A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
CULLEN/FROST BANKERS, INC.
CFR
$10.6B
Mkt Cap
$164.23
+1.72%
CULLEN/FROST BANKERS, INC. (CFR) has a current P/E ratio of 16.6, compared to its historical median P/E of 13.6. The stock is currently considered Expensive 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 $10.6B. It is classified as a large-cap stock.
Yes, CULLEN/FROST BANKERS, INC. (CFR) pays a dividend with a trailing twelve-month yield of 2.44%. The company also returns capital through share buybacks, with a buyback yield of 2.15%.
Based on historical P/E analysis, CULLEN/FROST BANKERS, INC. (CFR) appears expensive. The current P/E of 16.6 is 22% 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. is a Texas-based financial holding company and one of the largest independent bank holding companies headquartered in the state, operating through its principal subsidiary Frost Bank with approximately 204 financial centers and 1,760 ATMs across Texas markets including Austin, Dallas, Fort Worth, Gulf Coast, Houston, Permian Basin, and San Antonio. The company provides commercial and consumer banking services, trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory, and item processing services to a diverse customer base spanning energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost operates as a locally-oriented, community-based financial services organization with regional management and advisory boards, augmented by centralized support in critical areas, while offering products comparable to larger money-center institutions. The company pursues organic growth as its primary strategy, with selective expansion into new markets and acquisition opportunities for culturally similar institutions with experienced management and significant market presence or profitability improvement potential. At December 31, 2025, Cullen/Frost had consolidated total assets of $53.0 billion and Frost Bank held $43.3 billion in deposits, positioning it as one of the largest commercial banks in Texas.
【Expansion-driven accretion ahead】 Management expects the branch expansion strategy, which began in Houston in December 2018, to deliver earnings accretion in 2026 as earlier expansion locations mature and fund current growth efforts. The company anticipates Dallas will reach breakeven within 12 to 18 months, allowing Houston to support Austin's development, with the overall expansion effort expected to be accretive to earnings. Management remains optimistic about the strategy's durability and scalability, with opportunities for deposit growth acceleration into 2026 and 2027 as new markets mature. The legacy business is positioned to benefit from economic improvement, and management expects continued success in offsetting elevated payoffs through multifamily project refinancings and merchant builder activity in a normalized interest rate environment.
| Metric | Target | Period |
|---|---|---|
| Net interest margin improvement | 12-15 basis points | Full year 2025 |
| Average loan growth | mid to high single digits | Full year 2025 |
| Average deposits growth | 2%-3% | Full year 2025 |
| Non-interest income growth | 3.5%-4.5% | Full year 2025 |
| Non-interest expense growth | high single digits | Full year 2025 |
| Net charge-offs | 20-25 basis points of average loans | Full year 2025 |
Net interest margin improvement (Full year 2025): “For net interest margin, we still expect an improvement of about 12 basis points- 15 basis points over our net interest margin of 3.53% for 2024”
Average loan growth (Full year 2025): “we continue to expect full-year average loan growth to be in the mid to high single digits”
Average deposits growth (Full year 2025): “expect full-year average deposits to be up between 2% and 3%”
Non-interest income growth (Full year 2025): “Our updated projection for full-year non-interest income is growth in the range of 3.5%-4.5%, which is an increase from our prior guidance range of 2%-3% growth”
