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Cullen/frost Bankers, Inc. key statistics and ratios

In fiscal 2025, Cullen/frost Bankers, Inc. had return on equity of 15.3% and a net margin of 29.0%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin21.6%24.7%25.0%26.6%25.8%27.6%26.2%27.0%30.3%34.7%32.4%23.0%32.3%34.1%30.1%28.2%29.0%29.5%
Return on equity9.5%10.6%10.0%10.1%9.6%10.4%9.7%10.3%11.6%13.6%12.2%8.1%10.1%15.3%17.4%15.3%15.3%16.1%
Return on assets1.1%1.2%1.1%1.1%1.0%1.1%1.0%1.0%1.2%1.4%1.3%0.9%1.0%1.1%1.2%1.1%1.2%1.3%
Effective tax rate23.1%21.6%24.0%22.9%18.2%17.3%12.7%10.9%10.8%10.6%11.2%5.7%9.5%13.4%16.1%16.3%16.0%15.9%
Dividends ÷ net income57.0%51.7%51.6%49.1%50.3%45.8%47.3%44.3%39.6%36.4%39.9%54.5%42.6%36.2%38.9%41.6%39.4%37.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

81 /100

Strong moat

How hard Cullen/frost Bankers's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 1.2% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 30.6%; its worst year was 23.8%.

  • Discipline 17 / 20

    The diluted share count fell 1.6% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: BOKF vs CFRCFR vs VLYCFR vs FLG

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Figures from Cullen/frost Bankers, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cullen/frost Bankers, Inc.