Annual Income Statements for Commerce Bancshares
This table shows Commerce Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Commerce Bancshares
This table shows Commerce Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Income / (Loss) Attributable to Common Shareholders |
|
123 |
132 |
119 |
128 |
121 |
109 |
113 |
140 |
138 |
136 |
132 |
Consolidated Net Income / (Loss) |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
Net Income / (Loss) Continuing Operations |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
Total Pre-Tax Income |
|
160 |
168 |
153 |
166 |
156 |
144 |
147 |
180 |
179 |
174 |
168 |
Total Revenue |
|
388 |
400 |
389 |
401 |
396 |
401 |
398 |
418 |
425 |
423 |
420 |
Net Interest Income / (Expense) |
|
246 |
255 |
252 |
250 |
249 |
248 |
249 |
262 |
262 |
267 |
269 |
Total Interest Income |
|
263 |
286 |
309 |
349 |
361 |
363 |
359 |
369 |
372 |
369 |
364 |
Loans and Leases Interest Income |
|
171 |
201 |
224 |
241 |
256 |
263 |
265 |
268 |
270 |
261 |
254 |
Investment Securities Interest Income |
|
86 |
80 |
75 |
78 |
73 |
67 |
68 |
73 |
67 |
77 |
84 |
Deposits and Money Market Investments Interest Income |
|
5.57 |
5.95 |
9.34 |
29 |
32 |
33 |
26 |
29 |
35 |
31 |
26 |
Federal Funds Sold and Securities Borrowed Interest Income |
|
0.09 |
0.30 |
0.49 |
0.11 |
0.05 |
0.02 |
0.01 |
0.03 |
0.00 |
0.01 |
0.03 |
Total Interest Expense |
|
16 |
32 |
57 |
99 |
113 |
114 |
110 |
107 |
110 |
103 |
95 |
Deposits Interest Expense |
|
8.83 |
16 |
28 |
55 |
78 |
85 |
84 |
84 |
86 |
82 |
75 |
Long-Term Debt Interest Expense |
|
-0.43 |
1.02 |
5.95 |
21 |
9.12 |
2.40 |
-0.00 |
0.01 |
0.01 |
0.01 |
0.00 |
Federal Funds Purchased and Securities Sold Interest Expense |
|
7.89 |
14 |
23 |
23 |
25 |
27 |
26 |
23 |
24 |
21 |
21 |
Total Non-Interest Income |
|
142 |
146 |
137 |
151 |
147 |
152 |
149 |
155 |
163 |
156 |
151 |
Trust Fees by Commissions |
|
50 |
49 |
50 |
52 |
3.82 |
102 |
56 |
4.48 |
4.62 |
168 |
4.79 |
Other Service Charges |
|
88 |
88 |
87 |
96 |
139 |
43 |
93 |
148 |
154 |
-13 |
154 |
Net Realized & Unrealized Capital Gains on Investments |
|
3.41 |
8.90 |
-0.31 |
3.39 |
4.30 |
7.60 |
-0.26 |
3.23 |
3.87 |
0.98 |
-7.59 |
Provision for Credit Losses |
|
15 |
15 |
11 |
6.47 |
12 |
5.88 |
4.79 |
5.47 |
9.14 |
14 |
14 |
Total Non-Interest Expense |
|
213 |
217 |
224 |
228 |
228 |
251 |
246 |
232 |
238 |
236 |
238 |
Salaries and Employee Benefits |
|
137 |
138 |
144 |
145 |
147 |
147 |
152 |
149 |
153 |
154 |
153 |
Net Occupancy & Equipment Expense |
|
46 |
45 |
46 |
47 |
49 |
50 |
50 |
49 |
51 |
51 |
52 |
Marketing Expense |
|
6.23 |
5.42 |
5.47 |
6.37 |
6.17 |
6.51 |
4.04 |
5.36 |
7.28 |
5.68 |
5.84 |
Property & Liability Insurance Claims |
|
- |
- |
4.64 |
4.19 |
4.03 |
20 |
8.02 |
2.35 |
2.93 |
3.18 |
3.74 |
Other Operating Expenses |
|
24 |
17 |
24 |
25 |
22 |
27 |
32 |
26 |
23 |
22 |
24 |
Income Tax Expense |
|
34 |
34 |
33 |
36 |
33 |
32 |
32 |
39 |
38 |
37 |
37 |
Net Income / (Loss) Attributable to Noncontrolling Interest |
|
3.36 |
2.03 |
1.10 |
2.67 |
2.10 |
2.24 |
2.79 |
1.89 |
2.26 |
1.14 |
-0.96 |
Basic Earnings per Share |
|
$0.97 |
$0.69 |
$0.91 |
$0.97 |
$0.92 |
$0.67 |
$0.87 |
$1.07 |
$1.07 |
$0.87 |
$0.98 |
Weighted Average Basic Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Diluted Earnings per Share |
|
$0.97 |
$0.69 |
$0.91 |
$0.97 |
$0.92 |
$0.66 |
$0.86 |
$1.07 |
$1.07 |
$0.87 |
$0.98 |
Weighted Average Diluted Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Weighted Average Basic & Diluted Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Cash Dividends to Common per Share |
|
$0.27 |
- |
$0.27 |
$0.27 |
- |
- |
$0.27 |
$0.27 |
$0.27 |
- |
$0.28 |
Annual Cash Flow Statements for Commerce Bancshares
This table details how cash moves in and out of Commerce Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
-598 |
299 |
-277 |
685 |
-301 |
1,301 |
2,089 |
-3,399 |
1,789 |
689 |
Net Cash From Operating Activities |
|
291 |
455 |
427 |
553 |
513 |
624 |
598 |
559 |
489 |
578 |
Net Cash From Continuing Operating Activities |
|
291 |
455 |
427 |
553 |
513 |
624 |
598 |
559 |
489 |
578 |
Net Income / (Loss) Continuing Operations |
|
267 |
277 |
320 |
438 |
423 |
354 |
541 |
500 |
485 |
534 |
Consolidated Net Income / (Loss) |
|
267 |
277 |
320 |
438 |
423 |
354 |
541 |
500 |
485 |
534 |
Provision For Loan Losses |
|
29 |
36 |
45 |
43 |
50 |
137 |
-66 |
28 |
35 |
33 |
Depreciation Expense |
|
43 |
41 |
40 |
39 |
41 |
44 |
45 |
47 |
50 |
54 |
Amortization Expense |
|
33 |
31 |
35 |
26 |
28 |
60 |
67 |
19 |
18 |
-0.84 |
Non-Cash Adjustments to Reconcile Net Income |
|
2.80 |
1.08 |
24 |
17 |
17 |
109 |
41 |
-15 |
-59 |
8.77 |
Changes in Operating Assets and Liabilities, net |
|
-83 |
68 |
-38 |
-10 |
-46 |
-79 |
-29 |
-19 |
-40 |
-51 |
Net Cash From Investing Activities |
|
-1,195 |
-805 |
221 |
-91 |
-730 |
-5,391 |
-2,083 |
242 |
2,184 |
484 |
Net Cash From Continuing Investing Activities |
|
-1,195 |
-805 |
221 |
-91 |
-730 |
-5,391 |
-2,083 |
242 |
2,184 |
484 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-32 |
-24 |
-31 |
-33 |
-43 |
-33 |
-57 |
-65 |
-88 |
-46 |
Purchase of Investment Securities |
|
-4,548 |
-3,248 |
-2,544 |
-2,391 |
-2,661 |
-8,635 |
-5,713 |
-3,494 |
-253 |
-3,233 |
Sale of Property, Leasehold Improvements and Equipment |
|
5.55 |
10 |
3.19 |
13 |
2.03 |
1.88 |
8.86 |
2.99 |
4.36 |
8.89 |
Sale and/or Maturity of Investments |
|
3,379 |
2,457 |
