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CULLEN/FROST BANKERS INC (CFR) Stock Fundamental Analysis

NYSE:CFR - New York Stock Exchange, Inc. - US2298991090 - Common Stock - Currency: USD

126.5  -0.01 (-0.01%)

After market: 126.5 0 (0%)

Fundamental Rating

3

CFR gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 395 industry peers in the Banks industry. There are concerns on the financial health of CFR while its profitability can be described as average. CFR is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

CFR had positive earnings in the past year.
CFR had a positive operating cash flow in the past year.
Each year in the past 5 years CFR has been profitable.
In the past 5 years CFR always reported a positive cash flow from operatings.
CFR Yearly Net Income VS EBIT VS OCF VS FCFCFR Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

1.2 Ratios

With an excellent Return On Assets value of 1.38%, CFR belongs to the best of the industry, outperforming 87.34% of the companies in the same industry.
Looking at the Return On Equity, with a value of 17.44%, CFR belongs to the top of the industry, outperforming 95.95% of the companies in the same industry.
Industry RankSector Rank
ROA 1.38%
ROE 17.44%
ROIC N/A
ROA(3y)1.1%
ROA(5y)0.98%
ROE(3y)16.15%
ROE(5y)13.13%
ROIC(3y)N/A
ROIC(5y)N/A
CFR Yearly ROA, ROE, ROICCFR Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15

1.3 Margins

CFR's Profit Margin of 27.55% is fine compared to the rest of the industry. CFR outperforms 73.42% of its industry peers.
In the last couple of years the Profit Margin of CFR has declined.
CFR does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 27.55%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-4.3%
PM growth 5Y-2.65%
GM growth 3YN/A
GM growth 5YN/A
CFR Yearly Profit, Operating, Gross MarginsCFR Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

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0

2. Health

2.1 Basic Checks

CFR does not have a ROIC to compare to the WACC, probably because it is not profitable.
The number of shares outstanding for CFR remains at a similar level compared to 1 year ago.
Compared to 5 years ago, CFR has more shares outstanding
The debt/assets ratio for CFR is higher compared to a year ago.
CFR Yearly Shares OutstandingCFR Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
CFR Yearly Total Debt VS Total AssetsCFR Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.2 Solvency

The Debt to FCF ratio of CFR is 63.96, which is on the high side as it means it would take CFR, 63.96 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 63.96, CFR is doing worse than 86.33% of the companies in the same industry.
A Debt/Equity ratio of 1.15 is on the high side and indicates that CFR has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.15, CFR is doing worse than 86.84% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.15
Debt/FCF 63.96
Altman-Z N/A
ROIC/WACCN/A
WACC11.85%
CFR Yearly LT Debt VS Equity VS FCFCFR Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
CFR Yearly Current Assets VS Current LiabilitesCFR Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

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4

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 7.68% over the past year.
CFR shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 5.34% yearly.
Looking at the last year, CFR shows a small growth in Revenue. The Revenue has grown by 4.63% in the last year.
The Revenue has been growing by 8.57% on average over the past years. This is quite good.
EPS 1Y (TTM)7.68%
EPS 3Y9.48%
EPS 5Y5.34%
EPS Q2Q%11.65%
Revenue 1Y (TTM)4.63%
Revenue growth 3Y14.59%
Revenue growth 5Y8.57%
Sales Q2Q%7.21%

3.2 Future

Based on estimates for the next years, CFR will show a small growth in Earnings Per Share. The EPS will grow by 3.42% on average per year.
The Revenue is expected to grow by 3.34% on average over the next years.
EPS Next Y5.52%
EPS Next 2Y3.3%
EPS Next 3Y2.65%
EPS Next 5Y3.42%
Revenue Next Year6.97%
Revenue Next 2Y5.47%
Revenue Next 3Y3.88%
Revenue Next 5Y3.34%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
CFR Yearly Revenue VS EstimatesCFR Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 500M 1B 1.5B 2B 2.5B
CFR Yearly EPS VS EstimatesCFR Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2 4 6 8 10

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2

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 13.89, the valuation of CFR can be described as correct.
Based on the Price/Earnings ratio, CFR is valued a bit more expensive than 63.29% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 26.92. CFR is valued slightly cheaper when compared to this.
With a Price/Forward Earnings ratio of 13.36, CFR is valued correctly.
CFR's Price/Forward Earnings ratio is a bit more expensive when compared to the industry. CFR is more expensive than 71.39% of the companies in the same industry.
CFR is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 21.46, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 13.89
Fwd PE 13.36
CFR Price Earnings VS Forward Price EarningsCFR Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, CFR is valued more expensive than 85.82% of the companies in the same industry.
Industry RankSector Rank
P/FCF 110.29
EV/EBITDA N/A
CFR Per share dataCFR EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)2.52
PEG (5Y)2.6
EPS Next 2Y3.3%
EPS Next 3Y2.65%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.24%, CFR has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.61, CFR has a dividend in line with its industry peers.
CFR's Dividend Yield is a higher than the S&P500 average which is at 2.44.
Industry RankSector Rank
Dividend Yield 3.24%

