Commerce Bancshares Inc (CBSH)
NASDAQ:CBSH
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Commerce Bancshares
(NASDAQ:CBSH)
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Rating:72Outperform
Price Target:
$58.00
â–²(18.39% Upside)
Action:ReiteratedDate:02/25/26
The score is driven primarily by solid financial performance (growth, profitability, and improving leverage) and supportive valuation (P/E ~12.9 with a ~2% yield). These are tempered by weak technical signals (negative MACD and price below key moving averages) and moderate execution risk from the FineMark integration.
Positive Factors
Sustained revenue growth & profitability
Multi-year revenue expansion and a ~26% net margin in 2025 reflect durable core earnings power. Consistent top-line growth plus healthy margins support reinvestment in services, resilience to economic cycles, and capacity to fund dividends and buybacks over a multi-quarter horizon.
Negative Factors
Integration and execution risk
Large-scale systems and cultural integration can erode expected synergies, raise costs, and threaten advisor/client retention. Delays or missteps during H2 2026 integration could compress margins and slow fee growth, making realized benefits uncertain across the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue growth & profitability
Multi-year revenue expansion and a ~26% net margin in 2025 reflect durable core earnings power. Consistent top-line growth plus healthy margins support reinvestment in services, resilience to economic cycles, and capacity to fund dividends and buybacks over a multi-quarter horizon.
Read all positive factors
Commerce Bancshares (CBSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.20B
Dividend Yield1.97%
Average Volume (3M)1.42M
Price to Earnings (P/E)12.8
Beta (1Y)0.67
Revenue Growth12.63%
EPS Growth14.25%
CountryUS
Employees4,662
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.01
Shares Outstanding146,879,270
10 Day Avg. Volume1,518,413
30 Day Avg. Volume1,418,978
Financial Highlights & Ratios
PEG Ratio2.49
Price to Book (P/B)1.92
Price to Sales (P/S)3.40
P/FCF Ratio12.27
Enterprise Value/Market Cap1.31
Enterprise Value/Revenue4.40
Enterprise Value/Gross Profit5.50
Enterprise Value/Ebitda11.83
Forecast
1Y Price Target
$61.50Price Target Upside25.54% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.95
Revenue Forecast (FY)$1.97B
Commerce Bancshares Business Overview & Revenue Model
Company Description
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. I...
How the Company Makes Money
Commerce Bancshares generates revenue primarily through net interest income and non-interest income. Net interest income is derived from the difference between interest earned on loans and interest paid on deposits. The bank offers various loan pr...
Commerce Bancshares Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
74
Positive
Cash Flow
80
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.14B | 2.09B | 1.97B | 1.57B | 1.44B |
| Gross Profit | 1.71B | 1.63B | 1.55B | 1.48B | 1.49B |
| EBITDA | 770.03M | 733.57M | 669.24M | 679.23M | 731.17M |
| Net Income | 566.25M | 526.33M | 477.06M | 488.40M | 530.76M |
Balance Sheet | |||||
| Total Assets | 32.92B | 32.00B | 31.70B | 31.88B | 36.69B |
| Cash, Cash Equivalents and Short-Term Investments | 9.90B | 12.51B | 12.37B | 13.08B | 18.73B |
| Total Debt | 3.00B | 2.93B | 2.91B | 2.85B | 3.04B |
| Total Liabilities | 29.10B | 28.66B | 28.74B | 29.39B | 33.24B |
| Stockholders Equity | 3.79B | 3.31B | 2.94B | 2.47B | 3.44B |
Cash Flow | |||||
| Free Cash Flow | 592.39M | 531.73M | 400.69M | 494.19M | 541.01M |
| Operating Cash Flow | 645.14M | 577.86M | 488.77M | 559.38M | 597.72M |
| Investing Cash Flow | -462.37M | 483.79M | 2.18B | 242.27M | -2.08B |
| Financing Cash Flow | -11.04M | -372.94M | -883.12M | -4.20B | 3.57B |
Commerce Bancshares Technical Analysis
Negative
48.99
Price Trends
51.74
Negative
51.70
Negative
54.28
Negative
Market Momentum
-1.17
Negative
39.63
Neutral
62.64
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBSH, the sentiment is Negative. The current price of 48.99 is below the 20-day moving average (MA) of 49.28, below the 50-day MA of 51.74, and below the 200-day MA of 54.28, indicating a bearish trend. The MACD of -1.17 indicates Negative momentum. The RSI at 39.63 is Neutral, neither overbought nor oversold. The STOCH value of 62.64 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CBSH.
Commerce Bancshares Risk Analysis
Commerce Bancshares disclosed 23 risk factors in its most recent earnings report. Commerce Bancshares reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Commerce Bancshares Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $8.64B | 8.78 | 13.82% | 2.31% | 5.87% | 53.36% | |
73 Outperform | $7.66B | 12.49 | 9.79% | 1.93% | -2.81% | 14.96% | |
73 Outperform | $12.80B | 11.43 | 9.48% | 0.95% | 7.76% | 49.85% | |
72 Outperform | $7.20B | 12.84 | 15.43% | 1.97% | 12.63% | 14.25% | |
69 Neutral | $8.62B | 12.51 | 14.95% | 3.05% | 2.85% | 20.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CBSH
Commerce Bancshares
48.99
-9.18
-15.78%
BOKF
Bok Financial
126.21
22.72
21.95%
CFR
Cullen/Frost Bankers
136.38
16.36
13.63%
PNFP
Pinnacle Financial Partners
84.68
-21.34
-20.13%
BPOP
Popular
132.77
41.87
46.06%
Commerce Bancshares Corporate Events
Business Operations and StrategyExecutive/Board Changes
Commerce Bancshares Updates Executive Pay and Incentive Structure
Positive
Feb 9, 2026
On February 3, 2026, Commerce Bancshares’ Compensation and Human Resources Committee approved 2026 base salaries, effective March 28, 2026, and 2025 performance-based cash bonuses for CEO John W. Kemper and other named executive officers, re...
Business Operations and StrategyExecutive/Board ChangesM&A Transactions
Commerce Bancshares completes acquisition of FineMark Holdings
Positive
Jan 2, 2026
On January 1, 2026, Commerce Bancshares, Inc. completed its acquisition of FineMark Holdings, Inc., parent of FineMark National Bank Trust, boosting Commerce’s total assets to about $36 billion and assets under administration to roughly $90...
DividendsM&A Transactions
Commerce Bancshares Adjusts Merger Terms with FineMark
Neutral
Dec 3, 2025
On June 16, 2025, Commerce Bancshares, Inc. announced a merger agreement with FineMark Holdings, Inc., where FineMark will merge into CBI-Kansas, a subsidiary of Commerce. Following this, FineMark National Bank Trust will merge into Commerce Bank...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.