Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Cullen/Frost BankersCFR -0.21%73 Debt-to-Equity is 0.05 as of Mar. 2026, which is 17% below its 10-year median of 0.06. GuruFocus rates CFR with a GF Score™ of 73/100 and a GF Value™ of $137.33 (Modestly Overvalued). The stock has 7 warning signs investors should review. Among 1,422 Banks companies, Cullen/Frost Bankers ranks better than 94.3% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Cullen/Frost Bankers's Debt-to-Equity or its related term are showing as below:
CFR'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0.05 Med: 0.06 Max: 0.08
Current: 0.05
During the past 13 years, the highest Debt-to-Equity Ratio of Cullen/Frost Bankers was 0.08. The lowest was 0.05. And the median was 0.06.
CFR's Debt-to-Equity is ranked better than 94.3% of 1422
companies
in the Banks industry
Industry Median: 0.57
vs CFR: 0.05
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Cullen/Frost Bankers Debt-to-Equity Related Terms
Cullen/Frost Bankers Debt-to-Equity Historical Data
* Premium members only.
The historical data trend for Cullen/Frost Bankers's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Banks - Regional subindustry, Cullen/Frost Bankers's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Cullen/Frost Bankers Debt-to-Equity vs Banks Industry
For the Banks industry and Financial Services sector, Cullen/Frost Bankers's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Cullen/Frost Bankers's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Cullen/Frost Bankers (CFR) has a Debt-to-Equity of 0.05 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Cullen/Frost Bankers and its competitors. This is 17% below median its historical median of 0.06. Over the past decade, Cullen/Frost Bankers' Debt-to-Equity has ranged from 0.05 to 0.08. According to the industry distribution chart, Cullen/Frost Bankers ranks #81 out of 1422 companies in the Banks industry, placing it in the top 5.7%.
Is Cullen/Frost Bankers' Debt-to-Equity too high?
Cullen/Frost Bankers' current Debt-to-Equity of 0.05 is 17% below median its 10-year median of 0.06. Over the past 10 years, this metric has ranged from a low of 0.05 to a high of 0.08. The Banks industry median Debt-to-Equity is 0.57. Cullen/Frost Bankers' value of 0.05 is 91.2% below this industry median. Based on the distribution chart, Cullen/Frost Bankers ranks #81 out of 1422 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, Cullen/Frost Bankers has a GF Score™ of 73/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cullen/Frost Bankers' Debt-to-Equity compare to SSB and ONB?
According to the Banks industry distribution chart, Cullen/Frost Bankers ranks #81 out of 1422 companies for Debt-to-Equity. This places Cullen/Frost Bankers in the top 6% of its industry — outperforming the majority of peers. The industry median Debt-to-Equity is 0.57. Cullen/Frost Bankers' value of 0.05 is 91.2% below this benchmark. Historically, Cullen/Frost Bankers' own Debt-to-Equity has ranged from 0.05 to 0.08 over the past decade. While the company's 10-year median is 0.06 vs. the industry median of 0.57, Cullen/Frost Bankers has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for a Banks company?
The median Debt-to-Equity among Banks companies is 0.57, based on 1,422 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cullen/Frost Bankers's current Debt-to-Equity of 0.05 is 91.2% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Cullen/Frost Bankers and its competitors. For the Banks industry, the median Debt-to-Equity is 0.57 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cullen/Frost Bankers's current Debt-to-Equity is 0.05, which is 17% below median its own 10-year median of 0.06. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Cullen/Frost Bankers stock overvalued right now?
Based on GuruFocus' analysis, Cullen/Frost Bankers (CFR) is currently considered Modestly Overvalued. The stock's GF Value™ is $137.33, compared to a current price of $163.88 — trading 19.3% above its estimated fair value. The current Debt-to-Equity is 0.05, which is 17% below median its 10-year median of 0.06 and 91.2% below the Banks industry median of 0.57. Cullen/Frost Bankers' overall GF Score™ is 73/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Cullen/Frost Bankers (CFR), the current Debt-to-Equity is 0.05 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Cullen/Frost Bankers (CFR) Overvalued in 2026?
Based on GuruFocus' analysis, Cullen/Frost Bankers stock appears to be overvalued.
The current stock price of $163.88 is trading 19.3% above its estimated GF Value™ of $137.33.
GuruFocus considers Cullen/Frost Bankers to be Modestly Overvalued.
Key valuation signals for CFR:
Debt-to-Equity: 0.05 (17% below median its 10-year median of 0.06)
GF Value™: $137.33 vs. price of $163.88 (19.3% above fair value)
Industry Position: 91.2% below the Banks median (#81 of 1422)
No single metric tells the full story. See the CFR stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Cullen/Frost is a regional US bank with around $52 billion in assets (as of March 2026), and it focuses exclusively on the Texas market. The bank has deep expertise in this market. It has implemented a relationship-based banking approach that has garnered a strong market share in San Antonio. Cullen/Frost is also expanding into Houston, Dallas, and Austin market regions through targeted branch openings rather than acquisitions. The bank's sweet spot is small to medium-sized Texas-based commercial clients.
73GF Score
Get the complete analysis for CFR
Debt-to-Equity is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
CFR has been successfully added to your 
