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Cullen/Frost BankersFRA:CFZ 73 Graham Number is €109.52 as of Mar. 2026, which is 100% below its 10-year median of 1.12. GuruFocus rates FRA:CFZ with a GF Score™ of 73/100 and a GF Value™ of €116.99. The stock has 7 warning signs investors should review. Among 1,434 Banks companies, Cullen/Frost Bankers ranks worse than 87.24% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-26), the stock price of Cullen/Frost Bankers is €140.00. Cullen/Frost Bankers's graham number for the quarter that ended in Mar. 2026 was €109.52. Therefore, Cullen/Frost Bankers's Price to Graham Number ratio for today is 1.28.
The historical rank and industry rank for Cullen/Frost Bankers's Graham Number or its related term are showing as below:
FRA:CFZ'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.69 Med: 1.12 Max: 1.83
Current: 1.29
During the past 13 years, the highest Price to Graham Number ratio of Cullen/Frost Bankers was 1.83. The lowest was 0.69. And the median was 1.12.
FRA:CFZ's Price-to-Graham-Number is ranked worse than 87.24% of 1434
companies
in the Banks industry
Industry Median: 0.81
vs FRA:CFZ: 1.29
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Cullen/Frost Bankers (FRA:CFZ) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Cullen/Frost Bankers's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
140.00
/
109.52
=
1.28
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Cullen/Frost Bankers Graham Number Related Terms
Cullen/Frost Bankers Graham Number Historical Data
* Premium members only.
The historical data trend for Cullen/Frost Bankers's Graham Number 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.
FRA:CFZ vs SSB, ONB, ZION: Graham Number Comparison
For the Banks - Regional subindustry, Cullen/Frost Bankers's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Banks Industry
For the Banks industry and Financial Services sector, Cullen/Frost Bankers's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Cullen/Frost Bankers's Price-to-Graham-Number 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 (FRA:CFZ) has a Graham Number of €109.52 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Cullen/Frost Bankers and its competitors. This is 9679% above median its historical median of 1.12. Over the past decade, Cullen/Frost Bankers' Graham Number has ranged from 0.69 to 1.83. According to the industry distribution chart, Cullen/Frost Bankers ranks #1251 out of 1434 companies in the Banks industry, placing it in the top 87.2%.
Is Cullen/Frost Bankers' Graham Number too high?
Cullen/Frost Bankers' current Graham Number of €109.52 is 9679% above median its 10-year median of 1.12. Over the past 10 years, this metric has ranged from a low of 0.69 to a high of 1.83. Based on the distribution chart, Cullen/Frost Bankers ranks #1251 out of 1434 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Cullen/Frost Bankers has a GF Score™ of 73/100, reflecting its overall financial health beyond just this single metric.
How does Cullen/Frost Bankers' Graham Number compare to SSB and ONB?
According to the Banks industry distribution chart, Cullen/Frost Bankers ranks #1251 out of 1434 companies for Graham Number. This places Cullen/Frost Bankers in the lower half of its industry. The industry median Graham Number is 0.81. Historically, Cullen/Frost Bankers' own Graham Number has ranged from 0.69 to 1.83 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Banks company?
The median Graham Number among Banks companies is 0.81, based on 1,434 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Cullen/Frost Bankers and its competitors. For the Banks industry, the median Graham Number is 0.81 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cullen/Frost Bankers's current Graham Number is €109.52, which is 9679% above median its own 10-year median of 1.12. 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?
Cullen/Frost Bankers (FRA:CFZ) has a current Graham Number of €109.52. The stock's GF Value™ is €116.99, compared to a current price of €140.00 — trading 19.7% above its estimated fair value. The current Graham Number is €109.52, which is 9679% above median its 10-year median of 1.12. 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 Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Cullen/Frost Bankers (FRA:CFZ), the current Graham Number is €109.52 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 (FRA:CFZ) Overvalued in 2026?
Based on GuruFocus' analysis, Cullen/Frost Bankers stock appears to be overvalued.
The current stock price of €140.00 is trading 19.7% above its estimated GF Value™ of €116.99.
Key valuation signals for FRA:CFZ:
Graham Number: €109.52 (9679% above median its 10-year median of 1.12)
GF Value™: €116.99 vs. price of €140.00 (19.7% above fair value)
No single metric tells the full story. See the FRA:CFZ 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 FRA:CFZ
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