Canadian Imperial Bank of Commerce CM

FinancialsBanking ServicesCanada

Last close 162.95 CAD on Nov 1, 2026, +33.8% year to date

Quant rating

Quant rating A Rank 4 of 51 in Financials

Growth B 18 of 51
Valuation B 11 of 51
Quality B 20 of 51
Revisions B 11 of 51
Momentum B 11 of 51

Wall Street consensus Buy (2.47)Average target 172.82 CAD +6.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 148.7B
Enterprise value: 321.7B
52-week range: 114.80 – 172.87
3-year range: 49.22 – 172.87
Dividend yield: 2.63%
Beta (5 years): 1.24
Shares outstanding: 913M
Next earnings: Dec 3, 2026

About the company

Canadian Imperial Bank of Commerce is a North American financial institution. The Company's segments include Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. Canadian Personal and Business Banking segment provides personal and business clients across Canada with financial advice, services and solutions through banking centers, mobile and online channels. Canadian Commercial Banking and Wealth Management segment provides relationship-oriented banking and wealth management services. U.S. Commercial Banking and Wealth Management segment is focused on middle-market and mid-corporate companies, entrepreneurs, high-net-worth individuals and families, as well as operating personal and small business banking services in six United States markets. Capital Markets segment provides integrated global markets products and services, investment banking and corporate banking solutions.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	48,761	52,185	45,019	22,179	14,741	–
Revenue growth	−6.6%	15.9%	103.0%	50.5%	−15.9%	22.7%
EPS (basic, normalized)	8.62	7.38	5.17	6.70	6.98	–
EPS growth	16.8%	42.7%	−22.8%	−4.1%	50.9%	13.3%
Gross margin	–	–	–	–	–	–
Net margin	16.5%	13.1%	10.5%	27.3%	42.5%	22.0%
ROE	13.2%	12.9%	13.3%	13.3%	15.4%	13.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	15.6%
Long-term debt (mil)	6,762
Net debt (mil)	–
Total equity (mil)	67,194
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	48,761	−6.6%	6.6x	62.33	+10.8%	2.6x	8.61	+16.4%	18.9x
2026	32,765	−32.8%	9.8x	65.87	+5.7%	2.5x	10.52	+22.2%	15.5x
2027	34,362	+4.9%	9.4x	70.14	+6.5%	2.3x	11.42	+8.6%	14.3x
2028	36,190	+5.3%	8.9x	73.78	+5.2%	2.2x	12.60	+10.3%	12.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	32,765	0.0%	+1.8%	+2.3%	10.52	−0.6%	+1.8%	+2.6%
2027	34,362	0.0%	+2.1%	+2.6%	11.42	0.0%	+2.3%	+2.3%
2028	36,190	+0.2%	+2.1%	+5.9%	12.60	+0.6%	+3.3%	+4.1%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	6,164	6,604	6,617	7,281	7,022	7,254	7,576	8,398	8,006	8,370
Sales mean (mil)	6,097	6,255	6,461	6,854	6,896	7,039	7,259	7,694	7,890	8,034
Surprise	+1.1%	+5.6%	+2.4%	+6.2%	+1.8%	+3.1%	+4.4%	+9.1%	+1.5%	+4.2%
EPS reported	1.75	1.93	1.91	2.20	2.05	2.16	2.21	2.76	2.54	2.73
EPS mean	1.65	1.74	1.79	1.97	1.89	2.00	2.08	2.40	2.44	2.53
Surprise	+6.1%	+10.9%	+7.0%	+11.9%	+8.3%	+8.0%	+6.0%	+15.0%	+4.3%	+7.8%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
CM Canadian Imperial Bank of Commerce	148.7B	15.6%	16.5%	1.37x	15.5x	14.3x	2.5x	2.3x
RY Royal Bank of Canada	393.7B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
BAC Bank of America Corporation	484.3B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
TD The Toronto-Dominion Bank	286.3B	16.1%	22.8%	1.37x	17.2x	15.5x	2.6x	2.5x
WFC Wells Fargo & Company	350.2B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
HSBA HSBC Holdings PLC	409.4B	16.3%	21.6%	1.95x	10.1x	9.2x	1.6x	1.5x
Mean		14.7%	20.7%	1.56x	13.8x	12.5x	2.1x	1.9x
Median		15.2%	21.3%	1.46x	13.4x	12.3x	2.0x	1.9x

