Cullen/Frost Bankers, Inc. (CFR) Key Metrics
CFR valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.64B
- Enterprise value
- $8.70B
- P/E (TTM)
- 14.7 10-yr median 14.9
- Forward P/E
- 14.0
- PEG ratio
- 3.26
- Price / sales
- 4.3 10-yr median 4.1
- Price / book
- 2.2 10-yr median 1.8
- EV / EBITDA
- —
- Dividend yield
- 2.66% $4.12 a year
- Beta
- 0.55
CFR key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCFR valuation Price multiples at each fiscal year-end price.
CFR returns How much profit the business earns on the capital it uses.
CFR per-share figures Results divided by the shares outstanding at year-end.
CFR financial health Debt, liquidity and how easily interest is covered.
CFR efficiency & capital use Working capital cycle and where the cash goes.
CFR valuation history
CFR returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CFR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CFR cash returned to shareholders
CFR price vs earnings per share
CFR key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.12B | $8.63B | $6.96B | $8.63B | $8.08B | $5.50B | $6.20B | $5.69B | $6.12B | $5.56B |
| Enterprise value | $2.90B | −$12.04B | −$10.01B | −$5.34B | −$19.36B | −$12.85B | −$6.54B | −$7.42B | −$7.88B | −$7.56B |
| P/E ratio | 12.5 | 14.8 | 11.6 | 14.9 | 18.2 | 16.6 | 14.0 | 12.5 | 16.8 | 18.3 |
| Price / sales | 2.8 | 3.0 | 3.5 | 4.6 | 5.8 | 3.7 | 4.1 | 4.1 | 5.0 | 4.9 |
| Price / book | 1.8 | 2.2 | 1.9 | 2.7 | 1.8 | 1.3 | 1.6 | 1.7 | 1.9 | 1.9 |
| Price / free cash flow | 63.7 | 10.0 | 21.7 | 13.9 | 13.9 | 12.8 | 14.5 | 11.8 | 12.1 | 14.5 |
| Price / operating cash flow | 29.6 | 8.7 | 14.5 | 11.9 | 12.5 | 10.5 | 9.8 | 10.1 | 11.4 | 12.7 |
| EV / sales | 1.0 | -4.2 | -5.0 | -2.8 | -13.9 | -8.6 | -4.4 | -5.3 | -6.4 | -6.6 |
| EV / EBITDA | 3.4 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | 22.8 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 8.0% | 6.8% | 8.6% | 6.7% | 5.5% | 6.0% | 7.2% | 8.0% | 5.9% | 5.5% |
| Free cash flow yield | 1.6% | 10.0% | 4.6% | 7.2% | 7.2% | 7.8% | 6.9% | 8.5% | 8.2% | 6.9% |
| Dividend yield | 3.2% | 2.9% | 3.4% | 2.5% | 2.4% | 3.3% | 3.0% | 3.1% | 2.5% | 2.6% |
| Shareholder yield (dividends + buybacks) | 5.2% | 3.6% | 4.0% | 2.6% | 2.5% | 6.3% | 4.1% | 4.8% | 4.1% | 2.6% |
| Share price at fiscal year-end | $126.63 | $134.25 | $108.49 | $133.70 | $126.07 | $87.23 | $97.78 | $87.94 | $94.65 | $88.23 |
| Per share | ||||||||||
| Revenue per share | $45.55 | $44.33 | $30.96 | $29.15 | $21.77 | $23.59 | $23.61 | $21.68 | $19.01 | $18.07 |
| Earnings per share | $10.12 | $9.06 | $9.32 | $8.98 | $6.91 | $5.26 | $6.99 | $7.03 | $5.63 | $4.83 |
| Operating cash flow per share | $4.27 | $15.39 | $7.46 | $11.20 | $10.11 | $8.32 | $9.99 | $8.69 | $8.32 | $6.95 |
| Free cash flow per share | $1.99 | $13.41 | $4.99 | $9.61 | $9.09 | $6.81 | $6.74 | $7.47 | $7.79 | $6.10 |
| Cash per share | $155.74 | $392.99 | $267.91 | $293.47 | $475.27 | $328.96 | $231.73 | $227.37 | $237.88 | $227.51 |
| Book value per share | $71.34 | $60.65 | $57.90 | $48.62 | $69.26 | $68.14 | $61.66 | $52.08 | $51.00 | $47.68 |
| Tangible book value per share | $71.34 | $60.65 | $57.90 | $38.46 | $59.03 | $57.72 | $51.30 | $41.90 | $40.79 | $37.17 |
| Dividends per share | $4.09 | $3.88 | $3.72 | $3.35 | $3.06 | $2.90 | $2.92 | $2.68 | $2.35 | $2.27 |
| Capex per share | $2.29 | $1.99 | $2.47 | $1.59 | $1.03 | $1.51 | $3.26 | $1.23 | $0.53 | $0.85 |
| Debt per share | $74.38 | $71.37 | $3.47 | $76.98 | $47.13 | $37.85 | $30.87 | $24.77 | $21.38 | $19.27 |
| Shares outstanding | 64.1M | 64.3M | 64.2M | 64.5M | 64.1M | 63.0M | 63.4M | 64.7M | 64.7M | 63.0M |
| Change in shares outstanding | −0.3% | +0.2% | −0.5% | +0.7% | +1.7% | −0.7% | −1.9% | +0.0% | +2.7% | −0.8% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 15.3% | 15.3% | 17.5% | 15.3% | 10.1% | 8.1% | 12.2% | 13.6% | 11.6% | 10.3% |
| Return on assets (ROA) | 1.2% | 1.1% | 1.2% | 1.1% | 1.0% | 0.9% | 1.4% | 1.4% | 1.2% | 1.0% |
| Return on tangible assets | 1.2% | 1.1% | 1.2% | 1.1% | 0.9% | 0.8% | 1.4% | 1.4% | 1.2% | 1.0% |
| Free cash flow margin | 4.4% | 30.2% | 16.1% | 33.0% | 41.7% | 28.8% | 28.5% | 34.4% | 41.0% | 33.8% |
| Income quality (OCF / net income) | 0.42 | 1.70 | 0.80 | 1.25 | 1.46 | 1.58 | 1.43 | 1.24 | 1.48 | 1.44 |
| Financial health | ||||||||||
| Total debt | $4.77B | $4.59B | $222.6M | $4.97B | $3.02B | $2.38B | $1.96B | $1.60B | $1.38B | $1.21B |
| Cash & short-term investments | $9.98B | $25.26B | $17.20B | $18.94B | $30.47B | $20.73B | $14.70B | $14.71B | $15.38B | $14.33B |
| Net debt | −$5.22B | −$20.67B | −$16.97B | −$13.97B | −$27.44B | −$18.34B | −$12.74B | −$13.11B | −$14.00B | −$13.11B |
| Debt / equity | 1.04 | 1.18 | 0.06 | 1.58 | 0.68 | 0.56 | 0.50 | 0.48 | 0.42 | 0.40 |
| Debt / assets | 0.09 | 0.09 | 0.00 | 0.09 | 0.06 | 0.06 | 0.06 | 0.05 | 0.04 | 0.04 |
| Net debt / EBITDA | −6.07 | −26.55 | −23.83 | −18.87 | −49.11 | −44.12 | −23.02 | −23.45 | −30.69 | −33.66 |
| Current ratio | 0.21 | 0.54 | 0.57 | 23.10 | 41.20 | 29.19 | 27.75 | 107.72 | 95.48 | 97.80 |
| Quick ratio | 0.21 | 0.54 | 0.57 | 37.30 | 63.46 | 43.56 | 35.07 | 107.71 | 95.47 | 97.78 |
| Interest coverage | 1.1 | 0.9 | 1.1 | 3.6 | 20.5 | 7.8 | 3.8 | 5.5 | 15.4 | 28.3 |
| Working capital | −$37.48B | −$21.83B | −$12.96B | $19.15B | $30.32B | $20.58B | $14.60B | $18.39B | $18.43B | $16.37B |
| Invested capital | −$642.3M | −$16.78B | −$13.26B | −$10.83B | −$23.00B | −$14.05B | −$8.83B | −$9.74B | −$10.70B | −$10.11B |
| Tangible asset value | $4.57B | $3.90B | $3.72B | $2.48B | $3.78B | $3.64B | $3.25B | $2.71B | $2.64B | $2.34B |
| Net current asset value | −$38.49B | −$23.36B | −$29.93B | −$29.74B | −$13.38B | −$15.36B | −$14.26B | −$10.36B | −$9.83B | −$10.66B |
| Graham number | $127.44 | $111.20 | $110.17 | $99.09 | $103.79 | $89.77 | $98.49 | $90.78 | $80.39 | $72.00 |
| Graham net-net per share | −$600.41 | −$363.38 | −$466.35 | −$560.47 | −$342.07 | −$329.40 | −$258.01 | −$214.45 | −$197.43 | −$199.61 |
| Capital allocation | ||||||||||
| Dividends paid | $262.0M | $249.1M | $239.0M | $216.5M | $195.9M | $182.6M | $185.1M | $173.5M | $152.2M | $143.0M |
| Share buybacks (net) | $157.8M | $60.9M | $42.7M | $4.4M | $3.9M | $165.8M | $68.8M | $101.0M | $101.5M | $1.3M |
| Dividend payout ratio | 40.4% | 42.8% | 40.0% | 37.4% | 44.2% | 55.1% | 41.7% | 38.1% | 41.8% | 47.0% |
| Dividends + buybacks / free cash flow | 329.8% | 36.0% | 88.0% | 35.6% | 34.3% | 81.2% | 59.4% | 56.8% | 50.3% | 37.5% |
| Capex / revenue | 5.0% | 4.5% | 8.0% | 5.5% | 4.7% | 6.4% | 13.8% | 5.7% | 2.8% | 4.7% |
| Capex / operating cash flow | 53.5% | 12.9% | 33.1% | 14.2% | 10.2% | 18.2% | 32.6% | 14.1% | 6.3% | 12.3% |
| Capex / depreciation | 1.67 | 1.54 | 2.08 | 1.44 | 0.95 | 1.48 | 3.82 | 1.58 | 0.71 | 1.11 |
| Stock-based compensation / revenue | 0.8% | 0.7% | 1.2% | 1.0% | 0.9% | 0.9% | 1.1% | 1.0% | 1.1% | 1.0% |
| SG&A / revenue | 30.7% | 29.2% | 39.7% | 33.8% | 37.6% | 34.2% | 35.1% | 35.1% | 38.7% | 39.6% |
| Efficiency | ||||||||||
