Commerce Bancshares, Inc. (CBSH) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
13.30
+12% vs avg
5yr avg: 11.83
30Y Low6.4·High15.7
P/FCF
↓
13.57
↓-13% vs avg
5yr avg: 15.63
30Y Low5.4·High19.1
P/B Ratio
↓
1.99
↓-21% vs avg
5yr avg: 2.53
30Y Low1.5·High3.4
ROE
↑
15.8%
-3% vs avg
5yr avg: 16.4%
30Y Low10%·High18%
Debt/EBITDA
↓
3.90
↓-5% vs avg
5yr avg: 4.12
30Y Low2.2·High8.5
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CBSH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Commerce Bancshares, Inc. trades at 13.4x earnings, 13% below its 5-year average of 15.4x, sitting at the 10th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.6x. On a free-cash-flow basis, the stock trades at 13.6x P/FCF, 13% below the 5-year average of 15.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.0B | $7.3B | $8.4B | $6.9B | $8.5B | $8.4B | $7.7B | $7.8B | $6.3B | $6.0B | $5.9B |
| Enterprise Value | $10.2B | $9.5B | $7.9B | $7.2B | $10.6B | $7.1B | $7.6B | $8.8B | $7.0B | $7.0B | $6.9B |
| P/E Ratio → | 13.41 | 12.83 | 16.10 | 14.66 | 17.69 | 15.96 | 22.62 | 18.94 | 14.91 | 19.36 | 22.11 |
| P/S Ratio | 3.76 | 3.40 | 4.00 | 3.53 | 5.46 | 5.83 | 5.56 | 5.37 | 4.51 | 4.73 | 5.07 |
| P/B Ratio | 1.99 | 1.91 | 2.51 | 2.34 | 3.44 | 2.43 | 2.27 | 2.49 | 2.13 | 2.20 | 2.35 |
| P/FCF | 13.57 | 12.27 | 15.75 | 17.34 | 17.29 | 15.49 | 13.07 | 16.59 | 12.06 | 15.10 | 13.65 |
| P/OCF | 12.46 | 11.27 | 14.49 | 14.21 | 15.28 | 14.02 | 12.38 | 15.21 | 11.34 | 14.01 | 12.92 |
P/E links to full P/E history page with 30-year chart
CBSH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Commerce Bancshares, Inc.'s enterprise value stands at 13.3x EBITDA, 12% above its 5-year average of 11.8x. The Financial Services sector median is 11.4x, placing the stock at a 17% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.43 | 3.79 | 3.64 | 6.74 | 4.96 | 5.50 | 6.03 | 5.06 | 5.55 | 5.98 |
| EV / EBITDA | 13.30 | 12.30 | 10.81 | 10.72 | 15.54 | 9.77 | 15.75 | 15.30 | 12.07 | 14.92 | 15.70 |
| EV / EBIT | 13.99 | 12.94 | 11.67 | 11.58 | 16.69 | 10.41 | 17.31 | 16.49 | 12.92 | 16.30 | 17.30 |
| EV / FCF | — | 15.98 | 14.91 | 17.91 | 21.36 | 13.20 | 12.93 | 18.64 | 13.54 | 17.73 | 16.11 |
CBSH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Commerce Bancshares, Inc. earns an operating margin of 34.2%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 31.5% to 34.2% over the past 3 years, signaling improving operational efficiency. ROE of 15.8% indicates solid capital efficiency, compared to the sector median of 9.0%. ROIC of 8.4% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.0% | 80.0% | 77.9% | 78.7% | 94.6% | 103.7% | 87.0% | 89.4% | 92.2% | 93.0% | 94.0% |
| Operating Margin | 34.2% | 34.2% | 32.5% | 31.5% | 40.4% | 47.7% | 31.7% | 36.6% | 39.1% | 34.1% | 34.6% |
| Net Profit Margin | 26.5% | 26.5% | 25.1% | 24.2% | 31.2% | 36.9% | 25.5% | 29.0% | 31.2% | 25.3% | 23.7% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 16.7% | 17.5% | 16.5% | 15.5% | 10.8% | 13.9% | 15.3% | 12.2% | 11.3% |
| ROA | 1.7% | 1.7% | 1.7% | 1.5% | 1.4% | 1.5% | 1.2% | 1.6% | 1.7% | 1.3% | 1.1% |
| ROIC | 8.4% | 8.4% | 8.4% | 8.3% | 8.0% | 8.6% | 6.3% | 8.1% | 8.9% | 7.5% | 6.9% |
| ROCE | 2.3% | 2.3% | 18.9% | 19.8% | 18.9% | 17.8% | 11.7% | 15.5% | 17.9% | 15.1% | 14.6% |
CBSH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Commerce Bancshares, Inc. carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (9% below the sector average of 4.3x). Net debt stands at $2.2B ($3.0B total debt minus $803M cash). Interest coverage of just 2.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.79 | 0.79 | 0.88 | 0.98 | 1.15 | 0.88 | 0.62 | 0.59 | 0.67 | 0.56 | 0.73 |
