Question 1

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

Accepted Answer

Cullen/Frost Bankers (CFR) P/B ratio is 2.0× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

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

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Cullen/Frost Bankers specifically, the relevant sector benchmark is the current sector median of 1.7×.

Question 5

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

Accepted Answer

Cullen/Frost Bankers's P/B ratio of 2.0× is below its own 5-year average of 2.0× and above the sector median of 1.7×. That places the current reading at the 45th 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/B ratio range?

Accepted Answer

In the available daily series, Cullen/Frost Bankers (CFR) P/B ratio has ranged from a low of 0.9× in 2020 to a high of 3.6× in 2022. The 5-year average is 2.0× and the 5-year median is 2.0×.

Question 7

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

Accepted Answer

Cullen/Frost Bankers (CFR) P/B ratio at the end of 2025 was 1.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$4.57B	1.8×	-0.4×	Dec 31, 2025
2024	$8.61B	$3.90B	2.2×	+0.3×	Dec 31, 2024
2023	$6.96B	$3.72B	1.9×	-0.9×	Dec 31, 2023
2022	$8.60B	$3.14B	2.7×	+0.9×	Dec 31, 2022
2021	$8.05B	$4.44B	1.8×	+0.5×	Dec 31, 2021
2020	$5.49B	$4.29B	1.3×	-0.3×	Dec 31, 2020
2019	$6.12B	$3.91B	1.6×	-0.1×	Dec 31, 2019
2018	$5.58B	$3.37B	1.7×	-0.2×	Dec 31, 2018
2017	$5.99B	$3.30B	1.8×	-0.0×	Dec 31, 2017
2016	$5.57B	$3.00B	1.9×	+0.6×	Dec 31, 2016
2015	$3.73B	$2.89B	1.3×	-0.3×	Dec 31, 2015
2014	$4.45B	$2.85B	1.6×	-0.2×	Dec 31, 2014
2013	$4.50B	$2.51B	1.8×	+0.4×	Dec 31, 2013
2012	$3.33B	$2.42B	1.4×	-0.0×	Dec 31, 2012
2011	$3.24B	$2.28B	1.4×	-0.4×	Dec 31, 2011
2010	$3.71B	$2.06B	1.8×	+0.2×	Dec 31, 2010
2009	$2.99B	$1.89B	1.6×	-0.1×	Dec 31, 2009
2008	$3.00B	$1.76B	1.7×	-0.3×	Dec 31, 2008
2007	$2.95B	$1.48B	2.0×	-0.4×	Dec 31, 2007
2006	$3.34B	$1.38B	2.4×	-0.5×	Dec 31, 2006
2005	$2.91B	$982.24M	3.0×	-0.1×	Dec 31, 2005
2004	$2.52B	$822.39M	3.1×	+0.4×	Dec 31, 2004
2003	$2.09B	$770.00M	2.7×	+0.3×	Dec 31, 2003
2002	$1.67B	$703.79M	2.4×	-0.3×	Dec 31, 2002
2001	$1.59B	$594.92M	2.7×	—	Dec 31, 2001


UMB Financial (UMBF)	1.1×
RenaissanceRe Holdings (RNR)	1.1×
KeyCorp (KEY)	1.1×
Southside Bancshares (SBSI)	1.1×
Prudential Financial (PRU)	1.1×
United Bankshares (UBSI)	1.1×
Alerus Financial (ALRS)	1.0×
Capital One Financial (COF)	1.0×
Franklin Resources (BEN)	1.0×
Atlantic Union Bankshares (AUB)	1.0×
American International Group (AIG)	1.0×
Eagle Financial Services (EFSI)	1.0×
Everest Re Group (RE)	1.0×
Citizens Financial Group (CFG)	1.0×
Citigroup (C)	0.9×
Ares Capital (ARCC)	0.9×
Huntington Bancshares (HBAN)	0.9×
Auburn National Bancorporation (AUBN)	0.9×
Invesco (IVZ)	0.9×
Truist Financial (TFC)	0.9×
Everest Re Group (EG)	0.9×
PSB Holdings (PSBQ)	0.8×
Ally Financial (ALLY)	0.8×
Global Payments (GPN)	0.7×
Assured Guaranty (AGO)	0.7×

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

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

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

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

Cullen/Frost Bankers P/B Ratio by Year

Cullen/Frost Bankers P/B Ratio 2025: 1.8×

Cullen/Frost Bankers P/B Ratio 2024: 2.2×

Cullen/Frost Bankers P/B Ratio 2023: 1.9×

Cullen/Frost Bankers P/B Ratio 2022: 2.7×

Cullen/Frost Bankers P/B Ratio 2021: 1.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Cullen/Frost Bankers (CFR) Key Financials

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

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

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

Cullen/Frost Bankers P/B Ratio by Year

Cullen/Frost Bankers P/B Ratio 2025: 1.8×

Cullen/Frost Bankers P/B Ratio 2024: 2.2×

Cullen/Frost Bankers P/B Ratio 2023: 1.9×

Cullen/Frost Bankers P/B Ratio 2022: 2.7×

Cullen/Frost Bankers P/B Ratio 2021: 1.8×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

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

+How is the P/B ratio calculated?

+What is the P/B ratio?

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

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

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

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

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

Cullen/Frost Bankers (CFR) Key Financials