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CULLEN/FROST BANKERS, INC. CFR

NYSE · stock · National Commercial Banks · website · IPO 1997-08-14 · LEI

CULLEN/FROST BANKERS, INC. statistics & valuation

Market cap$9.8B
P / E15.0×
P / S4.4×
P / B2.1×
P / FCF76.6×
Dividend yield2.62%
Net margin29.0%
Return on equity14.2%
FCF margin5.7%
Graham number -24.9%$126.19

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($126.19); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
27.00% 30.30% 34.70% 32.40% 23.00% 32.30% 34.10% 30.10% 28.20% 29.00% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
10.10% 11.00% 13.50% 11.30% 7.70% 10.00% 18.50% 16.10% 14.90% 14.20% 2016201720182019202020212022202320242025
Shares outstanding
63.0M 64.7M 64.7M 63.4M 63.0M 64.1M 64.5M 64.4M 64.3M 64.1M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.00% 1.10% 1.40% 1.30% 0.80% 0.90% 1.10% 1.20% 1.10% 1.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
34.10% 41.90% 36.90% 31.20% 29.70% 42.50% 36.60% 16.10% 41.80% 5.70% 2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$4.70 $5.51 $6.90 $6.84 $5.10 $6.76 $8.81 $9.10 $8.87 $9.92 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

CULLEN/FROST BANKERS, INC. trades at about 16.9× earnings — near its 10-year norm (10-year range 11.7×–20.9×, median 15.7×).

11.7× 20.9×

Shaded band = 10-year range (11.7×–20.9×); dot = today's 16.9×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Net margin29.0%28.2%30.1%34.1%32.3%23.0%32.4%34.7%30.3%27.0%
FCF margin5.7%41.8%16.1%36.6%42.5%29.7%31.2%36.9%41.9%34.1%
Return on assets1.2%1.1%1.2%1.1%0.9%0.8%1.3%1.4%1.1%1.0%
Return on equity14.2%14.9%16.1%18.5%10.0%7.7%11.3%13.5%11.0%10.1%

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.