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CULLEN/FROST BANKERS INC (CFR) Stock Fundamental Analysis

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

136.19  +1.72 (+1.28%)

After market: 136.19 0 (0%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to CFR. CFR was compared to 396 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 valied quite expensively at the moment, while it does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

In the past year CFR was profitable.
CFR had a positive operating cash flow in the past year.
CFR had positive earnings in each of the past 5 years.
Each year in the past 5 years CFR had a positive operating cash flow.
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

CFR has a Return On Assets of 1.38%. This is amongst the best in the industry. CFR outperforms 87.34% of its industry peers.
CFR has a better Return On Equity (17.44%) than 95.95% of its industry peers.
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

The Profit Margin of CFR (27.55%) is better than 73.42% of its industry peers.
In the last couple of years the Profit Margin of CFR has declined.
The Operating Margin and Gross Margin are not available for CFR so they could not be analyzed.
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.
CFR has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, CFR has a worse debt to assets ratio.
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.
CFR has a worse Debt to FCF ratio (63.96) than 86.33% of its industry peers.
A Debt/Equity ratio of 1.15 is on the high side and indicates that CFR has dependencies on debt financing.
With a Debt to Equity ratio value of 1.15, CFR is not doing good in the industry: 86.84% of the companies in the same industry are doing better.
Industry RankSector Rank
Debt/Equity 1.15
Debt/FCF 63.96
Altman-Z N/A
ROIC/WACCN/A
WACC11.12%
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.
Measured over the past 5 years, CFR shows a small growth in Earnings Per Share. The EPS has been growing by 5.34% on average per year.
Looking at the last year, CFR shows a small growth in Revenue. The Revenue has grown by 4.63% in the last year.
CFR shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 8.57% yearly.
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

CFR is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.42% yearly.
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.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

A Price/Earnings ratio of 14.95 indicates a correct valuation of CFR.
Based on the Price/Earnings ratio, CFR is valued a bit more expensive than 62.53% of the companies in the same industry.
CFR's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.45.
With a Price/Forward Earnings ratio of 14.39, 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.
When comparing the Price/Forward Earnings ratio of CFR to the average of the S&P500 Index (21.90), we can say CFR is valued slightly cheaper.
Industry RankSector Rank
PE 14.95
Fwd PE 14.39
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

85.82% of the companies in the same industry are cheaper than CFR, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 118.74
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 CFR does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.71
PEG (5Y)2.8
EPS Next 2Y3.3%
EPS Next 3Y2.65%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 2.94%, CFR has a reasonable but not impressive dividend return.
CFR's Dividend Yield is comparable with the industry average which is at 3.40.
CFR's Dividend Yield is a higher than the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 2.94%

5.2 History

The dividend of CFR has a limited annual growth rate of 5.72%.
CFR has paid a dividend for at least 10 years, which is a reliable track record.
CFR has not decreased their dividend for at least 10 years, which is a reliable track record.
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

CFR pays out 34.98% of its income as dividend. This is a 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 (7/3/2025, 7:10:09 PM)

After market: 136.19 0 (0%)

136.19

+1.72 (+1.28%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)05-01 2025-05-01/bmo
Earnings (Next)07-24 2025-07-24/bmo
Inst Owners87.23%
Inst Owner Change-1.28%
Ins Owners0.74%
Ins Owner Change0.78%
Market Cap8.76B
Analysts53.33
Price Target133.44 (-2.02%)
Short Float %2.97%
Short Ratio5
Dividend
Industry RankSector Rank
Dividend Yield 2.94%
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)-6.69%
EPS NQ rev (1m)-0.18%
EPS NQ rev (3m)1.32%
EPS NY rev (1m)-0.1%
EPS NY rev (3m)3.22%
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 14.95
Fwd PE 14.39
P/S 3.36
P/FCF 118.74
P/OCF 42.71
P/B 2.13
P/tB 2.13
EV/EBITDA N/A
EPS(TTM)9.11
EY6.69%
EPS(NY)9.47
Fwd EY6.95%
FCF(TTM)1.15
FCFY0.84%
OCF(TTM)3.19
OCFY2.34%
SpS40.5
BVpS63.99
TBVpS63.99
PEG (NY)2.71
PEG (5Y)2.8
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
WACC11.12%
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%