Canadian Imperial Bank Of Commerce (TSE:CM)
NYSE:CM
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Canadian Bank of Commerce
(NYSE:CM)
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Rating:70Outperform
Price Target:
C$172.00
â–²(15.10% Upside)
Action:Reiterated
Date:06/12/26
The score is driven primarily by improving profitability and balance-sheet trends, reinforced by a strong and confident earnings-call backdrop (growth, capital strength, and buybacks). Offsetting factors are the volatile/low-quality cash-flow signals in the latest TTM data and emerging credit pressure, while technicals and valuation are supportive but not exceptionally compelling.
Positive Factors
Profitability & Margin Expansion
Sustained margin expansion and stronger TTM profitability increase the bank's structural earnings power. Higher margins and improving ROE support internal capital generation, dividend capacity and share buybacks, creating durable earnings resilience against cyclical revenue swings.
Negative Factors
Rising credit stress & provisions
Elevating provisions and impaired-loan trends signal structural credit deterioration in mortgages and consumer lending. Persistent credit stress eats into net income and capital, can force higher reserves, and may constrain lending or require higher pricing to offset credit-related earnings volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability & Margin Expansion
Sustained margin expansion and stronger TTM profitability increase the bank's structural earnings power. Higher margins and improving ROE support internal capital generation, dividend capacity and share buybacks, creating durable earnings resilience against cyclical revenue swings.
Read all positive factors
Canadian Bank of Commerce (CM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$150.29B
Dividend Yield3.07%
Average Volume (3M)2.19M
Price to Earnings (P/E)16.0
Beta (1Y)0.63
Revenue Growth-3.32%
EPS Growth27.25%
CountryCA
Employees48,698
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)10.16
Shares Outstanding926,610,600
10 Day Avg. Volume2,480,851
30 Day Avg. Volume2,190,088
Financial Highlights & Ratios
PEG Ratio0.74
Price to Book (P/B)1.70
Price to Sales (P/S)1.75
P/FCF Ratio8.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$156.61Price Target Upside4.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)10.33
Revenue Forecast (FY)C$32.62B
Canadian Bank of Commerce Business Overview & Revenue Model
Company Description
Canadian Imperial Bank of Commerce (CIBC), established in Toronto, Canada, in 1867, functions as a comprehensive financial institution, providing an extensive range of products and services. Its varied client base encompasses individuals, business...
How the Company Makes Money
CIBC primarily makes money by earning net interest income and non-interest (fee-based) income across its banking and wealth/capital-markets activities.
1) Net interest income (spread-based revenue)
- Core driver: CIBC takes deposits (e.g., chequi...
Canadian Bank of Commerce Earnings Call Summary
Earnings Call Date:May 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Positive
The call emphasized strong, broad-based financial performance—double-digit EPS growth, 14% revenue growth, improved ROE and CET1 strength—alongside clear strategic momentum in wealth, capital markets and U.S. businesses, supported by productivity gains and planned capital redeployment. Offsetting this were modestly higher credit provisions and early signs of consumer and mortgage stress, some margin compression in the U.S., a near-term one-time charge (~$350m) and expected slight EPS dilution from the Caribbean transaction. Overall, the positives around earnings, capital, strategic deals and productivity materially outweigh the manageable and disclosed headwinds.Positive Updates
Strong EPS and Earnings Growth
Adjusted EPS of $2.54, up 24% year-over-year, marking the eighth consecutive quarter of double-digit EPS growth; adjusted net income of $2.5 billion, up 23% YoY.
Negative Updates
Higher Provision for Credit Losses
Total provision for credit losses of $605 million in Q2, up from $568 million last quarter; performing provisions of $57 million and provision on impaired loans of $548 million (up $28 million QoQ), primarily driven by Canadian Personal & Business Banking.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong EPS and Earnings Growth
Adjusted EPS of $2.54, up 24% year-over-year, marking the eighth consecutive quarter of double-digit EPS growth; adjusted net income of $2.5 billion, up 23% YoY.
