CFRCULLEN/FROST BANKERS, INC.
National Commercial Banks
- Revenue
- $122M
- 14% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $9.8B
- Employees
- 6,008
- $20K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 0.6
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 3 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes42% of net incomeCash flow under 80% of net income
- Dilutive SBCYes20% of revenueOver 10% of revenue
- Payouts exceed cash flowYes151% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo96% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$20K · 19th pctBottom quartile of its SIC industry
- Quiet on AIYes0.6 per 10K words · 25th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$9.8B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$350K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $83M | $92M | $94M | $106M | $122M | 14% |
| Net income | $443M | $579M | $598M | $583M | $649M | 11% |
| Operating cash flow | $648M | $723M | $479M | $990M | $274M | 72% |
| Capex | $66M | $103M | $159M | $128M | $147M | 15% |
| Stock-based comp | $13M | $18M | $25M | $20M | $25M | 25% |
| Buybacks | $4M | $4M | $43M | $61M | $158M | 159% |
| Dividends | $189M | $210M | $232M | $242M | $255M | 5.3% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $350K · 4
- Net
- −$350K
Pay vs performance
No pay-versus-performance disclosure yet.