Non-interest expense growth (Full year 2025): “We expect non-interest expense growth to be in the high single digits”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.9B | 2.8B | 2.6B | 1.9B | 1.4B |
| Net Income | 662M | 642M | 576M | 591M | 572M | 436M |
| EPS | $10.28 | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 |
| Free Cash Flow | 663M | 127M | 862M | 320M | 620M | 582M |
| ROIC | 14.6% | 15.2% | 15.1% | 17.3% | 15.1% | 10.0% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.00 | 10.60 | 12.47 | 12.68 | 15.86 | 10.46 |
| Dividends/Share | $4.00 | $3.95 | $3.74 | $3.58 | $3.24 | $2.94 |
| Operating Income | 57M | 55M | 52M | 55M | 45M | 49M |
| Operating Margin | 2.5% | 1.9% | 1.8% | 2.1% | 2.4% | 3.5% |
| ROE | 14.6% | 15.2% | 15.1% | 17.3% | 15.1% | 10.0% |
| Shares Outstanding | 64M | 65M | 65M | 65M | 65M | 64M |
| Metric | 2014 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.0B | 1.1B | 1.1B | 1.2B | 1.4B | 1.5B | 1.5B | 1.4B | 1.9B | 2.6B | 2.8B | 2.9B | 2.3B |
| Gross Margin | 97.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 655M | 694M | 733M | 759M | 350M | 375M | 387M | 395M | 492M | 548M | 621M | 675M | 680M |
| EBIT | 32M | 36M | 41M | 37M | 47M | 44M | 48M | 49M | 45M | 55M | 52M | 55M | 57M |
| Op. Margin | 3.2% | 3.3% | 3.6% | 3.0% | 3.3% | 2.9% | 3.2% | 3.5% | 2.4% | 2.1% | 1.8% | 1.9% | 2.5% |
| Net Income | 270M | 271M | 296M | 356M | 447M | 436M | 324M | 436M | 572M | 591M | 576M | 642M | 662M |
| Net Margin | 26.4% | 25.2% | 26.0% | 29.0% | 31.9% | 29.1% | 21.8% | 31.2% | 30.4% | 22.3% | 20.2% | 22.0% | 29.2% |
| Non-Recurring | 0 | 0 | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 10.1% | 9.4% | 10.0% | 11.3% | 13.4% | 11.9% | 7.9% | 10.0% | 15.1% | 17.3% | 15.1% | 15.2% | 14.6% |
| ROE | 10.1% | 9.4% | 10.1% | 11.3% | 13.4% | 12.0% | 7.9% | 10.0% | 15.1% | 17.3% | 15.1% | 15.2% | 14.6% |
| ROA | 1.0% | 1.0% | 1.0% | 1.1% | 1.4% | 1.3% | 0.8% | 0.9% | 1.1% | 1.1% | 1.1% | 1.2% | 1.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 290M | 395M | 438M | 538M | 562M | 634M | 524M | 648M | 723M | 479M | 990M | 274M | 807M |
| Free Cash Flow | 158M | 248M | 384M | 504M | 483M | 427M | 429M | 582M | 620M | 320M | 862M | 127M | 663M |
| Owner Earnings | 95M | 340M | 378M | 477M | 498M | 564M | 446M | 566M | 633M | 378M | 887M | 161M | 323M |
| CapEx | 132M | 147M | 54M | 34M | 79M | 207M | 95M | 66M | 103M | 159M | 128M | 147M | 144M |
| Maint. CapEx | 183M | 42M | 48M | 48M | 50M | 54M | 64M | 69M | 71M | 76M | 83M | 88M | 458M |
| Growth CapEx | 0 | 105M | 5.5M | 0 | 29M | 153M | 31M | 0 | 31M | 82M | 45M | 59M | 0 |
| D&A | 183M | 42M | 48M | 48M | 50M | 54M | 64M | 69M | 71M | 76M | 83M | 88M | 458M |
| CapEx/OCF | 46.0% | 37.3% | 12.3% | 6.3% | 14.1% | 32.6% | 18.2% | 10.2% | 14.2% | 33.1% | 12.9% | 53.5% | 17.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 127M | 132M | 135M | 144M | 165M | 177M | 181M | 189M | 210M | 232M | 242M | 255M | 258M |
| Dividend Yield | 3.7% | 4.1% | 4.3% | 3.1% | 3.0% | 3.6% | 4.5% | 2.9% | 2.7% | 3.7% | 3.5% | 3.2% | 2.4% |
| Share Buybacks | 1.5M | 101M | 1.3M | 101M | 101M | 69M | 16M | 3.9M | 4.4M | 43M | 61M | 158M | 228M |
| Buyback Yield | 0.0% | 3.5% | 0.0% | 2.1% | 2.2% | 1.3% | 0.3% | 0.1% | 0.1% | 0.6% | 0.7% | 1.9% | 2.2% |
| Stock-Based Comp | 13M | 13M | 12M | 13M | 14M | 16M | 14M | 13M | 18M | 25M | 20M | 25M | 26M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -4.6B | -532M | -560M | -542M | -674M | -3.8B | N/A | N/A | N/A | N/A | N/A | N/A | -23.9B |
| Cash & Equiv. | 4.6B | 533M | 562M | 546M | 679M | 3.8B | 10.3B | 16.6B | 12.0B | 8.7B | 10.2B | 8.9B | 23.9B |
| Long-Term Debt | 893K | 948K | 1.3M | 3.9M | 4.7M | 4.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8.87 | 10.46 | 15.86 | 12.68 | 12.47 | 10.60 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1 |
| Equity | 2.9B | 2.9B | 3.0B | 3.3B | 3.4B | 3.9B | 4.3B | 4.4B | 3.1B | 3.7B | 3.9B | 4.6B | 4.5B |
| Total Assets | 28.3B | 28.6B | 30.2B | 31.7B | 32.3B | 34.0B | 42.4B | 50.9B | 52.9B | 50.8B | 52.5B | 53.0B | 52.7B |
