Cullen/Frost Bankers, Inc. Financial Ratios — CFR Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	16.7	16.81	15.15	16.42	15.25	15.46	17.06	19.31	17.05	12.15	15.27	18.27	16.97	15.13	15.54
Return on Assets (%)	1.15	1.1	1	1.06	0.98	1.04	1.18	1.42	1.34	0.87	0.95	1.12	1.15	1.13	1.23
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.32	4.23	4.17	3.96	3.96	4.28	3.97	3.83	3.95	4.47	5.05	4.21	3.85	4.01	3.93
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	32.83	34.52	31.5	33.37	30.02	30.32	33.95	38.85	36.51	24.37	35.69	39.43	35.85	33.72	34.52
Profit Margin (%)	24.95	26.63	25.76	27.6	26.22	27.02	30.27	34.75	32.43	22.97	32.3	34.15	30.09	28.23	29.02
Net Income to Common Margin (%)	24.95	26.63	25.03	26.8	25.46	26.3	29.6	34.13	31.84	22.83	31.78	33.75	29.76	27.9	28.72
Effective Tax Rate (%)	24	22.86	18.23	17.27	12.66	10.88	10.83	10.57	11.19	5.74	9.49	13.41	16.06	16.3	15.96
Dvd Payout Ratio (%)	51.58	49.11	51.75	47.12	48.72	45.54	40.49	37.03	40.64	54.87	43.31	36.64	39.29	42.1	39.78
Sustainable Growth Rate (%)	8.08	8.55	7.31	8.69	7.82	8.42	10.15	12.16	10.12	5.48	8.66	11.57	10.3	8.76	9.36

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	224	224	224	237	236	236	235	235	235	235	222	222	223	223	223
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	224	224	224	237	236	236	235	235	235	235	222	222	223	223	223
Total Debt/EBITDA	5.95	5.92	5.82	5.95	5.6	4.9	4.91	4.68	4.35	3.66	3.21	3.12	2.91	2.69	2.54
Net Debt/EBITDA	-70.81	-85.15	-111.98	-102.74	-78.05	-80.67	-97.43	-61.5	-59.1	-156.17	-235.52	-162.57	-109.63	-120.7	-98.44
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.67	6.38	6.48	6.05	6.46	6.58	6.89	7.56	7.84	6.49	5.81	6.26	7.2	7.52	8.13
Long-Term Debt/Equity (%)	9.8	9.25	8.9	8.32	8.16	7.86	7.12	6.97	6.01	5.48	5	7.09	5.99	5.72	4.88
Long-Term Debt/Capital (%)	14.17	13.16	11.51	11.33	10.6	9.98	9.14	8.33	7.72	7.51	6.68	6.05	5.53	5.16	4.77
Long-Term Debt/Total Assets (%)	1.1	0.97	0.92	0.84	0.83	0.78	0.74	0.73	0.69	0.56	0.44	0.42	0.44	0.42	0.42
Total Debt/Equity (%)	9.8	9.25	8.9	8.32	8.16	7.86	7.12	6.97	6.01	5.48	5	7.09	5.99	5.72	4.88
Total Debt/Capital (%)	14.17	13.16	11.51	11.33	10.6	9.98	9.14	8.33	7.72	7.51	6.68	6.05	5.53	5.16	4.77
Total Debt/Total Assets (%)	1.1	0.97	0.92	0.84	0.83	0.78	0.74	0.73	0.69	0.56	0.44	0.42	0.44	0.42	0.42
Net Debt to Equity	-116.69	-133.06	-171.36	-143.66	-113.78	-129.44	-141.25	-91.6	-81.72	-234.16	-367.58	-369.69	-225.48	-256.4	-188.96
Net Debt/Capital (%)	203.53	184.84	166.48	182.8	253.29	221.35	200.26	616.32	832.5	140.48	123.48	142.44	183.12	169.47	206.43
EBITDA	38	38	38	40	42	48	48	50	54	64	69	71	76	83	88
EBITDA-CapEx	11	13	-1	-92	-105	-5	14	-29	-153	-31	3	-31	-82	-45	-59
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.67	6.38	6.48	6.05	6.46	6.58	6.89	7.56	7.84	6.49	5.81	6.26	7.2	7.52	8.13
