Latest Ratios: P/E Ratio 15.7x · EV/EBITDA 6.6x · ROE 15.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.8B | $8.1B | $8.6B | $7.0B | $8.6B | $8.1B | $5.5B | $6.2B | $5.7B | $6.1B | $5.6B |
| Enterprise Value | $5.7B | $4.0B | $3.0B | $2.7B | $1.7B | $-5470769860 | $-2439864080 | $4.7B | $4.0B | $2.6B | $2.6B |
| P/E Ratio → | 15.75 | 12.77 | 15.14 | 11.95 | 15.21 | 18.70 | 17.14 | 14.36 | 12.74 | 17.18 | 18.77 |
| P/S Ratio | 4.39 | 3.63 | 4.18 | 3.52 | 5.09 | 5.89 | 3.81 | 4.53 | 4.35 | 5.09 | 4.93 |
| P/B Ratio | 2.19 | 1.77 | 2.21 | 1.88 | 2.75 | 1.82 | 1.28 | 1.59 | 1.69 | 1.86 | 1.85 |
| P/FCF | 77.04 | 63.75 | 10.01 | 21.82 | 13.91 | 13.87 | 12.82 | 14.52 | 11.77 | 12.14 | 14.46 |
| P/OCF | 35.80 | 29.63 | 8.72 | 14.59 | 11.94 | 12.47 | 10.48 | 9.78 | 10.12 | 11.37 | 12.69 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.80 | 1.45 | 1.38 | 1.03 | -3.99 | -1.69 | 3.44 | 3.03 | 2.17 | 2.35 |
| EV / EBITDA | 6.65 | 4.68 | 3.85 | 3.48 | 2.35 | -9.79 | -5.87 | 8.49 | 7.10 | 5.72 | 6.79 |
| EV / EBIT | 7.40 | 5.21 | 4.31 | 3.86 | 2.60 | -11.18 | -6.94 | 9.41 | 7.81 | 6.39 | 7.75 |
| EV / FCF | — | 31.57 | 3.48 | 8.58 | 2.81 | -9.39 | -5.69 | 11.00 | 8.22 | 5.18 | 6.89 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 75.0% | 75.0% | 70.1% | 73.4% | 90.0% | 98.3% | 80.7% | 89.1% | 91.8% | 95.0% | 94.4% |
| Operating Margin | 26.4% | 26.4% | 24.4% | 26.9% | 35.6% | 35.1% | 23.6% | 33.3% | 36.3% | 33.2% | 30.0% |
| Net Profit Margin | 22.2% | 22.2% | 20.4% | 22.6% | 30.8% | 31.8% | 22.3% | 29.6% | 32.4% | 29.6% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 15.3% | 17.4% | 15.3% | 10.1% | 8.1% | 12.2% | 13.6% | 11.6% | 10.3% |
| ROA | 1.2% | 1.2% | 1.1% | 1.2% | 1.1% | 1.0% | 0.9% | 1.3% | 1.4% | 1.2% | 1.0% |
| ROIC | 6.5% | 6.5% | 6.3% | 6.6% | 6.5% | 5.2% | 4.2% | 6.9% | 7.9% | 6.9% | 6.2% |
| ROCE | 14.0% | 14.0% | 13.6% | 17.5% | 16.7% | 10.7% | 8.1% | 12.9% | 14.3% | 12.1% | 10.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 1.18 | 1.17 | 1.57 | 0.67 | 0.55 | 0.49 | 0.48 | 0.42 | 0.40 |
| Debt / EBITDA | 5.55 | 5.55 | 5.89 | 5.53 | 6.67 | 5.35 | 5.66 | 3.49 | 2.87 | 3.03 | 3.11 |
| Net Debt / Equity | — | -0.90 | -1.44 | -1.14 | -2.19 | -3.05 | -1.85 | -0.38 | -0.51 | -1.06 | -0.97 |
| Net Debt / EBITDA | -4.77 | -4.77 | -7.23 | -5.37 | -9.30 | -24.25 | -19.09 | -2.71 | -3.07 | -7.70 | -7.47 |
| Debt / FCF | — | -32.17 | -6.53 | -13.24 | -11.10 | -23.27 | -18.51 | -3.51 | -3.56 | -6.97 | -7.57 |
| Interest Coverage | 1.13 | 1.13 | 0.89 | 1.08 | 3.63 | 20.48 | 7.80 | 3.85 | 5.45 | 15.40 | 28.27 |
Net cash position: cash ($8.9B) exceeds total debt ($4.8B)
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 | 0.21 | 0.21 | 0.54 | 0.55 | 0.63 | 0.67 | 0.56 | 0.51 | 0.53 | 0.56 | 0.55 |
| Quick Ratio | 0.21 | 0.21 | 0.54 | 0.55 | 0.63 | 0.67 | 0.56 | 0.51 | 0.53 | 0.56 | 0.55 |
| Cash Ratio | 0.19 | 0.19 | 0.22 | 0.19 | 0.24 | 0.36 | 0.27 | 0.11 | 0.12 | 0.17 | 0.15 |
| Asset Turnover | — | 0.06 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.6% | 3.1% | 2.8% | 3.3% | 2.4% | 2.3% | 3.3% | 2.9% | 2.9% | 2.4% | 2.4% |
| Payout Ratio | 39.4% | 39.4% | 41.6% | 38.9% | 36.2% | 42.6% | 54.5% | 39.9% | 36.4% | 39.6% | 44.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.4% | 7.8% | 6.6% | 8.4% | 6.6% | 5.3% | 5.8% | 7.0% | 7.8% | 5.8% | 5.3% |
| FCF Yield | 1.3% | 1.6% | 10.0% | 4.6% | 7.2% | 7.2% | 7.8% | 6.9% | 8.5% | 8.2% | 6.9% |
| Buyback Yield | 1.6% | 1.9% | 0.7% | 0.6% | 0.1% | 0.0% | 3.0% | 1.1% | 1.8% | 1.7% | 0.0% |
| Total Shareholder Yield | 4.2% | 5.1% | 3.5% | 3.9% | 2.5% | 2.4% | 6.3% | 4.0% | 4.7% | 4.0% | 2.5% |
| Shares Outstanding | — | $64M | $64M | $64M | $65M | $64M | $63M | $63M | $65M | $65M | $63M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying CFR stock.
