A Business at a Glance
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Commerce Bancshares, Inc., a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, was incorporated under the laws of Missouri on August 4, 1966. Through a second tier wholly-owned bank holding company, it owns all the outstanding capital stock of Commerce Bank (the “Bank”), which is headquartered in Missouri. The Bank engages in general banking business, providing a broad range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals, businesses, and municipalities. Commerce Bancshares, Inc. also owns, directly or through the Bank, various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, underwriting, specialty lending, and leasing activities. A list of Commerce Bancshares, Inc.'s subsidiaries is included as Exhibit 21. Commerce Bancshares, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.1B | 2.1B | 2.1B | 2.0B | 1.5B | 1.4B |
| Net Income | 566M | 566M | 526M | 477M | 488M | 531M |
| EPS | $4.04 | $4.04 | $3.69 | $3.30 | $3.50 | $3.91 |
| Free Cash Flow | 592M | 592M | 532M | 401M | 494M | 541M |
| ROIC | 14.9% | 15.9% | 16.8% | 17.6% | 16.5% | 15.5% |
| Gross Margin | 87.5% | 87.5% | 87.5% | 78.6% | 94.5% | 94.4% |
| Debt/Equity | 0.00 | 7.68 | 8.66 | 9.76 | 11.92 | 9.67 |
| Dividends/Share | $1.07 | $1.05 | $0.98 | $0.93 | $0.92 | $0.91 |
| Operating Income | 70M | 70M | 60M | 57M | 45M | 43M |
| Operating Margin | 3.3% | 3.3% | 2.9% | 2.9% | 2.9% | 3.1% |
| ROE | 14.9% | 15.9% | 16.8% | 17.6% | 16.5% | 15.5% |
| Shares Outstanding | 140M | 140M | 143M | 145M | 140M | 136M |
COMMERCE BANCSHARES INC /MO/ passes 4 of 9 quality checks, suggesting mixed fundamentals.
COMMERCE BANCSHARES INC /MO/ trades at 12.5x trailing earnings, compared to its 15-year median P/E of 16.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 12.6x vs a median of 12.8x. The company's 5-year average ROIC is 16.5% with a gross margin of 88.5%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is -2.1%.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a current P/E ratio of 12.5, compared to its historical median P/E of 16.1. The stock is currently considered Cheap 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 $7.1B. It is classified as a mid-cap stock.
Yes, COMMERCE BANCSHARES INC /MO/ (CBSH) pays a dividend with a trailing twelve-month yield of 2.12%. The company also returns capital through share buybacks, with a buyback yield of 2.92%.
Based on historical P/E analysis, COMMERCE BANCSHARES INC /MO/ (CBSH) appears cheap. The current P/E of 12.5 is 22% below its historical median of 16.1. The estimated fair value CAGR (P/E method) is 5.2%.
COMMERCE BANCSHARES INC /MO/ (CBSH) operates in the State Commercial Banks industry, within the Financials sector.
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.
COMMERCE BANCSHARES INC /MO/ (CBSH) has a 5-year average gross margin of 88.5%. This high margin suggests strong pricing power and a potential competitive moat.
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.
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