| Total Liabilities | 25.4B | 25.7B | 27.2B | 28.5B | 28.9B | 30.1B | 38.1B | 46.4B | 49.8B | 47.1B | 48.6B | 48.5B | 48.2B |
| Intangibles | 12M | 8.8M | 6.8M | 5.1M | 3.6M | 2.5M | 1.6M | 866K | 386K | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.7B | 1.8B | 2.0B | 2.2B | 2.4B | 2.7B | 2.8B | 3.0B | 3.3B | 3.7B | 4.0B | 4.3B | 4.4B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 4.29 | 4.28 | 4.70 | 5.51 | 6.90 | 6.84 | 5.10 | 6.76 | 8.81 | 9.10 | 8.87 | 9.92 | 10.28 |
| Owner EPS | 1.50 | 5.36 | 6.00 | 7.38 | 7.69 | 8.86 | 7.03 | 8.78 | 9.74 | 5.81 | 13.66 | 2.49 | 5.02 |
| Book Value | 45.32 | 45.60 | 47.64 | 51.03 | 52.02 | 61.43 | 67.65 | 68.85 | 48.28 | 57.20 | 60.05 | 70.67 | 70.35 |
| Cash Flow/Share | 4.61 | 6.23 | 6.95 | 8.33 | 8.68 | 9.96 | 8.26 | 10.05 | 11.12 | 7.37 | 15.24 | 4.23 | 17.40 |
| Dividends/Share | 2.03 | 2.10 | 2.15 | 2.25 | 2.58 | 2.80 | 2.85 | 2.94 | 3.24 | 3.58 | 3.74 | 3.95 | 4.00 |
| Shares Out. | 62.9M | 63.4M | 63.0M | 64.6M | 64.8M | 63.7M | 63.5M | 64.5M | 65.0M | 65.0M | 64.9M | 64.7M | 64.4M |
| Valuation | |||||||||||||
| P/E Ratio | 11.9 | 10.6 | 14.3 | 13.6 | 10.2 | 11.9 | 14.7 | 16.5 | 13.5 | 11.2 | 14.7 | 12.9 | 16.0 |
| P/FCF | 20.3 | 11.6 | 11.0 | 9.6 | 9.4 | 12.1 | 11.1 | 12.4 | 12.5 | 20.8 | 9.8 | 64.9 | 16.0 |
| EV/EBIT | 58.8 | 53.3 | 78.8 | 104.4 | 70.9 | 95.0 | N/A | N/A | N/A | N/A | N/A | N/A | -233.3 |
| Price/Book | 1.1 | 1.0 | 1.4 | 1.5 | 1.3 | 1.3 | 1.1 | 1.6 | 2.5 | 1.8 | 2.2 | 1.8 | 2.3 |
| Price/Sales | 3.4 | 3.0 | 2.8 | 3.8 | 4.2 | 3.6 | 2.8 | 4.7 | 4.6 | 3.2 | 3.4 | 3.6 | 4.7 |
| FCF Yield | 4.9% | 8.6% | 9.1% | 10.4% | 10.6% | 8.3% | 9.0% | 8.1% | 8.0% | 4.8% | 10.2% | 1.5% | 6.3% |
| Market Cap | 3.2B | 2.9B | 4.2B | 4.8B | 4.5B | 5.2B | 4.8B | 7.2B | 7.7B | 6.6B | 8.5B | 8.3B | 10.6B |
| Avg. Price | 54.17 | 50.26 | 49.50 | 71.36 | 84.38 | 76.91 | 63.10 | 99.52 | 119.98 | 97.86 | 107.09 | 124.98 | 164.23 |
| Year-End Price | 50.87 | 45.20 | 67.12 | 74.93 | 70.08 | 81.14 | 75.19 | 111.59 | 119.04 | 102.29 | 130.27 | 127.71 | 164.23 |
CULLEN/FROST BANKERS, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
CULLEN/FROST BANKERS, INC. trades at 16.6x trailing earnings, compared to its 15-year median P/E of 13.6x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 81.5x vs a median of 11.6x. The company's 5-year average ROIC is 14.5%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is -9.2%.
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.
The Ledger Terminal provides 16 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.
Based on recent SEC filings and earnings disclosures, Management expects the branch expansion strategy, which began in Houston in December 2018, to deliver earnings accretion in 2026 as earlier expansion locations mature and fund current growth efforts. The company anticipates Dallas will reach breakeven within 12 to 18 months, allowing Houston to support Austin's development, with the overall expansion effort expected to be accretive to earnings. Management remains optimistic about the strategy's durability and scalability, with opportunities for deposit growth acceleration into 2026 and 2027 as new markets mature. The legacy business is positioned to benefit from economic improvement, and management expects continued success in offsetting elevated payoffs through multifamily project refinancings and merchant builder activity in a normalized interest rate environment.
Based on recent SEC filings and earnings calls, CULLEN/FROST BANKERS, INC. (CFR) has provided the following forward guidance: Net interest margin improvement: 12-15 basis points (Full year 2025); Average loan growth: mid to high single digits (Full year 2025); Average deposits growth: 2%-3% (Full year 2025); Non-interest income growth: 3.5%-4.5% (Full year 2025); Non-interest expense growth: high single digits (Full year 2025), plus 1 additional metric.
Net charge-offs (Full year 2025): “we expect full year 2025 to be similar to 2024 and in the range of 20 basis points- 25 basis points of average loans”