Cullen/Frost Bankers, Inc. CFR

FinancialsBanking ServicesUnited States of America

Last close 160.30 USD on Nov 2, 2026, +29.3% year to date

Quant rating

Quant rating A Rank 87 of 799 in Financials

Growth B 225 of 799
Valuation B 240 of 799
Quality B 217 of 799
Revisions A 35 of 799
Momentum C 336 of 799

Wall Street consensus Hold (2.60)Average target 174.00 USD +8.5%

Historical valuation

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

Key data

Market cap: 10.0B
Enterprise value: 14.7B
52-week range: 119.16 – 170.80
3-year range: 92.48 – 170.80
Dividend yield: 2.61%
Beta (5 years): 0.51
Shares outstanding: 62.2M
Next earnings: Jan 27, 2027

About the company

Cullen/Frost Bankers, Inc. is a financial holding company and a bank holding company. The Company provides an array of products and services throughout numerous Texas markets. The Company's segments include Banking and Frost Wealth Advisors. The Banking segment includes both commercial and consumer banking services and Frost Insurance Agency. Commercial banking services are provided to corporations and other business clients and include a wide array of lending and cash management products. Consumer banking services include direct lending and depository services. Frost Insurance Agency provides insurance brokerage services to individuals and businesses covering corporate and personal property and casualty products, as well as group health and life insurance products. The Frost Wealth Advisors segment includes fee-based services within private trust, retirement services, and financial management services, including personal wealth management and securities brokerage services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	2,421	2,391	2,218	1,476	1,009	–
Revenue growth	1.3%	7.8%	50.3%	46.3%	−1.2%	18.8%
EPS (basic, normalized)	9.92	9.00	9.79	8.84	6.79	–
EPS growth	10.2%	−8.0%	10.7%	30.2%	32.9%	14.2%
Gross margin	–	–	–	–	–	–
Net margin	26.3%	23.8%	26.4%	38.4%	42.8%	31.5%
ROE	15.2%	15.1%	18.7%	16.9%	10.0%	15.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	14.2%
Long-term debt (mil)	223
Net debt (mil)	–
Total equity (mil)	3,974
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	2,421	+1.3%	6.1x	69.96	+7.6%	2.3x	9.92	+11.8%	16.2x
2026	2,421	0.0%	6.1x	70.58	+0.9%	2.3x	11.10	+11.9%	14.4x
2027	2,581	+6.6%	5.7x	78.34	+11.0%	2.0x	12.06	+8.6%	13.3x
2028	2,709	+5.0%	5.4x	88.25	+12.6%	1.8x	12.62	+4.7%	12.7x

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	2,421	+0.5%	+0.5%	+1.4%	11.10	+1.0%	+1.2%	+5.8%
2027	2,581	+0.7%	+1.4%	+3.1%	12.06	+1.6%	+3.5%	+11.1%
2028	2,709	+0.9%	+3.5%	+6.1%	12.62	+0.9%	+7.3%	+15.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	523	529	437	557	560	568	567	581	597	598
Sales mean (mil)	516	515	524	538	542	553	566	578	582	587
Surprise	+1.3%	+2.6%	−16.5%	+3.5%	+3.5%	+2.8%	+0.3%	+0.5%	+2.5%	+1.9%
EPS reported	2.06	2.21	2.24	2.36	2.30	2.39	2.67	2.56	2.65	2.70
EPS mean	2.12	2.07	2.17	2.16	2.16	2.30	2.38	2.45	2.47	2.55
Surprise	−2.9%	+6.8%	+3.0%	+9.3%	+6.3%	+3.7%	+12.1%	+4.4%	+7.3%	+6.0%

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
CFR Cullen/Frost Bankers, Inc.	10.0B	14.2%	26.3%	1.99x	14.4x	13.3x	2.3x	2.0x
JPM JPMorgan Chase & Co.	905.3B	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
BAC Bank of America Corporation	342.0B	14.0%	21.0%	1.72x	11.2x	9.6x	1.2x	1.1x
WFC Wells Fargo & Company	257.8B	11.3%	23.2%	1.47x	11.7x	10.7x	1.6x	1.4x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
Mean		13.9%	19.4%	1.60x	13.2x	12.0x	2.5x	2.3x
Median		14.2%	22.1%	1.72x	12.7x	12.0x	1.9x	1.7x

