CFR Financial Services

Cullen/Frost Bankers, Inc.

$159.14-0.72%

Price as of close on Nov 3, 2026 · Financials updated Nov 3, 2026

Basics

Sector: Financial Services
Industry: Banks - Regional
Country: United States
Market cap: 9.9B USD
Full-time employees: 6,008

Overall health

Strength: more profitable than most peersmore profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
About average: growth

Ranks #455 of 791 banks & insurance companies (bottom 43%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Nothing unusual stands out. Its strongest area is profitability (65/100).
None of our checks flag anything unusual in Cullen/Frost Bankers's latest figures; its strongest area is profitability, at 65 out of 100.

StockQuotient Score

48/ 100

Oct 5 48 → Nov 4 48

Valuation

Is the price right?

28/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield47.5%

SEC filings · latest balance sheetReported value40% base weight · Z-score -1.12Sector median: 0.7950 · MAD: 0.2843

Earnings yield7.0%

SEC filings · 12 months to Jun 2026Reported value60% base weight · Z-score -0.34Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yieldUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield5.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported valueInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

50/100

Moderate

1/1 inputs reported · High confidence

Since last quarter: No major change

Why

Close to the peer norm on every measure.

Compare with peers

Behind the score

Earnings-per-share growth versus other banks and insurers.

Earnings per share growth16.1%

SEC filings · 12 months to Jun 2026Reported value100% base weight · Z-score 0.01Sector median: 0.1599 · MAD: 0.1775

Other data (not scored)

3-year revenue growth5.6%

SEC filings · 3 years to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0826 · MAD: 0.0558

Revenue growth7.4%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0866 · MAD: 0.0782

Profitability

Does it earn well?

65/100

Moderate

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets1.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.15Sector median: 0.0117 · MAD: 0.0062

Return on equity14.8%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 1.04Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Cullen/Frost Bankers

Is Cullen/Frost Bankers getting weaker?: Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.
How is Cullen/Frost Bankers valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 28/100 against 950 banks & insurance peers. Book yield 47.5% vs a peer median of 79.5% (weaker than 80% of peers).Book yield 47.5% vs peers 79.5% (weaker than 80% of peers).
Is Cullen/Frost Bankers growing?: At about the same pace as its peers. Growth scores 50/100 against 950 banks & insurance peers.
How profitable is Cullen/Frost Bankers?: More profitable than most of its peers. Profitability scores 65/100 against 950 banks & insurance peers. Return on equity 14.8% vs a peer median of 10.7% (stronger than 75% of peers).Return on equity 14.8% vs peers 10.7% (stronger than 75% of peers).
How risky is Cullen/Frost Bankers?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 30, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	2.3B USD	2.3B USD	+1.3%
Net income (12 months)	668.6M USD	683.7M USD	+2.3%
Free cash flow (12 months)	663.1M USD	541.5M USD	−18.3%
Cash	7.1B USD	6.5B USD	−9.5%
Shares outstanding	62.8M	62.1M	−1.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Banks - Regional · 119 companies

Valuations in Banks - Regional are within their usual range since 2016.

45% of months since 2016 were valued lower than now.
14% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +29% and earnings +32% (medians): prices and earnings moved broadly together.
Median price-to-book is −61% vs the whole market, against a usual −59%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Net margin	32.3%	34.1%	30.1%	28.2%	29.0%	▲ 0.8 pts
Return on assets (ROA)	0.9%	1.1%	1.2%	1.1%	1.2%	▲ 0.1 pts
Return on equity (ROE)	10.0%	18.5%	16.1%	14.9%	14.2%	▼ 0.8 pts

CFR price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: more profitable than most peersmore profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

About average: growth

Ranks #455 of 791 banks & insurance companies (bottom 43%)

Based on 3 categories: banks and insurers are not rated on risk.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Questions investors ask about Cullen/Frost Bankers

Is Cullen/Frost Bankers getting weaker?

Its latest SEC filing (Jul 30, 2026) showed no major changes. Its overall score is unchanged at 48/100 since Oct 28, 2026.

How is Cullen/Frost Bankers valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 28/100 against 950 banks & insurance peers. Book yield 47.5% vs a peer median of 79.5% (weaker than 80% of peers).Book yield 47.5% vs peers 79.5% (weaker than 80% of peers).

Is Cullen/Frost Bankers growing?

At about the same pace as its peers. Growth scores 50/100 against 950 banks & insurance peers.

How profitable is Cullen/Frost Bankers?

More profitable than most of its peers. Profitability scores 65/100 against 950 banks & insurance peers. Return on equity 14.8% vs a peer median of 10.7% (stronger than 75% of peers).Return on equity 14.8% vs peers 10.7% (stronger than 75% of peers).

How risky is Cullen/Frost Bankers?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

2.3B USD

2.3B USD

+1.3%

Net income (12 months)

668.6M USD

683.7M USD

+2.3%

Free cash flow (12 months)

663.1M USD

541.5M USD

−18.3%

Cash

7.1B USD

6.5B USD

−9.5%

Shares outstanding

62.8M

62.1M

−1.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Net margin

32.3%

34.1%

30.1%

28.2%

29.0%

▲ 0.8 pts

Return on assets (ROA)

0.9%

1.1%

1.2%

1.1%

1.2%

▲ 0.1 pts

Return on equity (ROE)

10.0%

18.5%

16.1%

14.9%

14.2%

▼ 0.8 pts