M | $52.7M | $132.1M | $526.5M | $698.4M | $622.2M |
| Gross Profit | $466.9M | $528.9M | $601.8M | $626.7M | $537.4M | $668.4M | $776.0M | $784.1M | $692.2M | $762.5M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $121.1M | $137.5M | $152.8M | $159.7M | $138.2M | $146.8M | $157.4M | $183.6M | $188.2M | $192.8M |
| Operating Expenses | $224.7M | $230.6M | $264.1M | $277.3M | $283.5M | $286.5M | $303.4M | $380.5M | $374.7M | $355.1M |
| Operating Income | $242.2M | $298.3M | $337.7M | $349.4M | $254.0M | $381.8M | $472.5M | $403.6M | $317.5M | $407.4M |
| EBITDA | $249.7M | $305.6M | $345.0M | $364.5M | $270.5M | $398.0M | $492.3M | $421.7M | $334.4M | $431.1M |
| Interest Expense | $81.2M | $80.4M | $122.1M | $194.4M | $148.5M | $68.8M | $117.6M | $500.5M | $660.9M | $566.8M |
| Pre-tax Income | $242.2M | $298.3M | $337.7M | $349.4M | $254.0M | $381.8M | $472.5M | $403.6M | $317.5M | $390.2M |
| Income Tax | $67.1M | $122.3M | $65.8M | $70.2M | $25.1M | $83.5M | $111.9M | $49.5M | $31.6M | $75.1M |
| Net Income | $175.1M | $176.0M | $271.9M | $279.1M | $228.9M | $298.3M | $360.6M | $354.1M | $286.0M | $315.1M |
| EPS | $2.21 | $2.19 | $3.35 | $3.49 | $2.88 | $3.81 | $4.85 | $4.88 | $3.97 | $4.57 |
| EPS (Diluted) | $2.19 | $2.17 | $3.34 | $3.48 | $2.87 | $3.80 | $4.83 | $4.86 | $3.95 | $4.54 |
| Shares Outstanding (Diluted) | $79.9M | $81.0M | $81.6M | $80.2M | $79.8M | $78.6M | $74.7M | $72.9M | $72.3M | $68.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $355.2M | $360.6M | $326.3M | $348.9M |
| Gross Profit | $181.9M | $222.8M | $179.4M | $211.1M |
| Operating Income | $93.8M | $130.7M | $110.0M | $126.8M |
| EBITDA | $97.8M | $142.1M | $114.0M | $126.8M |
| Net Income | $77.7M | $90.5M | $86.9M | $92.2M |
| EPS | $1.13 | $1.34 | $1.30 | $1.38 |
| EPS (Diluted) | $1.13 | $1.33 | $1.29 | $1.37 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $218.0M | $247.1M | $225.3M | $177.2M | $138.6M | $134.1M | $195.4M | $174.0M | $157.2M | $146.3M |
| Short-term Investments | $2.28B | $1.63B | $1.62B | $1.87B | $2.32B | $3.44B | $2.44B | $2.26B | $1.55B | $1.66B |
| Receivables | $37.3M | $45.3M | $51.6M | $53.5M | $59.0M | $57.0M | $82.4M | $97.7M | $97.8M | $97.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.54B | $1.92B | $1.89B | $2.10B | $2.52B | $3.63B | $2.72B | $2.53B | $1.81B | $1.90B |
| Property, Plant & Equipment | $105.6M | $103.1M | $103.2M | $138.2M | $133.9M | $127.2M | $124.4M | $123.2M | $117.3M | $121.8M |
| Goodwill | $372.2M | $372.2M | $372.2M | $372.2M | $372.2M | $372.2M | $375.7M | $375.7M | $375.7M | $375.7M |
| Intangible Assets | $2.9M | $8.1M | $7.2M | $6.3M | $5.4M | $4.6M | $5.8M | $4.5M | $3.3M | $2.7M |
