Commerce Bancshares, Inc. (CBSH) Key Metrics
CBSH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $7.99B
- Enterprise value
- $6.32B
- P/E (TTM)
- 13.6 10-yr median 15.5
- Forward P/E
- 13.2
- PEG ratio
- 2.06
- Price / sales
- 4.3 10-yr median 4.7
- Price / book
- 1.8 10-yr median 2.1
- EV / EBITDA
- —
- Dividend yield
- 1.98% $1.10 a year
- Beta
- 0.59
CBSH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCBSH valuation Price multiples at each fiscal year-end price.
CBSH returns How much profit the business earns on the capital it uses.
CBSH per-share figures Results divided by the shares outstanding at year-end.
CBSH financial health Debt, liquidity and how easily interest is covered.
CBSH efficiency & capital use Working capital cycle and where the cash goes.
CBSH valuation history
CBSH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CBSH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CBSH cash returned to shareholders
CBSH price vs earnings per share
CBSH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $7.27B | $7.98B | $6.62B | $7.75B | $7.98B | $7.29B | $7.38B | $6.01B | $5.69B | $5.88B |
| Enterprise value | $373.7M | −$1.61B | −$2.84B | −$2.47B | −$7.70B | −$5.23B | −$219.4M | −$1.76B | −$2.04B | −$2.61B |
| P/E ratio | 12.8 | 15.2 | 13.9 | 15.9 | 15.0 | 20.6 | 17.5 | 13.9 | 17.8 | 21.3 |
| Price / sales | 3.4 | 3.8 | 3.4 | 5.0 | 5.5 | 5.2 | 5.1 | 4.3 | 4.5 | 5.1 |
| Price / book | 1.9 | 2.4 | 2.2 | 3.1 | 0.2 | 0.2 | 0.3 | 2.0 | 2.1 | 2.4 |
| Price / free cash flow | 12.3 | 15.0 | 16.5 | 15.7 | 14.8 | 12.3 | 15.7 | 11.6 | 14.4 | 13.7 |
| Price / operating cash flow | 11.3 | 13.8 | 13.5 | 13.9 | 13.4 | 11.7 | 14.4 | 10.9 | 13.3 | 12.9 |
| EV / sales | 0.2 | -0.8 | -1.4 | -1.6 | -5.4 | -3.8 | -0.2 | -1.3 | -1.6 | -2.3 |
| EV / EBITDA | 0.5 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | 0.6 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 7.8% | 6.6% | 7.2% | 6.3% | 6.6% | 4.9% | 5.7% | 7.2% | 5.6% | 4.7% |
| Free cash flow yield | 8.1% | 6.7% | 6.1% | 6.4% | 6.8% | 8.1% | 6.4% | 8.6% | 7.0% | 7.3% |
| Dividend yield | 2.1% | 1.8% | 2.0% | 1.6% | 1.5% | 1.7% | 1.7% | 1.8% | 1.8% | 1.6% |
| Shareholder yield (dividends + buybacks) | 4.9% | 4.0% | 3.2% | 4.1% | 3.2% | 4.5% | 5.5% | 3.1% | 2.1% | 2.3% |
| Share price at fiscal year-end | $52.34 | $59.34 | $48.44 | $58.80 | $59.38 | $54.05 | $53.23 | $44.17 | $41.67 | $43.14 |
| Per share | ||||||||||
| Revenue per share | $15.40 | $15.57 | $14.42 | $11.88 | $10.70 | $10.30 | $10.48 | $10.21 | $9.25 | $8.51 |
| Earnings per share | $4.08 | $3.92 | $3.49 | $3.70 | $3.95 | $2.62 | $3.04 | $3.18 | $2.34 | $2.02 |
| Operating cash flow per share | $4.64 | $4.30 | $3.58 | $4.24 | $4.45 | $4.62 | $3.70 | $4.06 | $3.12 | $3.34 |
| Free cash flow per share | $4.26 | $3.96 | $2.93 | $3.75 | $4.02 | $4.38 | $3.39 | $3.81 | $2.90 | $3.16 |
| Cash per share | $71.27 | $93.08 | $90.55 | $99.21 | $139.29 | $108.43 | $68.22 | $71.50 | $67.67 | $76.45 |
| Book value per share | $27.30 | $24.63 | $21.56 | $18.82 | $272.81 | $243.94 | $187.98 | $21.57 | $19.90 | $18.36 |
| Tangible book value per share | $26.14 | $23.44 | $20.38 | $17.65 | $271.66 | $242.83 | $186.91 | $20.49 | $18.83 | $17.29 |
| Dividends per share | $1.08 | $1.08 | $0.99 | $0.97 | $0.91 | $0.95 | $0.88 | $0.80 | $0.74 | $0.71 |
