Stock fact sheet · data as of
Cullen/Frost Bankers, Inc. (CFR): fair value, margin of safety and Wheel Score
Ticker symbol CFR · Financial Services · Banks - Regional · United States · Value
Is CFR undervalued?
At 159.69 (close of 5 Nov 2026), CFR trades 12% over the GLS average fair value of 142.02. 4 of the 9 models land above the price and 5 below. A negative margin of safety fails the "below fair value" Wheel Trade Filter - the models see no discount, which does not make the business a poor one, only the price a full one.
There is a wide gap between GLS Growth (22.05) and 10 Cap (245.98). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, CFR is clearly cheaper than it is fast-growing, so the nightly engine files it under Value (value score 40, growth score 19, out of 100).
Nine valuation models for CFR
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 | 214.95 | +35% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 126.41 | -21% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 239.77 | +50% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 75.43 | -53% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 22.05 | -86% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 245.98 | +54% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 170.52 | +7% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 59.74 | -63% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 123.33 | -23% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -618.93 | -488% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 172.00 | +8% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Cullen/Frost Bankers, Inc. scores 6 of 9 on the Piotroski F-score: a middling result that passes the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 7.5/10 puts CFR among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
Returns on capital are moderate - ROIC 6.9%, ROE 14.2%, ROA 1.2% - with debt at 1.04 times equity and a free-cash-flow yield of 5.8%.
The dividend yield is 2.54% at a payout ratio of 38%; 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 Bank 90%, Frost Wealth Advisors 10% (quarter Q3 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales; the last recorded insider buy was on 24 Oct 2026.
| Piotroski F-score | 6 / 9 | ROIC | 6.9% |
|---|---|---|---|
| GLS Moat | 7.5 / 10 | ROE | 14.2% |
| Debt / equity | 1.04 | ROA | 1.2% |
| Free-cash-flow yield | 5.8% | Payout ratio | 38% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 30: Weak
With a Wheel Score of 30 Cullen/Frost Bankers, Inc. sits in the Weak band. It fails filter 3, below fair value - trades 12% above our fair value; Value (weak) is its weakest part.
Implied volatility is 27% 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 - 1,704 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 483k shares a day on a market cap of $9.9B, with a beta of 0.52 - 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 | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded 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 | Fails | trades 12% above our fair value |
| 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 | Weak | 12% above fair value | |
| Premium | Fair | implied volatility 27% | |
| Moat | Good | moat 7.5/10 | |
| Health | Good | Piotroski 6/9 | |
| Red Flags | Fair | Red Flags score 70/100 | |
| Option trading | Weak | 518 contracts a day, 1,704 open interest | |
| Stability | Good | beta 0.52, $9.9B 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 28 Jan 2027, 84 days away - outside the window of a 30-45-day put sold today. The shares go ex-dividend on 30 Nov 2026 (1.03 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 Cullen/Frost Bankers, 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 |
|---|---|---|---|---|---|
| BPOP Popular, Inc. | 158.72 | 213.51 | +26% | 80Good | $10.0B |
| BPOPM Popular Capital Trust II PFD GTD 6.125% | 25.18 | 97.27 | +74% | 29No options | $9.8B |
| ONB Old National Bancorp | 25.89 | 44.51 | +42% | 50Fair | $9.8B |
| ONBPP Old National Bancorp | 25.37 | 43.99 | +42% | 34No options | $9.8B |
| ONBPO Old National Bancorp | 25.00 | 43.76 | +43% | 35No options | $9.7B |
| ZION Zions Bancorporation, National Association | 66.63 | 109.29 | +39% | 81Good | $9.7B |
| SSB SouthState Bank Corp. | 106.65 | 157.73 | +32% | 39Weak | $10.3B |
| UMBF UMB Financial Corporation | 138.51 | 212.60 | +35% | 41Weak | $10.5B |
| WTFC Wintrust Financial Corporation | 156.12 | 260.57 | +40% | 47Weak | $10.5B |
| ZIONP Zions Bancorporation, National Association | 16.45 | 68.28 | +76% | 36No options | $9.3B |
| COLB Columbia Banking System, Inc. | 31.37 | 48.62 | +35% | 70Good | $9.1B |
| CBC Central Bancompany | 37.90 | 25.58 | -48% | 29Weak | $9.1B |
⚖ Compare CFR with 7 of them All Financial Services stocks →
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CFR
Is CFR undervalued right now?
No: at 159.69 the stock trades 12% above the GLS average fair value of 142.02 (data as of 5 Nov 2026). The margin of safety is negative.
What is the Wheel Score of CFR and what does it mean?
CFR scores 30 out of 100 (Weak) - it fails Wheel Trade Filter 3. 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 CFR?
142.02 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 Cullen/Frost Bankers, Inc. report earnings next?
The next earnings report is due on 28 Jan 2027, 84 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does CFR have listed options, and how liquid are they?
Yes. The nightly snapshot found 130 listed contracts with 1,704 open interest across all expiries and implied volatility of 27% 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.