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COMERICA INC (CMA) Stock Fundamental Analysis

NYSE:CMA - New York Stock Exchange, Inc. - US2003401070 - Common Stock

63.06  -3.32 (-5%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to CMA. CMA was compared to 405 industry peers in the Banks industry. CMA may be in some trouble as it scores bad on both profitability and health. CMA is valued correctly, but it does not seem to be growing. CMA also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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3

1. Profitability

1.1 Basic Checks

CMA had positive earnings in the past year.
In the past year CMA had a positive cash flow from operations.
In the past 5 years CMA has always been profitable.
In the past 5 years CMA always reported a positive cash flow from operatings.
CMA Yearly Net Income VS EBIT VS OCF VS FCFCMA 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 500M 1B 1.5B

1.2 Ratios

The Return On Assets of CMA (0.67%) is comparable to the rest of the industry.
The Return On Equity of CMA (7.26%) is comparable to the rest of the industry.
Industry RankSector Rank
ROA 0.67%
ROE 7.26%
ROIC N/A
ROA(3y)1.17%
ROA(5y)1.14%
ROE(3y)16.47%
ROE(5y)14.34%
ROIC(3y)N/A
ROIC(5y)N/A
CMA Yearly ROA, ROE, ROICCMA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15 20

1.3 Margins

CMA has a worse Profit Margin (16.71%) than 70.35% of its industry peers.
CMA's Profit Margin has declined in the last couple of years.
The Operating Margin and Gross Margin are not available for CMA so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 16.71%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y12.83%
PM growth 5Y-8.4%
GM growth 3YN/A
GM growth 5YN/A
CMA Yearly Profit, Operating, Gross MarginsCMA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

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3

2. Health

2.1 Basic Checks

CMA does not have a ROIC to compare to the WACC, probably because it is not profitable.
Compared to 1 year ago, CMA has more shares outstanding
The number of shares outstanding for CMA has been reduced compared to 5 years ago.
Compared to 1 year ago, CMA has an improved debt to assets ratio.
CMA Yearly Shares OutstandingCMA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
CMA Yearly Total Debt VS Total AssetsCMA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 20B 40B 60B 80B

2.2 Solvency

The Debt to FCF ratio of CMA is 1.46, which is an excellent value as it means it would take CMA, only 1.46 years of fcf income to pay off all of its debts.
CMA's Debt to FCF ratio of 1.46 is fine compared to the rest of the industry. CMA outperforms 68.34% of its industry peers.
A Debt/Equity ratio of 0.38 indicates that CMA is not too dependend on debt financing.
The Debt to Equity ratio of CMA (0.38) is worse than 71.61% of its industry peers.
Although CMA does not score too well on debt/equity it has very limited outstanding debt, which is well covered by the FCF. We will not put too much weight on the debt/equity number as it may be because of low equity, which could be a consequence of a share buyback program for instance. This needs to be investigated.
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 1.46
Altman-Z N/A
ROIC/WACCN/A
WACC12.11%
CMA Yearly LT Debt VS Equity VS FCFCMA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
CMA Yearly Current Assets VS Current LiabilitesCMA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

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1

3. Growth

3.1 Past

CMA shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -36.85%.
The Earnings Per Share has been growing slightly by 1.13% on average over the past years.
CMA shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -16.42%.
Measured over the past years, CMA shows a small growth in Revenue. The Revenue has been growing by 1.54% on average per year.
EPS 1Y (TTM)-36.85%
EPS 3Y33.04%
EPS 5Y1.13%
EPS Q2Q%-27.72%
Revenue 1Y (TTM)-16.42%
Revenue growth 3Y7.25%
Revenue growth 5Y1.54%
Sales Q2Q%-9.49%

3.2 Future

The Earnings Per Share is expected to decrease by -6.46% on average over the next years.
The Revenue is expected to decrease by -1.06% on average over the next years.
EPS Next Y-33.21%
EPS Next 2Y-15.18%
EPS Next 3Y-6.76%
EPS Next 5Y-6.46%
Revenue Next Year-10.08%
Revenue Next 2Y-3.2%
Revenue Next 3Y-1.07%
Revenue Next 5Y-1.06%

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.
CMA Yearly Revenue VS EstimatesCMA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 1B 2B 3B
CMA Yearly EPS VS EstimatesCMA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 2 4 6 8

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5

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 11.32 indicates a reasonable valuation of CMA.
Compared to the rest of the industry, the Price/Earnings ratio of CMA indicates a somewhat cheap valuation: CMA is cheaper than 66.58% of the companies listed in the same industry.
CMA is valuated cheaply when we compare the Price/Earnings ratio to 28.29, which is the current average of the S&P500 Index.
Based on the Price/Forward Earnings ratio of 11.38, the valuation of CMA can be described as reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of CMA is on the same level as its industry peers.
CMA's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 24.44.
Industry RankSector Rank
PE 11.32
Fwd PE 11.38
CMA Price Earnings VS Forward Price EarningsCMA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of CMA indicates a rather cheap valuation: CMA is cheaper than 91.46% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 4.37
EV/EBITDA N/A
CMA Per share dataCMA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

4.3 Compensation for Growth

A cheap valuation may be justified as CMA's earnings are expected to decrease with -6.76% in the coming years.
PEG (NY)N/A
PEG (5Y)10.04
EPS Next 2Y-15.18%
EPS Next 3Y-6.76%

