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Friday 6 November 2026 Export CBSH’s income statement to Excel — free account

Commerce Bancshares, Inc.

CBSH Financial Banks Regional

Commerce Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 2.23% from fiscal 2024.

Revenue
+8.97%
EPS
+1.89%
Free cash flow
+68.3%
Total debt
+74.4%

Quarter to September 2026, against a year earlier

55.23 0.93 −1.66%
Market cap
$7.8B
P/E
13.3×
Fwd P/E
13.0×
Dividend yield
1.97%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Commerce Bancshares, Inc. (CBSH) valuation and DCF model

What the price implies · reverse DCF

At $55.23 the price implies 38.4% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 6.3% a year over the last ten years, 3.9% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 14.7% over ten years; the price implies 14.7% for good.

In December 2017 the price assumed 20.1% a year; Commerce Bancshares, Inc. went on to grow the dividend a share 5.1% a year to FY2025.

Price implies
38.4%
Last 5 years, reported
3.9%
Last 10 years, reported
6.3%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
38.4% a year for ten years
$55.23
today’s price
Its base case
6.3% a year for five years, then 3.8%
$4.92
91.1% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Commerce Bancshares, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 38.4% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Commerce Bancshares, Inc.’s own cost of capital: risk-free 4.3% + beta 0.61 × equity premium 4.5% = 7.0% cost of equity; weighted, 7.0%.

Use 7.0%
Base case value per share $4.92 ten years discounted, and what follows
Current price $55.23 market price per share
Below today’s price 91.1% downside at the base case’s assumptions

How we got there$2.15 10 years of dividends+$2.77 terminal value=$4.92 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 13.31× 13.98× 15.29× 13% below 12.02× 11% above
P/FCF 6.52× 13.58× 13.23× 51% below 10.60× 38% below
P/B 1.88× 2.39× 2.26× 17% below 1.23× 52% above
EV/Sales — 2.16× 2.85× — 3.90× —
P/E P/FCF P/B EV/Sales
7.53×10.60×13.66×16.73×10Y avg 13.23×2017201820192020202120222023202420252026

CBSH trades at 6.52× P/FCF, against a 10-year average of 13.23× (range 6.52×–17.40×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $112.09 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.