Long-Term Debt/Equity (%)	9.8	9.25	8.9	8.32	8.16	7.86	7.12	6.97	6.01	5.48	5	7.09	5.99	5.72	4.88
Long-Term Debt/Capital (%)	14.17	13.16	11.51	11.33	10.6	9.98	9.14	8.33	7.72	7.51	6.68	6.05	5.53	5.16	4.77
Long-Term Debt/Total Assets (%)	1.1	0.97	0.92	0.84	0.83	0.78	0.74	0.73	0.69	0.56	0.44	0.42	0.44	0.42	0.42
Total Debt/Equity (%)	9.8	9.25	8.9	8.32	8.16	7.86	7.12	6.97	6.01	5.48	5	7.09	5.99	5.72	4.88
Total Debt/Capital (%)	14.17	13.16	11.51	11.33	10.6	9.98	9.14	8.33	7.72	7.51	6.68	6.05	5.53	5.16	4.77
Total Debt/Total Assets (%)	1.1	0.97	0.92	0.84	0.83	0.78	0.74	0.73	0.69	0.56	0.44	0.42	0.44	0.42	0.42
CFO/Total Liabilities	1.52	1.45	0.8	1.14	1.54	1.61	1.89	1.94	2.11	1.38	1.4	1.45	1.02	2.04	0.57
CFO/CapEx	10.27	12.05	4.38	2.2	2.68	8.16	15.78	7.09	3.07	5.49	9.84	7.05	3.02	7.74	1.87
Altman's Z-Score	0.25	0.23	0.26	0.23	0.22	0.25	0.26	0.27	0.28	0.21	0.21	0.22	0.23	0.25	0.26

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.41	2.72	3.2	3.22	3.13	3.06	3.02	3.05	3.05	2.81	2.29	2.01	3.69	- -	- -
Days Sales Outstanding	151.57	133.97	114.02	113.45	116.74	119.39	121	119.69	119.86	129.8	159.28	181.89	99	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	3,233	3,327	4,492	4,385	3,765	5,503	6,029	5,602	6,135	5,472	8,020	8,578	6,965	8,608	8,111
- Cash & Cash Equivalents	2,888	3,441	4,532	4,333	3,525	4,123	4,893	3,321	3,432	10,288	16,541	11,820	8,603	10,219	8,864
+ Preferred Equity and Hybrid Capital	- -	- -	144	144	144	144	144	144	144	145	145	145	145	145	145
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	224	224	224	237	236	236	235	235	235	235	222	222	223	223	223
Enterprise Value	-7,221	-6,093	-5,567	-8,028	-8,585	-8,442	-8,974	-8,726	-8,187	-14,873	-22,078	-21,118	-17,847	-16,286	-1,466
Total Capital	1,579	1,700	1,944	2,093	2,226	2,367	2,567	2,820	3,048	3,132	3,325	3,678	4,026	4,320	4,678
Total Debt/Capital (%)	14.17	13.16	11.51	11.33	10.6	9.98	9.14	8.33	7.72	7.51	6.68	6.05	5.53	5.16	4.77
Total Debt / EV	-0.03	-0.04	-0.04	-0.03	-0.03	-0.03	-0.03	-0.03	-0.03	-0.02	-0.01	-0.01	-0.01	-0.01	-0.15
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	3,242	3,345	4,549	4,448	3,808	5,556	6,120	5,689	6,203	5,496	8,081	8,626	6,987	8,627	8,117
Diluted Enterprise Value	578	129	385	497	664	1,814	1,606	2,747	3,151	-4,411	-8,092	-2,826	-1,247	-1,223	-379
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	872	894	923	1,007	1,065	1,126	1,203	1,309	1,368	1,441	1,372	1,696	1,987	2,064	2,235
TTM EBITDA	38	38	38	40	42	48	48	50	54	64	69	71	76	83	88
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	274	300	174	290	395	438	538	562	634	524	648	723	479	990	274
TTM Free Cash Flow to Firm	301	325	213	422	542	491	572	642	841	620	714	825	637	1,117	421

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	10.77	10.3	21.34	10.55	7.03	11.3	10.7	8.87	7.38	8.87	11.32	10.46	10.96	7.72	19.3
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-7,221	-6,093	-5,567	-8,028	-8,585	-8,442	-8,974	-8,726	-8,187	-14,873	-22,078	-21,118	-17,847	-16,286	-1,466
Low Price	43.57	53.37	54.91	67.46	59.27	42.41	81.09	81.87	79.86	47.69	85.58	112.67	82.25	94.09	100.31
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	14.86	13.98	19.43	16.25	13.88	18.58	16.93	12.54	14.09	16.62	18.4	14.98	11.78	14.95	12.64
Price/Earnings Average	15.27	14.56	17.36	17.58	15.94	13.86	16.5	15.18	13.62	14.28	16.8	15.13	11.6	12.6	12.77
Price/Earnings High	17.58	15.74	19.94	18.86	18.56	18.74	18.49	17.34	15.3	18.72	20.39	18	15.13	16.44	14.61
Price/Earnings Low	12.24	13.75	14.34	15.51	13.71	8.93	14.5	11.67	11.5	9.09	12.49	12.63	8.93	10.48	10.01
Price/Book Value	2.39	2.25	2.85	2.56	2.04	2.77	2.76	2.3	2.3	1.99	2.71	2.59	1.9	2.18	1.88
Price/Book Value Average	2.45	2.35	2.55	2.77	2.34	2.07	2.69	2.78	2.22	1.71	2.48	2.62	1.87	1.84	1.9
Price/Book Value High	2.82	2.54	2.92	2.97	2.73	2.79	3.01	3.18	2.5	2.24	3	3.11	2.45	2.4	2.18
Price/Book Value Low	1.96	2.22	2.1	2.45	2.02	1.33	2.36	2.14	1.88	1.09	1.84	2.18	1.44	1.53	1.49
Price/Tangible Book Value	1.85	1.78	2.46	2.15	1.81	2.51	2.42	2.18	1.97	1.57	2.2	3.67	1.95	2.29	1.83
Price/Tangible Book Value Average	1.9	1.85	2.2	2.33	2.08	1.87	2.36	2.64	1.91	1.35	2.01	3.71	1.92	1.93	1.85
Price/Tangible Book Value High	2.19	2	2.52	2.49	2.42	2.53	2.64	3.02	2.14	1.76	2.44	4.41	2.51	2.52	2.12
Price/Tangible Book Value Low	1.53	1.75	1.81	2.05	1.79	1.2	2.07	2.03	1.61	0.86	1.5	3.09	1.48	1.61	1.45
Price/Sales	3.71	3.72	4.86	4.35	3.53	4.89	5.01	4.28	4.48	3.8	5.85	5.06	3.51	4.17	3.63
Price/Sales Average	3.81	3.88	4.35	4.71	4.06	3.65	4.88	5.18	4.34	3.26	5.34	5.11	3.45	3.52	3.67
Price/Sales High	4.39	4.19	4.99	5.05	4.73	4.93	5.47	5.92	4.87	4.27	6.48	6.07	4.5	4.59	4.2
Price/Sales Low	3.05	3.66	3.59	4.16	3.49	2.35	4.29	3.98	3.66	2.08	3.97	4.26	2.66	2.92	2.87
Price/Cash Flow	11.78	11.09	25.87	15.13	9.54	12.57	11.2	9.96	9.68	10.44	12.37	11.87	14.55	8.7	29.61
Price/Cash Flow Average	12.11	11.55	23.12	16.37	10.95	9.38	10.92	12.06	9.36	8.97	11.3	11.99	14.32	7.33	29.91
Price/Cash Flow High	13.94	12.49	26.54	17.56	12.75	12.68	12.24	13.78	10.51	11.75	13.71	14.26	18.68	9.57	34.24
Price/Cash Flow Low	9.7	10.9	19.09	14.45	9.42	6.04	9.6	9.27	7.9	5.71	8.4	10	11.03	6.1	23.45
Price/Free Cash Flow Average	11.07	10.73	19.06	11.41	8.07	8.43	10.42	10.73	7.14	7.62	10.34	10.56	10.79	6.51	19.5
Price/Free Cash Flow High	12.74	11.59	21.89	12.24	9.4	11.4	11.68	12.26	8.02	9.99	12.54	12.56	14.08	8.49	22.32
Price/Free Cash Flow Low	8.87	10.13	15.74	10.07	6.94	5.43	9.16	8.25	6.03	4.85	7.68	8.81	8.31	5.41	15.29
EV/Sales Average	0.75	0.28	- -	0.79	1.11	0.32	1.13	2.93	2.11	- -	- -	- -	- -	- -	- -
EV/Sales High	1.33	0.59	0.48	1.13	1.77	1.61	1.72	3.67	2.64	- -	- -	- -	0.36	- -	0.4
EV/Sales Low	- -	0.06	- -	0.23	0.54	- -	0.54	1.74	1.43	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	17.47	6.57	-3.91	19.87	27.97	7.56	28.45	76.57	53.26	-80.88	-127.69	-39.09	-18	-31.31	-3.42
EV/EBITDA High	30.82	14.01	11.56	28.55	44.87	37.53	43.3	95.85	66.79	-58.21	-105.16	-16.1	9.3	-4.63	10.07
EV/EBITDA Low	-0.06	1.45	-22.09	5.91	13.66	-22.76	13.62	45.33	36.21	-107.44	-154.85	-59.21	-38.64	-46.09	-23.59
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	52.91	54.27	74.43	70.64	60	88.23	94.65	87.94	97.78	87.23	126.07	133.7	108.49	134.25	126.63
High Price	62.59	61.11	76.36	82	80.23	88.98	103.37	121.66	106.23	98.21	139.7	160.6	139.33	147.64	146.44
Enterprise Value Average	657	248	-151	792	1,179	364	1,360	3,842	2,881	-5,206	-8,848	-2,789	-1,376	-2,593	-300
Enterprise Value High	1,160	529	445	1,138	1,891	1,808	2,070	4,809	3,613	-3,747	-7,287	-1,149	711	-384	884
Enterprise Value Low	-2	55	-850	236	575	-1,097	651	2,274	1,958	-6,916	-10,729	-4,224	-2,954	-3,817	-2,071

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	61	61	61	63	62	63	63	63	63	63	64	64	64	64	63
Diluted Weighted Avg Shares	61	62	61	63	63	63	65	65	63	63	64	65	64	64	64
Basic Weighted Avg Shares	61	61	60	62	63	62	64	64	63	63	64	64	64	64	64
Revenue per Share	14.27	14.58	15.3	16.22	16.98	18.05	18.89	20.55	21.8	22.98	21.56	26.44	30.95	32.18	34.9
EBITDA per Share	0.62	0.62	0.64	0.64	0.67	0.77	0.75	0.79	0.86	1.03	1.09	1.11	1.19	1.29	1.37
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	3.56	3.88	3.83	4.35	4.32	4.75	5.59	7.01	6.94	5.25	6.85	8.92	9.21	8.98	10.02
Basic EPS from Cont Ops	3.56	3.88	3.94	4.48	4.45	4.88	5.72	7.14	7.07	5.28	6.97	9.03	9.31	9.09	10.13
Diluted EPS, GAAP	3.55	3.86	3.78	4.29	4.27	4.7	5.51	6.91	6.87	5.22	6.8	8.87	9.18	8.96	10.01
Diluted EPS from Cont Ops	3.55	3.86	3.89	4.41	4.4	4.83	5.63	7.03	6.99	5.26	6.91	8.98	9.28	9.06	10.12
Dividend per Share	1.84	1.91	2.09	2.18	2.23	2.29	2.39	2.72	2.95	2.91	3.08	3.37	3.72	3.89	4.09
Cash Flow per Share	4.49	4.89	2.88	4.67	6.29	7.02	8.45	8.83	10.11	8.36	10.19	11.26	7.46	15.43	4.28
Free Cash Flow per Basic Share	4.05	4.49	2.22	2.54	3.95	6.16	7.91	7.58	6.81	6.84	9.16	9.67	4.99	13.44	1.99
Cash & Equivalents per Share	174.76	157.33	172.78	206.12	202.86	229.67	241.5	230.88	234.32	330.41	478.92	468.6	392.2	393.98	155.27
Book Value per Share	22.18	24.09	26.11	27.56	29.41	31.84	34.35	38.31	42.53	43.86	46.49	51.6	56.98	61.64	67.28
Tangible Book Value per Share	28.56	30.57	30.27	32.87	33.18	35.21	39.15	40.28	49.56	55.65	57.19	36.42	55.62	58.53	69.12

Cullen/Frost Bankers, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)