| Capex per share | $0.38 | $0.34 | $0.64 | $0.49 | $0.42 | $0.25 | $0.31 | $0.24 | $0.23 | $0.18 |
| Debt per share | $21.62 | $21.78 | $21.31 | $21.67 | $22.62 | $15.60 | $13.41 | $14.43 | $11.05 | $14.14 |
| Shares outstanding | 138.9M | 134.4M | 136.6M | 131.8M | 134.4M | 135.0M | 138.6M | 136.2M | 136.6M | 136.3M |
| Change in shares outstanding | +3.4% | −1.6% | +3.6% | −1.9% | −0.4% | −2.7% | +1.8% | −0.3% | +0.3% | −2.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.9% | 16.8% | 17.6% | 2.5% | 1.5% | 1.2% | 2.9% | 15.3% | 12.2% | 11.3% |
| Return on invested capital (ROIC) | — | — | — | — | 2.6% | 1.8% | 6.2% | — | — | — |
| Return on assets (ROA) | 1.7% | 1.7% | 1.5% | 1.4% | 1.5% | 1.2% | 1.6% | 1.7% | 1.3% | 1.1% |
| Return on tangible assets | 1.7% | 1.7% | 1.5% | 1.5% | 1.5% | 1.1% | 1.6% | 1.7% | 1.3% | 1.1% |
| Free cash flow margin | 27.7% | 25.4% | 20.3% | 31.6% | 37.6% | 42.5% | 32.4% | 37.4% | 31.3% | 37.1% |
| Income quality (OCF / net income) | 1.14 | 1.10 | 1.02 | 1.15 | 1.13 | 1.76 | 1.22 | 1.27 | 1.34 | 1.65 |
| Financial health | ||||||||||
| Total debt | $3.00B | $2.93B | $2.91B | $2.86B | $3.04B | $2.11B | $1.86B | $1.97B | $1.51B | $1.93B |
| Cash & short-term investments | $9.90B | $12.51B | $12.37B | $13.08B | $18.73B | $14.63B | $9.46B | $9.74B | $9.24B | $10.42B |
| Net debt | −$6.90B | −$9.58B | −$9.46B | −$10.22B | −$15.69B | −$12.53B | −$7.60B | −$7.77B | −$7.73B | −$8.49B |
| Debt / equity | 0.79 | 0.88 | 0.99 | 1.15 | 0.08 | 0.06 | 0.07 | 0.67 | 0.56 | 0.77 |
| Debt / assets | 0.09 | 0.09 | 0.09 | 0.09 | 0.08 | 0.06 | 0.07 | 0.08 | 0.06 | 0.08 |
| Net debt / EBITDA | −8.75 | −13.06 | −14.13 | −15.05 | −21.45 | −25.84 | −13.27 | −13.33 | −16.45 | −19.21 |
| Current ratio | — | 0.44 | 0.44 | 1.01 | 1.27 | 1.16 | 1.08 | 1.83 | 1.79 | 1.67 |
| Quick ratio | — | 0.44 | 0.44 | 1.01 | 1.27 | 1.16 | 1.08 | 1.83 | 1.79 | 1.67 |
| Interest coverage | 2.0 | 1.6 | 1.6 | 11.1 | 53.3 | 10.3 | 5.1 | 8.3 | 9.8 | 12.2 |
| Working capital | — | −$15.71B | −$15.91B | $165.7M | $3.93B | $2.03B | $711.7M | $7.39B | $6.84B | $6.18B |
| Invested capital | −$3.10B | −$6.27B | −$6.51B | −$7.74B | $20.99B | $20.39B | $18.46B | −$4.83B | −$5.02B | −$5.99B |
| Tangible asset value | $3.65B | $3.17B | $2.80B | $2.33B | $36.52B | $32.77B | $25.91B | $2.79B | $2.57B | $2.36B |
| Net current asset value | −$19.20B | −$16.15B | −$16.37B | −$16.31B | $18.71B | $14.63B | $9.46B | −$6.20B | −$6.61B | −$7.71B |
| Graham number | $50.04 | $46.58 | $41.16 | $39.61 | $155.67 | $120.00 | $113.36 | $39.31 | $32.35 | $28.89 |
| Graham net-net per share | −$138.24 | −$120.20 | −$119.86 | −$123.75 | $139.20 | $108.43 | $68.21 | −$93.94 | −$94.23 | −$93.38 |
| Capital allocation | ||||||||||
| Dividends paid | $150.2M | $145.1M | $134.7M | $127.5M | $122.7M | $127.6M | $122.5M | $109.2M | $100.6M | $96.1M |
| Share buybacks (net) | $207.6M | $170.5M | $76.4M | $186.6M | $129.4M | $204.2M | $284.9M | $75.2M | $17.8M | $39.4M |
| Dividend payout ratio | 26.5% | 27.6% | 28.2% | 26.1% | 23.1% | 36.0% | 29.1% | 25.2% | 31.5% | 34.9% |
| Dividends + buybacks / free cash flow | 60.4% | 59.3% | 52.7% | 63.6% | 46.6% | 56.1% | 86.6% | 35.5% | 29.9% | 31.5% |
| Capex / revenue | 2.5% | 2.2% | 4.5% | 4.2% | 3.9% | 2.4% | 2.9% | 2.4% | 2.4% | 2.1% |
| Capex / operating cash flow | 8.2% | 8.0% | 18.0% | 11.7% | 9.5% | 5.3% | 8.3% | 6.0% | 7.2% | 5.4% |
