CULLEN/FROST BANKERS, Inc. (CFR) intrinsic value & 10-year financials
CULLEN/FROST BANKERS, Inc. (CFR) has a Graham intrinsic value of $209.68 per share. At $155.05 on Oct 17, 2026, the stock trades 26% below that value. Over the last 10 fiscal years revenue shrank 21.9% a year to $121.6M, with an average return on invested capital of 12.9%.
- Graham intrinsic value
- $209.68
- Share price (Oct 17, 2026)
- $155.05
- Price vs Graham value
- 26% below
- Market cap
- $9.9B
- Revenue (FY2025)
- $121.6M
- Revenue growth (10-yr CAGR)
- -21.9%
- ROIC (10-yr avg)
- 12.9%
- Free cash flow (FY2025)
- $127.3M
CFR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $121.6M | $648.6M | $9.92 | $127.3M | — | 15.3% |
| FY2024 | $106.2M | $582.5M | $8.87 | $861.8M | — | 15.3% |
| FY2023 | $93.5M | $598.0M | $9.10 | $320.2M | — | 17.4% |
| FY2022 | $91.9M | $579.1M | $8.81 | $620.1M | — | 15.3% |
| FY2021 | $83.3M | $443.1M | $6.76 | $582.4M | — | 10.1% |
| FY2020 | $80.9M | $331.2M | $5.10 | $428.8M | — | 8.1% |
| FY2019 | $89.0M | $443.6M | $6.84 | $427.4M | — | 12.2% |
| FY2018 | $85.2M | $454.9M | $6.90 | $483.1M | — | 13.6% |
| FY2017 | $1.2B | $364.1M | $5.51 | $504.0M | — | 11.6% |
| FY2016 | $1.1B | $304.3M | $4.70 | $384.2M | — | 10.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CULLEN/FROST BANKERS, INC. is facing top-line stagnation, with revenue contracting over the decade.
CULLEN/FROST BANKERS, INC. 10-year average ROIC is N/A; capital efficiency cannot be assessed from the available history.
CULLEN/FROST BANKERS, INC. 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, CULLEN/FROST BANKERS, INC. is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $209.68 per share.