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 $1.79B and net income of $689.51M for the fiscal year ended 2026-09-30. This page shows 1 annual period 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 |
|---|---|
| Revenue | $1.79B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | Unavailable |
| Net income | $689.51M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $819.47M |
| Income tax expense | $129.96M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-09-30 |
|---|---|
| Cash & equivalents | Unavailable |
| Total assets | $54.52B |
| Current assets | Unavailable |
| Total liabilities | $50.54B |
| Current liabilities | Unavailable |
| Total equity incl. NCI | $3.97B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | Unavailable |
| Accounts receivable | Unavailable |
| Goodwill | Unavailable |
| Long-term debt | Unavailable |
| Accounts payable | Unavailable |
Cash flow
| Metric | 2026-09-30 |
|---|---|
| Operating cash flow | $763.65M |
| Capital expenditures | $185.19M |
| Investing cash flow | -$3.32B |
| Financing cash flow | $1.72B |
| Net change in cash | Unavailable |
| Stock-based compensation | $27.78M |
| Common dividends paid | $257.80M |
| Common share repurchases | $263.72M |
| Depreciation & amortization | $89.30M |
Derived
| Metric | 2026-09-30 |
|---|---|
| Free cash flow | $578.46M |
| Gross margin | Unavailable |
| Operating margin | Unavailable |
| FCF margin | 32.4% |
| SBC / revenue | 1.6% |
| Current ratio | Unavailable |
| Revenue YoY growth | 6.2% |
| Net margin | 38.6% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 10.4% |
| Long-term debt / equity | Unavailable |
| Effective tax rate | 15.9% |
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.