Commerce Bancshares Inc. /MO/ (CBSH) intrinsic value & 10-year financials
Commerce Bancshares Inc. /MO/ (CBSH) has a Graham intrinsic value of $64.27 per share. At $55.69 on Oct 17, 2026, the stock trades 13% below that value. Over the last 10 fiscal years revenue grew 5.4% a year to $22.1M, with an average return on invested capital of 15.2%.
- Graham intrinsic value
- $64.27
- Share price (Oct 17, 2026)
- $55.69
- Price vs Graham value
- 13% below
- Market cap
- $7.8B
- Revenue (FY2025)
- $22.1M
- Revenue growth (10-yr CAGR)
- 5.4%
- ROIC (10-yr avg)
- 15.2%
- Free cash flow (FY2025)
- $592.4M
CBSH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $22.1M | $566.3M | $4.04 | $592.4M | — | 15.9% |
| FY2024 | $18.1M | $526.3M | $3.87 | $531.7M | — | 16.8% |
| FY2023 | $17.2M | $477.1M | $3.64 | $400.7M | — | 17.6% |
| FY2022 | $19.1M | $488.4M | $3.85 | $494.2M | — | 16.5% |
| FY2021 | $18.4M | $530.8M | $4.31 | $541.0M | — | 15.5% |
| FY2020 | $15.1M | $354.1M | $2.91 | $590.9M | — | 10.8% |
| FY2019 | $15.8M | $421.2M | $3.58 | $470.2M | — | 13.9% |
| FY2018 | $15.8M | $433.5M | $3.78 | $519.4M | — | 19.6% |
| FY2017 | $14.6M | $319.4M | $2.89 | $402.4M | — | 14.5% |
| FY2016 | $13.8M | $275.4M | $2.61 | $407.9M | — | 11.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COMMERCE BANCSHARES INC /MO/ has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
COMMERCE BANCSHARES INC /MO/ has earned high returns on invested capital, averaging 17.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
COMMERCE BANCSHARES INC /MO/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, COMMERCE BANCSHARES INC /MO/ is modeled at 5.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $64.27 per share.