Question 1

What is Cullen/Frost Bankers's EV/EBITDA ratio?

Accepted Answer

Cullen/Frost Bankers (CFR) EV/EBITDA ratio is 14.6× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. 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 EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Cullen/Frost Bankers?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Cullen/Frost Bankers specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is Cullen/Frost Bankers's EV/EBITDA ratio high or low?

Accepted Answer

Cullen/Frost Bankers's EV/EBITDA ratio of 14.6× is above its own 5-year average of -17.6× and above the sector median of 9.3×. That places the current reading at the 100th 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 Cullen/Frost Bankers's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Cullen/Frost Bankers (CFR) EV/EBITDA ratio has ranged from a low of -38.7× in 2022 to a high of 15.0× in 2026. The 5-year average is -17.6× and the 5-year median is -17.0×.

Question 7

What was Cullen/Frost Bankers's EV/EBITDA ratio in 2025?

Accepted Answer

Cullen/Frost Bankers (CFR) EV/EBITDA ratio at the end of 2025 was 3.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Cullen/Frost Bankers's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). 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	$8.05B	$859.49M	3.3×	+18.8×	Dec 31, 2025
2024	$8.61B	$778.78M	-15.5×	+2.1×	Dec 31, 2024
2023	$6.96B	$788.82M	-17.6×	+4.8×	Dec 31, 2023
2022	$8.60B	$740.17M	-22.3×	+12.4×	Dec 31, 2022
2021	$8.05B	$558.83M	-34.8×	-3.8×	Dec 31, 2021
2020	$5.49B	$415.69M	-31.0×	-19.0×	Dec 31, 2020
2019	$6.12B	$553.56M	-12.0×	+1.5×	Dec 31, 2019
2018	$5.58B	$558.85M	-13.5×	+4.1×	Dec 31, 2018
2017	$5.99B	$456.18M	-17.6×	+1.8×	Dec 31, 2017
2016	$5.57B	$389.59M	-19.4×	+2.4×	Dec 31, 2016
2015	$3.73B	$361.89M	-21.7×	-2.3×	Dec 31, 2015
2014	$4.45B	$375.72M	-19.4×	-4.1×	Dec 31, 2014
2013	$4.50B	$329.35M	-15.3×	+0.7×	Dec 31, 2013
2012	$3.33B	$346.25M	-16.0×	+4.1×	Dec 31, 2012
2011	$3.24B	$323.86M	-20.1×	-26.0×	Dec 31, 2011
2010	$3.71B	$303.93M	5.9×	-3.0×	Dec 31, 2010
2009	$2.99B	$269.21M	8.9×	-1.1×	Dec 31, 2009
2008	$3.00B	$330.45M	10.0×	-0.0×	Dec 31, 2008
2007	$2.95B	$341.22M	10.1×	-2.5×	Dec 31, 2007
2006	$3.34B	$311.94M	12.6×	+0.8×	Dec 31, 2006
2005	$2.91B	$270.73M	11.8×	-0.4×	Dec 31, 2005
2004	$2.52B	$234.88M	12.1×	+4.5×	Dec 31, 2004
2003	$2.09B	$220.29M	7.7×	+1.0×	Dec 31, 2003
2002	$1.67B	$210.90M	6.7×	-0.6×	Dec 31, 2002
2001	$1.59B	$155.75M	7.3×	—	Dec 31, 2001


Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
KeyCorp (KEY)	-9.2×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for Cullen/Frost Bankers (CFR)

EV/EBITDA daily chart for Cullen/Frost Bankers (CFR)

Historical EV/EBITDA for Cullen/Frost Bankers (CFR) from 2001 to 2025

About EV/EBITDA at Cullen/Frost Bankers (CFR)

Cullen/Frost Bankers EV/EBITDA by Year

Cullen/Frost Bankers EV/EBITDA 2025: 3.3×

Cullen/Frost Bankers EV/EBITDA 2024: -15.5×

Cullen/Frost Bankers EV/EBITDA 2023: -17.6×

Cullen/Frost Bankers EV/EBITDA 2022: -22.3×

Cullen/Frost Bankers EV/EBITDA 2021: -34.8×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Cullen/Frost Bankers (CFR) Key Financials

EV/EBITDA daily chart for Cullen/Frost Bankers (CFR)

Historical EV/EBITDA for Cullen/Frost Bankers (CFR) from 2001 to 2025

About EV/EBITDA at Cullen/Frost Bankers (CFR)

Cullen/Frost Bankers EV/EBITDA by Year

Cullen/Frost Bankers EV/EBITDA 2025: 3.3×

Cullen/Frost Bankers EV/EBITDA 2024: -15.5×

Cullen/Frost Bankers EV/EBITDA 2023: -17.6×

Cullen/Frost Bankers EV/EBITDA 2022: -22.3×

Cullen/Frost Bankers EV/EBITDA 2021: -34.8×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is Cullen/Frost Bankers's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for Cullen/Frost Bankers?

+Is Cullen/Frost Bankers's EV/EBITDA ratio high or low?

+What is Cullen/Frost Bankers's historical EV/EBITDA ratio range?

+What was Cullen/Frost Bankers's EV/EBITDA ratio in 2025?

+Why does Cullen/Frost Bankers's EV/EBITDA ratio change over time?

Cullen/Frost Bankers (CFR) Key Financials