Commerce Bancshares, Inc.

Commerce Bancshares, Inc.

CBSHยทNASDAQ

$51.36

+0.32%
Financial ServicesBanks - Regional

Commerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards. The Commercial segment provides corporate lending, leasing, international, merchant and commercial bank card, and securities safekeeping and bond accounting services; and business products, government deposits, and related commercial cash management services, as well as sells fixed income securities to correspondent banks, corporations, public institutions, municipalities, and individuals. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment portfolio management, and brokerage services, as well as private banking accounts. The company also offers private equity investment, securities brokerage, insurance agency, specialty lending, and leasing services, as well as online and mobile banking services. It operates through a network of 287 locations in Missouri, Kansas, Illinois, Oklahoma, and Colorado, as well as commercial offices. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.

At a Glance

Live Snapshot
Market Cap$7.49B
EPS4.0800
P/E Ratio12.59
Earnings Date07/15/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal ยท Driver ยท Risk

Signal

High confidence

Valuation multiple is compressed (P/E 12.6).

Valuation inputs: P/E 12.6, earnings yield +7.9%, momentum +0.3%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is acceptable (ROE +14.9%, ROIC +4.2%).

Profitability stack: net margin +26.5%, ROE +14.9%, ROIC +4.2%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +88.4%, momentum +0.3%, net margin +26.5%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

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Commerce Bancshares, Inc. Market vs Earnings Trajectory

CBSH ยท NASDAQ

Loading price and EPS data...

Commerce Bancshares, Inc.

Commerce Bancshares, Inc. Fair Value Envelope

CBSH ยท NASDAQ

Our analysis suggests that CBSH has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $51.36, this represents a potential HIDDEN relative to our calculated worth for Commerce Bancshares, Inc..

Intrinsic Value
Current Price: $51.36
3Y+17.0%
5Y+71.0%
10Y+131.0%
3Y+37.0%
5Y+54.0%
10Y+85.0%
3Y+16.0%
5Y+60.0%
10Y+106.0%
3Y+15.0%
5Y+3.0%
10Y+42.0%
3Y+20.0%
5Y-
10Y+38.0%
3Y+3.0%
5Y-
10Y+28.0%
Commerce Bancshares, Inc.

Commerce Bancshares, Inc. Profit Bridge

CBSH ยท NASDAQ
Revenue2.14B
Cost of Goods Sold (428.00M)
Gross Profit1.71B
Operating Expenses (979.83M)
Operating Income731.84M
Interest Expense (371.87M)
Other Income/Expense0.00
Pretax Income731.84M
Income Tax (161.14M)
Net Income566.25M
Net Income
566.25M

Profitability Analysis

Gross Margin

80.0%

Exceptional pricing power and cost management. The company retains over half of revenue after direct costs.

Operating Margin

34.2%

Outstanding operational efficiency. The company generates substantial profit from core operations.

Net Profit Margin

26.5%

Exceptional profitability. The company converts a significant portion of revenue to bottom-line earnings.

Effective Tax Rate

22.0%

Moderate tax rate typical for most corporations. Represents standard tax burden on profits.

Profitability Insight

Exceptional profitability across all levels: Strong pricing power, efficient operations, and healthy bottom line indicate a high-quality business with sustainable competitive advantages.

80.00%
Gross Profit Margin
3%
3Y-15.0%
5Y-8.0%
10Y-15.0%
34.20%
Operating Profit Margin
5%
3Y-15.0%
5Y+8.0%
10Y-1.0%
26.46%
Net Profit Margin
5%
3Y-15.0%
5Y+4.0%
10Y+11.0%
14.94%
Return on Equity
-6%
3Y-25.0%
5Y+43.0%
10Y+35.0%
1.72%
Return on Assets
5%
3Y+12.0%
5Y+60.0%
10Y+60.0%
4.22%
Return on Invested Capital
-47%
3Y-52.0%
5Y-29.0%
10Y-31.0%
CBSH

Commerce Bancshares, Inc. Cash Conversion Engine

CBSH ยท NASDAQ
Net Income570.70M
Depreciation & Amortization38.19M
Stock-Based Compensation17.27M
Change in Working Capital-27.74M
Others35.16M
Capital Expenditures-52.75M
Free Cash Flow592.39M

Cash Flow Quality Analysis

FCF Conversion Rate

103.8%

Excellent cash generation. The company converts earnings to cash at or above 100%, indicating high-quality earnings.