2,792 |
2,320 |
1,971 |
3,276 |
3,678 |
3,799 |
2,520 |
3,754 |
Net Cash From Financing Activities |
|
306 |
649 |
-925 |
223 |
-84 |
6,067 |
3,574 |
-4,201 |
-883 |
-373 |
Net Cash From Continuing Financing Activities |
|
306 |
649 |
-925 |
223 |
-84 |
6,067 |
3,574 |
-4,201 |
-883 |
-373 |
Net Change in Deposits |
|
421 |
1,026 |
-489 |
-48 |
435 |
6,153 |
2,889 |
-3,703 |
-731 |
-74 |
Issuance of Debt |
|
- |
- |
- |
6.94 |
- |
-1.62 |
0.00 |
0.00 |
2,250 |
0.00 |
Repayment of Debt |
|
-0.24 |
-1.77 |
-100 |
- |
-6.39 |
- |
12 |
-2.89 |
-2,258 |
-1.35 |
Repurchase of Common Equity |
|
-23 |
-39 |
-18 |
-75 |
-135 |
-54 |
-129 |
-187 |
-76 |
-170 |
Payment of Dividends |
|
-94 |
-96 |
-101 |
-109 |
-122 |
-128 |
-123 |
-127 |
-135 |
-145 |
Other Financing Activities, Net |
|
2.95 |
-240 |
-217 |
449 |
-256 |
248 |
925 |
-181 |
67 |
18 |
Cash Interest Paid |
|
28 |
32 |
44 |
63 |
98 |
52 |
16 |
54 |
337 |
453 |
Cash Income Taxes Paid |
|
95 |
120 |
121 |
84 |
76 |
90 |
120 |
117 |
131 |
126 |
Quarterly Cash Flow Statements for Commerce Bancshares
This table details how cash moves in and out of Commerce Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Net Change in Cash & Equivalents |
|
-63 |
-111 |
822 |
1,218 |
-730 |
479 |
-787 |
644 |
605 |
226 |
-102 |
Net Cash From Operating Activities |
|
184 |
90 |
116 |
105 |
147 |
121 |
135 |
147 |
432 |
-137 |
139 |
Net Cash From Continuing Operating Activities |
|
184 |
90 |
116 |
105 |
147 |
121 |
135 |
147 |
432 |
-137 |
139 |
Net Income / (Loss) Continuing Operations |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
Consolidated Net Income / (Loss) |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
Provision For Loan Losses |
|
15 |
15 |
11 |
6.47 |
12 |
5.88 |
4.79 |
5.47 |
9.14 |
14 |
14 |
Depreciation Expense |
|
12 |
12 |
12 |
13 |
12 |
13 |
13 |
14 |
14 |
14 |
14 |
Amortization Expense |
|
2.62 |
10 |
7.65 |
1.83 |
3.86 |
4.32 |
3.91 |
-2.26 |
1.13 |
-3.62 |
-3.72 |
Non-Cash Adjustments to Reconcile Net Income |
|
-18 |
1.31 |
-22 |
-0.21 |
-27 |
-9.65 |
6.29 |
0.15 |
1.59 |
0.75 |
12 |
Changes in Operating Assets and Liabilities, net |
|
46 |
-83 |
-13 |
-46 |
23 |
-3.84 |
-8.23 |
-11 |
266 |
-298 |
-29 |
Net Cash From Investing Activities |
|
552 |
489 |
888 |
253 |
578 |
465 |
541 |
665 |
-237 |
-485 |
-373 |
Net Cash From Continuing Investing Activities |
|
552 |
489 |
888 |
253 |
578 |
465 |
541 |
665 |
-237 |
-485 |
-373 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-18 |
-19 |
-20 |
-32 |
-21 |
-16 |
-11 |
-8.51 |
-13 |
-14 |
-13 |
Purchase of Investment Securities |
|
-275 |
-606 |
-408 |
-455 |
-183 |
794 |
-358 |
-1,069 |
-1,018 |
-787 |
-865 |
Sale of Property, Leasehold Improvements and Equipment |
|
0.21 |
1.37 |
0.01 |
1.21 |
2.54 |
0.61 |
2.67 |
0.61 |
5.58 |
0.03 |
0.10 |
Sale and/or Maturity of Investments |
|
845 |
1,113 |
1,316 |
739 |
779 |
-313 |
907 |
1,742 |
788 |
317 |
504 |
Net Cash From Financing Activities |
|
-799 |
-690 |
-182 |
861 |
-1,454 |
-108 |
-1,463 |
-168 |
411 |
847 |
133 |
Net Cash From Continuing Financing Activities |
|
-799 |
-690 |
-182 |
861 |
-1,454 |
-108 |
-1,463 |
-168 |
411 |
847 |
133 |
Net Change in Deposits |
|
-793 |
-1,170 |
-1,553 |
1,304 |
-766 |
284 |
-983 |
-143 |
858 |
195 |
735 |
Issuance of Debt |
|
-11 |
11 |
1,498 |
752 |
- |
- |
0.96 |
-0.96 |
8.80 |
-8.80 |
18 |
Repurchase of Common Equity |
|
-50 |
-23 |
-36 |
-0.32 |
-20 |
-20 |
-42 |
-38 |
-44 |
-47 |
-55 |
Payment of Dividends |
|
-32 |
-32 |
-34 |
-34 |
-34 |
-34 |
-35 |
-35 |
-40 |
-35 |
-38 |
Other Financing Activities, Net |
|
81 |
527 |
-57 |
93 |
-133 |
164 |
-403 |
46 |
-369 |
745 |
-527 |
Cash Interest Paid |
|
15 |
30 |
47 |
77 |
103 |
109 |
110 |
109 |
110 |
124 |
90 |
Cash Income Taxes Paid |
|
30 |
24 |
3.86 |
61 |
32 |
34 |
1.03 |
65 |
20 |
40 |
0.56 |
Annual Balance Sheets for Commerce Bancshares
This table presents Commerce Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
24,605 |
25,641 |
24,833 |
25,464 |
26,066 |
32,923 |
36,689 |
31,876 |
31,701 |
31,997 |
Cash and Due from Banks |
|
464 |
495 |
438 |
508 |
492 |
438 |
306 |
452 |
443 |
748 |
Federal Funds Sold |
|
15 |
15 |
43 |
3.32 |
- |
- |
2.80 |
50 |
5.03 |
3.00 |
Interest Bearing Deposits at Other Banks |
|
24 |
272 |
31 |
690 |
396 |
1,747 |
3,971 |
389 |
2,239 |
2,625 |
Trading Account Securities |
|
10,777 |
10,496 |
9,593 |
9,399 |
9,592 |
13,496 |
16,325 |
13,119 |
10,176 |
9,857 |
Loans and Leases, Net of Allowance |
|
12,285 |
13,257 |
13,824 |
13,980 |
14,577 |
16,109 |
15,026 |
16,153 |
17,043 |
17,057 |
Loans and Leases |
|
12,437 |
13,413 |
13,984 |
14,140 |
14,738 |
16,330 |
15,176 |
16,303 |
17,205 |
17,220 |
Allowance for Loan and Lease Losses |
|
152 |
156 |
160 |
160 |
161 |
221 |
150 |
150 |
162 |
163 |
Loans Held for Sale |
|
7.61 |
14 |
21 |
21 |
14 |
45 |
15,035 |
4.96 |
4.18 |
3.24 |
Premises and Equipment, Net |
|
353 |
338 |
335 |
333 |
371 |
371 |
389 |
419 |
469 |
475 |
Goodwill |
|
139 |
139 |
139 |
139 |
139 |
139 |
139 |
139 |
147 |
147 |
Intangible Assets |
|
6.67 |
6.71 |
7.62 |
8.79 |
9.53 |
11 |
16 |
15 |
14 |
14 |
Other Assets |
|
535 |
608 |
401 |
382 |
476 |
567 |
507 |
1,135 |
1,161 |
1,067 |
Total Liabilities & Shareholders' Equity |
|
24,605 |
25,641 |
24,833 |
25,464 |
26,066 |
32,923 |
36,689 |
31,876 |
31,701 |
31,997 |
Total Liabilities |
|
22,238 |
23,140 |
22,115 |
22,527 |
22,927 |
29,523 |
33,241 |
29,394 |
