Stock fact sheet · data as of
Commerce Bancshares, Inc. (CBSH): fair value, margin of safety and Wheel Score
Ticker symbol CBSH · Financial Services · Banks - Regional · United States · Blend
Is CBSH undervalued?
At 56.16 (close of 5 Nov 2026), CBSH trades 29% under the GLS average fair value of 79.35. 3 of the 9 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS scan; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
The 9 models disagree widely: DDM gives 16.19 while Payback Time gives 184.11. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for CBSH, so the nightly engine files it under Blend (value score 53, growth score 37, out of 100).
Nine valuation models for CBSH
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 51.93 | -8% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 52.74 | -6% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 103.41 | +84% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 35.04 | -38% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 46.27 | -18% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 177.80 | +217% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 184.11 | +228% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 16.19 | -71% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 46.65 | -17% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -135.18 | -341% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 65.13 | +16% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - CBSH passes 6 of the nine Piotroski tests, which passes the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 9.1 out of 10 - high returns on capital, steady margins and growth that held up through bad years point to a durable business.
Returns on capital are moderate - ROIC 8.3%, ROE 14.9%, ROA 1.7% - with debt at 0.79 times equity and a free-cash-flow yield of 13.5%.
The dividend yield is 1.96% at a payout ratio of 20%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Commission Income 54%, Managed Account Services 46% (fiscal year FY2022).
Institutional ownership scores 10/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 22 Sep 2026.
| Piotroski F-score | 6 / 9 | ROIC | 8.3% |
|---|---|---|---|
| GLS Moat | 9.1 / 10 | ROE | 14.9% |
| Debt / equity | 0.79 | ROA | 1.7% |
| Free-cash-flow yield | 13.5% | Payout ratio | 20% |
| Institutions | 10 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 52: Fair
CBSH scores 52 out of 100 on the Wheel Score (Fair band, 50-69) because it fails filter 1, options that actually trade - options too quiet (981 open interest, 612 a day). A stock must pass all 9 Wheel Trade Filters to reach 70. Otherwise the parts read: value strong, premium good, moat strong, health good, red flags strong, option trading weak, stability good.
Implied volatility is 31% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 981 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 1.1M shares a day on a market cap of $8.0B, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (981 open interest, 612 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Passes | Piotroski F-score 6 or more out of 9 (a company with no score on file passes) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 29% below fair value | |
| Premium | Good | implied volatility 31% | |
| Moat | Strong | moat 9.1/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Strong | Red Flags score 95/100 | |
| Option trading | Weak | 612 contracts a day, 981 open interest | |
| Stability | Good | beta 0.60, $8.0B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 21 Jan 2027, 77 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 1 Dec 2026 (0.2750 per share), so a covered call sold before then carries a small early-assignment risk around that date.
No analyst upgrades or downgrades were recorded in the last 30 days.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Commerce Bancshares, Inc. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| VLY Valley National Bancorp | 14.49 | 21.79 | +33% | 80Good | $8.0B |
| BOKF BOK Financial Corporation | 132.20 | 207.05 | +36% | 45Weak | $8.0B |
| BPOPO Popular, Inc. | 25.28 | 104.50 | +76% | 38No options | $8.1B |
| VLYPN Valley National Bancorp | 25.24 | 31.07 | +19% | 29No options | $7.8B |
| WAL Western Alliance Bancorporation | 79.24 | 141.85 | +44% | 53Fair | $8.6B |
| PB Prosperity Bancshares, Inc. | 73.59 | 93.57 | +21% | 44Weak | $8.8B |
| CBC Central Bancompany | 37.90 | 25.58 | -48% | 29Weak | $9.1B |
| COLB Columbia Banking System, Inc. | 31.37 | 48.62 | +35% | 70Good | $9.1B |
| ZIONP Zions Bancorporation, National Association | 16.45 | 68.28 | +76% | 36No options | $9.3B |
| WBHC Wilson Bank Holding Company | 550.00 | 118.74 | -363% | 21No options | $6.8B |
| UBSI United Bankshares, Inc. | 49.23 | 46.77 | -5% | 28Weak | $6.7B |
| ZION Zions Bancorporation, National Association | 66.63 | 109.29 | +39% | 81Good | $9.7B |
⚖ Compare CBSH with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about CBSH
Is CBSH undervalued right now?
By the GLS models, moderately: at 56.16 the stock trades 29% below the average fair value of 79.35 (data as of 5 Nov 2026).
What is the Wheel Score of CBSH and what does it mean?
CBSH scores 52 out of 100 (Fair) - it fails Wheel Trade Filter 1. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CBSH?
79.35 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Commerce Bancshares, Inc. report earnings next?
The next earnings report is due on 21 Jan 2027, 77 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does CBSH have listed options, and how liquid are they?
Yes. The nightly snapshot found 34 listed contracts with 981 open interest across all expiries and implied volatility of 31% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.