Cullen/Frost Bankers Inc (CFR) Fair Value & Analysis
Financial Services · US · Market cap $9.1B · ISIN US2298991090
What is Cullen/Frost Bankers Inc really worth?
Cullen/Frost Bankers Inc
CFR · US
A solid business, but trading 47% above our fair value of $110.78.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 6 valuation models · updated 6 days ago
Share price −3.3% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters 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.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 30, 2026.
How to read this chart
60‑month range $76.67 – $170.08 · fair‑value band $83.09 – $138.48 · the $162.73 price screens above the $110.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Cullen/Frost Bankers Inc (CFR) currently trades at $162.73, while our model-based Fair Value estimate is $110.78, implying the stock looks roughly 46.9% overvalued today. The Quality Score stands at 53/100 (solid quality), in the Financial Services sector. 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 $162.73 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.
Over the trailing twelve months, Cullen/Frost Bankers Inc generated revenue of $2.2B at a net margin of 30.0%. Revenue grew 7.8% year over year. It earns a return on equity of 15.5%. The balance sheet holds a net cash position of $4.1B. Fundamentals as of Aug 30, 2026
Our scenario range runs from $83.09 (bear case) to $138.48 (bull case); at $162.73, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at −32%, CFR screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $4.26 per share, which is 3.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples ($101.95) versus Asset-Based ($48.79). Highest evidence: Residual Income (71).
Notify me when CFR reaches fair value
Put CFR on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 79
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
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.
of which total revenue +10.2 % · buybacks/dilution −0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
CFR screens 47% overvalued. Compare with DBS Group →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Cullen/Frost Bankers Inc's Dividend Analysis
- PB vs. CFR: Which Stock Is the Better Value Option?
- Regional Banks Stocks Q2 In Review: Cullen/Frost Bankers (NYSE:CFR) Vs Peers
- Are You Looking for a Top Momentum Pick? Why Cullen/Frost Bankers (CFR) is a Great Choice
Peer Group
Banks - Regional · 1071 stocks
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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 30, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
Compare Cullen/Frost Bankers Inc with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Financial Services stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Cullen/Frost Bankers Inc (CFR) overvalued or undervalued?
What is the fair value of CFR?
What is the quality score of CFR?
What is the revenue of Cullen/Frost Bankers Inc (CFR)?
What is the net profit margin of CFR?
Does Cullen/Frost Bankers Inc pay a dividend?
Watch Cullen/Frost Bankers Inc in the live analysis
One click puts Cullen/Frost Bankers Inc on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.