Commerce Bancshares, Inc. (CBSH) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: Commerce Bancshares, Inc.

Market cap $8B · 52 weeks $47 – $60 (7 % below the high) · P/E 13.2× · 2027 expected P/E 11.9× · Dividend 2.0 % · 4 years rising · Next earnings January 21, 2027 · expected EPS $1.09 · Closing price, Oct 30 · accounts published Oct 20.

• Valuation: P/B 1.9× (justified).
• Business: ROTCE 15.5 % (excellent).
• Balance sheet: Capital/assets 11.5 % (solid).
• Earnings: 8 of 8 (on track).

What would it be worth at its usual multiples?

At a P/B justified by its ROTCE del 15,5 % (2.0×) $59 (+7 %); at its peers' median (1.3×) $38 (-30 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in banking: 4 of 4 pass

• ROA 1.7 %, passes.
• ROTCE 15.5 %, passes.
• Equity / Assets (Tier 1 proxy) 11.5 %, passes.
• P/B (Price / Book) 1.9×, passes.
• Sustainable dividend yield 2.0 %, info.

Against its peers (reference peers) — Commerce Bancshares, Inc.: P/E 13.2×; P/B 1.9×; ROE 14.3 %; $7.8B. BOK Financial Corporation (P/E 11.8×; P/B 1.3×; ROE 11.2 %; $7.9B), Prosperity Bancshares, Inc. (P/E 12.5×; P/B —; ROE 9.4 %; $8.7B), UMB Financial Corporation (P/E 11.2×; P/B 1.3×; ROE 13.2 %; $10.2B).

Expensive or cheap against its last ten fiscal years?

Precio / valor contable at each close: today 1.9× · median 2.3× · minimum 1.6× · maximum 3.1× · cheap below 2.2× · expensive above 2.5×. It has been cheaper than today only 3% of the time over its last ten fiscal years.

Dividend

solid · Yield 2.0 % ($1.08 per share in 2025) · Years raising it 4 · 5-year growth +4 % a year · Free cash flow coverage payout 26 % · With $1,000 invested today you'd collect $20.00 a year ($1.67 a month).