28,737 |
28,664 |
Non-Interest Bearing Deposits |
|
7,146 |
7,429 |
7,159 |
6,980 |
6,891 |
10,498 |
11,772 |
10,066 |
7,976 |
8,151 |
Interest Bearing Deposits |
|
12,832 |
13,672 |
13,266 |
13,343 |
13,630 |
16,449 |
18,041 |
16,121 |
17,388 |
17,143 |
Federal Funds Purchased and Securities Sold |
|
1,964 |
1,724 |
1,507 |
1,956 |
1,851 |
2,098 |
3,023 |
2,842 |
2,909 |
2,927 |
Short-Term Debt |
|
104 |
102 |
1.76 |
8.70 |
- |
0.80 |
- |
- |
1.40 |
0.06 |
Other Long-Term Liabilities |
|
191 |
213 |
181 |
238 |
554 |
477 |
392 |
356 |
463 |
444 |
Total Equity & Noncontrolling Interests |
|
2,367 |
2,501 |
2,718 |
2,937 |
3,138 |
3,400 |
3,448 |
2,482 |
2,964 |
3,332 |
Total Preferred & Common Equity |
|
2,362 |
2,496 |
2,717 |
2,931 |
3,135 |
3,397 |
3,437 |
2,465 |
2,944 |
3,310 |
Total Common Equity |
|
2,217 |
2,351 |
2,572 |
2,787 |
2,990 |
3,397 |
3,437 |
2,465 |
2,944 |
3,310 |
Common Stock |
|
1,828 |
2,062 |
2,351 |
2,644 |
2,715 |
3,026 |
3,301 |
3,562 |
3,818 |
4,072 |
Retained Earnings |
|
383 |
293 |
221 |
241 |
202 |
73 |
92 |
32 |
53 |
45 |
Treasury Stock |
|
-26 |
-15 |
-14 |
-34 |
-38 |
-33 |
-33 |
-42 |
-36 |
-48 |
Accumulated Other Comprehensive Income / (Loss) |
|
32 |
11 |
14 |
-65 |
110 |
331 |
77 |
-1,087 |
-891 |
-759 |
Noncontrolling Interest |
|
5.43 |
5.35 |
1.62 |
5.85 |
3.79 |
2.93 |
11 |
16 |
20 |
23 |
Quarterly Balance Sheets for Commerce Bancshares
This table presents Commerce Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q1 2025 |
Total Assets |
|
32,603 |
32,005 |
32,831 |
31,377 |
30,372 |
30,569 |
31,494 |
32,365 |
Cash and Due from Banks |
|
344 |
351 |
367 |
358 |
291 |
330 |
508 |
517 |
Federal Funds Sold |
|
14 |
27 |
2.75 |
2.74 |
0.00 |
0.00 |
0.01 |
0.00 |
Interest Bearing Deposits at Other Banks |
|
643 |
1,342 |
2,569 |
1,848 |
1,610 |
2,215 |
2,642 |
2,757 |
Trading Account Securities |
|
14,178 |
12,376 |
11,539 |
10,359 |
9,436 |
9,168 |
9,742 |
10,230 |
Loans and Leases, Net of Allowance |
|
15,756 |
16,376 |
16,798 |
16,967 |
17,138 |
17,005 |
16,929 |
17,212 |
Loans and Leases |
|
15,899 |
16,536 |
16,957 |
17,129 |
17,299 |
17,163 |
17,090 |
17,379 |
Allowance for Loan and Lease Losses |
|
143 |
159 |
159 |
162 |
160 |
159 |
161 |
167 |
Loans Held for Sale |
|
8.06 |
16,382 |
6.78 |
5.12 |
2.33 |
2.93 |
1.71 |
2.89 |
Premises and Equipment, Net |
|
408 |
428 |
452 |
461 |
467 |
467 |
470 |
477 |
Goodwill |
|
139 |
139 |
146 |
147 |
147 |
147 |
147 |
147 |
Intangible Assets |
|
16 |
15 |
15 |
14 |
14 |
14 |
14 |
13 |
Other Assets |
|
1,097 |
944 |
937 |
1,216 |
1,267 |
1,221 |
1,040 |
1,009 |
Total Liabilities & Shareholders' Equity |
|
32,603 |
32,005 |
32,831 |
31,377 |
30,372 |
30,569 |
31,494 |
32,365 |
Total Liabilities |
|
30,231 |
29,322 |
30,146 |
28,777 |
27,408 |
27,411 |
28,040 |
28,867 |
Non-Interest Bearing Deposits |
|
10,469 |
8,685 |
8,199 |
7,961 |
7,513 |
7,493 |
7,396 |
7,518 |
Interest Bearing Deposits |
|
17,003 |
15,998 |
17,671 |
17,129 |
16,927 |
16,787 |
17,842 |
18,324 |
Federal Funds Purchased and Securities Sold |
|
2,315 |
2,785 |
2,878 |
2,745 |
2,506 |
2,551 |
2,182 |
2,400 |
Long-Term Debt |
|
1.83 |
1,508 |
1,006 |
504 |
2.36 |
3.98 |
10 |
18 |
Other Long-Term Liabilities |
|
444 |
347 |
393 |
438 |
460 |
576 |
610 |
607 |
Total Equity & Noncontrolling Interests |
|
2,371 |
2,682 |
2,685 |
2,599 |
2,964 |
3,158 |
3,454 |
3,498 |
Total Preferred & Common Equity |
|
2,352 |
2,666 |
2,667 |
2,581 |
2,944 |
3,138 |
3,432 |
3,478 |
Total Common Equity |
|
2,352 |
2,666 |
2,667 |
2,581 |
2,944 |
3,138 |
3,432 |
3,478 |
Common Stock |
|
3,294 |
3,548 |
3,551 |
3,554 |
3,804 |
3,808 |
3,810 |
4,058 |
Retained Earnings |
|
353 |
117 |
211 |
298 |
131 |
235 |
339 |
140 |
Treasury Stock |
|
-177 |
-60 |
-58 |
-77 |
-60 |
-98 |
-139 |
-86 |
Accumulated Other Comprehensive Income / (Loss) |
|
-1,119 |
-940 |
-1,036 |
-1,194 |
-931 |
-808 |
-577 |
-635 |
Noncontrolling Interest |
|
20 |
17 |
18 |
18 |
20 |
21 |
21 |
21 |
Annual Metrics And Ratios for Commerce Bancshares
This table displays calculated financial ratios and metrics derived from Commerce Bancshares' official financial filings.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
1.68% |
3.47% |
8.29% |
8.62% |
1.57% |
-0.76% |
6.75% |
5.85% |
5.10% |
4.88% |
EBITDA Growth |
|
2.01% |
3.15% |
6.79% |
20.57% |
-2.07% |
-10.58% |
49.52% |
-12.54% |
-1.60% |
6.67% |
EBIT Growth |
|
-0.23% |
4.55% |
7.33% |
26.54% |
-3.03% |
-18.56% |
59.55% |
-7.86% |
-2.00% |
9.64% |
NOPAT Growth |
|
1.59% |
3.70% |
15.55% |
36.98% |
-3.54% |
-18.38% |
56.68% |
-7.50% |
-2.97% |
10.15% |
Net Income Growth |
|
1.59% |
3.70% |
15.55% |
36.98% |
-3.54% |
-16.28% |
52.76% |
-7.50% |
-2.97% |
10.15% |
EPS Growth |
|
-2.11% |
2.16% |
10.55% |
30.92% |
-5.25% |
-18.77% |
48.11% |
-10.49% |
-1.14% |
11.85% |
Operating Cash Flow Growth |
|
-19.30% |
56.24% |
-6.25% |
29.57% |
-7.21% |
21.68% |
-4.21% |
-6.41% |
-12.62% |
18.23% |
Free Cash Flow Firm Growth |
|
60.10% |
-38.08% |
40.18% |
4.51% |
7.24% |
-62.60% |
464.26% |
205.87% |
-99.27% |
1,452.11% |
Invested Capital Growth |
|
1.35% |
5.34% |
4.49% |
8.31% |
6.62% |
8.27% |
1.77% |
-28.02% |
19.04% |
12.37% |
Revenue Q/Q Growth |
|
1.37% |
-1.28% |
5.91% |
0.16% |
0.63% |
-0.17% |
2.93% |
1.00% |
0.03% |
1.35% |
EBITDA Q/Q Growth |
|
1.21% |
0.97% |
1.98% |
3.84% |
-0.12% |
6.41% |
3.74% |
-3.51% |
-4.05% |
3.22% |
EBIT Q/Q Growth |
|
1.29% |
1.66% |
2.48% |
