Cullen/Frost Bankers, Inc.CFR
NYSE•Financial Services•Banks - Regional
Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas. The company offers commercial banking services to corporations, including financing for industrial and commercial properties, interim construction related to industrial and commercial properties, equipment, inventories and accounts receivables, and acquisitions; and treasury management services. It also provides consumer banking services, such as checking accounts, automated-teller machines (ATMs), overdraft facilities, installment and real estate loans, first mortgage loans, home equity loans and lines of credit, drive-in and night deposit services, safe deposit facilities, and brokerage services. In addition, the company offers international banking services comprising deposits, loans, letters of credit, foreign collections, funds transmitting, and foreign exchange services; correspondent banking activities, including check clearing, transfer of funds, fixed income security services, and securities custody and clearance services. Further, it offers trust, investment, agency, and custodial services for individual and corporate clients; capital market services that include sales and trading, new issue underwriting, money market trading, advisory, and securities safekeeping and clearance; and support for international business activities, including foreign exchange, letters of credit, export-import financing, and other related activities. Additionally, the company offers insurance and securities brokerage services; holding of securities for investment purposes; and investment management services for mutual funds, institutions, and individuals. It serves energy, manufacturing, services, construction, retail, telecommunications, healthcare, military, and transportation industries. Cullen/Frost Bankers, Inc. was founded in 1868 and is headquartered in San Antonio, Texas.
Cullen/Frost Bankers, Inc. (CFR) reported trailing twelve months revenue of $2.92B as of March 2026, a 2.2% increase year-over-year. Quarterly revenue reached $714.28M, reflecting continued top-line momentum.
Cullen/Frost Bankers, Inc. generated $668.62M in TTM net income, with quarterly EBITDA of $88.31M. The operating margin expanded from 7.8% to 9.3%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (9.3%) and net margin (23.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 21.3% a year ago, signaling stronger bottom-line efficiency.
CFR trades at a P/E of 12.8x (below the broader market average) and a P/S of 2.9x. The price-to-book ratio of 1.9x reflects a moderate premium to book value.
The company generated $198.72M in free cash flow over the trailing twelve months, a 159.0% increase year-over-year, indicating cash generation ability. The balance sheet shows $52.72B in total assets with no in long-term debt against $4.53B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~9.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~14.3% on average, adequate but below the threshold typically associated with wide moats.
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 ~5.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~9.7% — no sign of cost or pricing stress.
FCF covers net income by 0.6x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
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.
Share count is stable — no significant dilution or buyback activity.