Question 1

What is Cullen/Frost Bankers's P/FCF ratio?

Accepted Answer

Cullen/Frost Bankers (CFR) P/FCF ratio is 11.6× as of June 5, 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 Cullen/Frost Bankers?

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 Cullen/Frost Bankers specifically, the relevant sector benchmark is the current sector median of 11.1×.

Question 5

Is Cullen/Frost Bankers's P/FCF ratio high or low?

Accepted Answer

Cullen/Frost Bankers's P/FCF ratio of 11.6× is below its own 5-year average of 25.7× and above the sector median of 11.1×. That places the current reading at the 29th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Cullen/Frost Bankers (CFR) P/FCF ratio has ranged from a low of 6.4× in 2020 to a high of 119.9× in 2025. The 5-year average is 25.7× and the 5-year median is 13.8×.

Question 7

What was Cullen/Frost Bankers's P/FCF ratio in 2025?

Accepted Answer

Cullen/Frost Bankers (CFR) P/FCF ratio at the end of 2025 was 34.8×. 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 Cullen/Frost Bankers'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	$8.05B	$231.46M	34.8×	+24.8×	Dec 31, 2025
2024	$8.61B	$861.76M	10.0×	-11.7×	Dec 31, 2024
2023	$6.96B	$320.21M	21.7×	+7.9×	Dec 31, 2023
2022	$8.60B	$620.08M	13.9×	+0.0×	Dec 31, 2022
2021	$8.05B	$582.44M	13.8×	+1.0×	Dec 31, 2021
2020	$5.49B	$428.82M	12.8×	-1.5×	Dec 31, 2020
2019	$6.12B	$427.37M	14.3×	+2.8×	Dec 31, 2019
2018	$5.58B	$483.12M	11.5×	-0.3×	Dec 31, 2018
2017	$5.99B	$503.99M	11.9×	-2.6×	Dec 31, 2017
2016	$5.57B	$384.19M	14.5×	-0.6×	Dec 31, 2016
2015	$3.73B	$247.22M	15.1×	-13.7×	Dec 31, 2015
2014	$4.45B	$154.70M	28.8×	-4.8×	Dec 31, 2014
2013	$4.50B	$134.01M	33.6×	+21.5×	Dec 31, 2013
2012	$3.33B	$275.11M	12.1×	-1.0×	Dec 31, 2012
2011	$3.24B	$247.65M	13.1×	+4.0×	Dec 31, 2011
2010	$3.71B	$407.71M	9.1×	-6.2×	Dec 31, 2010
2009	$2.99B	$195.67M	15.3×	-2.5×	Dec 31, 2009
2008	$3.00B	$168.41M	17.8×	+1.5×	Dec 31, 2008
2007	$2.95B	$180.22M	16.3×	—	Dec 31, 2007
2006	$3.34B	−$80.42M	—	—	Dec 31, 2006
2005	$2.91B	$114.34M	25.5×	+3.2×	Dec 31, 2005
2004	$2.52B	$113.38M	22.2×	+11.2×	Dec 31, 2004
2003	$2.09B	$189.85M	11.0×	+3.8×	Dec 31, 2003
2002	$1.67B	$231.25M	7.2×	-12.5×	Dec 31, 2002
2001	$1.59B	$80.16M	19.8×	—	Dec 31, 2001


Assurant (AIZ)	7.5×
Progressive (PGR)	7.1×
Cincinnati Financial (CINF)	7.1×
Alerus Financial (ALRS)	7.0×
Interactive Brokers (IBKR)	6.9×
Invesco (IVZ)	6.9×
American Financial Group (AFG)	6.8×
The Hartford (HIG)	6.5×
Commerce Bancshares (CBSH)	6.4×
Bank of America (BAC)	6.3×
Arch Capital Group (ACGL)	5.9×
JPMorgan Chase (JPM)	5.8×
Travelers Companies (TRV)	5.5×
Principal Financial Group (PFG)	5.5×
Everest Re Group (RE)	5.0×
Allstate (ALL)	4.7×
Everest Re Group (EG)	4.6×
Capital One Financial (COF)	3.9×
Prudential Financial (PRU)	3.5×
Mercury General (MCY)	3.4×
RenaissanceRe Holdings (RNR)	3.0×
MetLife (MET)	2.8×
Synchrony Financial (SYF)	2.4×
Atlantic Union Bankshares (AUB)	2.2×
StoneX Group (SNEX)	0.8×

P/FCF Ratio for Cullen/Frost Bankers (CFR)

P/FCF Ratio daily chart for Cullen/Frost Bankers (CFR)

Historical P/FCF Ratio for Cullen/Frost Bankers (CFR) from 2001 to 2025

About P/FCF Ratio at Cullen/Frost Bankers (CFR)

Cullen/Frost Bankers P/FCF Ratio by Year

Cullen/Frost Bankers P/FCF Ratio 2025: 34.8×

Cullen/Frost Bankers P/FCF Ratio 2024: 10.0×

Cullen/Frost Bankers P/FCF Ratio 2023: 21.7×

Cullen/Frost Bankers P/FCF Ratio 2022: 13.9×

Cullen/Frost Bankers P/FCF Ratio 2021: 13.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Cullen/Frost Bankers (CFR) Key Financials

P/FCF Ratio daily chart for Cullen/Frost Bankers (CFR)

Historical P/FCF Ratio for Cullen/Frost Bankers (CFR) from 2001 to 2025

About P/FCF Ratio at Cullen/Frost Bankers (CFR)

Cullen/Frost Bankers P/FCF Ratio by Year

Cullen/Frost Bankers P/FCF Ratio 2025: 34.8×

Cullen/Frost Bankers P/FCF Ratio 2024: 10.0×

Cullen/Frost Bankers P/FCF Ratio 2023: 21.7×

Cullen/Frost Bankers P/FCF Ratio 2022: 13.9×

Cullen/Frost Bankers P/FCF Ratio 2021: 13.8×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Cullen/Frost Bankers's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Cullen/Frost Bankers?

+Is Cullen/Frost Bankers's P/FCF ratio high or low?

+What is Cullen/Frost Bankers's historical P/FCF ratio range?

+What was Cullen/Frost Bankers's P/FCF ratio in 2025?

+Why does Cullen/Frost Bankers's P/FCF ratio change over time?

Cullen/Frost Bankers (CFR) Key Financials