Canadian Imperial Bank of Commerce (CM.TO) 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

+163.1%

CA$430.40

vs CA$163.60 price

Levered DCF

CA$920.56

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.07

Distress zone

Rating

C+

Overall 2 / 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	13.48×	11.95×	9.48×	9.23×	10.82×	12.06×	10.01×	9.57×
P/B	1.7×	1.39×	0.85×	1.11×	1.48×	1.08×	1.3×	1.44×
P/S	1.75×	3.47×	2.1×	2.69×	3.41×	2.72×	2.88×	2.97×
EV / EBITDA	33.74×	22.67×	21.88×	19.48×	18.06×	4.51×	10.55×	10.96×
Gross margin	43.0%	99.7%	99.9%	100.1%	99.7%	100.0%	100.0%	100.0%
Operating margin	17.6%	36.9%	44.9%	37.0%	40.3%	29.7%	35.9%	39.3%
Net margin	13.6%	30.1%	23.4%	29.9%	32.4%	23.3%	29.4%	31.0%
Current ratio	0.13×	0.14×	0.18×	1.23×	1.16×	1.71×	0.53×	0.84×
Debt / equity	5.55×	3.55×	3.67×	3.74×	3.6×	1.11×	1.14×	1.34×
Interest coverage	0.33×	0.23×	0.3×	0.81×	2.44×	0.75×	0.61×	0.9×
Dividend yield	3.7%	3.6%	5.0%	5.3%	3.9%	5.8%	4.8%	4.2%
Payout ratio	47.4%	41.4%	45.3%	47.8%	41.2%	67.8%	47.2%	40.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	12.1%	9.4%	12.4%	14.1%	9.2%	13.3%	15.1%
Return on invested capital	1.7%	2.1%	1.1%	2.1%	2.4%	1.4%	5.2%	5.3%
Return on assets	0.8%	0.7%	0.5%	0.7%	0.8%	0.5%	0.8%	0.9%
Free cash flow yield	11.7%	12.2%	24.9%	38.7%	-6.2%	135.5%	36.8%	19.1%
Earnings yield	7.8%	8.7%	11.2%	11.1%	9.5%	8.6%	10.2%	10.5%
Enterprise value	CA$408.8B	CA$234.3B	CA$176.1B	CA$170B	CA$162.7B	CA$27.6B	CA$76.1B	CA$79.4B
Net debt / EBITDA	24.76×	14.75×	16.31×	13.07×	10.53×	-2.72×	3.63×	4×
Cash conversion cycle (days)	-45	107	239	-43	-748	202	251	224