HIGHOutside partyCounterparty
Pathward, N.A.
“10-K Item 1A: 'contracted... with a single vendor or a limited number of vendors... Pathward®, N.A. (Pathward)... for the issuance of RTs, EAs, RAs, Emerald Cards, and Spruce accounts'”
HRB · Concentration risk · 10-K extracted
H&R Block (HRB) concentration risks
Updated
The most significant concentration H&R Block discloses is Pathward, N.A., classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: H&R Block’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH2
MEDIUM0
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partySupplier
Microsoft Corporation
“10-K Item 1A: 'Our software and computer systems utilize cloud computing services provided by Microsoft Corporation'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is defined by two high-share supply-side and counterparty dependencies that underpin core product offerings. The first is a reliance on Pathward, N.A. for the issuance of refund transfer products, emerald cards, Spruce accounts, and related consumer financial products, a high-share dependency on a single banking partner. Because these products are regulated financial instruments that require a bank charter to issue, the company cannot simply substitute a different provider without regulatory approval and significant operational transition — making the Pathward relationship a structural dependency that governs access to a set of consumer financial offerings embedded in the tax preparation value proposition. The second concentration is a high-share dependency on Microsoft Corporation for cloud computing services underlying the company's software and computer systems. Cloud infrastructure is not peripheral — it underpins the tax preparation software and platform that drives the business. A service disruption, a material change in pricing, or a commercial dispute with Microsoft would directly affect the company's ability to serve customers during the concentrated late-winter tax filing season when the overwhelming majority of annual revenue is earned. The two exposures are independent of each other but both sit at the foundation of the business's operating model rather than at the periphery. Neither is a revenue-share figure, but both are operational dependencies whose disruption would be felt quickly and during the narrowest, highest-stakes window of the year. Monitoring the continuity and commercial terms of both the Pathward banking arrangement and the Microsoft cloud relationship is the primary operational risk due-diligence task in this profile.
For the engine’s reasoning on HRB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Personal Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| HRB● | H&R Block, Inc. | 2 | 0 | 0 | 2 |
| BFAM | Bright Horizons Family Solution | 1 | 0 | 0 | 1 |
| FTDR | frontdoor, inc. | 0 | 1 | 0 | 1 |
| ROL | Rollins, Inc. | 0 | 0 | 1 | 1 |
| ANDG | Andersen Group Inc. | 0 | 0 | 0 | 0 |
| SCI | Service Corporation Internation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.