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7

5. Dividend

5.1 Amount

CMA has a Yearly Dividend Yield of 4.36%, which is a nice return.
CMA's Dividend Yield is rather good when compared to the industry average which is at 3.22. CMA pays more dividend than 82.91% of the companies in the same industry.
Compared to an average S&P500 Dividend Yield of 2.28, CMA pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.36%

5.2 History

The dividend of CMA is nicely growing with an annual growth rate of 13.67%!
CMA has been paying a dividend for at least 10 years, so it has a reliable track record.
As CMA did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)13.67%
Div Incr Years1
Div Non Decr Years7
CMA Yearly Dividends per shareCMA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0.5 1 1.5 2 2.5

5.3 Sustainability

CMA pays out 74.39% of its income as dividend. This is not a sustainable payout ratio.
CMA's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP74.39%
EPS Next 2Y-15.18%
EPS Next 3Y-6.76%
CMA Yearly Income VS Free CF VS DividendCMA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B
CMA Dividend Payout.CMA Dividend Payout, showing the Payout Ratio.CMA Dividend Payout.PayoutRetained Earnings

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COMERICA INC

NYSE:CMA (1/22/2025, 10:23:10 AM)

63.06

-3.32 (-5%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)10-18 2024-10-18/bmo
Earnings (Next)01-22 2025-01-22/bmo
Inst Owners82.79%
Inst Owner Change-0.53%
Ins Owners0.8%
Ins Owner Change0.34%
Market Cap8.29B
Analysts68.57
Price Target72.61 (15.14%)
Short Float %3.53%
Short Ratio2.06
Dividend
Industry RankSector Rank
Dividend Yield 4.36%
Yearly Dividend3
Dividend Growth(5Y)13.67%
DP74.39%
Div Incr Years1
Div Non Decr Years7
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)18.38%
Min EPS beat(2)13.07%
Max EPS beat(2)23.68%
EPS beat(4)4
Avg EPS beat(4)14.11%
Min EPS beat(4)5.87%
Max EPS beat(4)23.68%
EPS beat(8)8
Avg EPS beat(8)9.37%
EPS beat(12)11
Avg EPS beat(12)7.01%
EPS beat(16)15
Avg EPS beat(16)15.08%
Revenue beat(2)1
Avg Revenue beat(2)-0.39%
Min Revenue beat(2)-1.06%
Max Revenue beat(2)0.29%
Revenue beat(4)1
Avg Revenue beat(4)-3.07%
Min Revenue beat(4)-7.76%
Max Revenue beat(4)0.29%
Revenue beat(8)5
Avg Revenue beat(8)-1.06%
Revenue beat(12)8
Avg Revenue beat(12)-0.74%
Revenue beat(16)11
Avg Revenue beat(16)-0.2%
PT rev (1m)3.1%
PT rev (3m)22.07%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-11.69%
EPS NY rev (1m)0%
EPS NY rev (3m)6.14%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-3.78%
Revenue NY rev (1m)0.03%
Revenue NY rev (3m)0.24%
Valuation
Industry RankSector Rank
PE 11.32
Fwd PE 11.38
P/S 2.59
P/FCF 4.37
P/OCF 3.99
P/B 1.13
P/tB 1.13
EV/EBITDA N/A
EPS(TTM)5.57
EY8.83%
EPS(NY)5.54
Fwd EY8.79%
FCF(TTM)14.44
FCFY22.9%
OCF(TTM)15.79
OCFY25.05%
SpS24.34
BVpS56.01
TBVpS56.01
PEG (NY)N/A
PEG (5Y)10.04
Profitability
Industry RankSector Rank
ROA 0.67%
ROE 7.26%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 16.71%
GM N/A
FCFM 59.33%
ROA(3y)1.17%
ROA(5y)1.14%
ROE(3y)16.47%
ROE(5y)14.34%
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 3Y12.83%
PM growth 5Y-8.4%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.38
Debt/FCF 1.46
Debt/EBITDA N/A
Cap/Depr 191.4%
Cap/Sales 5.56%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 354.95%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score4
WACC12.11%
ROIC/WACCN/A
Cap/Depr(3y)111.9%
Cap/Depr(5y)96.86%
Cap/Sales(3y)2.98%
Cap/Sales(5y)2.84%
Profit Quality(3y)75.87%
Profit Quality(5y)97.55%
High Growth Momentum
Growth
EPS 1Y (TTM)-36.85%
EPS 3Y33.04%
EPS 5Y1.13%
EPS Q2Q%-27.72%
EPS Next Y-33.21%
EPS Next 2Y-15.18%
EPS Next 3Y-6.76%
EPS Next 5Y-6.46%
Revenue 1Y (TTM)-16.42%
Revenue growth 3Y7.25%
Revenue growth 5Y1.54%
Sales Q2Q%-9.49%
Revenue Next Year-10.08%
Revenue Next 2Y-3.2%
Revenue Next 3Y-1.07%
Revenue Next 5Y-1.06%
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 1Y384.44%
FCF growth 3Y8.95%
FCF growth 5Y-6.37%
OCF growth 1Y341.92%
OCF growth 3Y10.47%
OCF growth 5Y-4.99%