US · CFR
Cullen/Frost Bankers, Inc.
- Sector
- Financial Services · Banks - Regional
- Headquarters
- San Antonio, TX 78205
- Website
- frostbank.com
Price · as of 2025-12-31
$140.36
Market cap 8.74B
Valuation summary
Four models, one snapshot. Upside is target ÷ current − 1.
| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial Intelligence(AI) | $78.53 | -44.05% |
| Intrinsic Value(DCF) | $208.06 | +48.23% |
| Graham-Dodd Method(GD) | $60.66 | -56.78% |
| Graham Formula(GF) | $105.57 | -24.79% |
Valuation history
Annual price (USD per share) overlaid with each model's fair value. Y-axis is log scale.
| Year | Price | AI | DCF | Graham-Dodd | Graham Formula |
|---|---|---|---|---|---|
| 2011 | $38.41 | $27.23 | $91.94 | $18.98 | $34.40 |
| 2012 | $41.75 | $26.22 | $140.88 | $21.52 | $34.53 |
| 2013 | $53.45 | $33.91 | $142.50 | $21.07 | $42.60 |
| 2014 | $50.26 | $30.90 | $164.42 | $25.10 | $70.68 |
| 2015 | $43.41 | $27.44 | $178.34 | $24.36 | $60.03 |
| 2016 | $70.19 | $40.93 | $193.93 | $27.64 | $65.79 |
| 2017 | $86.76 | $48.81 | $213.85 | $34.23 | $90.23 |
| 2018 | $81.83 | $45.68 | $243.65 | $37.45 | $153.69 |
| 2019 | $57.46 | $35.07 | $226.71 | $43.01 | $103.47 |
| 2020 | $101.21 | $65.40 | $255.39 | $40.73 | $38.88 |
| 2021 | $122.04 | $91.00 | $342.73 | $48.12 | $15.32 |
| 2022 | $107.72 | $69.95 | $436.51 | $33.22 | $373.88 |
| 2023 | $101.96 | $65.40 | $3,667.43 | $48.62 | $439.20 |
| 2024 | $125.26 | $69.68 | $3,287.17 | $47.90 | $139.77 |
| 2025 | $140.21 | $78.53 | $560.05 | $60.66 | $105.57 |
AI valuation
Our deep-learning model estimates Cullen/Frost Bankers, Inc.'s (CFR) per-share fair value from quarterly fundamentals, sector trend, and historical valuation patterns.
- AI fair value
- $78.53
- Current price
- $140.36
- AI upside
- -44.05%
Methodology and confidence bands appear in the dedicated valuation theory section. The AI score is an estimate, not a recommendation.
Intrinsic value (DCF)
Open DCF calculatorThree textbook valuation models, recomputed daily from the latest financial statements. The DCF uses our Chepakovich model. Graham-Dodd and Graham Formula are conservative reference points.
DCF
$208.06
+48.23% upside
Graham-Dodd
$60.66
-56.78% upside
Graham Formula
$105.57
-24.79% upside
Peer comparison
Same-industry comparables, ranked by market cap.
| Basic Info | Model Valuation | Core Valuation | Profitability | Leverage & Liquidity | Growth | Cash Flow | Dividends | Enterprise Value | Risk | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company Name | Price | Market Cap | AI Upside | DCF Upside | GD Upside | GF Upside | P/E | P/B | P/S | EV/EBITDA | PEG | P/TBV | Gross Margin | Operating Margin | Net Margin | ROE | ROIC | ROA | Debt/Equity | Interest Coverage | Current Ratio | Quick Ratio | Net Debt/EBITDA | EPS Growth | Sales Growth | FCF Growth | FCF Yield | Op Cash Flow Ratio | Cash ROIC | Dividend Yield | Dividend Payout | Shareholder Yield | EV/EBIT | EV/FCF | EV/Sales | Altman Z-Score |
| CFR | Cullen/Frost Bankers, Inc… | $140.36 | 8.74B | -44% | +48% | -57% | -25% | 13.85 | 1.96 | 3.08 | 4.38 | 116.98 | 1.96 | 75.04% | 26.43% | 22.21% | 15.31% | -7.45% | 1.23% | 1.04 | 1.13 | 0.21 | 0.21 | -4.77 | 1184.00% | 246.00% | -8522.00% | 1.42% | 0.01 | -1.46% | 2.92% | 40.40% | 4.68% | 4.88 | 29.57 | 1.29 | -0.52 |
| BOKF | BOK Financial Corporation | $125.72 | 7.95B | -22% | -8% | -28% | -46% | 13.54 | 1.32 | 2.35 | 6.82 | 106.00 | 1.62 | 63.74% | 21.39% | 17.38% | 10.08% | -147.87% | 1.13% | 0.78 | 0.59 | 0.17 | 0.16 | 3.75 | 1278.00% | -107.00% | -5976.00% | 7.35% | 0.01 | -147.27% | 1.88% | 25.50% | 7.72% | 7.61 | 9.40 | 1.63 | -0.65 |
| BPOP | Popular, Inc. | $135.36 | 9.03B | -48% | +66% | -47% | +21% | 10.59 | 1.16 | 1.55 | -20.08 | 76.56 | 1.39 | 60.67% | 19.01% | 14.66% | 11.42% | -3.43% | 0.85% | 0.23 | 0.57 | 0.38 | 0.38 | -6.41 | 1383.00% | 1148.00% | -361.00% | 7.09% | 0.01 | -2.58% | 2.77% | 29.40% | 6.06% | -21.59 | -37.29 | -4.11 | -0.43 |
