Valuation, from the filing
| Public float | $8.20B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $129.74 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 12.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 3.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
12.6× earnings today, against a median of 12.6× across 10 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $8.20B | 12.6× | |
| 2024-06-30 | $6.40B | 11.0× | |
| 2023-06-30 | $6.70B | 11.2× | |
| 2022-06-30 | $7.20B | 12.4× | |
| 2021-06-30 | $6.80B | 15.3× | |
| 2020-06-30 | $4.50B | 13.6× | |
| 2019-06-30 | $5.60B | 12.6× | |
| 2018-06-30 | $6.70B | 14.7× | |
| 2017-06-30 | $5.80B | 15.9× | |
| 2016-06-30 | $3.70B | 12.2× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| SBC / revenue | 1.1% | 4th | |
| FCF margin | 5.7% | 5th | |
| Effective tax rate | 16.0% | 9th | |
| Revenue YoY growth | 8.3% | 61th | |
| CapEx / revenue | 6.6% | 40th | |
| Net margin | 29.0% | 41th |
CULLEN/FROST BANKERS, INC. (CFR) reported revenue of $603.83M and net income of $180.21M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from CULLEN/FROST BANKERS, INC.’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $603.83M | $576.01M | $574.84M | $32.36M | $567.26M | $546.88M | $540.23M | $27.91M | $518.04M | $507.90M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $180.21M | $172.06M | $170.99M | $166.25M | $174.38M | $157.00M | $150.92M | $154.85M | $146.50M | $145.50M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 62.12M | shares 62.45M | shares 63.10M | Unavailable | shares 64.12M | shares 64.35M | shares 64.33M | Unavailable | shares 64.09M | shares 64.33M |
| Pretax income | $214.54M | $204.54M | $202.41M | $197.98M | $208.01M | $186.62M | $179.10M | $184.01M | $175.24M | $175.15M |
| Income tax expense | $34.33M | $32.48M | $31.42M | $31.73M | $33.63M | $29.62M | $28.17M | $29.16M | $28.74M | $29.65M |
| Diluted EPS | $2.84 | $2.70 | $2.65 | Unavailable | $2.67 | $2.39 | $2.30 | Unavailable | $2.24 | $2.21 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $54.52B | $53.88B | $52.72B | $53.04B | $52.53B | $51.41B | $52.00B | $52.52B | $51.01B | $48.84B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $50.54B | $49.26B | $48.19B | $48.47B | $48.07B | $47.21B | $47.89B | $48.62B | $46.87B | $45.18B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $3.97B | $4.62B | $4.53B | $4.57B | $4.46B | $4.20B | $4.11B | $3.90B | $4.14B | $3.67B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $292.65M | $52.94M | $237.32M | $180.74M | $248.58M | $140.77M | -$296.11M | $64.30M | $307.22M | $129.58M |
| Capital expenditures | $43.99M | $60.08M | $38.60M | $42.52M | $36.92M | $26.26M | $40.95M | $37.65M | $25.33M | $26.62M |
| Investing cash flow | -$688.82M | -$1.86B | -$1.33B | $550.30M | -$275.19M | -$57.57M | -$1.82B | -$294.41M | $179.12M | -$686.09M |
| Financing cash flow | $1.03B | $1.13B | -$637.24M | $202.78M | $850.75M | -$820.52M | -$266.10M | $1.27B | $1.57B | -$763.22M |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Stock-based compensation | $5.62M | $5.40M | $5.18M | $11.57M | $4.27M | $4.83M | $4.08M | $9.74M | $1.76M | $4.52M |
| Common dividends paid | $64.96M | $64.78M | $64.01M | $64.06M | $64.70M | $64.93M | $61.66M | $61.50M | $61.33M | $59.81M |
| Common share repurchases | $15.16M | $90.90M | $72.30M | $85.37M | $69.78M | $76.00K | $2.60M | $8.63M | $20.05M | $30.15M |
| Depreciation & amortization | $22.83M | $22.43M | $22.22M | $21.82M | $22.24M | $21.84M | $21.89M | $21.40M | $20.72M | $20.46M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $248.66M | -$7.14M | $198.72M | $138.22M | $211.66M | $114.51M | -$337.06M | $26.66M | $281.89M | $102.96M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 41.2% | -1.2% | 34.6% | 427.1% | 37.3% | 20.9% | -62.4% | 95.5% | 54.4% | 20.3% |
| SBC / revenue | 0.9% | 0.9% | 0.9% | 35.8% | 0.8% | 0.9% | 0.8% | 34.9% | 0.3% | 0.9% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 6.4% | 5.3% | 6.4% | 15.9% | 9.5% | 7.7% | 7.7% | 13.8% | 5.4% | 3.9% |
| Net margin | 29.8% | 29.9% | 29.7% | 513.8% | 30.7% | 28.7% | 27.9% | 554.8% | 28.3% | 28.6% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 7.3% | 10.4% | 6.7% | 131.4% | 6.5% | 4.8% | 7.6% | 134.9% | 4.9% | 5.2% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 16.0% | 15.9% | 15.5% | 16.0% | 16.2% | 15.9% | 15.7% | 15.8% | 16.4% | 16.9% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open CFR in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.