4.35% |
-0.19% |
3.91% |
5.52% |
-3.17% |
-3.79% |
4.63% |
NOPAT Q/Q Growth |
|
0.26% |
2.96% |
7.61% |
3.73% |
-0.82% |
4.88% |
-3.02% |
3.80% |
-4.37% |
5.07% |
Net Income Q/Q Growth |
|
0.26% |
2.96% |
7.61% |
3.73% |
-0.82% |
7.57% |
-3.02% |
3.80% |
-4.37% |
5.07% |
EPS Q/Q Growth |
|
0.43% |
2.16% |
6.07% |
0.59% |
-0.31% |
10.00% |
-7.13% |
4.48% |
-5.46% |
0.78% |
Operating Cash Flow Q/Q Growth |
|
-17.75% |
25.97% |
-3.17% |
2.55% |
6.11% |
2.66% |
-6.27% |
-3.78% |
6.87% |
-30.84% |
Free Cash Flow Firm Q/Q Growth |
|
26.26% |
77.69% |
33.22% |
-49.47% |
278.07% |
-77.90% |
30.12% |
-8.38% |
104.85% |
13.38% |
Invested Capital Q/Q Growth |
|
-0.15% |
-2.22% |
-3.10% |
4.86% |
-6.62% |
2.83% |
-0.98% |
4.99% |
-4.42% |
-3.79% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
42.16% |
42.02% |
41.44% |
46.00% |
44.35% |
39.96% |
55.97% |
46.25% |
43.31% |
44.04% |
EBIT Margin |
|
35.23% |
35.60% |
35.28% |
41.10% |
39.24% |
32.20% |
48.13% |
41.90% |
39.07% |
40.84% |
Profit (Net Income) Margin |
|
24.52% |
24.58% |
26.22% |
33.07% |
31.41% |
26.49% |
37.91% |
33.13% |
30.59% |
32.12% |
Tax Burden Percent |
|
69.60% |
69.04% |
74.33% |
80.53% |
79.49% |
80.21% |
78.77% |
79.07% |
78.29% |
78.65% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
99.91% |
100.69% |
102.56% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
30.40% |
30.96% |
25.67% |
19.47% |
20.51% |
19.79% |
21.23% |
20.93% |
21.71% |
21.35% |
Return on Invested Capital (ROIC) |
|
10.88% |
10.91% |
12.02% |
15.47% |
13.89% |
10.55% |
15.76% |
16.80% |
17.78% |
16.97% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
10.88% |
10.91% |
12.02% |
15.47% |
13.89% |
560.19% |
15.76% |
16.80% |
17.78% |
16.97% |
Return on Net Nonoperating Assets (RNNOA) |
|
0.48% |
0.46% |
0.24% |
0.03% |
0.03% |
0.28% |
0.03% |
0.06% |
0.04% |
0.00% |
Return on Equity (ROE) |
|
11.36% |
11.37% |
12.26% |
15.50% |
13.92% |
10.82% |
15.79% |
16.86% |
17.82% |
16.97% |
Cash Return on Invested Capital (CROIC) |
|
9.53% |
5.71% |
7.63% |
7.49% |
7.48% |
2.60% |
14.00% |
49.38% |
0.40% |
5.32% |
Operating Return on Assets (OROA) |
|
1.58% |
1.60% |
1.71% |
2.17% |
2.05% |
1.46% |
1.97% |
1.84% |
1.95% |
2.13% |
Return on Assets (ROA) |
|
1.10% |
1.10% |
1.27% |
1.74% |
1.64% |
1.20% |
1.55% |
1.46% |
1.53% |
1.68% |
Return on Common Equity (ROCE) |
|
10.63% |
10.67% |
11.56% |
14.68% |
13.23% |
10.57% |
15.76% |
16.79% |
17.70% |
16.86% |
Return on Equity Simple (ROE_SIMPLE) |
|
11.30% |
11.09% |
11.78% |
14.95% |
13.49% |
10.42% |
15.73% |
20.28% |
16.48% |
16.15% |
Net Operating Profit after Tax (NOPAT) |
|
267 |
277 |
320 |
438 |
423 |
345 |
541 |
500 |
485 |
534 |
NOPAT Margin |
|
24.52% |
24.58% |
26.22% |
33.07% |
31.41% |
25.83% |
37.91% |
33.13% |
30.59% |
32.12% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
-549.64% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
51.86% |
52.23% |
49.99% |
48.21% |
50.07% |
51.92% |
50.16% |
50.16% |
50.47% |
49.98% |
Operating Expenses to Revenue |
|
62.13% |
61.18% |
61.01% |
55.68% |
57.01% |
57.53% |
56.52% |
56.24% |
58.69% |
57.18% |
Earnings before Interest and Taxes (EBIT) |
|
384 |
401 |
430 |
545 |
528 |
430 |
686 |
632 |
620 |
679 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
459 |
473 |
506 |
610 |
597 |
534 |
798 |
698 |
687 |
733 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.33 |
1.81 |
1.71 |
1.69 |
1.95 |
1.76 |
2.01 |
3.02 |
2.21 |
2.41 |
Price to Tangible Book Value (P/TBV) |
|
1.43 |
1.93 |
1.81 |
1.78 |
2.05 |
1.84 |
2.11 |
3.22 |
2.34 |
2.54 |
Price to Revenue (P/Rev) |
|
2.72 |
3.78 |
3.61 |
3.55 |
4.33 |
4.46 |
4.85 |
4.93 |
4.11 |
4.80 |
Price to Earnings (P/E) |
|
11.22 |
15.47 |
13.77 |
11.09 |
14.15 |
17.43 |
13.04 |
15.25 |
13.67 |
15.18 |
Dividend Yield |
|
2.82% |
2.04% |
2.08% |
2.12% |
1.91% |
2.02% |
1.76% |
1.70% |
2.06% |
1.73% |
Earnings Yield |
|
8.92% |
6.47% |
7.26% |
9.02% |
7.07% |
5.74% |
7.67% |
6.56% |
7.32% |
6.59% |
Enterprise Value to Invested Capital (EV/IC) |
|
1.10 |
1.43 |
1.48 |
1.24 |
1.62 |
1.11 |
0.77 |
2.64 |
1.30 |
1.39 |
Enterprise Value to Revenue (EV/Rev) |
|
2.49 |
3.31 |
3.31 |
2.77 |
3.79 |
2.83 |
1.87 |
4.36 |
2.43 |
2.79 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
5.90 |
7.88 |
7.98 |
6.02 |
8.54 |
7.09 |
3.34 |
9.43 |
5.61 |
6.33 |
Enterprise Value to EBIT (EV/EBIT) |
|
7.06 |
9.30 |
9.38 |
6.73 |
9.65 |
8.79 |
3.88 |
10.41 |
6.22 |
6.82 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
10.15 |
13.47 |
12.62 |
8.37 |
12.05 |
10.96 |
4.93 |
13.16 |
7.94 |
8.68 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
9.30 |
8.20 |
9.46 |
6.63 |
9.94 |
6.06 |
4.46 |
11.76 |
7.89 |
8.02 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
11.58 |
25.74 |
19.87 |
17.27 |
22.38 |
44.41 |
5.55 |
4.48 |
357.16 |
27.68 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.04 |
0.04 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Long-Term Debt to Equity |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Financial Leverage |
|
0.04 |
0.04 |
0.02 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Leverage Ratio |
|
10.34 |
10.32 |
9.67 |
8.89 |
8.48 |
9.02 |
10.16 |
11.56 |
11.67 |
10.12 |
Compound Leverage Factor |
|
10.34 |
10.32 |
9.67 |
8.89 |
8.54 |
9.25 |
10.16 |
11.56 |
11.67 |
10.12 |
Debt to Total Capital |
|
4.20% |
3.92% |
0.06% |
0.30% |
0.08% |
0.02% |
0.36% |
0.39% |
0.05% |
0.00% |
Short-Term Debt to Total Capital |
