Canadian Imperial Bank of Commerce (CM) 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

+8.6%

$128.07

vs $117.91 price

Levered DCF

$305.10

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.07

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	13.46×	11.96×	9.46×	9.23×	10.81×	12.06×	10×	9.71×
P/B	1.69×	1.39×	0.85×	1.11×	1.48×	1.08×	1.3×	1.44×
P/S	1.75×	1.28×	0.81×	1.79×	2.92×	1.76×	1.74×	2×
EV / EBITDA	33.72×	33.33×	32.44×	27.4×	25.11×	30.79×	30.8×	28.25×
Gross margin	43.0%	36.7%	38.4%	66.5%	85.2%	64.3%	60.0%	67.1%
Operating margin	17.6%	14.3%	12.6%	25.5%	35.8%	19.5%	22.6%	26.7%
Net margin	13.6%	11.1%	9.0%	19.9%	27.7%	15.1%	17.8%	21.0%
Current ratio	0.13×	0.14×	0.19×	0.21×	0.21×	0.23×	0.17×	0.15×
Debt / equity	5.55×	5.43×	5.32×	5.27×	5.17×	5.31×	5.16×	5.11×
Interest coverage	0.33×	0.24×	0.22×	0.84×	2.54×	0.75×	0.64×	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%	45.2%	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%	1.6%	1.2%	1.6%	1.9%	1.2%	1.8%	2.1%
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	$408.6B	$344.5B	$263.3B	$247.2B	$234.5B	$190.9B	$225.1B	$208B
Net debt / EBITDA	24.76×	25.41×	26.92×	21.21×	17.86×	23.65×	23.98×	21.42×
Cash conversion cycle (days)	-45	-41	-50	-160	-776	-222	-118	-169