Cullen/Frost Bankers, Inc. (CFR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+33.3%

$213.35

vs $160.11 price

Levered DCF

$216.26

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.72

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.64×	15.12×	11.91×	15.12×	18.57×	17.07×	14.21×	12.62×
P/B	1.77×	2.21×	1.87×	2.73×	1.81×	1.27×	1.57×	1.66×
P/S	2.78×	3.02×	2.63×	4.56×	5.75×	3.68×	4.1×	3.99×
EV / EBITDA	4.67×	3.83×	3.46×	2.29×	-9.9×	-5.93×	8.37×	6.95×
Gross margin	75.0%	70.1%	73.4%	90.0%	98.3%	80.7%	89.1%	91.8%
Operating margin	26.4%	24.4%	26.9%	35.6%	35.1%	23.6%	33.3%	36.3%
Net margin	22.2%	20.4%	22.6%	30.8%	31.8%	22.3%	29.6%	32.4%
Current ratio	0.21×	0.54×	0.55×	0.63×	0.67×	0.56×	0.51×	0.53×
Debt / equity	1.04×	1.18×	1.17×	1.57×	0.67×	0.55×	0.49×	0.48×
Interest coverage	1.13×	0.89×	1.08×	3.63×	20.48×	7.8×	3.85×	5.45×
Dividend yield	3.2%	2.9%	3.4%	2.5%	2.4%	3.3%	3.0%	3.1%
Payout ratio	40.4%	42.8%	40.0%	37.4%	44.2%	55.1%	41.7%	38.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	14.9%	16.1%	18.5%	10.0%	7.7%	11.3%	13.5%
Return on invested capital	6.4%	5.9%	6.7%	7.2%	6.0%	5.0%	7.6%	9.2%
Return on assets	1.2%	1.1%	1.2%	1.1%	0.9%	0.8%	1.3%	1.4%
Free cash flow yield	1.6%	10.0%	4.6%	7.2%	7.3%	7.8%	7.0%	8.6%
Earnings yield	8.0%	6.8%	8.6%	6.8%	5.5%	6.1%	7.2%	8.1%
Enterprise value	$4B	$3B	$2.7B	$1.7B	-$5.5B	-$2.5B	$4.6B	$3.9B
Net debt / EBITDA	-4.77×	-7.23×	-5.37×	-9.3×	-24.25×	-19.09×	-2.71×	-3.07×
Cash conversion cycle (days)	0	0	0	-1,478	-11,329	-787	-1,111	-428