|
4.20% |
3.92% |
0.06% |
0.30% |
0.00% |
0.02% |
0.00% |
0.00% |
0.05% |
0.00% |
Long-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.08% |
0.00% |
0.36% |
0.39% |
0.00% |
0.00% |
Preferred Equity to Total Capital |
|
5.86% |
5.56% |
5.32% |
4.91% |
4.61% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.22% |
0.21% |
0.06% |
0.20% |
0.12% |
0.09% |
0.32% |
0.65% |
0.68% |
0.68% |
Common Equity to Total Capital |
|
89.72% |
90.31% |
94.55% |
94.59% |
95.19% |
99.89% |
99.32% |
98.96% |
99.27% |
99.32% |
Debt to EBITDA |
|
0.23 |
0.22 |
0.00 |
0.01 |
0.00 |
0.00 |
0.02 |
0.01 |
0.00 |
0.00 |
Net Debt to EBITDA |
|
-0.87 |
-1.44 |
-1.01 |
-1.96 |
-1.48 |
-4.09 |
-5.35 |
-1.26 |
-3.91 |
-4.61 |
Long-Term Debt to EBITDA |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.02 |
0.01 |
0.00 |
0.00 |
Debt to NOPAT |
|
0.39 |
0.37 |
0.01 |
0.02 |
0.01 |
0.00 |
0.02 |
0.02 |
0.00 |
0.00 |
Net Debt to NOPAT |
|
-1.49 |
-2.46 |
-1.59 |
-2.72 |
-2.09 |
-6.33 |
-7.89 |
-1.76 |
-5.54 |
-6.32 |
Long-Term Debt to NOPAT |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
0.00 |
0.02 |
0.02 |
0.00 |
0.00 |
Noncontrolling Interest Sharing Ratio |
|
6.36% |
6.17% |
5.68% |
5.25% |
4.92% |
2.32% |
0.20% |
0.46% |
0.67% |
0.68% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
234 |
145 |
203 |
212 |
228 |
85 |
480 |
1,470 |
11 |
168 |
Operating Cash Flow to CapEx |
|
1,105.02% |
3,166.94% |
1,543.49% |
2,781.80% |
1,264.85% |
1,996.39% |
1,248.98% |
899.25% |
583.84% |
1,551.63% |
Free Cash Flow to Firm to Interest Expense |
|
8.33 |
4.39 |
4.65 |
3.25 |
2.20 |
1.99 |
37.34 |
25.88 |
0.03 |
0.39 |
Operating Cash Flow to Interest Expense |
|
10.36 |
13.79 |
9.75 |
8.45 |
4.96 |
14.58 |
46.46 |
9.85 |
1.28 |
1.35 |
Operating Cash Flow Less CapEx to Interest Expense |
|
9.43 |
13.35 |
9.12 |
8.15 |
4.57 |
13.85 |
42.74 |
8.75 |
1.06 |
1.26 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.05 |
0.05 |
0.05 |
0.05 |
0.04 |
0.04 |
0.05 |
0.05 |
Fixed Asset Turnover |
|
3.07 |
3.26 |
3.63 |
3.97 |
3.83 |
3.60 |
3.75 |
3.74 |
3.57 |
3.52 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
2,471 |
2,603 |
2,720 |
2,946 |
3,141 |
3,401 |
3,461 |
2,491 |
2,966 |
3,333 |
Invested Capital Turnover |
|
0.44 |
0.44 |
0.46 |
0.47 |
0.44 |
0.41 |
0.42 |
0.51 |
0.58 |
0.53 |
Increase / (Decrease) in Invested Capital |
|
33 |
132 |
117 |
226 |
195 |
260 |
60 |
-970 |
474 |
367 |
Enterprise Value (EV) |
|
2,710 |
3,729 |
4,036 |
3,667 |
5,096 |
3,782 |
2,665 |
6,581 |
3,855 |
4,637 |
Market Capitalization |
|
2,958 |
4,260 |
4,399 |
4,708 |
5,832 |
5,963 |
6,921 |
7,446 |
6,520 |
7,990 |
Book Value per Share |
|
$23.89 |
$24.34 |
$25.30 |
$26.23 |
$27.86 |
$30.45 |
$29.59 |
$20.66 |
$23.69 |
$25.81 |
Tangible Book Value per Share |
|
$22.32 |
$22.83 |
$23.86 |
$24.84 |
$26.48 |
$29.11 |
$28.26 |
$19.36 |
$22.39 |
$24.56 |
Total Capital |
|
2,471 |
2,603 |
2,720 |
2,946 |
3,141 |
3,401 |
3,461 |
2,491 |
2,966 |
3,333 |
Total Debt |
|
104 |
102 |
1.76 |
8.70 |
2.42 |
0.80 |
13 |
9.67 |
1.40 |
0.06 |
Total Long-Term Debt |
|
0.00 |
0.00 |
0.00 |
0.00 |
2.42 |
0.00 |
13 |
9.67 |
0.00 |
0.00 |
Net Debt |
|
-399 |
-680 |
-510 |
-1,192 |
-885 |
-2,184 |
-4,267 |
-881 |
-2,686 |
-3,376 |
Capital Expenditures (CapEx) |
|
26 |
14 |
28 |
20 |
41 |
31 |
48 |
62 |
84 |
37 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
-8.85 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
104 |
102 |
1.76 |
8.70 |
2.42 |
0.80 |
13 |
9.67 |
1.40 |
0.06 |
Total Depreciation and Amortization (D&A) |
|
75 |
72 |
75 |
65 |
69 |
104 |
112 |
66 |
67 |
53 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$2.56 |
$2.62 |
$2.90 |
$3.79 |
$3.59 |
$2.91 |
$4.32 |
$3.86 |
$3.64 |
$3.88 |
Adjusted Weighted Average Basic Shares Outstanding |
|
96.74M |
101.62M |
106.71M |
110.90M |
112.09M |
117.08M |
121.11M |
124.80M |
129.88M |
133.88M |
Adjusted Diluted Earnings per Share |
|
$2.56 |
$2.61 |
$2.89 |
$3.78 |
$3.58 |
$2.91 |
$4.31 |
$3.85 |
$3.64 |
$3.87 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
96.74M |
101.62M |
106.71M |
110.90M |
112.09M |
117.08M |
121.11M |
124.80M |
129.88M |
133.88M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.59 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
96.74M |
101.62M |
106.71M |
110.90M |
112.09M |
117.08M |
121.11M |
124.80M |
129.88M |
133.88M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
267 |
277 |
320 |
438 |
423 |
345 |
541 |
500 |
485 |
534 |
Normalized NOPAT Margin |
|
24.52% |
24.58% |
26.22% |
33.07% |
31.41% |
25.83% |
37.91% |
33.13% |
30.59% |
32.12% |
Pre Tax Income Margin |
|
35.23% |
35.60% |
35.28% |
41.06% |
39.51% |
33.03% |
48.13% |
41.90% |
39.07% |
40.84% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
13.65 |
12.15 |
9.84 |
8.33 |
5.11 |
10.05 |
53.34 |
11.13 |
1.62 |
1.58 |
NOPAT to Interest Expense |
|
9.50 |
8.39 |
7.32 |
6.70 |
4.09 |
8.06 |
42.02 |
8.80 |
1.27 |
1.24 |
EBIT Less CapEx to Interest Expense |
|
12.71 |
11.72 |
9.21 |
8.03 |
4.72 |
9.32 |
49.62 |
10.04 |
1.40 |
1.50 |
NOPAT Less CapEx to Interest Expense |
|
8.56 |
7.95 |
6.68 |
6.40 |
3.70 |
7.33 |
38.30 |
7.71 |
1.05 |
1.16 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
35.19% |
34.70% |
31.45% |
24.93% |
28.97% |
36.05% |
22.70% |
25.49% |
27.77% |
27.15% |
Augmented Payout Ratio |
|
43.88% |
48.93% |
37.01% |
42.10% |
60.89% |
51.35% |
46.63% |
62.82% |
43.51% |
59.05% |
