Commerce Bancshares, Inc. (CBSH) 株式分析

企業概要

Commerce Bancshares, Inc. operates as a bank holding company for Commerce Bank, providing a comprehensive suite of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses throughout the United States. The company operates within the Financial Services sector and specifically within the Banks - Regional industry, positioning it as a key provider of localized banking solutions that cater to the diverse needs of regional markets. Its scale is reflected in a market capitalization of $7.54B, an annual revenue of $1.71B, and an employee count of 4577 individuals. These figures indicate that the entity possesses significant operational depth and a substantial asset base, suggesting a robust market presence and the capacity to manage large volumes of customer deposits and loans while maintaining a workforce capable of supporting complex financial operations.

財務健全性

The company reported revenue of $1.71B and net income of $560.87M for the trailing twelve months, while EBITDA data is not available in the provided records. The substantial gap between revenue and net income reveals a high degree of operational efficiency, as the company converts a large portion of its top-line earnings into bottom-line profit, indicative of a cost structure that effectively manages overhead and loan losses. Free cash flow figures are not disclosed in the available data, meaning external analysis of cash generation flexibility relies on other balance sheet indicators rather than direct cash flow metrics. The gross margin stands at 0.0%, which is standard for financial institutions where interest income and expense are netted at the top line, whereas the operating margin of 42.6% and profit margin of 33.1% demonstrate strong control over administrative costs and high profitability relative to sales. In terms of liquidity and leverage, the company holds $4.49B in cash against $3.05B in debt, resulting in a debt-to-equity ratio that is not explicitly calculated in the provided data but suggests a net positive cash position. The current ratio is not available, preventing a direct assessment of short-term liquidity coverage relative to current liabilities. Return on Equity is 16.0% and Return on Assets is 1.8%, metrics that reveal management's effectiveness in generating returns for shareholders relative to the equity base and utilizing the total asset pool to create value.

バリュエーション評価

The trailing twelve-month P/E ratio is 12.67, while the forward P/E is 11.88, implying that the market expects earnings growth that would justify a lower multiple in the future, or that current earnings include temporary headwinds not present in forward projections. The price-to-book ratio is 1.86, indicating that the market values the company's equity at a premium of 86% over its tangible book value, reflecting confidence in the quality of its loan portfolio and intangible assets. The price-to-sales ratio stands at 4.41, and the EV/EBITDA metric is not available, suggesting that valuation must be interpreted primarily through earnings and book value lenses rather than cash flow multiples. The stock has a 52-week high of $63.19 and a 52-week low of $46.99, and without the specific current share price listed in the facts, the precise percentage deviation from this range cannot be calculated, but the trading band indicates a volatility range of approximately $16.20 within the last year. The beta value is 0.59, which means the stock exhibits significantly lower price volatility relative to the broader market, behaving as a defensive position that moves less than half as much as the overall market index during periods of fluctuation.

Growth & Income

Revenue growth year-over-year is 6.5%, and earnings growth year-over-year is 5.0%, indicating that earnings are growing slightly slower than revenue, which implies that operating leverage or cost management may be the limiting factor in converting top-line expansion into proportional bottom-line gains. As a dividend payer, the company offers a dividend yield of 2.1% with a payout ratio of 26.3%, a level that is highly sustainable given that the payout represents only a quarter of the earnings generated, allowing ample room for retention and future growth. The low payout ratio suggests a conservative approach to dividend distribution, prioritizing capital retention for lending and organic expansion rather than maximizing immediate shareholder cash returns. Overall, the growth and income profile presents a balanced picture of steady double-digit expansion in profitability alongside a reliable but modest income stream, supported by a low-beta, conservatively managed balance sheet.