| Capex / depreciation | 0.93 | 0.85 | 1.78 | 1.39 | 1.26 | 0.76 | 1.03 | 0.86 | 0.78 | 0.60 |
| Stock-based compensation / revenue | 0.8% | 0.8% | 0.9% | 1.1% | 1.1% | 1.1% | 1.0% | 0.9% | 1.0% | 1.0% |
| SG&A / revenue | 31.0% | 30.9% | 32.6% | 37.6% | 38.7% | 38.3% | 35.4% | 42.8% | 46.1% | 39.4% |
| Efficiency | ||||||||||
| Days of inventory on hand | — | — | — | 0.5 | -0.7 | 0.5 | 2.1 | 3.5 | 2.1 | 8.4 |
| Days payables outstanding | — | — | — | 120,427.7 | -193,764.8 | 48,128.8 | 48,456.4 | 68,813.8 | 85,179.5 | 108,150.4 |
| Payables turnover | — | — | — | 0.00 | −0.00 | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | 804.41 | −514.04 | 785.99 | 173.04 | 103.22 | 169.96 | 43.53 |
| Asset turnover | 0.07 | 0.07 | 0.06 | 0.05 | 0.04 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Average payables | — | — | — | $28.00B | $28.38B | $23.73B | $20.42B | $20.37B | $20.76B | $20.54B |
| Average inventory | — | — | — | $105,500 | $104,000 | $229,000 | $889,000 | $1.0M | $523,500 | $1.6M |
| Intangibles / total assets | 0.5% | 0.5% | 0.5% | 0.5% | 0.4% | 0.5% | 0.6% | 0.6% | 0.6% | 0.6% |
Computed from CBSH's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CBSH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Commerce Bancshares traded at 12.8 times earnings, against a 10-year median of 15.5. Based on the latest twelve months, the trailing P/E is 13.6 and the forward P/E is 13.2. Commerce Bancshares earned a return on equity of 15.9% in fiscal 2025. It ended the year with $3.0 billion of debt and $9.9 billion in cash and short-term investments, a net cash position of $6.9 billion. It returned $357.8 million to shareholders: $150.2 million in dividends and $207.6 million in share buybacks, 60% of free cash flow.
See the CBSH income statement, the CBSH chart for price history, or the CBSH stock overview for the latest quote and news.
CBSH key metrics FAQ
What is Commerce Bancshares's P/E ratio?
Commerce Bancshares's trailing P/E ratio is 13.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.2. At the end of fiscal 2025 it was 12.8, compared with a 10-year median of 15.5.
What is Commerce Bancshares's EV/EBITDA?
Commerce Bancshares's enterprise value was 0.5 times EBITDA at the end of fiscal 2025 (enterprise value $373.7 million, EBITDA $788.3 million).
What is Commerce Bancshares's return on equity?
Commerce Bancshares's return on equity (ROE) was 15.9% in fiscal 2025: net income of $566.3 million on average shareholders' equity of $3.6 billion.
How much debt does Commerce Bancshares have?
Commerce Bancshares had total debt of $3.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.79 and more cash than debt.
What is Commerce Bancshares's dividend yield?
Commerce Bancshares's forward dividend yield is 1.98%. Commerce Bancshares paid $150.2 million in dividends in fiscal 2025 ($1.08 per share), a payout ratio of 26.5%.
Does Commerce Bancshares buy back its shares?
Yes. Commerce Bancshares spent $207.6 million on net share repurchases in fiscal 2025 Shares outstanding changed +3.4% over the year, to 138.9M..
What is Commerce Bancshares's free cash flow yield?
Commerce Bancshares generated $592.4 million of free cash flow in fiscal 2025, a free cash flow yield of 8.1% on its market value at year-end ($7.3 billion).