Read all positive updates
Company Guidance
Management guided that H2 revenues are expected to be above last year’s H2 (but below the very strong H1) with net interest margins having a stable-to-gradually positive bias over time (tractoring hedges to contribute ~1–1.5 bps to all‑bank NIM before fading into 2027), and impaired provisions in H2 broadly in line with H1. They reiterated Q2 results and key metrics: adjusted EPS $2.54 (+24% YoY), adjusted net income ~$2.5bn (+23%), revenues $8.0bn (+14%), expenses +10% YoY (ex‑performance comp +4%), operating leverage +4% (11th consecutive quarter), adjusted ROE 16.4% (+250 bps), CET1 13.6% (+20 bps QoQ), average LCR 131%; Q2 provision for credit losses was $605m (performing $57m; impaired $548m), allowance coverage 80 bps, gross impaired loan ratio 66 bps (+2 bps QoQ). They expect to book an item of note of roughly $350m in Q3 related to the Caribbean transaction (total consideration ~US$1.6bn: US$1.0bn cash + US$645m in shares, leaving ~22% minority), which should add ~25 bps to CET1, be marginally ROE‑accretive but dilute EPS by just over 1%; they also announced a new NCIB for 30m shares (~3% of outstanding) and noted ~3 million hours of YTD productivity savings from AI.Canadian Bank of Commerce Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
69
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 53.25B | 62.01B | 23.61B | 21.31B | 20.78B | 19.86B |
| Gross Profit | 28.73B | 26.67B | 23.52B | 21.29B | 20.80B | 19.80B |
| EBITDA | 13.35B | 12.12B | 10.34B | 8.05B | 8.73B | 9.01B |
| Net Income | 9.82B | 8.43B | 7.12B | 5.00B | 6.22B | 6.43B |
Balance Sheet | ||||||
| Total Assets | 1.16T | 1.12T | 1.04T | 975.72B | 943.60B | 837.68B |
| Cash, Cash Equivalents and Short-Term Investments | 16.79B | 92.81B | 93.25B | 80.52B | 92.72B | 88.15B |
| Total Debt | 181.44B | 355.82B | 208.49B | 194.50B | 187.45B | 164.17B |
| Total Liabilities | 1.09T | 1.05T | 982.98B | 922.51B | 893.22B | 791.85B |
| Stockholders Equity | 65.68B | 64.13B | 58.73B | 52.98B | 50.18B | 45.65B |
Cash Flow | ||||||
| Free Cash Flow | 14.40B | 12.73B | 10.00B | 11.14B | 21.61B | -4.17B |
| Operating Cash Flow | 15.63B | 13.84B | 11.09B | 12.15B | 22.71B | -3.33B |
| Investing Cash Flow | -5.11B | -5.78B | -20.75B | -20.76B | -24.39B | -3.51B |
| Financing Cash Flow | -7.73B | -4.31B | -2.61B | -2.16B | -1.61B | -1.95B |
Canadian Bank of Commerce Technical Analysis
Positive
149.43
Price Trends
153.57
Positive
143.54
Positive
130.71
Positive
Market Momentum
2.70
Negative
64.65
Neutral
90.96
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CM, the sentiment is Positive. The current price of 149.43 is below the 20-day moving average (MA) of 155.51, below the 50-day MA of 153.57, and above the 200-day MA of 130.71, indicating a bullish trend. The MACD of 2.70 indicates Negative momentum. The RSI at 64.65 is Neutral, neither overbought nor oversold. The STOCH value of 90.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CM.
Canadian Bank of Commerce Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | C$175.04B | 18.98 | 11.25% | 3.61% | -4.35% | 21.22% | |
72 Outperform | C$401.81B | 18.75 | 15.95% | 2.58% | 1.99% | 22.50% | |
71 Outperform | C$86.67B | 19.58 | 13.77% | 2.64% | 6.36% | 7.80% | |
70 Outperform | C$150.29B | 15.96 | 15.24% | 3.07% | -3.32% | 27.25% | |
69 Neutral | C$151.07B | 16.81 | 11.06% | 4.32% | -5.52% | 47.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | C$288.73B | 20.11 | 11.85% | 3.34% | -11.69% | -11.99% |
* Financial Sector Average
TSE:CM
Canadian Bank of Commerce
162.19
69.02
74.09%
TSE:BMO
Bank Of Montreal
247.86
103.69
71.92%
TSE:BNS
Bank Of Nova Scotia
122.57
51.00
71.26%
TSE:RY
Royal Bank Of Canada
289.12
116.65
67.63%
TSE:TD
Toronto Dominion Bank
170.90
74.97
78.14%
TSE:NA
National Bank of Canada
223.81
88.35
65.23%
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.