Cullen/Frost Bankers (CFR) Stock Fundamentals, Analysis & Risk Signals

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

Cullen/Frost Bankers

NYSE•Financial Services•Banks - Regional

$157.58-1.00(-0.01%)Pre-market

Market Cap

$9.89B

P/E

14.3x

P/S

3.4x

P/B

2.5x

Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services. It also provides consumer banking services, such as checking accounts, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, first mortgage loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds transmitting, and foreign exchange services; correspondent banking activities, including check clearing, transfer of funds, fixed income security services, and securities custody and clearance services. Further, it offers trust, investment, agency, and custodial services for individual and corporate clients; capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and support for international business activities, including foreign exchange, letters of credit, export-import financing, and other related activities. Additionally, the company offers insurance and securities brokerage services; holding of securities for investment purposes; and investment management services for mutual funds, institutions, and individuals. It serves energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.

How this company scores

WeakMetricSide Score: 64/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (21/25); weakest: Balance Sheet & Red Flags (8/25).

Profitability18/25

Growth17/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality21/25

Strengths

Rising free cash flowHigh ROEProfit converts from growthConsistent growth

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

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

P/E · 14.3x5y range 8.5x – 21.3x

Currently near its 20-quarter median.

P/S · 3.4x5y range 2.3x – 6.4x

Currently near its 20-quarter median.

P/B · 2.5x5y range 1.7x – 3.1x

Watch items

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

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $9.89B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $2.95B
Q. Revenue: $767.74M
TTM EBITDA: $420.11M
TTM Op. Income: $286.74M
Q. Op. Income: $78.58M
TTM Net Income: $689.51M
Q. Net Income: $180.21M
EPS: $2.84
Shares Out.: $62.12M

$2.95B in TTM revenue grew 1.8% YoY, reaching $767.74M last quarter. TTM EBITDA of $420.11M and TTM operating income of $286.74M show growth is flowing through to the bottom line. TTM net income of $689.51M 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: 78.7%
EBITDA Margin: 13.2%
Op. Margin: 10.2%
Net Margin: 23.5%

Op. margin of 10.2% is down 0.8% YoY — costs are rising relative to revenue. Net margin at 23.5% and gross margin of 78.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 7% — a weakening trend.

Price Ratios

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

P/E Ratio: 14.3x
P/S Ratio: 3.4x
P/B Ratio: 2.5x

At 14.3x P/E, the stock trades below typical market levels. P/S of 3.4x and P/B of 2.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

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

Total Assets: $54.52B
Cash: $7.10B
Long-Term Debt: N/A
Book Value: $3.97B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

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

Op. Cash Flow: $292.65M
TTM Free Cash Flow: $578.46M
FCF Margin: 19.6%
FCF / Net Income: 0.8

TTM FCF of $578.46M on $292.65M in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 3570% — an improving trend.