Question 1

What is Commerce Bancshares's P/FCF ratio?

Accepted Answer

Commerce Bancshares (CBSH) P/FCF ratio is 7.6× as of July 15, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Commerce Bancshares?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Commerce Bancshares specifically, the relevant sector benchmark is the current sector median of 12.0×.

Question 5

Is Commerce Bancshares's P/FCF ratio high or low?

Accepted Answer

Commerce Bancshares's P/FCF ratio of 7.6× is below its own 5-year average of 15.5× and below the sector median of 12.0×. That places the current reading at the 3th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Commerce Bancshares's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Commerce Bancshares (CBSH) P/FCF ratio has ranged from a low of 4.1× in 2011 to a high of 39.5× in 2009. The 5-year average is 15.5× and the 5-year median is 14.8×.

Question 7

What was Commerce Bancshares's P/FCF ratio in 2025?

Accepted Answer

Commerce Bancshares (CBSH) P/FCF ratio at the end of 2025 was 12.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Commerce Bancshares's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$7.2B	$570M	12.6×	-2.3×	Dec 31, 2025
2024	$7.92B	$532M	14.9×	-1.6×	Dec 31, 2024
2023	$6.61B	$401M	16.5×	+0.2×	Dec 31, 2023
2022	$8.05B	$494M	16.3×	+1.5×	Dec 31, 2022
2021	$8B	$541M	14.8×	+2.4×	Dec 31, 2021
2020	$7.32B	$591M	12.4×	-2.9×	Dec 31, 2020
2019	$7.2B	$470M	15.3×	+3.8×	Dec 31, 2019
2018	$6.01B	$519M	11.6×	-2.6×	Dec 31, 2018
2017	$5.69B	$402M	14.2×	+0.4×	Dec 31, 2017
2016	$5.61B	$409M	13.7×	-1.7×	Dec 31, 2016
2015	$3.95B	$257M	15.4×	+2.6×	Dec 31, 2015
2014	$4.04B	$317M	12.7×	+0.6×	Dec 31, 2014
2013	$4.09B	$337M	12.1×	+3.3×	Dec 31, 2013
2012	$3.05B	$348M	8.8×	+1.6×	Dec 31, 2012
2011	$2.77B	$386M	7.2×	+2.8×	Dec 31, 2011
2010	$2.83B	$653M	4.3×	-5.6×	Dec 31, 2010
2009	$2.66B	$266M	10.0×	-5.7×	Dec 31, 2009
2008	$2.74B	$174M	15.7×	+6.4×	Dec 31, 2008
2007	$2.65B	$285M	9.3×	+2.5×	Dec 31, 2007
2006	$2.77B	$409M	6.8×	-5.7×	Dec 31, 2006
2005	$2.87B	$231M	12.4×	+0.4×	Dec 31, 2005
2004	$2.78B	$231M	12.0×	+0.4×	Dec 31, 2004
2003	$2.72B	$234M	11.7×	+1.4×	Dec 31, 2003
2002	$2.15B	$209M	10.3×	—	Dec 31, 2002


UMB Financial (UMBF)	8.8×
Federal Agricultural Mortgage (AGM)	8.6×
T. Rowe Price (TROW)	8.6×
First Financial (THFF)	8.3×
Old Republic International (ORI)	8.0×
1st Source (SRCE)	8.0×
Auburn National Bancorporation (AUBN)	7.7×
Eagle Financial Services (EFSI)	7.5×
PayPal (PYPL)	7.5×
Assurant (AIZ)	7.5×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
American Financial Group (AFG)	6.8×
Hartford Insurance Group (HIG)	6.5×
Travelers Companies (TRV)	6.3×
Invesco (IVZ)	6.1×
Arch Capital Group (ACGL)	5.9×
Principal Financial Group (PFG)	5.5×
Allstate (ALL)	4.7×
Everest Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
MetLife (MET)	2.8×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Commerce Bancshares (CBSH) 2002-2026

P/FCF Ratio daily chart for Commerce Bancshares (CBSH)

Historical P/FCF Ratio for Commerce Bancshares (CBSH) from 2002 to 2025

About P/FCF Ratio at Commerce Bancshares (CBSH)

Commerce Bancshares P/FCF Ratio by Year

Commerce Bancshares P/FCF Ratio 2025: 12.6×

Commerce Bancshares P/FCF Ratio 2024: 14.9×

Commerce Bancshares P/FCF Ratio 2023: 16.5×

Commerce Bancshares P/FCF Ratio 2022: 16.3×

Commerce Bancshares P/FCF Ratio 2021: 14.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Commerce Bancshares (CBSH) Key Financials