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Commerce Bancshares

CBSH
61
Banks - Regional · Financial Services
Price
$58.38
-0.42 (-0.71%)
Market Cap
$8.51B
Exchange
NASDAQ
Winston Score
61
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Bank Quality
Good
Growth
Mixed
Capital Strength
Exceptional
Asset Quality
Strong
Valuation
Good
Dividends
Mixed
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Share count falling — buybacks

−1.6% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 141.2M (2021) → 138.9M (2025)

Winston Score History

The full picture

Commerce Bancshares is a regional bank holding company based in Kansas City, Missouri. It offers everyday banking services like checking and savings accounts, loans, credit cards, and wealth management to individuals, small businesses, and larger corporations. The bank operates mainly in Missouri, Kansas, and Illinois, with additional locations across the central United States.

Commerce Bancshares makes money primarily through interest on loans and fees from banking services, including its Visa credit card program, which is a notable revenue contributor. With roots going back to 1865, it is one of the larger independent regional banks in the Midwest, and its conservative lending culture has helped it maintain strong credit quality through economic cycles. The main risk the company faces is pressure on net interest margins if interest rates decline, which would compress the spread between what it earns on loans and what it pays on deposits.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-7.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-2.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

10.2%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$9.0B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Commerce Bancshares's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Bank Quality

Return on owners' money
Return on Equity
15.0%
no trend
Strong — 15.0% return on equity

Standard mid-range return on equity. Acceptable.

Profit on lending
Net Interest Margin
3.75%
no trend
Wide spread — 3.75% net interest margin
Cost of running the bank
Efficiency Ratio
60.2%
no trend
Average — 60.2% efficiency ratio

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Growth

Sales growth
Sales YoY
+2.6%
Nearly flat sales (+2.6% YoY)
Profit growth
EPS YoY
-1.0%
Earnings shrinking (-1.0% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Capital Strength

Safety cushion
Capital Ratio
15.4%
no trend
Fortress balance sheet — 15.4% CET1

A strong capital cushion. This bank is well padded against a bad year.

Asset Quality

Loans not being repaid
Non-Performing Loans
0.16%
no trend
Clean loan book — 0.16% non-performing

Under half a percent of loans are going bad. A very clean loan book.

Loans written off
Net Charge-Offs
0.31%
no trend
Moderate — 0.31% net charge-offs

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Valuation

Price vs profit
P/E Ratio (TTM)
14.2x
Attractive valuation — P/E 14.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+0.4
GROWING
Earnings roughly flat

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Dividends

Dividend
Dividend Yield
1.85%
Small dividend — 1.85% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+4.1%
Dividend growing modestly (4.1% YoY)

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