Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Commerce Bancshares, Inc.'s quarterly P/E stands at 12.8x, down 16.8% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 8.5% YoY to 11.4x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 13.41 | 12.83 | 14.79 | 13.63 | 15.88 | 15.42 | 13.87 | 13.02 | 15.45 | 15.90 | 12.51 | 11.87 | 15.39 |
| — | -16.8% | +6.7% | +4.7% | +2.8% | -3.0% | +10.9% | +9.7% | +0.4% | -2.2% | -23.0% | -30.5% | -16.4% | |
| P/S Ratio | 3.76 | 3.32 | 3.64 | 3.84 | 4.05 | 3.96 | 3.55 | 3.42 | 3.39 | 3.37 | 2.96 | 3.05 | 4.11 |
| — | -16.2% | +2.5% | +12.3% | +19.6% | +17.5% | +19.9% | +11.9% | -17.6% | -31.3% | -39.2% | -41.6% | -33.9% | |
| P/B Ratio | 1.99 | 1.89 | 2.09 | 2.25 | 2.39 | 2.50 | 2.20 | 2.27 | 2.32 | 2.34 | 2.32 | 2.27 | 2.74 |
| — | -24.5% | -5.2% | -0.8% | +3.0% | +6.7% | -5.1% | -0.0% | -15.2% | -31.4% | -30.3% | -23.2% | -6.7% | |
| P/FCF | 13.57 | 7.81 | 17.47 | 20.50 | 16.58 | — | 4.54 | 12.92 | 13.80 | 16.46 | 11.94 | 20.90 | 19.11 |
| — | — | +285.2% | +58.7% | +20.1% | — | -62.0% | -38.2% | -27.7% | -44.9% | +0.5% | +56.6% | -4.5% | |
| EV / EBITDA | 13.30 | 11.41 | 9.36 | 9.17 | 10.34 | 10.52 | 8.64 | 9.28 | 11.66 | 11.45 | 10.48 | 9.84 | 15.06 |
| — | +8.5% | +8.3% | -1.2% | -11.3% | -8.1% | -17.6% | -5.7% | -22.6% | -21.6% | -21.8% | -29.2% | +4.3% | |
| EV / EBIT | 13.99 | 12.82 | 10.07 | 9.82 | 11.19 | 11.34 | 9.31 | 9.98 | 12.71 | 12.47 | 11.32 | 10.59 | 16.20 |
| — | +13.1% | +8.2% | -1.5% | -12.0% | -9.1% | -17.8% | -5.8% | -21.5% | -20.0% | -21.3% | -29.3% | +4.1% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Commerce Bancshares, Inc.'s operating margin was 33.8% in Q4 2025, down 0.2 pp QoQ and up 0.7 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. Gross margin expanded 3.2% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 80.0% | 80.4% | 78.9% | 81.9% | 78.7% | 77.9% | 77.8% | 78.5% | 77.4% | 76.7% | 75.6% | 78.9% | 84.6% |
| — | +3.2% | +1.4% | +4.3% | +1.7% | +1.6% | +2.9% | -0.4% | -8.5% | -13.9% | -18.0% | -18.3% | -17.0% | |
| Operating Margin | 34.2% | 33.8% | 34.0% | 36.5% | 32.5% | 33.1% | 33.4% | 34.3% | 29.0% | 27.9% | 30.7% | 33.3% | 34.4% |
| — | +2.2% | +1.9% | +6.4% | +12.1% | +18.4% | +8.7% | +3.0% | -15.6% | -28.3% | -22.4% | -17.1% | -20.6% | |
| Net Margin | 26.5% | 25.9% | 26.0% | 28.4% | 25.5% | 25.9% | 25.8% | 26.6% | 22.2% | 21.2% | 23.7% | 25.6% | 26.8% |
| — | +0.1% | +0.9% | +6.7% | +14.9% | +22.1% | +8.8% | +4.0% | -17.1% | -30.4% | -21.9% | -16.4% | -20.5% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 3.7% | 3.8% | 4.3% | 3.9% | 4.0% | 4.2% | 4.6% | 3.8% | 3.9% | 4.6% | 4.8% | 4.6% |
| — | -7.8% | -9.0% | -6.6% | +1.4% | +2.2% | -8.5% | -4.3% | -17.8% | -27.6% | -6.2% | +16.1% | +25.7% | |
| ROA | 1.7% | 0.4% | 0.4% | 0.5% | 0.4% | 0.4% | 0.4% | 0.5% | 0.4% | 0.3% | 0.4% | 0.4% | 0.4% |
| — | +0.6% | -1.4% | +3.0% | +12.6% | +23.8% | +18.4% | +16.2% | -2.9% | -15.2% | +1.0% | +16.5% | +13.4% | |
| ROIC | 8.4% | 2.1% | 2.2% | 2.4% | 2.1% | 2.2% | 2.4% | 2.4% | 1.9% | 1.8% | 1.9% | 1.8% | 1.9% |
| — | -4.1% | -6.3% | -0.0% | +6.2% | +19.1% | +25.0% | +31.0% | +4.0% | -26.9% | -24.6% | -17.5% | -3.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Commerce Bancshares, Inc.'s Debt/EBITDA ratio is 14.6x, up from 12.5x last quarter — elevated, raising questions about debt serviceability.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.79 | 0.79 | 0.65 | 0.71 | 0.69 | 0.88 | 0.63 | 0.81 | 0.85 | 0.98 | 1.25 | 1.45 | 1.60 |
| — | -10.4% | +3.1% | -11.8% | -18.3% | -10.5% | -49.2% | -44.1% | -47.1% | -14.6% | +27.9% | +72.7% | +104.5% | |
| Debt / EBITDA | 3.90 | 14.58 | 12.48 | 12.43 | 13.33 | 15.62 | 11.41 | 13.20 | 15.64 | 18.58 | 19.27 | 21.69 | 26.03 |
| — | -6.7% | +9.5% | -5.9% | -14.7% | -15.9% | -40.8% | -39.1% | -39.9% | +17.1% | +42.9% | +58.8% | +83.2% | |
| Current Ratio | — | — | 0.19 | 0.43 | 0.22 | 0.44 | 0.45 | 0.41 | 0.41 | 0.44 | 0.43 | 0.46 | 0.47 |
| — | — | -58.1% | +4.0% | -46.1% | +1.3% | +3.6% | -11.1% | -12.9% | -2.9% | -5.2% | -4.2% | -9.1% | |
| Quick Ratio | — | — | 0.19 | 0.43 | 0.22 | 0.44 | 0.45 | 0.41 | 0.41 | 0.44 | 0.43 | 0.46 | 0.47 |
| — | — | -58.1% | +4.0% | -46.1% | +1.3% | +3.6% | -11.1% | -12.9% | -2.9% | -5.2% | -4.2% | -9.1% | |
| Interest Coverage | 1.97 | 2.03 | 1.95 | 2.14 | 1.76 | 1.69 | 1.63 | 1.68 | 1.34 | 1.26 | 1.39 | 1.68 | 2.68 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying CBSH stock.
Commerce Bancshares, Inc.'s current P/E is 13.4x. The average P/E over the last 4 quarters is 14.3x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Commerce Bancshares, Inc.'s current operating margin is 34.2%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Commerce Bancshares, Inc.'s business trajectory between earnings reports.