CapEx Intensity

8.2%

Asset-light business model. Low capital requirements leave more cash available for shareholders and growth investments.

FCF Growth Trend

+11.4%

Steady FCF growth indicates consistent cash generation improvement. On a positive trajectory.

Working Capital Impact

-$27.74M

Minimal working capital impact on FCF. Changes in operating assets and liabilities well-managed.

Cash Flow Quality Insight

Exceptional cash generation: High-quality earnings converting to growing free cash flow. The company demonstrates strong pricing power, efficient operations, and disciplined capital allocation.

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Commerce Bancshares, Inc. Funding & Solvency Profile

CBSH ยท NASDAQ
Cash & Cash Equivalents572.59M
Net Receivables0.00
Inventory0.00
Other Current Assets0.00
Total Current Assets9 B
Property, Plant & Equipment527.21M
Goodwill & Intangible Assets399.79M
Long-Term Investments0.00
Other Non-Current Assets0.00
Total Non-Current Assets527 M
Total Assets
35.72B

Financial Health Analysis

Debt-to-Equity Ratio

7.26x

High financial leverage. Heavy reliance on debt may indicate increased financial risk and potential solvency concerns.

Working Capital

9 B

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

26% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

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Commerce Bancshares, Inc. Street Expectations Map

CBSH ยท NASDAQ

Wall Street analysts project that CBSH stock may rise significantly over the coming 12 months. The consensus 1-year price target stands at 58.50, with estimates ranging from a low of 58.50 to a high of 58.50.

Lowest Target
58.50
13.90%
Consensus Target
58.50
13.90%
Highest Target
58.50
13.90%

The consensus 1-year price target stands at 58.50, with estimates ranging from a low of 58.50 to a high of 58.50.

Analyst Consensus Analysis

Upside Potential

+13.9%

Moderate upside. Analysts expect positive returns but with limited margin of safety. Consider entry timing.

Analyst Agreement

0.0% spread

High analyst agreement. Narrow target range indicates strong consensus on valuation, suggesting clear investment thesis and predictable outlook.

Analyst Conviction

High

Positive outlook with reasonable agreement. Analysts generally optimistic about prospects with manageable uncertainty.

Market Sentiment Insight

Monitor and evaluate: Current analyst consensus suggests limited conviction or near-term catalysts. Stay informed on company developments and reassess positioning as new information emerges.

cbsh

Commerce Bancshares, Inc. Insider Positioning

CBSH ยท NASDAQ

During the last 12 months, insiders have purchased $119K and sold $2.15M worth of CBSH shares, resulting in $2.03M of net selling activity.

3 Months

Bought

2.5K

119.28K

Sold

0

0.00

Net Activity

+119K

+$119K

3-6 Months

Bought

0

0.00

Sold

39.8K

2.15M

Net Activity

-2.1M

-$2.15M

6-9 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

1
DTS

Dunn Timothy S

Director

2.5K sharesโ€ข1 transactions

$119K

Top Sellers

1
KJW

Kemper John W

Director, Officer: President And Ceo

23.4K sharesโ€ข1 transactions

$1.26M

2
BKG

Barth Kevin G

Officer: Executive Vice President

7.5K sharesโ€ข1 transactions

$411K

3
RDL

Roller David L.

Officer: Senior Vice President

3.2K sharesโ€ข2 transactions

$173K

4
KDW

Kemper David W

Director, Officer: Executive Chairman

2.8K sharesโ€ข1 transactions

$149K

5
BD

Brooks Derrick

Officer: Senior Vice President

1.0K sharesโ€ข1 transactions

$57K

Insider Activity Analysis

Net Insider Sentiment

Bearish

Strong bearish signal with $2.03M net selling. Heavy insider selling may indicate concerns about valuation or near-term prospects.

Buy/Sell Ratio

0.06:1

Very poor ratio. Heavy selling with minimal buying suggests insiders may be concerned about valuation or outlook.

Recent Trend (3 Months)

$119K

Very strong recent buying momentum. Recent insider purchases significantly outpace sales, suggesting near-term optimism.

Insider Participation

High Selling

5 insider sellers vs. 1 buyers. Widespread selling across multiple insiders may signal concerns.

0.56%
Dividend Yield
11%
3Y+21.0%
5Y+63.0%
10Y+8.0%
ย 

cbsh Dividend History

CBSH
10Y CAGR +5%
Latest $0.275
Annual $1.3619
5 year growth trend
Last Period: +0%