Commerce Bancshares (CBSH) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Commerce Bancshares

NasdaqGS•Financial Services•Banks - Regional

$58.37+0.27(<0.01%)Market closed

Market Cap

$8.23B

P/E

14.1x

P/S

3.7x

P/B

1.9x

Commerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Retail Banking, Commercial, and Wealth. The Retail Banking segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; retail branch network; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards. The Commercial segment provides corporate lending, leasing, international, merchant and commercial bank card, and securities safekeeping and bond accounting services; and business products, government deposits, and related commercial cash management services, as well as sells fixed income securities to correspondent banks, corporations, public institutions, municipalities, and individuals. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment portfolio management, and brokerage services, as well as private banking accounts. The company offers private equity investment, securities brokerage, insurance agency, specialty lending, and leasing services, as well as online and mobile banking services. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Cash & Earnings Quality (24/25); weakest: Growth (14/25).

Profitability23/25

Growth14/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowStrong marginsLow leverageCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 14.1x5y range 10.2x – 15.2x

Currently near its 20-quarter median.

P/S · 3.7x5y range 2.7x – 5.3x

Currently near its 20-quarter median.

P/B · 1.9x5y range 1.6x – 3.0x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Leverage Risk

Watch

Debt-to-equity has risen 46.0% recently — increasing financial risk even if the current ratio is manageable.

Share Dilution

Red Flag

Shares outstanding increased 12.8% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $8.23B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.24B
Q. Revenue: $591.16M
TTM EBITDA: $857.87M
TTM Op. Income: $759.27M
Q. Op. Income: $205.94M
TTM Net Income: $583.59M
Q. Net Income: $159.79M
EPS: $1.1
Shares Out.: $144.22M

$2.24B in TTM revenue grew 5.8% YoY, reaching $591.16M last quarter. TTM EBITDA of $857.87M and TTM operating income of $759.27M show growth is flowing through to the bottom line. TTM net income of $583.59M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 84.4%
EBITDA Margin: 38.3%
Op. Margin: 34.8%
Net Margin: 27.0%

Op. margin of 34.8% is down 1.7% YoY — costs are rising relative to revenue. Net margin at 27.0% and gross margin of 84.4% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 5% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 14.1x
P/S Ratio: 3.7x
P/B Ratio: 1.9x

At 14.1x P/E, the stock trades below typical market levels. P/S of 3.7x and P/B of 1.9x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 0% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $35.27B
Cash: $2.91B
Long-Term Debt: $26.29M
Book Value: $4.36B
D/E Ratio: 0.0
Debt/EBITDA: 0.1

With $35.27B in assets and $26.29M in long-term debt, D/E is 0.0and book value is $4.36B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 46% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $181.86M
TTM Free Cash Flow: $1.21B
FCF Margin: 54.2%
FCF / Net Income: 2.1

TTM FCF of $1.21B on $181.86M in operating cash flow. The FCF / Net Income ratio of 2.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.