# Cullen/Frost Bankers Inc. (CFR) — Stock CV

Cullen/Frost Bankers Inc. 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.

> 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.

## Identity

- **Ticker**: CFR
- **Sector**: Financial Services
- **Industry**: National Commercial Banks
- **Headquarters**: SAN ANTONIO, TX
- **Employees**: 6 008
- **Website**: https://www.frostbank.com
- **Market cap**: $9.34B
- **Last price**: $150.24
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $130M
- **Net income**: $684M
- **Free cash flow**: $541M
- **Net cash**: $3.70B
- **P/E**: 13.7
- **Revenue growth (YoY)**: 115.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 70 |
| Growth | 49 |
| Profitability | 95 |
| Health | 50 |
| Quality | 50 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +115.9% YoY
- [x] Profitable — $684M TTM
- [x] Profit growing — +4.1% YoY
- [x] Generates cash — $541M TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $9.34B market cap
- [ ] Not printing shares — +11.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 25/100
- [x] Pays a dividend — yield 2.83%
- [x] Valuation not extreme — P/E 13.7

## Experience (career milestones)

- **FY2025** — Best year on record: $649M net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.14B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2014** — It acquired Western National Bank
- **2005** — -2006, the company acquired Alamo Bank of Texas, Horizon Capital Bank, Summit Bancshares Inc
- **1999** — Frost Bank acquired Commerce Financial Corp. and Frost Insurance Agency, a subsidiary of the bank acquired…
- **1988** — First City was subsequently rescued by the FDIC in 1988 and ultimately declared bankruptcy in 1992 before being…
- **1983** — The bank announced it intended to merge with First City Bancorp of Houston, Texas, however the merger was…
- **1977** — The company merged with Cullen Bankers, Inc. of Houston forming Cullen/Frost Bankers, Inc
- **1928** — Over the years, Frost has grown both organically and through the acquisition of other banks, beginning in 1928 with…
- **1868** — Frost Bank was founded in 1868 as a mercantile partnership in San Antonio by Thomas Claiborne Frost, who had served…

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $83.3M | $443M | $582M |
| FY2022 | $91.9M | $579M | $620M |
| FY2023 | $93.5M | $598M | $320M |
| FY2024 | $106M | $583M | $862M |
| FY2025 | $122M | $649M | $127M |

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Source: https://stockcv.com/CFR — derived from company filings; may be delayed or incomplete. Information, not investment advice.