MeritValue

COMMERCE BANCSHARES INC /MO/

CBSHdata completeness 75%18 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'realEstateImpairment'

The thesis, from the filings

COMMERCE BANCSHARES INC /MO/ earns about 310% on invested capital. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$848.3M1$999M2$1.38B3$1.47B3$1.48B3
Net income$530.8M4$488.4M5$477.1M6$526.3M6$566.3M6
Operating cash flow$597.7M7$559.4M8$488.8M9$577.9M9$645.1M9
Capital expenditure$56.7M10$65.2M11$88.1M12$46.1M12$52.7M12
Free cash flow (derived)$541M7$494.2M8$400.7M9$531.7M9$592.4M9
Total debt—————
Cash & equivalents$4.3B13$897.8M14$2.69B14$3.38B14$3.55B14
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on invested capital
310% avg · 5y
FY21 —FY22 35%FY23 306%FY24 —FY25 590%

It earned an average 310% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.5.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000022356-24-000013 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0000022356-25-000016 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0000022356-26-000069 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0000022356-24-000013 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000022356-25-000016 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000022356-26-000069 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000022356-24-000013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000022356-25-000016 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000022356-26-000069 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000022356-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000022356-25-000016 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000022356-26-000069 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000022356-25-000016 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0000022356-26-000069 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)