Quarterly Metrics And Ratios for Commerce Bancshares
This table displays calculated financial ratios and metrics derived from Commerce Bancshares' official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Q1 2025 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
10.46% |
3.88% |
11.85% |
7.43% |
1.93% |
0.13% |
2.23% |
4.29% |
7.44% |
5.53% |
5.75% |
EBITDA Growth |
|
3.30% |
-11.80% |
2.32% |
9.61% |
-1.12% |
-15.25% |
-4.81% |
5.77% |
12.09% |
14.19% |
8.11% |
EBIT Growth |
|
8.70% |
-10.98% |
0.95% |
9.38% |
-2.49% |
-14.50% |
-4.08% |
8.17% |
14.33% |
20.91% |
13.93% |
NOPAT Growth |
|
9.27% |
15.86% |
0.44% |
8.58% |
-2.76% |
-16.60% |
-4.23% |
8.42% |
14.31% |
23.13% |
13.15% |
Net Income Growth |
|
0.34% |
15.86% |
0.44% |
8.58% |
-2.76% |
-16.60% |
-4.23% |
8.42% |
14.31% |
23.13% |
13.15% |
EPS Growth |
|
-2.02% |
27.78% |
-1.09% |
5.43% |
-5.15% |
-4.35% |
-5.49% |
10.31% |
16.30% |
31.82% |
19.51% |
Operating Cash Flow Growth |
|
15.57% |
-19.71% |
-6.79% |
-35.15% |
-20.02% |
35.07% |
16.73% |
40.57% |
193.95% |
-212.92% |
2.31% |
Free Cash Flow Firm Growth |
|
1,817.24% |
1,896.98% |
-336.99% |
-194.03% |
-148.64% |
-132.89% |
223.20% |
176.22% |
63.67% |
36.72% |
-131.30% |
Invested Capital Growth |
|
-32.11% |
-28.02% |
40.49% |
37.65% |
30.76% |
19.04% |
-29.21% |
-14.32% |
11.63% |
12.37% |
18.54% |
Revenue Q/Q Growth |
|
4.15% |
3.11% |
-2.86% |
2.98% |
-1.18% |
1.29% |
-0.83% |
5.07% |
1.80% |
-0.51% |
-0.61% |
EBITDA Q/Q Growth |
|
5.72% |
8.85% |
-9.12% |
4.81% |
-4.63% |
-6.70% |
2.07% |
16.46% |
1.06% |
-4.95% |
-3.36% |
EBIT Q/Q Growth |
|
5.22% |
5.01% |
-8.79% |
8.53% |
-6.20% |
-7.92% |
2.32% |
22.39% |
-0.85% |
-2.62% |
-3.59% |
NOPAT Q/Q Growth |
|
5.02% |
5.92% |
-9.80% |
8.22% |
-5.95% |
-9.16% |
3.58% |
22.51% |
-0.83% |
-2.15% |
-4.82% |
Net Income Q/Q Growth |
|
5.02% |
5.92% |
-9.80% |
8.22% |
-5.95% |
-9.16% |
3.58% |
22.51% |
-0.83% |
-2.15% |
-4.82% |
EPS Q/Q Growth |
|
5.43% |
-28.87% |
5.81% |
6.59% |
-5.15% |
-28.26% |
7.50% |
24.42% |
0.00% |
-18.69% |
12.64% |
Operating Cash Flow Q/Q Growth |
|
13.58% |
-51.20% |
29.53% |
-9.67% |
40.09% |
-17.59% |
11.94% |
8.77% |
192.94% |
-131.66% |
201.43% |
Free Cash Flow Firm Q/Q Growth |
|
33.55% |
-11.63% |
-198.54% |
19.14% |
30.92% |
40.23% |
469.06% |
-49.98% |
-132.93% |
-4.09% |
-82.56% |
Invested Capital Q/Q Growth |
|
-11.50% |
4.99% |
68.20% |
-11.92% |
-15.93% |
-4.42% |
0.02% |
6.61% |
9.53% |
-3.79% |
5.51% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
44.93% |
47.43% |
44.37% |
45.16% |
43.58% |
40.14% |
41.32% |
45.80% |
45.47% |
43.44% |
42.24% |
EBIT Margin |
|
41.24% |
42.00% |
39.43% |
41.56% |
39.45% |
35.86% |
37.00% |
43.10% |
41.98% |
41.09% |
39.86% |
Profit (Net Income) Margin |
|
32.50% |
33.38% |
31.00% |
32.57% |
31.00% |
27.80% |
29.04% |
33.86% |
32.98% |
32.44% |
31.07% |
Tax Burden Percent |
|
78.81% |
79.48% |
78.60% |
78.38% |
78.58% |
77.53% |
78.48% |
78.56% |
78.58% |
78.95% |
77.94% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
21.19% |
20.52% |
21.40% |
21.62% |
21.42% |
22.47% |
21.52% |
21.44% |
21.42% |
21.05% |
22.06% |
Return on Invested Capital (ROIC) |
|
16.55% |
16.93% |
13.40% |
16.13% |
17.95% |
16.16% |
12.94% |
15.93% |
16.49% |
17.14% |
16.17% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
16.55% |
16.93% |
13.40% |
16.13% |
17.95% |
16.16% |
12.94% |
15.93% |
16.49% |
17.14% |
16.17% |
Return on Net Nonoperating Assets (RNNOA) |
|
0.02% |
0.06% |
3.59% |
3.04% |
1.83% |
0.03% |
3.46% |
2.75% |
1.40% |
0.00% |
0.05% |
Return on Equity (ROE) |
|
16.57% |
16.99% |
16.99% |
19.18% |
19.78% |
16.20% |
16.40% |
18.68% |
17.89% |
17.14% |
16.22% |
Cash Return on Invested Capital (CROIC) |
|
54.67% |
49.38% |
-19.72% |
-15.65% |
-8.13% |
0.40% |
47.62% |
29.75% |
4.50% |
5.32% |
-0.01% |
Operating Return on Assets (OROA) |
|
1.84% |
1.85% |
1.83% |
1.98% |
1.96% |
1.79% |
1.89% |
2.19% |
2.19% |
2.15% |
2.14% |
Return on Assets (ROA) |
|
1.45% |
1.47% |
1.43% |
1.55% |
1.54% |
1.39% |
1.48% |
1.72% |
1.72% |
1.69% |
1.67% |
Return on Common Equity (ROCE) |
|
16.48% |
16.91% |
16.91% |
19.06% |
19.63% |
16.09% |
16.30% |
18.56% |
17.77% |
17.03% |
16.11% |
Return on Equity Simple (ROE_SIMPLE) |
|
20.49% |
0.00% |
18.78% |
19.15% |
19.65% |
0.00% |
16.31% |
15.65% |
14.82% |
0.00% |
15.80% |
Net Operating Profit after Tax (NOPAT) |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
NOPAT Margin |
|
32.50% |
33.38% |
31.00% |
32.57% |
31.00% |
27.80% |
29.04% |
33.86% |
32.98% |
32.44% |
31.07% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
48.74% |
47.12% |
50.29% |
49.53% |
51.13% |
50.93% |
51.71% |
48.75% |
49.69% |
49.86% |
50.05% |
Operating Expenses to Revenue |
|
54.83% |
54.13% |
57.62% |
56.83% |
57.61% |
62.67% |
61.80% |
55.59% |
55.87% |
55.72% |
56.69% |
Earnings before Interest and Taxes (EBIT) |
|
160 |
168 |
153 |
166 |
156 |
144 |
147 |
180 |
179 |
174 |
168 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
174 |
190 |
173 |
181 |
172 |
161 |
164 |
191 |
193 |
184 |
178 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
2.96 |
3.02 |
2.53 |
2.12 |
2.16 |
2.21 |
2.23 |
2.30 |
2.23 |
2.41 |
2.40 |
Price to Tangible Book Value (P/TBV) |
|
3.17 |
3.22 |
2.69 |
2.26 |
2.31 |
2.34 |
2.36 |
2.43 |
2.34 |
2.54 |
2.51 |
Price to Revenue (P/Rev) |
|
4.65 |
4.93 |
4.36 |
3.59 |
3.52 |
4.11 |
4.13 |
4.48 |
4.67 |
4.80 |
4.94 |
Price to Earnings (P/E) |
|
14.74 |
15.25 |
