BOK Financial Corporation (BOKF) vs Commerce Bancshares, Inc. (CBSH)

BOK Financial Corporation and Commerce Bancshares, Inc. are both Banks Regional companies. BOK Financial Corporation and Commerce Bancshares, Inc. are of similar size ($8.0B and $8.0B). BOK Financial Corporation trades at the lower P/E: 12.4× against 13.7×. Commerce Bancshares, Inc. grew revenue faster over the last twelve months: 7.57% against 1.10%. Commerce Bancshares, Inc. has the higher net margin (25.7% vs 18.9%) and the higher return on invested capital (162.2% vs 16.9%). Both pay a dividend; BOK Financial Corporation yields more (2.75% vs 2.24%). Across the 20 metrics below, BOK Financial Corporation leads on 10 and Commerce Bancshares, Inc. on 10.

Valuation

Metric BOKF CBSH Banks Regional median
P/E 12.42 13.66 12.15
P/S 2.31 3.58 2.37
P/B 1.30 1.86 1.21
Price to free cash flow 5.58 6.69 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.43 1.78 2.27
Earnings yield 8.05% 7.32% 8.11%
Free cash flow yield 17.93% 14.95% 8.98%

Profitability

Metric BOKF CBSH Banks Regional median
Gross margin 66.52% 83.55% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 18.85% 25.66% 18.66%
Free cash flow margin 41.39% 53.47% 21.18%
Return on equity 10.79% 14.51% 10.64%
Return on assets 1.24% 1.73% 1.13%
Return on invested capital 16.89% 162.18% 8.33%

Growth

Metric BOKF CBSH Banks Regional median
Revenue growth (TTM) 1.10% 7.57% 6.61%
EPS growth (last fiscal year) 12.65% 4.39% —
Revenue growth, 5-year CAGR 9.86% 9.02% 12.30%
Net income growth, 5-year CAGR 5.83% 10.60% 9.71%

Health

Metric BOKF CBSH Banks Regional median
Debt to equity 0.57 0.01 0.22
Current ratio 0.81 0.82 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BOKF CBSH Banks Regional median
Dividend yield 2.75% 2.24% 3.75%
Payout ratio 0.23 0.27 0.27

Size

Metric BOKF CBSH Banks Regional median
Market cap 7.95b 8.00b 921.07m

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