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Earnings transcript
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CFR
Cullen/Frost Bankers, Inc.
$143.69
2.84
(2.02%)
| Exchange: | NYSE |
| Market Cap: | 9.023B |
| Shares Outstanding: | 31.212M |
Delayed data
About The Company
| Sector: | Financial Services | |||||
| Industry: | Banks – Regional | |||||
| CEO: | Phillip D. Green | |||||
| Full Time Employees: | 5854 | |||||
| Address: |
| |||||
| Website: | https://www.frostbank.com |
Cullen/Frost Bankers, Inc., established in 1868 and headquartered in San Antonio, Texas, operates as the holding company for Frost Bank, delivering a comprehensive array of commercial and consumer banking services solely within the state of Texas. Its operations are structured into two primary segments: Banking and Frost Wealth Advisors. For corporate and business clients, the commercial banking division offers financing solutions for a wide range of needs, including industrial and commercial real estate, interim construction, equipment, inventory, accounts receivable, and business acquisitions. This also extends to commercial leasing and treasury management services. Consumer banking customers benefit from a full suite of services, including checking and savings accounts, readily accessible ATMs, overdraft protection, various loan products (such as installment, real estate, home equity loans and lines of credit), convenient drive-in and night deposit options, secure safe deposit boxes, and brokerage services. The institution further provides international banking services, encompassing foreign deposits, loans, letters of credit, global collections, fund transfers, and foreign exchange. Functioning as a correspondent bank for roughly 171 financial institutions, Cullen/Frost Bankers also manages trust, investment, agency, and custodial services through Frost Wealth Advisors for both individual and corporate clients. Its capital markets arm engages in sales and trading, underwriting new issues, money market trading, advisory functions, and securities safekeeping and clearance, while also facilitating international business endeavors. Complementing these, the company offers insurance and securities brokerage. It also maintains a portfolio of investment securities and provides investment management services to its own mutual funds, institutions, and private individuals. Cullen/Frost Bankers maintains a significant physical presence with approximately 157 financial centers and 1,650 automated teller machines. It caters to a diverse array of sectors, including energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,646,258 | 2,849,735 | 2,919,842 |
| Gross Profit | 1,941,035 | 1,998,725 | 2,191,042 |
| EBITDA | 788,815 | 778,784 | 859,487 |
| Operating Income | 712,373 | 695,967 | 771,702 |
| Net Income | 597,973 | 582,542 | 648,557 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 50,845,038 | 52,520,259 | 53,041,424 |
| Total Liabilities | 47,128,591 | 48,621,671 | 48,468,388 |
| Total Stockholders Equity | 3,716,447 | 3,898,588 | 4,573,036 |
| Total Debt | 4,364,006 | 4,587,748 | 0 |
| Cash and Cash Equivalents | 8,602,626 | 10,218,683 | 681,325 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 478,845 | 989,532 | 273,979 |
| Capital Expenditure | -158,630 | -127,776 | 0 |
| Free Cash Flow | 320,215 | 861,756 | 273,979 |
| Net Income | 597,973 | 582,542 | 648,557 |
| Net Change in Cash | -3,340,856 | 1,546,982 | -1,360,203 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,590,428.100 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 2,621,399.341 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 2,605,913.721 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 859,906.078 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 870,187.142 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 865,046.610 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 730,233.126 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 747,683.438 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 738,958.282 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 834,665.627 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 844,644.916 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 839,655.272 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 11.530 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 11.660 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 11.390 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 2 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: Cullen/Frost reported strong earnings in Q2 2025, with key financial results indicating robust revenue and net income growth as per the earnings call transcript. Metrics such as return on equity (ROE TTM) and net profit margin (TTM) from the key metrics data suggest efficient capital utilization and profitability compared to industry benchmarks.
- Strong Liquidity Position: The balance sheet data highlights a healthy level of cash and cash equivalents alongside a favorable current ratio (TTM) and quick ratio (TTM), indicating the company’s ability to meet short-term obligations and maintain financial stability.
- Regional Market Dominance: As per the earnings call summary, Cullen/Frost benefits from a strong presence in Texas, a region with significant economic activity, providing a stable customer base and consistent revenue streams as evidenced by revenue geo segments data.
- Dividend Consistency: The company maintains a competitive dividend yield (TTM) as shown in key metrics, appealing to income-focused investors, supported by a history of dividend payments reflected in cash flow statements.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates CFR intrinsic value between $155.13 – $197.86 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
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Common questions about CFR valuation
Is Cullen/Frost Bankers, Inc. (CFR) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Cullen/Frost Bankers, Inc. (CFR) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is CFR a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether CFR trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is CFR’s P/E ratio?
You can see CFR’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for CFR?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is CFR a good long-term investment?
Whether CFR fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
CFR
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Daily snapshot
2.02
Trading Metrics:
| Open: | 141.6 | Previous Close: | 140.85 | |
| Day Low: | 141.6 | Day High: | 144.8 | |
| Year Low: | 119 | Year High: | 148.97 | |
| Price Avg 50: | 139.54 | Price Avg 200: | 133.06 | |
| Volume: | 628684 | Average Volume: | 528401 |
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Login — it's freeCFR full analysis
Welcome everyone, welcome to MARKETSNAP’s SWOT analysis for Cullen/Frost Bankers, Inc., also known by its ticker CFR. If you’re a long-term investor looking to dig into a regional banking player with a strong Texas footprint, you’re in the right place. Today, we’re breaking down the strengths, weaknesses, opportunities, and threats for this company, while weaving in some recent performance trends and key insights to help you decide if this stock fits your wealth-building strategy. Let’s dive in with a quick…