| CADE | Cadence Bank | $42.11 | 7.85B | -28% | +264% | -49% | +166% | 10.26 | 0.96 | 1.85 | -4.12 | — | 1.30 | 59.29% | 23.29% | 18.03% | 9.75% | -16.97% | 1.09% | 0.01 | 0.61 | 0.22 | 0.22 | -1.93 | -514.00% | 3237.00% | 6693.00% | 14.45% | 0.02 | -25.17% | 3.58% | 36.70% | 38.75% | -5.35 | -4.66 | -1.25 | -0.53 |
| CBSH | Commerce Bancshares, Inc. | $50.99 | 7.51B | -38% | +5% | -40% | -18% | 12.59 | 1.90 | 3.36 | 0.38 | 232.07 | 1.98 | 80.00% | 34.20% | 26.46% | 16.07% | -12.17% | 1.76% | 0.79 | 1.97 | — | — | 2.86 | 543.00% | 223.00% | 1141.00% | 8.24% | — | -12.63% | 2.09% | 26.30% | 4.98% | 0.40 | 0.49 | 0.14 | 0.65 |
| ONB | Old National Bancorp | $23.10 | 9.03B | +172% | +188% | -38% | +142% | 13.65 | 1.08 | 2.46 | 15.09 | 208.45 | 1.63 | 63.60% | 23.56% | 18.04% | 9.02% | 8.09% | 1.06% | 0.88 | 0.72 | 0.89 | 0.88 | 7.01 | 655.00% | 2548.00% | 767.00% | 6.98% | 0.01 | 7.42% | 2.46% | 33.60% | 3.25% | 16.88 | 23.16 | 3.98 | 0.07 |
| PNFP | Pinnacle Financial Partne… | $90.76 | 6.98B | -38% | +1% | -18% | +56% | 16.94 | 1.25 | 2.82 | 2.43 | — | 1.76 | 49.08% | 20.37% | 16.65% | 7.62% | 39.84% | 0.94% | 0.39 | 0.44 | 0.21 | 0.21 | -1.19 | -1653.00% | 1532.00% | 10175.00% | 10.03% | 0.02 | 67.70% | 1.05% | 17.70% | 19.13% | 2.85 | 2.05 | 0.58 | -0.50 |
| UMBF | UMB Financial Corporation | $115.88 | 8.8B | -15% | +12,140% | +6% | +489% | 12.72 | 1.16 | 2.01 | 11.11 | 816.59 | 1.66 | 54.41% | 20.25% | 15.81% | 12.59% | 216.32% | 1.14% | 0.49 | 0.60 | 0.01 | 0.01 | 2.69 | 156.00% | 6852.00% | -1165.00% | 1.99% | 0.00 | 53.19% | 0.00% | 0.00% | 0.00% | 13.09 | 66.30 | 2.65 | -0.80 |
| WAL | Western Alliance Bancorpo… | $80.32 | 8.84B | -40% | +57% | +4% | +45% | 9.07 | 1.16 | 1.68 | -7.07 | 39.23 | 1.27 | 61.10% | 22.88% | 18.37% | 13.60% | -40.11% | 1.12% | 0.87 | 0.66 | 0.56 | 0.56 | 2.52 | 2313.00% | 517.00% | -115.00% | -31.52% | -0.06 | 113.09% | 2.09% | 18.90% | 2.86% | -7.07 | 3.06 | -1.62 | 0.00 |
| WTFC | Wintrust Financial Corpor… | $144.06 | 9.65B | -37% | +5% | -17% | +23% | 11.92 | 1.35 | 2.32 | 6.30 | 98.35 | 1.54 | 62.19% | 26.44% | 19.48% | 12.11% | 24.04% | 1.21% | 0.62 | 0.74 | 0.14 | 0.14 | 3.33 | 1212.00% | 666.00% | 3421.00% | 8.68% | 0.02 | 24.88% | 1.72% | 20.60% | 5.92% | 6.80 | 8.91 | 1.80 | -0.41 |
| ZION | Zions Bancorporation, Nat… | $57.28 | 8.46B | -30% | -15% | -22% | -23% | 9.51 | 1.19 | 1.73 | -4.36 | 44.43 | 1.40 | 67.05% | 23.77% | 18.18% | 13.51% | -19.67% | 1.01% | 0.64 | 0.75 | 6.04 | 6.04 | 3.02 | 2141.00% | -98.00% | -666.00% | 11.47% | 0.36 | -21.47% | 3.12% | 29.70% | 3.60% | -4.79 | -5.74 | -1.14 | 0.49 |
About Cullen/Frost Bankers, Inc.
Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial banking services to corporations and other business clients, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; commercial leasing; and treasury management services. It also provides consumer banking services, such as checking accounts, savings programs, automated-teller machines (ATMs), overdraft facilities, installment and real estate 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, and foreign exchange services. Further, it acts as a correspondent for approximately 171 financial institutions; offers trust, investment, agency, and custodial services for individual and corporate clients; provides capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and supports international business activities. Additionally, the company offers insurance and securities brokerage services; and holds securities for investment purposes, as well as investment management services to Frost-managed mutual funds, institutions, and individuals. It operates approximately 157 financial centers and 1,650 ATMs. The company 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.
- CEO
- Phillip D. Green
- Employees
- 5.85K
- Beta
- 0.62
Disclaimer: Information on this page is provided for educational purposes only and does not constitute investment advice. Upside computed as ($208.06 ÷ $140.36) − 1 = +48.23% (DCF, example).