Technical analysis

1M+3.4%
3M−3.0%
1Y+34.0%
3Y+85.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Cullen/Frost Bankers, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	2,421	2,391	2,218	1,476	1,009	1,021
Total interest expense	685	786	659	184	23.9	45.0
Net interest income	1,736	1,605	1,559	1,291	985	976
Loan loss provision	44.2	65.0	46.2	3.0	0.1	241
Net interest income after loan loss provision	1,692	1,540	1,512	1,288	985	735
Non-interest income	499	459	429	405	387	465
Non-interest expense	−1,419	−1,303	−1,229	−1,024	−882	−849
Net income before taxes	772	696	712	669	490	351
Provision for taxes	123	113	114	89.7	46.5	20.2
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	649	583	598	579	443	331
Extraordinary items	–	–	–	–	–	–
Net income	649	583	598	579	443	331
Basic weighted average shares (mil)	64.1	64.1	64.2	64.2	63.6	62.7
Diluted weighted average shares (mil)	64.1	64.3	64.4	64.5	64.1	63.0
Basic EPS excluding extraordinary items	9.92	8.88	9.11	8.84	6.79	5.11
Basic EPS, normalized	9.92	9.00	9.79	8.84	6.79	5.11

Balance sheet in millions of USD, fiscal years

Balance sheet, Cullen/Frost Bankers, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	681	723	618	692	556	529
Other earning assets	27,632	28,123	28,299	32,247	31,726	22,167
Net loans	21,610	20,485	18,578	16,927	16,088	17,218
Property, plant & equipment	1,313	1,245	1,190	1,103	1,050	1,046
Goodwill	–	–	–	655	655	655
Intangibles	–	–	–	0.4	0.9	1.6
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	1,804	1,945	2,160	1,268	803	775
Total assets	53,041	52,520	50,845	52,892	50,878	42,391
Liabilities
Accounts payable	486	1,003	528	544	441	407
Payable/accrued	–	–	–	–	–	–
Accrued expenses	296	308	316	322	313	323
Total deposits	42,918	42,723	41,921	43,954	42,696	35,016
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	4,545	4,365	4,141	4,712	2,767	2,117
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	223	223	223	222	222	235
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0	0	0	0
Total liabilities	48,468	48,622	47,129	49,755	46,439	38,098
Shareholders' equity
Preferred stock	145	145	145	145	145	145
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	1,100	1,076	1,056	1,030	1,010	997
Retained earnings (accumulated deficit)	4,309	3,951	3,658	3,310	2,957	2,751
Treasury stock	−140	−22.6	−23.9	0	−20.7	−114
Other equity	−843	−1,252	−1,119	−1,348	347	513
Total equity	4,573	3,899	3,716	3,137	4,440	4,293
Total liabilities & shareholders' equity	53,041	52,520	50,845	52,892	50,878	42,391

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Cullen/Frost Bankers, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	649	583	598	579	443	331
Depreciation, depletion & amortization	87.8	82.8	76.4	71.3	69.3	64.4
Deferred taxes	5.4	−11.6	−14.8	−4.9	7.8	−15.8
Non-cash items	33.0	40.9	69.5	105	113	120
Changes in working capital	−501	295	−250	−28.4	15.2	24.9
Cash from operations	274	990	479	723	648	524
Investing activities
Capital expenditures	−147	−128	−159	−103	−65.8	−95.4
Other investing cash flows	−1,454	−52.4	−784	−8,175	−2,459	−1,536
Cash from investing	−1,601	−181	−943	−8,277	−2,525	−1,631
Financing activities
Financing cash flow items	375	1,026	−2,605	3,204	8,330	7,798
Cash dividends paid	−262	−249	−239	−216	−196	−183
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−146	−38.3	−33.4	12.3	37.1	−7.8
Cash from financing	−33.1	738	−2,877	3,000	8,171	7,607
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−1,360	1,547	−3,341	−4,555	6,294	6,501
Free cash flow	127	861	320	620	582	429

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.

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Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.