COMMERCE BANCSHARES INC /MO/ CBSH
Commerce Bancshares, Inc., a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, was incorporated under the laws of Missouri on August 4, 1966. Through a second tier wholly-owned bank holding company, it owns all the outstanding capital stock of Commerce Bank (the "Bank"), which is headquartered in Missouri. The Bank engages in general banking business, providing a broad range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals, businesses, and municipalities. Commerce Bancshares, Inc. also owns, directly or through the Bank, various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, underwriting, specialty lending, and leasing activities. A list of Commerce Bancshares, Inc.'s subsidiaries is included as Exhibit 21.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.48B | $1.47B | $1.38B | $999.0M | $848.3M | $872.6M | $924.7M | $889.2M | $777.4M | $713.1M |
| Interest expense | $1.11B | $1.04B | $998.1M | $942.2M | $12.9M | $42.8M | $103.4M | $65.4M | $43.7M | $33.0M |
| Pre-tax income | $731.8M | $679.5M | $619.7M | $632.4M | $686.3M | $441.2M | $531.8M | $544.2M | $430.4M | $401.0M |
| Income tax | $161.1M | $145.1M | $134.5M | $132.4M | $145.7M | $87.3M | $109.1M | $105.9M | $110.5M | $124.2M |
| Net income | $566.3M | $526.3M | $477.1M | $488.4M | $530.8M | $354.1M | $421.2M | $433.5M | $319.4M | $275.4M |
| EPS, basic | 4.04 | 3.69 | 3.30 | 3.50 | 3.92 | 2.64 | 3.25 | 3.44 | 2.63 | 2.38 |
| EPS, diluted | 4.04 | 3.69 | 3.30 | 3.50 | 3.91 | 2.64 | 3.25 | 3.43 | 2.62 | 2.37 |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.55B | $3.38B | $2.69B | $897.8M | $4.30B | $2.21B | $907.8M | $1.21B | $524.4M | $801.6M |
| Property, plant and equipment | $485.7M | $475.3M | $469.1M | $418.9M | $388.7M | $371.1M | $370.6M | $333.1M | $335.1M | $337.7M |
| Goodwill | $146.5M | $146.5M | $146.5M | $138.9M | $138.9M | $138.9M | $138.9M | $138.9M | $138.9M | $138.9M |
| Other intangibles | $13.3M | $13.6M | $14.2M | $15.2M | $15.6M | $11.2M | $9.5M | $8.8M | $7.6M | $6.7M |
| Total assets | $32.92B | $32.00B | $31.70B | $31.88B | $36.69B | $32.92B | $26.07B | $25.46B | $24.83B | $25.64B |
| Total liabilities | $29.10B | $28.66B | $28.74B | $29.39B | $33.24B | $29.52B | $22.93B | $22.53B | $22.12B | $23.14B |
| Retained earnings | $131.8M | $45.5M | $53.2M | $31.6M | $92.5M | $73.0M | $201.6M | $241.2M | $221.4M | $292.8M |
| Total equity | $3.79B | $3.31B | $2.96B | $2.48B | $3.45B | $3.40B | $3.14B | $2.94B | $2.72B | $2.50B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $645.1M | $577.9M | $488.8M | $559.4M | $597.7M | $624.0M | $512.8M | $552.7M | $426.5M | $455.0M |
| Depreciation and amortisation | $56.5M | $54.1M | $49.5M | $46.9M | $44.9M | $43.8M | $41.1M | $38.7M | $39.7M | $40.9M |
| Stock-based compensation | $17.3M | $17.0M | $17.1M | $17.0M | $15.4M | $14.9M | $13.9M | $12.8M | $12.1M | $11.5M |
| Capital expenditure | $52.7M | $46.1M | $88.1M | $65.2M | $56.7M | $33.1M | $42.6M | $33.3M | $30.8M | $24.5M |
| Investing cash flow | -$462.4M | $483.8M | $2.18B | $242.3M | -$2.08B | -$5.39B | -$730.2M | -$91.0M | $220.7M | -$805.2M |
| Financing cash flow | -$11.0M | -$372.9M | -$883.1M | -$4.20B | $3.57B | $6.07B | -$84.1M | $223.3M | -$924.5M | $649.2M |
| Dividends paid | $150.2M | $145.1M | $134.7M | $127.5M | $122.7M | $120.8M | $113.5M | $100.2M | $91.6M | $87.1M |
| Buybacks | $207.6M | $170.5M | $76.4M | $186.6M | $129.4M | $54.2M | $134.9M | $75.2M | $17.8M | $39.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000022356-26-000069.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |