Commerzbank AG (CBK) fair value: what the stock is really worth
As of Oct 26, 2026: fair value (intrinsic value) of Commerzbank AG stock €28.88, price €37.18, upside -22.3%, quality 66 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 25, 2026.
How to read this chart
60‑month range €4.54 – €42.75 · fair‑value band €26.78 – €32.32 · the €37.18 price screens above the €28.88 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 25, 2026.
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Commerzbank AG provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia.
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It operates through two segments, Private and Small-Business Customers, and Corporate Clients. The company offers current, money market, checking, business accounts; insurance products; credit and debit cards; pension scheme; card payment terminal; and various loans.
It also offers installment loans; renovation loans, debt structuring, car loan, overdraft facility; real estate financing; term deposits; and online banking services, as well as trades securities, such as shares, funds, ETFs, certificates, options and futures, and bonds.
In addition, the company provides wealth management services. Commerzbank AG was founded in 1870 and is headquartered in Frankfurt am Main, Germany.
Stock analysis
Commerzbank AG (CBK) currently trades at €37.18, while our model-based Fair Value estimate is €28.88, 22.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €31.56 per share, and 1 of the 6 models we run sit above the €37.18 price.
Bear case: the Dividend Discount group reads lowest at €10.38, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: €26.78 (bear) to €32.32 (bull), the price of €37.18 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 66/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Commerzbank AG reported revenue of €11.1B in FY2025 versus €12.1B in FY2021, a compound −2.0%/yr. Reported net income was €2.6B in FY2025, compounding +57.2%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap €40.2B Large · P/E ratio 14.2 · P/S ratio 3.79 · EPS (TTM) €2.61 · Dividend yield 3.0% · Net margin 26.4% · Return on equity 9.7% · Return on assets (EBIT) 0.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 29% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at −22%, CBK screens cheaper than that median.
Fair Value models
Bear€26.78Fair Value €28.88Bull€32.32
Price €37.18 · Upside -22.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€1.24 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+44.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+41.9%
Dividend (yield on the price)3.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.41.9% vs 25.8%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−23% → 36%
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: Established franchise with German corporate and private clients provides stability, while low ROE and limited differentiation constrain performance in a competitive sector.
Main risk: Deeper integration with UniCredit including an HVB combination could disrupt the established franchise and German client operations.
Commerzbank keeps posting solid results from its established franchise with German corporate clients and private customers while pushing ambitious standalone targets under Momentum 2030. UniCredit already controls nearly half the voting rights and talks continue on possible closer integration including an HVB combination ahead of the EU decision. Will the bank create more value by scaling its independent model or through the synergies and shifts a deeper tie-up would bring?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1061 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−22.3% · Below median
Profitability
Return on equity (12 months)9.7% · Below median
Return on assets0.4% · Bottom 25%
Net margin (12 months)26.4% · Below median
Operating margin (12 months)43.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)10.1% · Above median
Dividend yield (12 months)3.0% · Above median
Balance sheet
Debt / equity2.10× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Commerzbank AG Fair Value". https://www.fairvalue-calculator.com/stock/CBK.XETRA
Frequently asked questions
Is Commerzbank AG (CBK) overvalued or undervalued?
As of Oct 25, 2026, our model estimates a fair value of €28.88 versus a price of €37.18, about −22% upside (overvalued).
What is the fair value of CBK?
Our model-based fair value for Commerzbank AG is €28.88 (as of Oct 25, 2026), built from audited fundamentals. The current price: €37.18.
What is the quality score of CBK?
Commerzbank AG has a Quality Score of 66/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Commerzbank AG (CBK)?
Our model-based price target is the fair value of €28.88 (as of Oct 25, 2026) from 6 valuation models. Cautious scenario €26.78, optimistic scenario €32.32. It is a calculation from audited fundamentals, not an analyst target.
What is the Commerzbank AG stock forecast for 2026?
Our models put fair value at €28.88, about −22% upside versus a price of €37.18 (overvalued). Cautious scenario €26.78, optimistic scenario €32.32. The calculation is refreshed regularly with new filings.
What is the revenue of Commerzbank AG (CBK)?
