Associated Banc-corp vs Commerce Bancshares
Commerce Bancshares is the larger business, with $1.76bn of revenue in fiscal 2025 against $1.49bn for Associated Banc-corp (1.2 times as much). Associated Banc-corp grew faster (43.3% against 6.5%). Commerce Bancshares kept more of each dollar of sales as profit: a net margin of 32.1% against 31.9%.
| Latest fiscal year | Associated Banc-corpASB, 2025 | Commerce BancsharesCBSH, 2025 |
|---|---|---|
| Revenue | $1.49bn | $1.76bn |
| Revenue growth | 43.3% | 6.5% |
| Net income | $475m | $566m |
| Operating margin | — | — |
| Net margin | 31.9% | 32.1% |
| Return on equity | 9.9% | 15.9% |
| Free cash flow | — | $592m |
| Cash | $1.72bn | $3.55bn |
| Total debt | $4.17bn | $0 |
| Debt to equity | — | — |
| Dividend per share | $0.93 | — |
| Dividend yield | 3.0% | 1.9% |
| Share buybacks | — | $208m |
| Employees | 4,000 | — |
| Market value | $5.76bn | $8.00bn |
| Price vs our value range | — | — |
| Moat score | 58 (Moderate) | — |
| Insider trades, 12 months | 0 buys, 28 sales | 1 buys, 16 sales |