Cullen/Frost Bankers, Inc. (CFR) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
5.38
↑+50% vs avg
5yr avg: 3.59
30Y Low1.4·High12.4
P/FCF
↑
68.52
↑+178% vs avg
5yr avg: 24.67
30Y Low7.4·High63.7
P/B Ratio
↓
1.94
-7% vs avg
5yr avg: 2.09
30Y Low1.3·High3.9
ROE
↑
15.3%
↓+4% vs avg
5yr avg: 14.7%
30Y Low8%·High20%
Debt/EBITDA
↑
5.55
↓-4% vs avg
5yr avg: 5.80
30Y Low1.6·High6.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CFR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cullen/Frost Bankers, Inc. trades at 14.0x earnings, 5% below its 5-year average of 14.8x, sitting at the 10th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.1x, the stock trades at a premium of 6%. On a free-cash-flow basis, the stock trades at 68.5x P/FCF, 178% above the 5-year average of 24.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.7B | $8.1B | $8.6B | $7.0B | $8.6B | $8.1B | $5.5B | $6.2B | $5.7B | $6.1B | $5.6B |
| Enterprise Value | $4.6B | $4.0B | $3.0B | $2.7B | $1.7B | $-5470769860 | $-2439864080 | $4.7B | $4.0B | $2.6B | $2.6B |
| P/E Ratio → | 13.97 | 12.77 | 15.14 | 11.95 | 15.21 | 18.70 | 17.14 | 14.36 | 12.74 | 17.18 | 18.77 |
| P/S Ratio | 2.99 | 2.78 | 3.03 | 2.64 | 4.59 | 5.79 | 3.70 | 4.14 | 4.06 | 4.98 | 4.88 |
| P/B Ratio | 1.94 | 1.77 | 2.21 | 1.88 | 2.75 | 1.82 | 1.28 | 1.59 | 1.69 | 1.86 | 1.85 |
| P/FCF | 68.52 | 63.75 | 10.01 | 21.82 | 13.91 | 13.87 | 12.82 | 14.52 | 11.77 | 12.14 | 14.46 |
| P/OCF | 31.84 | 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
CFR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Cullen/Frost Bankers, Inc.'s enterprise value stands at 5.4x EBITDA, 50% above its 5-year average of 3.6x. The Financial Services sector median is 11.5x, placing the stock at a 53% discount 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 | — | 1.38 | 1.05 | 1.04 | 0.93 | -3.92 | -1.64 | 3.14 | 2.83 | 2.12 | 2.33 |
| EV / EBITDA | 5.38 | 4.68 | 3.85 | 3.48 | 2.35 | -9.79 | -5.87 | 8.49 | 7.10 | 5.72 | 6.79 |
| EV / EBIT | 6.00 | 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 |
CFR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Cullen/Frost Bankers, Inc. earns an operating margin of 26.4%, above the Financial Services sector average of 21.6%. ROE of 15.3% indicates solid capital efficiency, compared to the sector median of 9.4%. ROIC of 6.5% represents adequate returns on invested capital versus a sector median of 5.7%.
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 | 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% |
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 | 15.3% | 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% |
CFR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Cullen/Frost Bankers, Inc. carries a Debt/EBITDA ratio of 5.5x, which is highly leveraged (34% above the sector average of 4.1x). The company holds a net cash position — cash of $8.9B exceeds total debt of $4.8B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.1x 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 | 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)
CFR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.21x is below 1.0, meaning current liabilities exceed current assets — though the company's $8.9B cash position helps mitigate short-term liquidity concerns. The current ratio has declined from 0.55x to 0.21x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
CFR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cullen/Frost Bankers, Inc. returns 4.7% to shareholders annually — split between a 2.9% dividend yield and 1.8% buyback yield. The payout ratio of 39.4% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.2% (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 | 2.9% | 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% |
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 | 7.2% | 7.8% | 6.6% | 8.4% | 6.6% | 5.3% | 5.8% | 7.0% | 7.8% | 5.8% | 5.3% |
| FCF Yield | 1.5% | 1.6% | 10.0% | 4.6% | 7.2% | 7.2% | 7.8% | 6.9% | 8.5% | 8.2% | 6.9% |
| Buyback Yield | 1.8% | 1.9% | 0.7% | 0.6% | 0.1% | 0.0% | 3.0% | 1.1% | 1.8% | 1.7% | 0.0% |
| Total Shareholder Yield | 4.7% | 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 |
Peer Comparison
Compare CFR 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 |
|---|---|---|---|---|---|---|---|---|---|
 CFRYou | $9B | 14.0 | 5.4 | 68.5 | 75.0% | 26.4% | 15.3% | 6.5% | 5.5 |
 BOKF | $10B | 16.4 | 17.2 | 7.2 | 57.1% | 19.8% | 9.8% | 4.1% | 5.8 |
 WTFC | $10B | 13.1 | 11.7 | 11.1 | 62.2% | 26.4% | 12.1% | 7.5% | 3.7 |
 FHN | $12B | 13.0 | 11.6 | 18.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 SNV | $7B | 16.5 | 8.8 | 9.1 | 53.8% | 17.7% | 9.3% | 6.6% | 2.8 |
 IBOC | $5B | 11.1 | 8.7 | 9.2 | 78.3% | 49.4% | 13.6% | 10.5% | 1.3 |
 TCBI | $4B | 14.8 | 7.3 | 12.8 | 60.6% | 22.2% | 9.4% | 7.0% | 2.0 |
 HOMB | $5B | 13.4 | 10.1 | 12.5 | 65.6% | 36.0% | 10.4% | 7.2% | 2.2 |
 UMBF | $10B | 14.4 | 12.1 | 10.2 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
 CVBF | $3B | 13.5 | 13.0 | 12.8 | 79.9% | 43.8% | 9.3% | 6.8% | 3.5 |
 FFIN | $5B | 20.8 | 14.2 | 15.7 | 70.8% | 36.8% | 14.4% | 11.0% | 0.7 |
| Financial Services Median | — | 13.1 | 11.5 | 10.6 | 63.6% | 21.6% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCFR — Frequently Asked Questions
Quick answers to the most common questions about buying CFR stock.
What is Cullen/Frost Bankers, Inc.'s P/E ratio?
Cullen/Frost Bankers, Inc.'s current P/E ratio is 14.0x. The historical average is 16.4x. This places it at the 10th percentile of its historical range.
What is Cullen/Frost Bankers, Inc.'s EV/EBITDA?
Cullen/Frost Bankers, Inc.'s current EV/EBITDA is 5.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
What is Cullen/Frost Bankers, Inc.'s ROE?
Cullen/Frost Bankers, Inc.'s return on equity (ROE) is 15.3%. The historical average is 13.9%.
Is CFR stock overvalued?
Based on historical data, Cullen/Frost Bankers, Inc. is trading at a P/E of 14.0x. 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 Cullen/Frost Bankers, Inc.'s dividend yield?
Cullen/Frost Bankers, Inc.'s current dividend yield is 2.88% with a payout ratio of 39.4%.
What are Cullen/Frost Bankers, Inc.'s profit margins?
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.
How much debt does Cullen/Frost Bankers, Inc. have?
Cullen/Frost Bankers, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.