Commerzbank AG reported trailing-twelve-month revenue of about €11.9B (latest available figure, as of Oct 25, 2026).
Does Commerzbank AG pay a dividend?
Commerzbank AG currently shows a dividend yield of 2.96% relative to its recent price (as of Oct 25, 2026).
What is the intrinsic value of Commerzbank AG (CBK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Commerzbank AG it is €28.88 per share (as of Oct 25, 2026), against a price of €37.18. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Commerzbank AG stock overvalued or undervalued in 2026?
As of Oct 25, 2026, CBK trades above its calculated fair value: price €37.18, fair value €28.88, a gap of about −22% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CBK?
No. The price is what the market pays today (€37.18); the fair value is what the company's own numbers justify (€28.88). For Commerzbank AG the two are €8.30 per share apart. That gap is exactly why we show both numbers side by side.
How much is Commerzbank AG worth?
The market values Commerzbank AG at about €40.2B (market capitalisation, as of Oct 25, 2026). Per share that is €37.18; our models calculate a fair value of €28.88 per share.
What do the bullish and bearish scenarios say about CBK?
Our models span a range for Commerzbank AG: cautious scenario €26.78, base €28.88, optimistic €32.32 per share (as of Oct 25, 2026, price €37.18). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CBK?
Commerzbank AG trades at a price-to-earnings ratio of 14.2 (as of Oct 25, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €28.88 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 11.8. Other multiples: PEG 0.8, P/B 1.3, P/S 3.8, EV/EBITDA 14.1.
What is the PEG ratio of CBK?
The PEG ratio of Commerzbank AG is 0.84 (P/E divided by earnings growth, as of Oct 25, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Commerzbank AG (CBK)?
Balance-sheet figures for Commerzbank AG (as of Oct 25, 2026): return on equity 9.7%, debt of 2.10 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is CBK from its 52-week high?
Commerzbank AG trades at €37.18, about 13% below its 52-week high of €42.75 and 29% above the low of €28.71 (as of Oct 26, 2026). Distance from the high says nothing about value: that is what the fair value of €28.88 is for.
Which stocks are comparable to Commerzbank AG?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Intesa Sanpaolo S.p.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Commerzbank AG stock attractive at the current price?
The data as of Oct 25, 2026: price €37.18, calculated fair value €28.88 (−22%), Quality Score 66/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CBK calculated?
We run Commerzbank AG through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €28.88, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.7 % above its aggregate fair value. Commerzbank AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Commerzbank AG (CBK)?
The closing price on Oct 26, 2026 was €37.18. Our model-based fair value is €28.88, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Commerzbank AG right now?
The price sits above even our optimistic bull case (€32.32). The favourable scenario is already priced in. Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Commerzbank AG (CBK) come from?
Earnings per share at Commerzbank AG grew +18.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +2.9 %, EBIT margin +12.2 %, tax rate +1.9 %, residual (interest, one-offs) +0.8 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Commerzbank AG
How large is the market capitalisation of Commerzbank AG (CBK)?
The market capitalisation of Commerzbank AG is €40.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Commerzbank AG (CBK)?
The price-to-sales ratio of Commerzbank AG is 3.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Commerzbank AG (CBK)?
Earnings per share at Commerzbank AG are €2.61 (price ÷ EPS = P/E 14.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Commerzbank AG (CBK)?
The dividend yield of Commerzbank AG is 3.0% (payout 42.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Commerzbank AG (CBK)?
The net margin of Commerzbank AG is 26.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Commerzbank AG (CBK)?
The return on equity (ROE) of Commerzbank AG is 9.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Commerzbank AG (CBK)?
On an EBIT basis the return on assets of Commerzbank AG is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Commerzbank AG (CBK)?
The operating margin of Commerzbank AG is 43.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Commerzbank AG (CBK)?
Revenue at Commerzbank AG is growing +10.1% versus a year earlier (3y avg −7.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Commerzbank AG (CBK)?
Earnings per share at Commerzbank AG are growing +325% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Commerzbank AG (CBK) generate?
The free cash flow of Commerzbank AG is €50.6B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Commerzbank AG (CBK) carry?
The net debt of Commerzbank AG is €82.3B (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 25, 2026