What is Cullen/frost Bankers, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Cullen/frost Bankers, Inc.'s reported free cash flow gives $157.12 per share. The share price was $158.16 on November 10, 2026, 1% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 4.0% | 10.0% | $139.18 | -12% |
| Base | 9.0% | 9.0% | $157.12 | -1% |
| Bull | 14.0% | 8.0% | $190.59 | +21% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $170.27 | $174.32 | $179.26 | $185.44 | $193.38 |
| 8.0% | $160.43 | $163.06 | $166.16 | $169.88 | $174.42 |
| 9.0% | $153.26 | $155.05 | $157.12 | $159.53 | $162.39 |
| 10.0% | $147.80 | $149.08 | $150.52 | $152.17 | $154.08 |
| 11.0% | $143.52 | $144.45 | $145.50 | $146.67 | $148.00 |
Where the presets come from
Base: years 1 to 5 grow at Cullen/frost Bankers, Inc.'s revenue growth rate over the last 5 fiscal years (9.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions