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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	10.01	10.12	9.66	10.63	9.95	10.57	11.85	14.01	12.46	8.32	10.33	15.71	18.02	15.73	15.69
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 (%)	4.85	5.15	4.66	5.62	5.1	5.76	7.05	8.82	7.4	3.75	5.86	9.96	10.94	9.1	9.45

Credit (USD)

Credit Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	11.24	10.45	9.75	9.57	9.61	9.46	9.93	9.98	11.07	9.78	8.44	5.66	7.02	7.15	8.35
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 (%)	8.92	8.47	8.17	7.68	7.55	7.29	6.64	6.52	5.67	5.2	4.77	6.62	5.65	5.41	4.65
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 (%)	8.92	8.47	8.17	7.68	7.55	7.29	6.64	6.52	5.67	5.2	4.77	6.62	5.65	5.41	4.65
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 (%)	699.33	402.44	240.14	329.06	825.63	439.63	342.4	-1,089.99	-447.07	174.54	137.37	137.08	179.69	163.94	212.41
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)

Liquidity Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.24	10.45	9.75	9.57	9.61	9.46	9.93	9.98	11.07	9.78	8.44	5.66	7.02	7.15	8.35
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 (%)	8.92	8.47	8.17	7.68	7.55	7.29	6.64	6.52	5.67	5.2	4.77	6.62	5.65	5.41	4.65
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 (%)	8.92	8.47	8.17	7.68	7.55	7.29	6.64	6.52	5.67	5.2	4.77	6.62	5.65	5.41	4.65
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	0.26	0.26	0.26	0.27	0.21	0.21	0.22	0.23	0.25	0.26

Working Capital (USD)

Working Capital Ratios API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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)

Enterprise Value API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	3,241	3,336	4,508	4,461	3,719	5,600	6,008	5,539	6,128	5,496	8,067	8,604	6,963	8,619	8,014
- 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	-7,213	-6,084	-5,551	-7,952	-8,632	-8,345	-8,995	-8,790	-8,194	-14,848	-22,031	-21,092	-17,849	-16,276	-1,563
Total Capital	2,507	2,641	2,738	3,089	3,126	3,239	3,533	3,604	4,147	4,528	4,662	3,360	3,939	4,121	4,796
Total Debt/Capital (%)	8.92	8.47	8.17	7.68	7.55	7.29	6.64	6.52	5.67	5.2	4.77	6.62	5.65	5.41	4.65
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	-0.14
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)

Valuation Multiples API ChatGPT

	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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	-7,213	-6,084	-5,551	-7,952	-8,632	-8,345	-8,995	-8,790	-8,194	-14,848	-22,031	-21,092	-17,849	-16,276	-1,563
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	1.42	1.38	1.9	1.65	1.35	1.96	1.91	1.72	1.63	1.33	1.88	2.88	1.95	2.3	1.81
Price/Book Value Average	1.46	1.44	1.7	1.78	1.55	1.46	1.86	2.08	1.57	1.14	1.72	2.9	1.92	1.94	1.83
Price/Book Value High	1.68	1.55	1.95	1.91	1.81	1.98	2.08	2.38	1.77	1.49	2.08	3.45	2.5	2.53	2.09
Price/Book Value Low	1.17	1.36	1.4	1.57	1.34	0.94	1.63	1.6	1.33	0.72	1.28	2.42	1.48	1.61	1.43
Price/Tangible Book Value	1.86	1.78	2.47	2.19	1.79	2.55	2.41	2.16	1.97	1.57	2.22	3.68	1.95	2.3	1.81
Price/Tangible Book Value Average	1.91	1.85	2.2	2.37	2.05	1.9	2.35	2.61	1.91	1.35	2.03	3.72	1.92	1.94	1.83
Price/Tangible Book Value High	2.2	2	2.53	2.54	2.39	2.57	2.63	2.99	2.14	1.77	2.46	4.42	2.5	2.53	2.09
Price/Tangible Book Value Low	1.53	1.75	1.82	2.09	1.76	1.23	2.06	2.01	1.61	0.86	1.51	3.1	1.48	1.61	1.43
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	0.76	0.29	- -	0.87	1.06	0.39	1.11	2.88	2.1	- -	- -	- -	- -	- -	- -
EV/Sales High	1.34	0.6	0.5	1.22	1.72	1.69	1.7	3.61	2.64	- -	- -	- -	0.36	- -	0.35
EV/Sales Low	0.01	0.07	- -	0.31	0.5	- -	0.53	1.69	1.43	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	17.71	6.83	-3.54	21.94	26.7	9.06	28.03	75.05	53.14	-80.55	-127.07	-38.71	-18.03	-31.21	-4.53
EV/EBITDA High	31.09	14.29	11.99	30.76	43.4	39.56	42.83	94.11	66.65	-57.77	-104.41	-15.66	9.27	-4.5	8.79
EV/EBITDA Low	0.13	1.69	-21.78	7.73	12.57	-21.8	13.25	44.15	36.1	-107.23	-154.39	-58.89	-38.66	-46.01	-24.46
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	666	258	-136	875	1,125	436	1,340	3,765	2,874	-5,185	-8,805	-2,762	-1,378	-2,584	-398
Enterprise Value High	1,170	540	461	1,227	1,829	1,906	2,048	4,722	3,605	-3,719	-7,235	-1,117	708	-372	772
Enterprise Value Low	5	64	-838	308	530	-1,050	633	2,215	1,953	-6,902	-10,697	-4,202	-2,955	-3,810	-2,148

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	174.29	156.88	172.16	202.61	205.4	225.7	242.33	233.51	234.59	328.92	476.13	467.16	392.32	393.51	157.15
Book Value per Share	37.27	39.33	39.13	42.87	44.3	45.03	49.68	51.19	60.11	65.82	67.11	46.49	55.64	58.46	69.96
Tangible Book Value per Share	28.48	30.48	30.16	32.31	33.6	34.6	39.28	40.74	49.62	55.4	56.86	36.31	55.64	58.46	69.96

Cullen/Frost Bankers, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)