5.2 History

The dividend of CFR has a limited annual growth rate of 5.72%.
CFR has been paying a dividend for at least 10 years, so it has a reliable track record.
CFR has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)5.72%
Div Incr Years31
Div Non Decr Years31
CFR Yearly Dividends per shareCFR Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1 2 3

5.3 Sustainability

34.98% of the earnings are spent on dividend by CFR. This is a low number and sustainable payout ratio.
CFR's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP34.98%
EPS Next 2Y3.3%
EPS Next 3Y2.65%
CFR Yearly Income VS Free CF VS DividendCFR Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M
CFR Dividend Payout.CFR Dividend Payout, showing the Payout Ratio.CFR Dividend Payout.PayoutRetained Earnings

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CULLEN/FROST BANKERS INC

NYSE:CFR (6/24/2025, 8:23:33 PM)

After market: 126.5 0 (0%)

126.5

-0.01 (-0.01%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-01 2025-05-01/bmo
Earnings (Next)07-23 2025-07-23/bmo
Inst Owners87.23%
Inst Owner Change-1.28%
Ins Owners0.74%
Ins Owner Change0.78%
Market Cap8.13B
Analysts52.38
Price Target133.44 (5.49%)
Short Float %3.53%
Short Ratio4.96
Dividend
Industry RankSector Rank
Dividend Yield 3.24%
Yearly Dividend3.88
Dividend Growth(5Y)5.72%
DP34.98%
Div Incr Years31
Div Non Decr Years31
Ex-Date05-30 2025-05-30 (1)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.72%
Min EPS beat(2)5.24%
Max EPS beat(2)8.19%
EPS beat(4)4
Avg EPS beat(4)5.29%
Min EPS beat(4)2%
Max EPS beat(4)8.19%
EPS beat(8)6
Avg EPS beat(8)0.62%
EPS beat(12)10
Avg EPS beat(12)2.56%
EPS beat(16)14
Avg EPS beat(16)4.2%
Revenue beat(2)2
Avg Revenue beat(2)2.46%
Min Revenue beat(2)2.46%
Max Revenue beat(2)2.47%
Revenue beat(4)3
Avg Revenue beat(4)-2.71%
Min Revenue beat(4)-17.35%
Max Revenue beat(4)2.47%
Revenue beat(8)7
Avg Revenue beat(8)-0.2%
Revenue beat(12)10
Avg Revenue beat(12)7.21%
Revenue beat(16)10
Avg Revenue beat(16)4.53%
PT rev (1m)-1.94%
PT rev (3m)-8.39%
EPS NQ rev (1m)-0.18%
EPS NQ rev (3m)1.32%
EPS NY rev (1m)-0.1%
EPS NY rev (3m)3.19%
Revenue NQ rev (1m)-0.35%
Revenue NQ rev (3m)0.57%
Revenue NY rev (1m)-0.62%
Revenue NY rev (3m)1.67%
Valuation
Industry RankSector Rank
PE 13.89
Fwd PE 13.36
P/S 3.12
P/FCF 110.29
P/OCF 39.67
P/B 1.98
P/tB 1.98
EV/EBITDA N/A
EPS(TTM)9.11
EY7.2%
EPS(NY)9.47
Fwd EY7.48%
FCF(TTM)1.15
FCFY0.91%
OCF(TTM)3.19
OCFY2.52%
SpS40.5
BVpS63.99
TBVpS63.99
PEG (NY)2.52
PEG (5Y)2.6
Profitability
Industry RankSector Rank
ROA 1.38%
ROE 17.44%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 27.55%
GM N/A
FCFM 2.83%
ROA(3y)1.1%
ROA(5y)0.98%
ROE(3y)16.15%
ROE(5y)13.13%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-4.3%
PM growth 5Y-2.65%
GM growth 3YN/A
GM growth 5YN/A
F-Score5
Asset Turnover0.05
Health
Industry RankSector Rank
Debt/Equity 1.15
Debt/FCF 63.96
Debt/EBITDA N/A
Cap/Depr 155.37%
Cap/Sales 5.04%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 10.28%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score5
WACC11.85%
ROIC/WACCN/A
Cap/Depr(3y)168.8%
Cap/Depr(5y)149.93%
Cap/Sales(3y)6.75%
Cap/Sales(5y)6.33%
Profit Quality(3y)105.07%
Profit Quality(5y)116.76%
High Growth Momentum
Growth
EPS 1Y (TTM)7.68%
EPS 3Y9.48%
EPS 5Y5.34%
EPS Q2Q%11.65%
EPS Next Y5.52%
EPS Next 2Y3.3%
EPS Next 3Y2.65%
EPS Next 5Y3.42%
Revenue 1Y (TTM)4.63%
Revenue growth 3Y14.59%
Revenue growth 5Y8.57%
Sales Q2Q%7.21%
Revenue Next Year6.97%
Revenue Next 2Y5.47%
Revenue Next 3Y3.88%
Revenue Next 5Y3.34%
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-82.52%
FCF growth 3Y13.92%
FCF growth 5Y15.04%
OCF growth 1Y-63.27%
OCF growth 3Y15.14%
OCF growth 5Y9.31%