A Business at a Glance
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ITEM 1. BUSINESS The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned “Forward-Looking Statements and Factors that Could Affect Future Results” in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. The Corporation Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977, is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.9B | 2.8B | 2.6B | 1.9B | 1.4B |
| Net Income | 642M | 642M | 576M | 591M | 572M | 436M |
| EPS | $9.92 | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 |
| Free Cash Flow | 127M | 127M | 862M | 320M | 620M | 582M |
| ROIC | 14.0% | 15.2% | 15.1% | 17.3% | 15.1% | 10.0% |
| Gross Margin | 80.2% | 80.2% | 75.6% | 73.4% | 90.0% | 98.3% |
| Debt/Equity | 0.00 | 10.60 | 12.47 | 12.68 | 15.86 | 10.46 |
| Dividends/Share | $3.95 | $3.95 | $3.74 | $3.58 | $3.24 | $2.94 |
| Operating Income | 55M | 55M | 52M | 55M | 45M | 49M |
| Operating Margin | 1.9% | 1.9% | 1.8% | 2.1% | 2.4% | 3.5% |
| ROE | 14.0% | 15.2% | 15.1% | 17.3% | 15.1% | 10.0% |
| Shares Outstanding | 65M | 65M | 65M | 65M | 65M | 64M |
CULLEN/FROST BANKERS, INC. passes 5 of 9 quality checks, suggesting mixed fundamentals.
CULLEN/FROST BANKERS, INC. trades at 14.4x trailing earnings, compared to its 15-year median P/E of 13.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 71.0x vs a median of 11.6x. The company's 5-year average ROIC is 14.5% with a gross margin of 83.5%. Total shareholder yield (dividends + buybacks) is 4.5%. At current prices, the estimated annualized return to fair value is -9.2%.
CULLEN/FROST BANKERS, INC. (CFR) has a current P/E ratio of 14.4, compared to its historical median P/E of 13.6. The stock is currently considered Fair based on its historical valuation range.
CULLEN/FROST BANKERS, INC. (CFR) has a 5-year average return on invested capital (ROIC) of 14.5%. This indicates solid capital allocation.
CULLEN/FROST BANKERS, INC. (CFR) has a market capitalization of $9.3B. It is classified as a mid-cap stock.
Yes, CULLEN/FROST BANKERS, INC. (CFR) pays a dividend with a trailing twelve-month yield of 2.76%. The company also returns capital through share buybacks, with a buyback yield of 1.70%.
Based on historical P/E analysis, CULLEN/FROST BANKERS, INC. (CFR) appears fair. The current P/E of 14.4 is 6% above its historical median of 13.6. The estimated fair value CAGR (P/E method) is 8.2%.
CULLEN/FROST BANKERS, INC. (CFR) operates in the National Commercial Banks industry, within the Financials sector.
CULLEN/FROST BANKERS, INC. (CFR) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
CULLEN/FROST BANKERS, INC. (CFR) has a net profit margin of 22.0%. This is a strong margin indicating high profitability.
CULLEN/FROST BANKERS, INC. (CFR) generated $127 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CULLEN/FROST BANKERS, INC. (CFR) has a debt-to-equity ratio of 10.60. This indicates higher leverage, which may increase financial risk.
CULLEN/FROST BANKERS, INC. (CFR) reported earnings per share (EPS) of $9.92 in its most recent fiscal year.
CULLEN/FROST BANKERS, INC. (CFR) has a return on equity (ROE) of 15.2%. This indicates the company generates strong returns for shareholders.
CULLEN/FROST BANKERS, INC. (CFR) has a 5-year average gross margin of 83.5%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for CULLEN/FROST BANKERS, INC. (CFR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CULLEN/FROST BANKERS, INC. (CFR) has a book value per share of $70.67, based on its most recent annual SEC filing.