| Total Assets | $14.52B | $15.64B | $16.79B | $18.10B | $19.04B | $20.89B | $21.95B | $23.08B | $23.05B | $24.23B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $350.0M | $100.0M | 0 | $25.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $12.02B | $12.79B | $13.70B | $14.72B | $16.11B | $18.06B | $18.51B | $19.33B | $19.69B | $9.68B |
| Long-term Debt | $486.8M | $641.6M | $736.7M | $818.2M | $292.9M | $162.3M | $626.7M | $674.9M | $196.9M | $172.8M |
| Total Liabilities | $12.69B | $13.67B | $14.66B | $15.80B | $16.62B | $18.44B | $19.47B | $20.34B | $20.21B | $21.30B |
| Retained Earnings | $1.18B | $1.28B | $1.48B | $1.66B | $1.79B | $1.99B | $2.24B | $2.50B | $2.69B | $2.91B |
| Total Equity | $1.83B | $1.97B | $2.12B | $2.29B | $2.42B | $2.45B | $2.47B | $2.74B | $2.85B | $2.93B |
| Total Debt | $836.8M | $741.6M | $736.7M | $879.7M | $326.3M | $193.0M | $659.3M | $709.7M | $227.7M | $208.9M |
| Net Debt | -$1.66B | -$1.13B | -$1.11B | -$1.17B | -$2.13B | -$3.38B | -$1.98B | -$1.72B | -$1.48B | -$1.60B |
| Working Capital | -$9.49B | -$10.87B | -$11.81B | -$12.62B | -$13.59B | -$14.42B | -$15.79B | -$16.79B | -$17.88B | -$7.78B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $166.2M | $146.3M | $135.5M | $164.0M |
| Total Assets | $24.08B | $24.23B | $24.05B | $24.65B |
| Total Liabilities | $21.17B | $21.30B | $21.06B | $21.61B |
| Total Equity | $2.90B | $2.93B | $2.99B | $3.05B |
| Total Debt | $359.8M | $208.9M | $155.7M | $154.2M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $175.1M | $176.0M | $271.9M | $279.1M | $228.9M | $298.3M | $360.6M | $354.1M | $286.0M | $315.1M |
| Depreciation & Amortization | $7.5M | $7.3M | $7.3M | $15.1M | $16.5M | $16.1M | $19.8M | $18.1M | $16.8M | $16.0M |
| Stock-based Compensation | $5.0M | $5.7M | $8.0M | $7.3M | $6.4M | $6.8M | $7.8M | $7.8M | $6.8M | $7.6M |
| Change in Working Capital | $10.7M | $23.1M | -$136000 | $20.1M | -$42.6M | -$34.6M | $22.4M | -$76.5M | -$52.8M | -$61.6M |
| Operating Cash Flow | $234.4M | $248.9M | $336.5M | $435.0M | $320.0M | $334.3M | $467.4M | $384.7M | $329.2M | $368.6M |
| Capital Expenditure | -$3.5M | -$3.2M | -$6.7M | -$7.1M | -$5.8M | -$3.7M | -$3.4M | -$3.4M | -$3.6M | -$4.9M |
| Acquisitions | 0 | -$1.4M | 0 | 0 | 0 | 0 | -$73.9M | 0 | 0 | 0 |
| Stock Repurchased | -$54.4M | 0 | -$42.6M | -$36.3M | -$23.6M | -$167.1M | -$141.3M | -$16.7M | -$84.7M | -$180.3M |
| Dividends Paid | -$59.3M | -$69.9M | -$83.4M | -$99.1M | -$98.7M | -$99.3M | -$101.0M | -$98.6M | -$98.0M | -$93.8M |
| Free Cash Flow | $230.9M | $245.7M | $329.9M | $427.8M | $314.2M | $330.6M | $464.0M | $381.3M | $325.5M | $363.7M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $150.6M | $55.1M | $98.3M | $237.2M |