Technical analysis

1M+2.4%
3M−3.0%
1Y+43.7%
3Y+282.8%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Canadian Imperial Bank of Commerce, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	48,761	52,185	45,019	22,179	14,741	17,522
Total interest expense	32,992	38,490	32,194	9,538	3,282	6,478
Net interest income	15,769	13,695	12,825	12,641	11,459	11,044
Loan loss provision	2,342	2,001	2,010	1,057	158	2,489
Net interest income after loan loss provision	13,427	11,694	10,815	11,584	11,301	8,555
Non-interest income	13,364	11,911	10,507	9,192	8,556	7,697
Non-interest expense	−15,852	−14,439	−14,349	−12,803	−11,535	−11,362
Net income before taxes	10,939	9,166	6,973	7,973	8,322	4,890
Provision for taxes	2,485	2,012	1,934	1,730	1,876	1,098
Minority interest & equity in affiliates	−25.0	−39.0	−38.0	−23.0	−17.0	−2.0
Other	0	0	0	0	0	0
Net income before extraordinary items	8,429	7,115	5,001	6,220	6,429	3,790
Extraordinary items	–	–	–	–	–	–
Net income	8,429	7,115	5,001	6,220	6,429	3,790
Basic weighted average shares (mil)	935	939	916	903	898	891
Diluted weighted average shares (mil)	941	942	916	906	900	892
Basic EPS excluding extraordinary items	8.62	7.29	5.17	6.70	6.98	4.12
Basic EPS, normalized	8.62	7.38	5.17	6.70	6.98	4.63

Balance sheet in millions of CAD, fiscal years

Balance sheet, Canadian Imperial Bank of Commerce, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	12,379	8,565	20,816	31,535	34,573	43,531
Other earning assets	483,188	447,306	400,293	371,510	330,366	299,133
Net loans	589,494	558,286	529,337	517,083	451,921	406,782
Property, plant & equipment	3,443	3,359	3,251	3,377	3,286	2,997
Goodwill	5,475	5,443	5,425	5,348	4,954	5,253
Intangibles	2,894	2,830	2,742	2,592	2,029	1,961
Long-term investments	808	785	669	632	658	658
Other long-term assets	2,705	2,199	1,702	1,900	1,774	897
Other assets	16,552	13,212	11,455	9,620	8,122	8,339
Total assets	1,116,938	1,041,985	975,690	943,597	837,683	769,551
Liabilities
Accounts payable	6,566	5,951	5,907	6,617	5,809	5,303
Payable/accrued	3,461	3,202	2,804	2,608	2,259	2,153
Accrued expenses	9,072	8,881	7,110	4,746	3,742	3,374
Total deposits	808,124	764,857	723,376	697,572	621,158	570,740
Other bearing liabilities	10.0	6.0	10,820	11,586	10,961	9,649
Short-term borrowings	157,317	138,666	113,865	97,308	96,788	87,940
Current portion of long-term debt	0	0	–	0	–	–
Long-term debt	12,800	10,619	8,501	8,467	8,018	9,078
Minority interest	284	272	232	201	182	181
Other liabilities	55,175	50,796	50,144	64,311	43,118	39,979
Total liabilities	1,052,809	983,250	922,759	893,416	792,035	728,397
Shareholders' equity
Preferred stock	1,699	2,146	4,925	4,923	4,325	3,575
Common stock	16,845	17,011	16,084	14,723	14,351	13,908
Additional paid-in capital	226	159	107	118	110	117
Retained earnings (accumulated deficit)	36,471	33,471	30,352	28,823	25,793	22,119
Treasury stock	–	–	–	–	–	–
Other equity	8,888	5,948	1,463	1,594	1,069	1,435
Total equity	64,129	58,735	52,931	50,181	45,648	41,154
Total liabilities & shareholders' equity	1,116,938	1,041,985	975,690	943,597	837,683	769,551

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Canadian Imperial Bank of Commerce, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	8,454	7,154	5,033	6,243	6,446	3,792
Depreciation, depletion & amortization	1,178	1,170	1,143	1,047	1,017	1,063
Deferred taxes	−257	−244	−87.0	−46.0	−41.0	−228
Non-cash items	2.0	−1,807	1,832	−1,108	946	−501
Changes in working capital	4,461	4,815	4,233	16,579	−11,700	56,169
Cash from operations	13,838	11,088	12,154	22,715	−3,332	60,295
Investing activities
Capital expenditures	−1,109	−1,089	−1,014	−1,109	−839	−309
Other investing cash flows	−4,666	−19,662	−19,749	−23,282	−2,667	−19,099
Cash from investing	−5,775	−20,751	−20,763	−24,391	−3,506	−19,408
Financing activities
Financing cash flow items	−29.0	–	–	–	–	–
Cash dividends paid	−3,993	−2,947	−2,261	−2,972	−2,649	−2,571
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−290	337	102	1,362	704	1,350
Cash from financing	−4,312	−2,610	−2,159	−1,610	−1,945	−1,221
Foreign exchange effects	63.0	22.0	49.0	248	−175	25.0
Net change in cash	3,814	−12,251	−10,719	−3,038	−8,958	39,691
Free cash flow	12,729	9,999	11,140	21,606	−4,171	59,986

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.