Cullen/Frost Bankers
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
14.7713.32
Price/Sales ratio
3.693.39
Earnings per Share (EPS)
$8.48$9.41

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
15.7713.4818.0816.5512.3113.8216.5218.0914.8111.9016.6812.31
Price/Sales ratio
4.353.534.885.014.274.483.795.8438.923.663.924.48
Price/Book Value ratio
1.531.301.831.821.661.561.271.802.731.912.131.66
Price/Cash Flow ratio
15.299.5612.5611.209.969.6710.4312.3711.8714.8610.549.96
Price/Free Cash Flow ratio
28.3415.2814.3211.9611.5914.3512.7513.7613.8322.2312.2411.59
Price/Earnings Growth ratio
1.20-58.231.850.940.43-3.79-0.640.550.4915.0314.680.43
Dividend Yield
3.08%3.72%2.59%2.52%3.09%3.01%3.33%2.44%2.52%3.35%2.76%3.01%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%100%107.81%100%
Operating Profit Margin
38.40%34.85%31.39%39.98%45.98%36.51%24.37%35.69%460.50%36.70%29.03%36.51%
Pretax Profit Margin
33.36%30.01%30.31%33.94%38.85%36.51%24.37%35.69%303.48%36.70%28.65%36.51%
Net Profit Margin
27.60%26.21%27.02%30.27%34.74%32.42%22.97%32.30%262.79%30.80%24.01%32.42%
Effective Tax Rate
17.27%12.65%10.88%10.82%10.56%11.18%5.74%9.49%13.40%16.05%16.18%10.56%
Return on Assets
0.98%0.97%1.00%1.14%1.40%1.33%0.80%0.90%1.09%1.17%1.03%1.33%
Return On Equity
9.74%9.66%10.13%11.04%13.50%11.33%7.71%9.97%18.46%16.08%13.99%13.50%
Return on Capital Employed
1.37%1.30%1.17%1.52%1.87%1.52%0.87%1.01%1.95%1.40%2.98%1.87%
Liquidity Ratios
Current Ratio
0.500.500.530.550.530.50N/AN/AN/AN/A0.540.53
Quick Ratio
63.0176.3297.7995.47107.7135.0743.5563.4537.30N/A0.5435.07
Cash ratio
17.3117.4024.3725.0819.266.2814.0921.9213.64N/A0.026.28
Days of Sales Outstanding
123.76116.89128.57121.63127.61N/AN/AN/AN/AN/AN/AN/A
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.000.000.000.000.000.000.000.000.000.000.000.00
Debt Equity Ratio
0.080.080.070.070.060.060.050.050.070.050.050.06
Long-term Debt to Capitalization
0.070.070.070.060.060.050.050.040.060.050.050.05
Total Debt to Capitalization
0.070.070.070.060.060.050.050.040.060.050.050.05
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.81N/A
Cash Flow to Debt Ratio
1.201.661.852.292.392.692.222.913.242.153.762.39
Company Equity Multiplier
9.919.8810.059.629.588.519.5411.0116.8613.6812.339.58
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.280.360.380.440.420.460.360.473.270.240.370.46
Free Cash Flow / Operating Cash Flow Ratio
0.530.620.870.930.850.670.810.890.850.660.840.67
Cash Flow Coverage Ratio
1.201.661.852.292.392.692.222.913.242.153.762.39
Short Term Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Dividend Payout Ratio
48.65%50.20%46.98%41.80%38.14%41.71%55.14%44.22%37.37%39.96%46.65%38.14%