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Cullen/Frost Bankers

CFR
60
Banks - Regional · Financial Services
Exchange
New York Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.

Cullen/Frost Bankers is a regional bank based in Texas that offers everyday banking services to individuals, small businesses, and large companies. Its core products include checking and savings accounts, loans, wealth management, and insurance services. The company operates exclusively in Texas, with branches spread across major cities like San Antonio, Austin, Dallas, and Houston.

The bank makes money primarily through interest income — it earns more on loans and investments than it pays out on deposits — as well as fees from wealth management and other services. Cullen/Frost has a strong reputation for conservative lending and has operated in Texas for over 150 years, giving it deep customer relationships that are hard for newcomers to replicate. Its biggest risk is interest rate sensitivity, since falling rates compress the gap between what it earns on loans and what it pays depositors, which directly squeezes profits.

Winston Score History

Score breakdown

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Quality

Gross Margin
98.8%
Premium pricing power — 98.8% gross margin
Operating Margin
35.2%
Excellent — 35.2% operating margin
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-2.7%
Shrinking sales (-2.7% YoY)
EPS YoY
+12.9%
Earnings growing (12.9% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion
121%
Turns 121% of profit into real cash
FCF Margin
22.7%
Converts sales into free cash efficiently (22.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
0.96
Moderate — manageable debt (0.96)
Interest Cover
1.21x
Dangerous — barely covers interest (1.2x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)
15.3x
no trend
Fair value — P/E 15.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
+0.6
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
2.60%
no trend
Moderate income — 2.60% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth
+4.7%
no trend
Dividend growing modestly (4.7% YoY)

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