| Capital Expenditure | -$495000 | -$6.7M | -$2.3M | $2.3M |
| Free Cash Flow | $150.1M | $48.4M | $96.0M | $239.5M |
| Dividends Paid | -$23.2M | -$22.9M | -$25.4M | -$25.4M |
| Stock-based Compensation | $2.0M | $1.9M | $1.6M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +14.0% | +18.5% | +13.2% | -8.7% | -3.0% | +25.9% | +44.3% | +6.1% | -0.4% | |
| Net Income Growth (YoY) | +0.5% | +54.4% | +2.7% | -18.0% | +30.3% | +20.9% | -1.8% | -19.2% | +10.2% | |
| EPS Growth (YoY) | -0.9% | +53.0% | +4.2% | -17.5% | +32.3% | +27.3% | +0.6% | -18.6% | +15.1% | |
| Shares Change (YoY) | +1.3% | +0.7% | -1.7% | -0.6% | -1.5% | -5.0% | -2.4% | -0.7% | -6.0% | |
| FCF Growth (YoY) | +6.4% | +34.3% | +29.7% | -26.6% | +5.2% | +40.4% | -17.8% | -14.6% | +11.7% | |
| Gross Margin | 87.7% | 87.2% | 83.7% | 77.0% | 72.3% | 92.7% | 85.5% | 59.8% | 49.8% | 55.1% |
| Operating Margin | 45.5% | 49.2% | 46.9% | 42.9% | 34.2% | 53.0% | 52.0% | 30.8% | 22.8% | 29.4% |
| EBITDA Margin | 46.9% | 50.4% | 48.0% | 44.8% | 36.4% | 55.2% | 54.2% | 32.2% | 24.0% | 31.1% |
| Net Margin | 32.9% | 29.0% | 37.8% | 34.3% | 30.8% | 41.4% | 39.7% | 27.0% | 20.6% | 22.8% |
| FCF Margin | 43.4% | 40.5% | 45.9% | 52.6% | 42.3% | 45.8% | 51.1% | 29.1% | 23.4% | 26.3% |
| Effective Tax Rate | 27.7% | 41.0% | 19.5% | 20.1% | 9.9% | 21.9% | 23.7% | 12.3% | 9.9% | 19.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.89 | $3.03 | $4.04 | $5.33 | $3.94 | $4.21 | $6.21 | $5.23 | $4.50 | $5.35 |
| Dividends Per Share | $0.74 | $0.86 | $1.02 | $1.24 | $1.24 | $1.26 | $1.35 | $1.35 | $1.35 | $1.38 |
| Shares Outstanding (Basic) | $79.2M | $80.3M | $81.1M | $80.0M | $79.6M | $78.3M | $74.3M | $72.6M | $72.1M | $67.7M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 11.71% |
| Return on Invested Capital | 10.26% |
| Return on Assets | 1.41% |
| Gross Margin | 57.16% |
| Operating Margin | 33.16% |
| Net Margin | 24.97% |
Financial Health
| Debt / Equity | 0.05 |
| Current Ratio | 0.15 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 17.21 | 19.26 | 10.01 | 10.90 | 11.18 | 11.28 | 8.41 | 9.13 | 11.99 | 10.59 |
| P/B | 1.65 | 1.72 | 1.28 | 1.33 | 1.06 | 1.38 | 1.23 | 1.18 | 1.21 | 1.12 |
| P/S | 5.65 | 5.58 | 3.78 | 3.74 | 3.45 | 4.67 | 3.34 | 2.47 | 2.47 | 2.37 |
| Gross Margin | 87.7% | 87.2% | 83.7% | 77.0% | 72.3% | 92.7% | 85.5% | 59.8% | 49.8% | 55.1% |
| Operating Margin | 45.5% | 49.2% | 46.9% | 42.9% | 34.2% | 53.0% | 52.0% | 30.8% | 22.8% | 29.4% |
| Net Margin | 32.9% | 29.0% | 37.8% | 34.3% | 30.8% | 41.4% | 39.7% | 27.0% | 20.6% | 22.8% |
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Explore sector: Financial Services · Banks - Regional
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