Cullen/Frost Bankers Inc (CFR) fair value: what the stock is really worth
We calculate from audited financials what Cullen/Frost Bankers Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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 Sep 18, 2026.
How to read this chart
60‑month range $76.67 – $170.08 · fair‑value band $72.16 – $138.48 · the $159.80 price screens above the $92.07 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas.
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Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services. It also provides consumer banking services, such as checking accounts, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, first mortgage loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds transmitting, and foreign exchange services; correspondent banking activities, including check clearing, transfer of funds, fixed income security services, and securities custody and clearance services. Further, it offers trust, investment, agency, and custodial services for individual and corporate clients; capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and support for international business activities, including foreign exchange, letters of credit, export-import financing, and other related activities. Additionally, the company offers insurance and securities brokerage services; holding of securities for investment purposes; and investment management services for mutual funds, institutions, and individuals. It serves energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.
Stock analysis
Cullen/Frost Bankers Inc (CFR) currently trades at $159.80, while our model-based Fair Value estimate is $92.07, implying the stock looks roughly 73.6% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $101.95 per share, and 0 of the 6 models we run sit above the $159.80 price.
Bear case: the Asset-Based group reads lowest at $48.79, and 6 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $72.16 (bear) to $138.48 (bull), the price of $159.80 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 53/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Cullen/Frost Bankers Inc reported revenue of $2.9B in FY2025 versus $1.4B in FY2021, a compound +20.3%/yr. Reported net income was $649M in FY2025, compounding +10.0%/yr from FY2021.
Key figures
Market cap $10.2B · P/E ratio 15.6 · P/S ratio 3.46 · EPS (TTM) $10.27 · Dividend yield 2.5% · Net margin 22.2% · Return on equity 15.5% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (medium confidence).
What moves the price
The share trades near its 52-week high and 37% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −31% fair-value upside, at −42%, CFR screens richer than that median.
Fair Value models
Bear $72.16Fair Value $92.07Bull $138.48
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($4.55 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.Evidence ⓘEvidence = 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+2.5%
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.
+15.8%
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.
+14.5%
Revenue growth 36 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.
+6.1%
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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.
+10.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.9%
Dividend (yield on the price)2.5%
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.8% vs 9%, steady
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.24% → 26%
Growth Forecast
Price in line with expectations
The price assumes less growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.6%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (87 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.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Cullen/Frost Bankers Inc with another stock
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 · 1073 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score58 · Above median
Fair Value upside−32% · Below median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets1% · Above median
Net margin (TTM)30% · Above median
Operating margin (TTM)37% · Below median
Growth and dividend
Revenue growth8% · Below median
Dividend yield (TTM)2.5% · Below median
Balance sheet
Debt / equity0.05× · Lowest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)15.6× · Pricier than median
P/B2.00× · Priciest 25%
P/S (TTM)4.10× · Pricier than median
P/FCF71.8× · Priciest 25%
EV/EBITDA0.6× · Cheapest 25%
PEG4.07× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)39· sector 44
PAST (return on equity)62· sector 41
HEALTH (low debt)98· sector 85
DIVIDEND (yield)50· sector 53
VALUE 0: the price sits above our fair-value range.
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.
Is Cullen/Frost Bankers Inc (CFR) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of $92.07 versus a price of $159.80, about −42% upside (overvalued).
What is the fair value of CFR?
Our model-based fair value for Cullen/Frost Bankers Inc is $92.07 (as of Sep 18, 2026), built from audited fundamentals. The current price: $159.80.
What is the quality score of CFR?
Cullen/Frost Bankers Inc has a Quality Score of 53/100. 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 Cullen/Frost Bankers Inc (CFR)?
Our model-based price target is the fair value of $92.07 (as of Sep 18, 2026) from 6 valuation models. Cautious scenario $72.16, optimistic scenario $138.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Cullen/Frost Bankers Inc stock forecast for 2026?
Our models put fair value at $92.07, about −42% upside versus a price of $159.80 (overvalued). Cautious scenario $72.16, optimistic scenario $138.48. The calculation is refreshed regularly with new filings.
What is the revenue of Cullen/Frost Bankers Inc (CFR)?
Cullen/Frost Bankers Inc reported trailing-twelve-month revenue of about $2.2B (latest available figure, as of Sep 18, 2026).
Does Cullen/Frost Bankers Inc pay a dividend?
Cullen/Frost Bankers Inc currently shows a dividend yield of about 2.50% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Cullen/Frost Bankers Inc (CFR)?
For today's price to be fair in a discounted-cash-flow model, Cullen/Frost Bankers Inc would have to grow free cash flow by +0.3 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.5 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of CFR use?
Our models discount Cullen/Frost Bankers Inc at 8.2 %: a base by market capitalisation (large), damped by beta 0.55, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cullen/Frost Bankers Inc that is +0.3 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Cullen/Frost Bankers Inc (CFR) delivered so far?
