CULLEN/FROST BANKERS, INC.
CFRdata completeness 88%18 fiscal years on fileData notes: no data for concept 'totalDebt'
CULLEN/FROST BANKERS, INC. earns about 15% on equity, comfortably above its ~9% cost of capital, with a roughly flat share count — a real edge showing up in the numbers. The estimate methods put fair value between $94.18 and $209.82 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $83.3M1 | $91.9M2 | $93.5M3 | $106.2M3 | $121.6M3 |
| Net income | $443.1M4 | $579.2M5 | $598M6 | $582.5M6 | $648.6M6 |
| Operating cash flow | $648.3M7 | $722.6M8 | $478.8M9 | $989.5M9 | $274M9 |
| Capital expenditure | $65.9M10 | $102.5M11 | $158.6M12 | $127.8M12 | $146.7M12 |
| Free cash flow (derived) | $582.4M7 | $620.1M8 | $320.2M9 | $861.8M9 | $127.3M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $16.6B13 | $12B14 | $8.69B14 | $10.2B14 | $8.87B14 |
| Diluted shares | 64.1M | 64.5M | 64.4M | 64.3M | 64.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $713.43 of net worth that earned you $101.18 and generated $19.86 of cash last year.
It earned about 15% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is roughly flat over 5 years — little dilution, little buyback.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $94.18 and $209.82 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$320.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$320.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$582.5M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $209.82 |
| Base | 0.0% | $209.82 |
| Bull | 5.0% | $227.09 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000039263-24-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000039263-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000039263-26-000011 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000039263-24-000013 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000039263-25-000017 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000039263-26-000011 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000039263-24-000013 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000039263-25-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000039263-26-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000039263-24-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000039263-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0000039263-26-000011 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0000039263-25-000017 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2022-12-31 · accession 0000039263-26-000011 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)