Commerce Bancshares, Inc.CBSH
NasdaqGS•Financial Services•Banks - Regional
Commerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Retail Banking, Commercial, and Wealth. The Retail Banking segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; retail branch network; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards. The Commercial segment provides corporate lending, leasing, international, merchant and commercial bank card, and securities safekeeping and bond accounting services; and business products, government deposits, and related commercial cash management services, as well as sells fixed income securities to correspondent banks, corporations, public institutions, municipalities, and individuals. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment portfolio management, and brokerage services, as well as private banking accounts. The company offers private equity investment, securities brokerage, insurance agency, specialty lending, and leasing services, as well as online and mobile banking services. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.
Commerce Bancshares, Inc. (CBSH) reported trailing twelve months revenue of $2.19B as of March 2026, a 4.0% increase year-over-year. Quarterly revenue reached $572.36M, reflecting continued top-line momentum.
Commerce Bancshares, Inc. generated $576.28M in TTM net income, with quarterly EBITDA of $206.26M. The operating margin expanded from 32.0% to 32.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (32.4%) and net margin (24.7%) indicates moderate non-operating costs. Net margin has narrowed from 25.1% a year ago, reflecting increased costs or interest expense.
CBSH trades at a P/E of 14.1x (below the broader market average) and a P/S of 3.7x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $678.42M in free cash flow over the trailing twelve months, a 438.4% increase year-over-year, indicating strong cash generation ability. The balance sheet shows $35.72B in total assets with $8.04M in long-term debt against $4.30B in stockholders equity for a debt-to-equity ratio of 0.0, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~33.8%, suggesting durable pricing power and cost discipline.
ROE averages 15.0% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~7.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~34.3% — no sign of cost or pricing stress.
FCF covers net income by 1.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.0 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 13.5% — significant dilution, likely from stock compensation or capital raises.