Over the past 5 years revenue at Cullen/Frost Bankers Inc grew +14.5 % a year. The price currently implies +0.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cullen/Frost Bankers Inc (CFR) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Cullen/Frost Bankers Inc (+0.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cullen/Frost Bankers Inc (CFR)?
The free-cash-flow yield on the price is 1.24 %: that much free cash flow Cullen/Frost Bankers Inc produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cullen/Frost Bankers Inc (CFR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cullen/Frost Bankers Inc it is $92.07 per share (as of Sep 18, 2026), against a price of $159.80. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Cullen/Frost Bankers Inc stock overvalued or undervalued in 2026?
As of Sep 18, 2026, CFR trades above its calculated fair value: price $159.80, fair value $92.07, a gap of about −42% (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 CFR?
No. The price is what the market pays today ($159.80); the fair value is what the company's own numbers justify ($92.07). For Cullen/Frost Bankers Inc the two are $67.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cullen/Frost Bankers Inc worth?
The market values Cullen/Frost Bankers Inc at about $10.2B (market capitalisation, as of Sep 18, 2026). Per share that is $159.80; our models calculate a fair value of $92.07 per share.
What do the bullish and bearish scenarios say about CFR?
Our models span a range for Cullen/Frost Bankers Inc: cautious scenario $72.16, base $92.07, optimistic $138.48 per share (as of Sep 18, 2026, price $159.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CFR?
Cullen/Frost Bankers Inc trades at a price-to-earnings ratio of 15.6 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $92.07 is built from several models across several years. Other multiples: PEG 4.1, P/B 2.0, P/S 4.1, EV/EBITDA 0.6.
What is the PEG ratio of CFR?
The PEG ratio of Cullen/Frost Bankers Inc is 4.07 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Cullen/Frost Bankers Inc (CFR)?
Balance-sheet figures for Cullen/Frost Bankers Inc (as of Sep 18, 2026): return on equity 15.5%, debt of 0.05 per unit of equity. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is CFR from its 52-week high?
Cullen/Frost Bankers Inc trades at $159.80, about 8% below its 52-week high of $148.60 and 37% above the low of $116.34 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of $92.07 is for.
Which stocks are comparable to Cullen/Frost Bankers Inc?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Cullen/Frost Bankers Inc stock attractive at the current price?
The data as of Sep 18, 2026: price $159.80, calculated fair value $92.07 (−42%), Quality Score 53/100, 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 CFR calculated?
We run Cullen/Frost Bankers Inc 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 $92.07, 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 16.1 % above its aggregate fair value. Cullen/Frost Bankers Inc 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 Cullen/Frost Bankers Inc (CFR)?
The closing price on Sep 18, 2026 was $159.80. Our model-based fair value is $92.07, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cullen/Frost Bankers Inc right now?
The price sits above even our optimistic bull case ($138.48). The favourable scenario is already priced in. Solid but not exceptional quality (53/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($72.16 to $138.48) leaves room in how you read the outcome. 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 Cullen/Frost Bankers Inc (CFR) come from?
Earnings per share at Cullen/Frost Bankers Inc grew +8.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.0 %, EBIT margin −1.0 %, tax rate −0.3 %, residual (interest, one-offs) +0.0 %. 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 Cullen/Frost Bankers Inc
How large is the market capitalisation of Cullen/Frost Bankers Inc (CFR)?
The market capitalisation of Cullen/Frost Bankers Inc is $10.2B. 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 Cullen/Frost Bankers Inc (CFR)?
The price-to-sales ratio of Cullen/Frost Bankers Inc is 3.46 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cullen/Frost Bankers Inc (CFR)?
Earnings per share at Cullen/Frost Bankers Inc are $10.27 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cullen/Frost Bankers Inc (CFR)?
The dividend yield of Cullen/Frost Bankers Inc is 2.5% (payout 38.9%). 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 Cullen/Frost Bankers Inc (CFR)?
The net margin of Cullen/Frost Bankers Inc is 22.2% (fiscal year 2025). 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 Cullen/Frost Bankers Inc (CFR)?
The return on equity (ROE) of Cullen/Frost Bankers Inc is 15.5% (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 Cullen/Frost Bankers Inc (CFR)?
On an EBIT basis the return on assets of Cullen/Frost Bankers Inc is 1.3% (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 Cullen/Frost Bankers Inc (CFR)?
The operating margin of Cullen/Frost Bankers Inc is 36.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cullen/Frost Bankers Inc (CFR)?
Revenue at Cullen/Frost Bankers Inc is growing +7.8% versus a year earlier (3y avg +15.8%). 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 Cullen/Frost Bankers Inc (CFR)?
Earnings per share at Cullen/Frost Bankers Inc are growing +15.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Cullen/Frost Bankers Inc (CFR) hold?
Cullen/Frost Bankers Inc holds more cash than debt, $4.1B net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 18, 2026