| Days sales outstanding | — | — | — | 164.1 | 156.5 | 125.9 | 109.5 | 111.7 | 118.4 | 118.3 |
| Days of inventory on hand | — | — | — | -28,325.1 | -207,792.3 | -9,239.6 | -4,459.6 | 5.2 | 13.4 | 13.4 |
| Days payables outstanding | — | — | — | 1,577.9 | 11,304.8 | 813.4 | 801.3 | 583.1 | 1,072.2 | 1,064.0 |
| Cash conversion cycle (days) | — | — | — | -29,738.9 | -218,940.6 | -9,927.1 | -5,151.4 | -466.2 | -940.4 | -932.2 |
| Receivables turnover | — | — | — | 2.22 | 2.33 | 2.90 | 3.33 | 3.27 | 3.08 | 3.08 |
| Payables turnover | — | — | — | 0.23 | 0.03 | 0.45 | 0.46 | 0.63 | 0.34 | 0.34 |
| Inventory turnover | — | — | — | — | — | — | — | 69.88 | 27.21 | 27.16 |
| Asset turnover | 0.06 | 0.06 | 0.04 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Average receivables | — | — | — | $845.2M | $598.5M | $512.6M | $449.2M | $429.3M | $398.8M | $368.9M |
| Average payables | — | — | — | $810.3M | $742.2M | $637.9M | $359.0M | $183.7M | $182.1M | $185.8M |
| Average inventory | — | — | — | −$14.55B | −$13.64B | −$7.25B | −$2.00B | $1.6M | $2.3M | $2.3M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 1.2% | 1.3% | 1.6% | 2.0% | 2.0% | 2.1% | 2.2% |
Computed from CFR's annual financial statements (latest annual report filed February 5, 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.
CFR valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cullen/Frost Bankers traded at 12.5 times earnings, against a 10-year median of 14.9. Based on the latest twelve months, the trailing P/E is 14.7 and the forward P/E is 14.0. Cullen/Frost Bankers earned a return on equity of 15.3% in fiscal 2025. It ended the year with $4.8 billion of debt and $10.0 billion in cash and short-term investments, a net cash position of $5.2 billion. It returned $419.9 million to shareholders: $262.0 million in dividends and $157.8 million in share buybacks, 330% of free cash flow.
See the CFR income statement, the CFR chart for price history, or the CFR stock overview for the latest quote and news.
CFR key metrics FAQ
What is Cullen/Frost Bankers's P/E ratio?
Cullen/Frost Bankers's trailing P/E ratio is 14.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.0. At the end of fiscal 2025 it was 12.5, compared with a 10-year median of 14.9.
What is Cullen/Frost Bankers's EV/EBITDA?
Cullen/Frost Bankers's enterprise value was 3.4 times EBITDA at the end of fiscal 2025 (enterprise value $2.9 billion, EBITDA $859.5 million).
What is Cullen/Frost Bankers's return on equity?
Cullen/Frost Bankers's return on equity (ROE) was 15.3% in fiscal 2025: net income of $648.6 million on average shareholders' equity of $4.2 billion.
How much debt does Cullen/Frost Bankers have?
Cullen/Frost Bankers had total debt of $4.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.04 and more cash than debt.
What is Cullen/Frost Bankers's dividend yield?
Cullen/Frost Bankers's forward dividend yield is 2.66%. Cullen/Frost Bankers paid $262.0 million in dividends in fiscal 2025 ($4.09 per share), a payout ratio of 40.4%.
Does Cullen/Frost Bankers buy back its shares?
Yes. Cullen/Frost Bankers spent $157.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.3% over the year, to 64.1M..
What is Cullen/Frost Bankers's free cash flow yield?
Cullen/Frost Bankers generated $127.3 million of free cash flow in fiscal 2025, a free cash flow yield of 1.6% on its market value at year-end ($8.1 billion).
What is Cullen/Frost Bankers's current ratio?
Cullen/Frost Bankers's current ratio was 0.21 at the end of fiscal 2025: current assets were 0.21 times current liabilities.