Cullen/Frost Bankers, Inc.'s current P/E ratio is 15.7x. The historical average is 16.4x. This places it at the 47th percentile of its historical range.
Cullen/Frost Bankers, Inc.'s current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
Cullen/Frost Bankers, Inc.'s return on equity (ROE) is 15.3%. The historical average is 13.9%.
Based on historical data, Cullen/Frost Bankers, Inc. is trading at a P/E of 15.7x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cullen/Frost Bankers, Inc.'s current dividend yield is 2.55% with a payout ratio of 39.4%.
Cullen/Frost Bankers, Inc. has 75.0% gross margin and 26.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cullen/Frost Bankers, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Texas CRE concentration risk
Metrics are mathematically derived from official filings.
Premium Multiple for Sticky Deposits
CFR trades at 2.30x tangible book value, a premium to peers like BOKF at 1.44x, per market data, reflecting market confidence in its low-cost deposit franchise and conservative credit culture.
The premium P/B multiple implies the market expects CFR to sustain higher returns on tangible equity than its peer group. However, with ROE at 3.8% in Q2 2026, the valuation appears to price in a significant improvement in profitability, which may be optimistic given the flat NIM and fee volatility. Investors should monitor whether the bank can translate its deposit advantage into higher returns to justify the multiple.
ROE Stagnant Despite Provision Boost
CFR's ROE held at 3.8% in Q2 2026, per financial statements, despite a $132.7M provision reversal that inflated net income, indicating underlying profitability remains weak and dependent on non-recurring items.
DuPont decomposition reveals that CFR's low ROE stems from a thin NIM of 0.8% and a conservative equity-to-assets ratio of 8.5%, which dampens leverage. The provision reversal temporarily boosted earnings, but without it, ROE would be even lower. This suggests the bank's core spread business is generating insufficient returns, and the market's premium valuation may be unwarranted unless NIM expands.
NIM Flat, Efficiency Deteriorates
CFR's NIM remained at 0.8% for ten consecutive quarters, as reported in financial statements, while the efficiency ratio spiked to 63.4% in Q2 2026 from 48.3% a year earlier, signaling cost pressures.
The stable NIM indicates that CFR's low-cost deposit base is offsetting asset yield pressures, but the sharp rise in the efficiency ratio suggests that non-interest expenses are growing faster than revenue, partly due to a decline in fee income. This may indicate that the bank's high-touch model is becoming less cost-effective, and management's focus on growth may be driving up costs without corresponding revenue gains.
Conservative Capital, Low Leverage
CFR's equity-to-assets ratio improved to 8.5% in Q2 2026, per balance sheet data, from 8.2% a year earlier, reflecting a fortress-like capital position that supports dividends but constrains ROE.
The bank's high capital levels, with a debt-to-equity ratio of just 1.04%, indicate a risk-averse management that prioritizes safety over return optimization. While this provides a strong buffer against credit shocks, it also means that CFR is not utilizing leverage to enhance shareholder returns. The consistent dividend yield of 2.4% is sustainable, but investors may question whether excess capital could be deployed more productively.
Credit Quality Stable, CRE Risk Looms
CFR's credit quality appears stable, but the $132.7M provision reversal in Q2 2026, per SEC filings, suggests prior reserves were excessive, while rising Texas CRE concentration warrants monitoring.
The provision reversal boosted earnings, but it also implies that the bank had built up reserves that may not be needed, which could indicate conservative underwriting. However, the increasing concentration in Texas commercial real estate, particularly office properties, poses a potential risk. If office valuations decline, CFR may need to rebuild provisions, which could pressure future earnings. Investors should watch for any signs of deterioration in this portfolio.
P/E Misleading Due to Provision Volatility
CFR's P/E of 16.55, per market data, is distorted by the $132.7M provision reversal in Q2 2026, which inflated earnings; a more reliable metric is P/TBV, which reflects the bank's true value.
The provision reversal is a non-recurring item that artificially boosts net income, making the P/E ratio appear lower than the underlying earnings power. Analysts should adjust for this by using P/TBV or normalizing earnings to exclude provision reversals. Additionally, the flat NIM and fee volatility suggest that the bank's earnings quality is lower than the headline numbers imply, and investors should focus on core pre-provision net revenue to assess performance.