A Business at a Glance
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COMMERCE BANCSHARES INC /MO/
CBSH
$8.3B
Mkt Cap
$59.09
+0.75%
COMMERCE BANCSHARES INC /MO/ (CBSH) has a current P/E ratio of 14.6, compared to its historical median P/E of 16.1. The stock is currently considered Fair based on its historical valuation range.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a 5-year average return on invested capital (ROIC) of 16.5%. This indicates strong capital allocation and a potential competitive advantage.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a market capitalization of $8.8B. It is classified as a mid-cap stock.
Yes, COMMERCE BANCSHARES INC /MO/ (CBSH) pays a dividend with a trailing twelve-month yield of 1.76%. The company also returns capital through share buybacks, with a buyback yield of 2.70%.
Based on historical P/E analysis, COMMERCE BANCSHARES INC /MO/ (CBSH) appears fair. The current P/E of 14.6 is 9% below its historical median of 16.1. The estimated fair value CAGR (P/E method) is 4.8%.
COMMERCE BANCSHARES INC /MO/ (CBSH) operates in the State Commercial Banks industry, within the Financials sector.
Commerce Bancshares, Inc. is a top-50 bank holding company that operates through Commerce Bank and various non-banking subsidiaries, providing retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals, businesses, and municipalities. The company operates a super-community banking model combining large-bank product sophistication with deep local market expertise, supported by experienced bankers and industry specialists in each market, complemented by centralized support functions. Its principal markets span the lower Midwest—primarily Missouri, Kansas, and central Illinois, with additional presence in Oklahoma, Colorado, and, following the January 2026 FineMark acquisition, Florida, Arizona, and South Carolina—served through 140 branch facilities and offices in major commercial hubs. The company generates revenue through traditional banking activities including deposit-taking and lending, as well as through non-banking subsidiaries engaged in private equity investment, securities brokerage, underwriting, specialty lending, and leasing. The company's competitive positioning rests on strong customer relationships, experienced local management teams, regional advisory boards, and a diversified economic base across its markets encompassing construction, logistics, automotive, technology, aerospace, manufacturing, healthcare, and agribusiness sectors.
【Integration and market expansion】 Management has completed the FineMark acquisition effective January 1, 2026, which strengthens the company's presence in Florida and adds high-growth markets to its wealth segment through 13 banking offices in Florida, Arizona, and South Carolina. The company liquidated FineMark's securities portfolios and optimized its balance sheet by paying down FHLB advances and moving high-cost deposits off balance sheet, positioning the combined entity for improved operational efficiency. The company continues to evaluate potential acquisition opportunities for financial institutions that are culturally similar, have experienced management, and offer either significant market presence or potential for improved profitability through financial management, economies of scale, and expanded services. The company's strategic focus remains on being the preferred provider of financial services in its communities through strong customer relationships, top-quality service, and a strong risk management culture supported by a robust balance sheet and capital levels.
No forward guidance provided.
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.8B | 2.1B | 2.1B | 2.0B | 1.5B | 1.4B |
| Net Income | 576M | 566M | 526M | 477M | 488M | 531M |
| EPS | $4.14 | $4.04 | $3.69 | $3.30 | $3.50 | $3.91 |
| Free Cash Flow | 1.1B | 592M | 532M | 401M | 494M | 541M |
| ROIC | 13.4% | 15.9% | 16.8% | 17.6% | 16.5% | 15.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 7.68 | 8.66 | 9.76 | 11.92 | 9.67 |
| Dividends/Share | $1.04 | $1.05 | $0.98 | $0.93 | $0.92 | $0.91 |
| Operating Income | 70M | 70M | 60M | 57M | 45M | 43M |
| Operating Margin | 3.9% | 3.3% | 2.9% | 2.9% | 2.9% | 3.1% |
| ROE | 13.4% | 15.9% | 16.8% | 17.6% | 16.5% | 15.5% |
| Shares Outstanding | 149M | 140M | 143M | 145M | 140M | 136M |
COMMERCE BANCSHARES INC /MO/ passes 3 of 9 quality checks, indicating weak fundamentals.
COMMERCE BANCSHARES INC /MO/ trades at 14.6x trailing earnings, compared to its 15-year median P/E of 16.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 14.7x vs a median of 12.8x. The company's 5-year average ROIC is 16.5%. Total shareholder yield (dividends + buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is -2.5%.
COMMERCE BANCSHARES INC /MO/ (CBSH) reported annual revenue of $2.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a net profit margin of 26.5%. This is a strong margin indicating high profitability.
COMMERCE BANCSHARES INC /MO/ (CBSH) generated $592 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a debt-to-equity ratio of 7.68. This indicates higher leverage, which may increase financial risk.
COMMERCE BANCSHARES INC /MO/ (CBSH) reported earnings per share (EPS) of $4.04 in its most recent fiscal year.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a return on equity (ROE) of 15.9%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for COMMERCE BANCSHARES INC /MO/ (CBSH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a book value per share of $27.05, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management has completed the FineMark acquisition effective January 1, 2026, which strengthens the company's presence in Florida and adds high-growth markets to its wealth segment through 13 banking offices in Florida, Arizona, and South Carolina. The company liquidated FineMark's securities portfolios and optimized its balance sheet by paying down FHLB advances and moving high-cost deposits off balance sheet, positioning the combined entity for improved operational efficiency. The company continues to evaluate potential acquisition opportunities for financial institutions that are culturally similar, have experienced management, and offer either significant market presence or potential for improved profitability through financial management, economies of scale, and expanded services. The company's strategic focus remains on being the preferred provider of financial services in its communities through strong customer relationships, top-quality service, and a strong risk management culture supported by a robust balance sheet and capital levels.
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