13.79 |
11.29 |
11.19 |
13.67 |
13.99 |
14.99 |
15.33 |
15.18 |
15.28 |
Dividend Yield |
|
1.82% |
1.70% |
1.97% |
2.36% |
2.40% |
2.06% |
2.04% |
1.94% |
1.82% |
1.73% |
1.74% |
Earnings Yield |
|
6.78% |
6.56% |
7.25% |
8.85% |
8.94% |
7.32% |
7.15% |
6.67% |
6.52% |
6.59% |
6.54% |
Enterprise Value to Invested Capital (EV/IC) |
|
2.52 |
2.64 |
1.57 |
1.02 |
1.26 |
1.30 |
1.58 |
1.49 |
1.31 |
1.39 |
1.45 |
Enterprise Value to Revenue (EV/Rev) |
|
4.00 |
4.36 |
4.23 |
2.38 |
2.46 |
2.43 |
2.95 |
2.92 |
2.77 |
2.79 |
3.02 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
8.26 |
9.43 |
9.35 |
5.23 |
5.45 |
5.61 |
6.93 |
6.83 |
6.39 |
6.33 |
6.83 |
Enterprise Value to EBIT (EV/EBIT) |
|
9.15 |
10.41 |
10.35 |
5.79 |
6.06 |
6.22 |
7.66 |
7.50 |
6.99 |
6.82 |
7.28 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
12.40 |
13.16 |
13.11 |
7.34 |
7.69 |
7.94 |
9.79 |
9.58 |
8.92 |
8.68 |
9.27 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
10.28 |
11.76 |
11.91 |
7.59 |
8.53 |
7.89 |
9.25 |
8.54 |
5.43 |
8.02 |
8.77 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
3.72 |
4.48 |
0.00 |
0.00 |
0.00 |
357.16 |
2.76 |
4.62 |
30.73 |
27.68 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.00 |
0.00 |
0.56 |
0.37 |
0.19 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
Long-Term Debt to Equity |
|
0.00 |
0.00 |
0.56 |
0.37 |
0.19 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.01 |
Financial Leverage |
|
0.00 |
0.00 |
0.27 |
0.19 |
0.10 |
0.00 |
0.27 |
0.17 |
0.08 |
0.00 |
0.00 |
Leverage Ratio |
|
11.45 |
11.56 |
11.84 |
12.36 |
12.87 |
11.67 |
11.05 |
10.85 |
10.39 |
10.12 |
9.71 |
Compound Leverage Factor |
|
11.45 |
11.56 |
11.84 |
12.36 |
12.87 |
11.67 |
11.05 |
10.85 |
10.39 |
10.12 |
9.71 |
Debt to Total Capital |
|
0.08% |
0.39% |
35.98% |
27.25% |
16.23% |
0.05% |
0.08% |
0.13% |
0.29% |
0.00% |
0.50% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.05% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
0.08% |
0.39% |
35.98% |
27.25% |
16.23% |
0.00% |
0.08% |
0.13% |
0.29% |
0.00% |
0.50% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Noncontrolling Interests to Total Capital |
|
0.82% |
0.65% |
0.40% |
0.48% |
0.58% |
0.68% |
0.67% |
0.65% |
0.62% |
0.68% |
0.59% |
Common Equity to Total Capital |
|
99.10% |
98.96% |
63.61% |
72.27% |
83.19% |
99.27% |
99.25% |
99.22% |
99.09% |
99.32% |
98.91% |
Debt to EBITDA |
|
0.00 |
0.01 |
2.15 |
1.40 |
0.70 |
0.00 |
0.00 |
0.01 |
0.01 |
0.00 |
0.02 |
Net Debt to EBITDA |
|
-1.38 |
-1.26 |
-0.30 |
-2.69 |
-2.38 |
-3.91 |
-2.80 |
-3.69 |
-4.42 |
-4.61 |
-4.36 |
Long-Term Debt to EBITDA |
|
0.00 |
0.01 |
2.15 |
1.40 |
0.70 |
0.00 |
0.00 |
0.01 |
0.01 |
0.00 |
0.02 |
Debt to NOPAT |
|
0.00 |
0.02 |
3.01 |
1.97 |
0.99 |
0.00 |
0.00 |
0.01 |
0.02 |
0.00 |
0.03 |
Net Debt to NOPAT |
|
-2.07 |
-1.76 |
-0.42 |
-3.78 |
-3.36 |
-5.54 |
-3.95 |
-5.17 |
-6.17 |
-6.32 |
-5.92 |
Long-Term Debt to NOPAT |
|
0.00 |
0.02 |
3.01 |
1.97 |
0.99 |
0.00 |
0.00 |
0.01 |
0.02 |
0.00 |
0.03 |
Noncontrolling Interest Sharing Ratio |
|
0.51% |
0.46% |
0.52% |
0.64% |
0.75% |
0.67% |
0.65% |
0.66% |
0.65% |
0.68% |
0.63% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
1,248 |
1,103 |
-1,087 |
-879 |
-607 |
-363 |
1,339 |
670 |
-221 |
-230 |
-419 |
Operating Cash Flow to CapEx |
|
1,052.90% |
521.45% |
579.18% |
342.01% |
810.33% |
812.02% |
1,626.95% |
1,866.25% |
6,137.91% |
-977.08% |
1,110.08% |
Free Cash Flow to Firm to Interest Expense |
|
76.63 |
34.76 |
-19.00 |
-8.87 |
-5.39 |
-3.18 |
12.21 |
6.25 |
-2.01 |
-2.23 |
-4.40 |
Operating Cash Flow to Interest Expense |
|
11.27 |
2.82 |
2.03 |
1.06 |
1.30 |
1.06 |
1.23 |
1.38 |
3.93 |
-1.33 |
1.46 |
Operating Cash Flow Less CapEx to Interest Expense |
|
10.20 |
2.28 |
1.68 |
0.75 |
1.14 |
0.93 |
1.16 |
1.30 |
3.87 |
-1.47 |
1.32 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
Fixed Asset Turnover |
|
3.81 |
3.74 |
3.77 |
3.72 |
3.65 |
3.57 |
3.56 |
3.51 |
3.53 |
3.52 |
3.57 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
2,373 |
2,491 |
4,190 |
3,691 |
3,103 |
2,966 |
2,966 |
3,162 |
3,464 |
3,333 |
3,516 |
Invested Capital Turnover |
|
0.51 |
0.51 |
0.43 |
0.50 |
0.58 |
0.58 |
0.45 |
0.47 |
0.50 |
0.53 |
0.52 |
Increase / (Decrease) in Invested Capital |
|
-1,122 |
-970 |
1,208 |
1,010 |
730 |
474 |
-1,224 |
-529 |
361 |
367 |
550 |
Enterprise Value (EV) |
|
5,974 |
6,581 |
6,560 |
3,751 |
3,901 |
3,855 |
4,701 |
4,705 |
4,539 |
4,637 |
5,096 |
Market Capitalization |
|
6,954 |
7,446 |
6,755 |
5,666 |
5,588 |
6,520 |
6,579 |
7,226 |
7,658 |
7,990 |
8,331 |
Book Value per Share |
|
$19.62 |
$20.66 |
$21.36 |
$21.39 |
$20.70 |
$23.69 |
$22.73 |
$24.22 |
$26.62 |
$25.81 |
$25.98 |
Tangible Book Value per Share |
|
$18.33 |
$19.36 |
$20.13 |
$20.10 |
$19.41 |
$22.39 |
$21.49 |
$22.99 |
$25.38 |
$24.56 |
$24.78 |
Total Capital |
|
2,373 |
2,491 |
4,190 |
3,691 |
3,103 |
2,966 |
2,966 |
3,162 |
3,464 |
3,333 |
3,516 |
Total Debt |
|
1.83 |
9.67 |
1,508 |
1,006 |
504 |
1.40 |
2.36 |
3.98 |
10 |
0.06 |
18 |
Total Long-Term Debt |
|
1.83 |
9.67 |
1,508 |
1,006 |
504 |
0.00 |
2.36 |
3.98 |
10 |
0.00 |
18 |
Net Debt |
|
-999 |
-881 |
-212 |
-1,933 |
-1,705 |
-2,686 |
-1,898 |
-2,541 |
-3,140 |
-3,376 |
-3,256 |
Capital Expenditures (CapEx) |
|
17 |
17 |
20 |
31 |
18 |
15 |
8.33 |
7.90 |
7.03 |
14 |
12 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
1.83 |
9.67 |
1,508 |
1,006 |
504 |
1.40 |
2.36 |
3.98 |
10 |
