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Cullen/Frost Bankers

CFR
63
Banks - Regional · Financial Services
Exchange
New York Stock Exchange
Winston Score
63
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
Strong
Growth
Good
Capital Strength
Exceptional
Asset Quality
Exceptional
Valuation
Mixed
Dividends
Good
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Winston Score History

The full picture

Cullen/Frost Bankers is a regional bank based in Texas that offers everyday banking services to individuals, small businesses, and large companies. Its core products include checking and savings accounts, loans, wealth management, and insurance services. The company operates exclusively in Texas, with branches spread across major cities like San Antonio, Austin, Dallas, and Houston.

The bank makes money primarily through interest income — it earns more on loans and investments than it pays out on deposits — as well as fees from wealth management and other services. Cullen/Frost has a strong reputation for conservative lending and has operated in Texas for over 150 years, giving it deep customer relationships that are hard for newcomers to replicate. Its biggest risk is interest rate sensitivity, since falling rates compress the gap between what it earns on loans and what it pays depositors, which directly squeezes profits.

Score breakdown

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Bank Quality

Return on owners' money
Return on Equity
15.3%
no trend
Exceptional — 15.3% return on equity

15-25% on shareholder equity is strong — clearly beating cost of capital.

Profit on lending
Net Interest Margin
3.61%
no trend
Wide spread — 3.61% net interest margin
Cost of running the bank
Efficiency Ratio
62.8%
no trend
Average — 62.8% efficiency ratio

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Growth

Sales growth
Sales YoY
-8.0%
Shrinking sales (-8.0% YoY)
Profit growth
EPS YoY
+14.1%
Earnings growing (+14.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
7/8 quarters
Every recent quarter grew earnings vs last year

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Capital Strength

Safety cushion
Capital Ratio
14.4%
no trend
Fortress balance sheet — 14.4% CET1

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

Asset Quality

Loans not being repaid
Non-Performing Loans
0.39%
no trend
Clean loan book — 0.39% non-performing

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

Loans written off
Net Charge-Offs
0.10%
no trend
Minimal losses — 0.10% net charge-offs

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Valuation

Price vs profit
P/E Ratio (TTM)
15.5x
no trend
Fair value — P/E 15.5

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
-0.6
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.37%
no trend
Moderate income — 2.37% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+4.1%
no trend
Dividend growing modestly (4.1% YoY)

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