Cullen/Frost is a regional US bank with around $54 billion in assets (as of June 2026), and it focuses exclusively on the Texas market. The bank has deep expertise in this market.
It is a $9.34B financial services company. Revenue grew 115.9% over the last year, and it keeps 525¢ of every dollar of sales as profit. It trades at 13.7× earnings — in the cheapest third of its own history.
- Website
- frostbank.com
- Location
- San Antonio, TX
- Employees
- 6 008
- Sector
- Financial Services
- Founded
- 1868
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability; Growth lags behind.
Valuation70
- P/E vs own history29th pct · 20/25
- FCF yield5.8% · 20/25
- P/S3.2x · 20/25
- EV/EBITDAn/a · 10/25
Growth49
- Revenue CAGR9.9% · 12/25
- Net income CAGR10.0% · 12/25
- EPS CAGR ~5Y12.0% · 20/25
- Fwd implied growth1.3% · 5/25
Profitability95
- ROIC74.4% · 25/25
- ROE15.0% · 20/25
- Net margin525.4% · 25/25
- Operating margin40.8% · 25/25
Health50
- Altman Zn/a · 0/25
- Current ration/a · 0/25
- Interest coverageno interest expense · 25/25
- Net cash / debtNet cash · 25/25
Quality50
- Piotroski F5/9 · 15/25
- Beneish M-2.31 · 20/25
- FCF conversion79% · 15/25
- Margin stabilityσ 323.1% · 0/25
Moat50
- ROIC >12% years1/6 yrs · 0/25
- Median gross marginn/a · 0/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 26.7% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$649M net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$1.14B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2014AcquisitionIt acquired Western National Bank
- 2005Acquisition-2006, the company acquired Alamo Bank of Texas, Horizon Capital Bank, Summit Bancshares Inc
- 1999AcquisitionFrost Bank acquired Commerce Financial Corp. and Frost Insurance Agency, a subsidiary of the bank acquired…
- 1988MilestoneFirst City was subsequently rescued by the FDIC in 1988 and ultimately declared bankruptcy in 1992 before being…
- 1983AcquisitionThe bank announced it intended to merge with First City Bancorp of Houston, Texas, however the merger was…
- 1977AcquisitionThe company merged with Cullen Bankers, Inc. of Houston forming Cullen/Frost Bankers, Inc
- 1928AcquisitionOver the years, Frost has grown both organically and through the acquisition of other banks, beginning in 1928 with…
- 1868FoundedFrost Bank was founded in 1868 as a mercantile partnership in San Antonio by Thomas Claiborne Frost, who had served…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Strongly profitable — 525.4% net margin
- Revenue growing 115.9% year over year
- Strong cash conversion — FCF is 416.1% of revenue
- Net cash position after subtracting debt from cash
- High returns on invested capital (ROIC 74.4%)
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+115.9% YoY
- Profitable — makes more than it spends$684M TTM
- Profit growing — earnings are higher than last year+4.1% YoY
- Generates cash — cash left after running and investing$541M TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$9.34B market cap
- Not printing shares — share count not ballooning — you keep your slice+11.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 25/100
- Pays a dividend — returns cash to shareholdersyield 2.83%
- Valuation not extreme — price not wildly above earningsP/E 13.7
Peer comparisonCullen/Frost Bankers Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CFR this company | $9.3B | 13.7 | +115.9% | 525.4% | Strained |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: CFR vs BRK.A · CFR vs BRK.B · CFR vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CFR
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CFR on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $150.24 · market cap $9.34B.