0.06 |
18 |
Total Depreciation and Amortization (D&A) |
|
14 |
22 |
19 |
14 |
16 |
17 |
17 |
11 |
15 |
9.94 |
10.00 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.03 |
$0.69 |
$0.95 |
$1.03 |
$0.96 |
$0.67 |
$0.87 |
$1.07 |
$1.07 |
$0.87 |
$0.98 |
Adjusted Weighted Average Basic Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Adjusted Diluted Earnings per Share |
|
$1.02 |
$0.69 |
$0.95 |
$1.02 |
$0.96 |
$0.66 |
$0.86 |
$1.07 |
$1.07 |
$0.87 |
$0.98 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
119.35M |
124.80M |
124.72M |
124.70M |
124.29M |
129.88M |
129.54M |
128.92M |
128.23M |
133.88M |
133.43M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
126 |
134 |
121 |
130 |
123 |
111 |
115 |
141 |
140 |
137 |
131 |
Normalized NOPAT Margin |
|
32.50% |
33.38% |
31.00% |
32.57% |
31.00% |
27.80% |
29.04% |
33.86% |
32.98% |
32.44% |
31.07% |
Pre Tax Income Margin |
|
41.24% |
42.00% |
39.43% |
41.56% |
39.45% |
35.86% |
37.00% |
43.10% |
41.98% |
41.09% |
39.86% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
9.83 |
5.30 |
2.68 |
1.68 |
1.39 |
1.26 |
1.34 |
1.68 |
1.63 |
1.69 |
1.76 |
NOPAT to Interest Expense |
|
7.74 |
4.21 |
2.11 |
1.32 |
1.09 |
0.98 |
1.05 |
1.32 |
1.28 |
1.34 |
1.37 |
EBIT Less CapEx to Interest Expense |
|
8.76 |
4.76 |
2.33 |
1.37 |
1.23 |
1.13 |
1.26 |
1.61 |
1.56 |
1.56 |
1.63 |
NOPAT Less CapEx to Interest Expense |
|
6.67 |
3.67 |
1.76 |
1.01 |
0.93 |
0.85 |
0.98 |
1.25 |
1.21 |
1.20 |
1.24 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
26.22% |
25.49% |
25.79% |
25.62% |
26.18% |
27.77% |
28.35% |
27.97% |
28.32% |
27.15% |
26.90% |
Augmented Payout Ratio |
|
70.36% |
62.82% |
59.15% |
47.15% |
41.91% |
43.51% |
45.47% |
52.34% |
56.51% |
59.05% |
60.31% |
Key Financial Trends
Commerce Bancshares (NASDAQ: CBSH) has demonstrated stable financial performance over the last several quarters, with trends indicating steady growth in key metrics along with some fluctuations that retail investors should note.
Positive Trends:
- Net income attributable to common shareholders has generally increased year-over-year, from $109.2 million in Q3 2022 to $131.6 million in Q1 2025, showing consistent profitability improvement.
- Earnings per share (diluted) have risen from $0.67 in Q3 2022 to $0.98 in Q1 2025, indicating effective earnings growth relative to share count.
- Net interest income has remained robust and relatively stable, with $269.1 million reported in Q1 2025 compared to $246.4 million in Q3 2022, supporting the bank’s core earnings.
- Loans and leases net of allowance have grown from approximately $15.76 billion in Q3 2022 to $17.21 billion in Q1 2025, reflecting loan book expansion.
- The company has consistently returned value to shareholders via dividends, with the dividend per share increasing slightly from $0.265 in Q4 2022 to $0.275 in Q1 2025, supported by solid earnings.
- Total common equity increased from about $2.58 billion in Q3 2022 to $3.48 billion in Q1 2025, highlighting strengthened capital base over time.
- Strong operating cash flow is evident, with $138.6 million generated in Q1 2025, contributing to the company’s financial flexibility.
Neutral Observations:
- Non-interest income exhibits some quarter-to-quarter volatility, e.g., ranging from $137 million in Q1 2023 to $167 million in Q4 2024 and $151 million in Q1 2025, impacted by variability in service charges and capital gains/losses.
- Interest expense fluctuates somewhat, particularly due to federal funds and securities sold interest expenses and deposits interest expense, but overall remains manageable relative to income.
- Total assets have increased from $32.6 billion in Q3 2022 to $32.36 billion in Q1 2025, indicating stability with some fluctuations, with a large portion held in trading account securities and interest-bearing deposits at other banks.
Negative Factors to Consider:
- Capital gains/losses on investments show occasional net losses, such as the $7.6 million loss in Q1 2025, which can negatively impact non-interest income and overall net income variability.
- Provision for credit losses increased notably in some quarters, reaching $15.5 million in Q4 2022 and fluctuating in subsequent quarters, which may reflect credit risk management challenges.
- There have been large fluctuations in cash flow from investing activities, typically negative due to large purchases of investment securities; for example, net cash used in investing was $373 million in Q1 2025, which can put pressure on liquidity if not offset by financing activities.
- The company has conducted substantial repurchases of common equity (e.g., $55.2 million in Q1 2025), which reduces cash reserves and increases financial leverage risk if not sufficiently funded by earnings.
Summary: Commerce Bancshares has shown steady earnings growth, expanding loans, and maintained dividend payouts, which are positives that support shareholder value. Operating cash flow remains solid, and the capital base has strengthened. However, investors should monitor the volatility in non-interest income due to capital gains/losses and the variability in provisions for credit losses, as these factors can introduce earnings volatility. The company’s large investments and equity repurchases are areas that may affect liquidity and leverage, requiring continued prudent financial management.
10/15/25 09:29 PM ETAI Generated. May Contain Errors.