| Debt / EBITDA | 3.90 | 3.90 | 3.99 | 4.35 | 4.20 | 4.15 | 4.33 | 3.23 | 3.37 | 3.21 | 4.13 |
| Net Debt / Equity | — | 0.58 | -0.13 | 0.08 | 0.81 | -0.36 | -0.03 | 0.31 | 0.26 | 0.38 | 0.42 |
| Net Debt / EBITDA | 2.86 | 2.86 | -0.61 | 0.34 | 2.96 | -1.70 | -0.18 | 1.69 | 1.32 | 2.21 | 2.40 |
| Debt / FCF | — | 3.71 | -0.84 | 0.57 | 4.07 | -2.29 | -0.15 | 2.05 | 1.48 | 2.63 | 2.46 |
| Interest Coverage | 1.97 | 1.97 | 1.58 | 1.62 | 11.13 | 53.34 | 10.31 | 5.14 | 8.32 | 9.84 | 12.15 |
CBSH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | 0.44 | 0.44 | 0.45 | 0.57 | 0.50 | 0.42 | 0.44 | 0.42 | 0.46 |
| Quick Ratio | — | — | 0.44 | 0.44 | 0.45 | 0.57 | 0.50 | 0.42 | 0.44 | 0.42 | 0.46 |
| Cash Ratio | — | — | 0.12 | 0.09 | 0.03 | 0.13 | 0.08 | 0.04 | 0.05 | 0.02 | 0.03 |
| Asset Turnover | — | 0.07 | 0.07 | 0.06 | 0.05 | 0.04 | 0.04 | 0.06 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CBSH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Commerce Bancshares, Inc. returns 4.6% to shareholders annually — split between a 2.0% dividend yield and 2.6% buyback yield. The payout ratio of 26.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.0% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 26.5% | 26.5% | 27.6% | 28.2% | 26.1% | 23.1% | 34.1% | 26.9% | 23.1% | 28.7% | 31.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 7.8% | 6.2% | 6.8% | 5.7% | 6.3% | 4.4% | 5.3% | 6.7% | 5.2% | 4.5% |
| FCF Yield | 7.4% | 8.1% | 6.3% | 5.8% | 5.8% | 6.5% | 7.7% | 6.0% | 8.3% | 6.6% | 7.3% |
| Buyback Yield | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 4.6% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $139M | $134M | $137M | $138M | $141M | $143M | $147M | $149M | $151M | $150M |
Peer Comparison
Compare CBSH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CBSHYou | $8B | 13.4 | 13.3 | 13.6 | 80.0% | 34.2% | 15.8% | 8.4% | 3.9 |
 WTFC | $10B | 13.3 | 11.9 | 12.1 | 62.2% | 26.4% | 12.1% | 7.5% | 3.7 |
 UMBF | $10B | 14.6 | 12.2 | 10.4 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 FULT | $4B | 11.0 | 10.3 | 15.5 | 67.4% | 25.7% | 11.7% | 7.5% | 2.5 |
 WSFS | $4B | 14.6 | 7.1 | 18.3 | 74.7% | 28.0% | 10.8% | 9.5% | 0.7 |
 IBCP | $706M | 10.5 | 9.5 | 10.1 | 69.6% | 25.8% | 14.3% | 10.2% | 1.4 |
 FHN | $12B | 13.2 | 11.9 | 12.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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CBSH — Frequently Asked Questions
Quick answers to the most common questions about buying CBSH stock.
What is Commerce Bancshares, Inc.'s P/E ratio?
Commerce Bancshares, Inc.'s current P/E ratio is 13.4x. The historical average is 16.4x. This places it at the 10th percentile of its historical range.
What is Commerce Bancshares, Inc.'s EV/EBITDA?
Commerce Bancshares, Inc.'s current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.0x.
What is Commerce Bancshares, Inc.'s ROE?
Commerce Bancshares, Inc.'s return on equity (ROE) is 15.8%. The historical average is 13.9%.
Is CBSH stock overvalued?
Based on historical data, Commerce Bancshares, Inc. is trading at a P/E of 13.4x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Commerce Bancshares, Inc.'s dividend yield?
Commerce Bancshares, Inc.'s current dividend yield is 1.98% with a payout ratio of 26.5%.
What are Commerce Bancshares, Inc.'s profit margins?
Commerce Bancshares, Inc. has 80.0% gross margin and 34.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Commerce Bancshares, Inc. have?
Commerce Bancshares, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.