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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Cullen/Frost Bankers's Net-Net Working Capital for the quarter that ended in Mar. 2026 was $-627.98.
The industry rank for Cullen/Frost Bankers's Net-Net Working Capital or its related term are showing as below:
CFR's Price-to-Net-Net-Working-Capital is not ranked *
in the Banks industry.
Industry Median: 1.745 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Cullen/Frost Bankers (NYSE:CFR) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Cullen/Frost Bankers Net-Net Working Capital Related Terms
Cullen/Frost Bankers Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Cullen/Frost Bankers's Net-Net Working Capital 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.
Cullen/Frost Bankers Net-Net Working Capital Chart
CFR vs SSB, ONB, ZION: Net-Net Working Capital Comparison
For the Banks - Regional subindustry, Cullen/Frost Bankers's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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-Net-Net-Working-Capital vs Banks Industry
For the Banks industry and Financial Services sector, Cullen/Frost Bankers's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Cullen/Frost Bankers's Price-to-Net-Net-Working-Capital 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of $-627.98 mean?
Cullen/Frost Bankers (CFR) has a Net-Net Working Capital of $-627.98 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cullen/Frost Bankers According to the industry distribution chart, Cullen/Frost Bankers ranks #999999 out of 8 companies in the Banks industry.
Is Cullen/Frost Bankers' Net-Net Working Capital too high?
Cullen/Frost Bankers' current Net-Net Working Capital is $-627.98. Based on the distribution chart, Cullen/Frost Bankers ranks #999999 out of 8 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 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cullen/Frost Bankers' Net-Net Working Capital compare to SSB and ONB?
According to the Banks industry distribution chart, Cullen/Frost Bankers ranks #999999 out of 8 companies for Net-Net Working Capital. This places Cullen/Frost Bankers in the lower half of its industry. The industry median Net-Net Working Capital is 1.75. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Banks company?
The median Net-Net Working Capital among Banks companies is 1.75, based on 8 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Cullen/Frost Bankers For the Banks industry, the median Net-Net Working Capital is 1.75 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cullen/Frost Bankers's current Net-Net Working Capital is $-627.98. 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 $137.24, compared to a current price of $164.23 — trading 19.7% above its estimated fair value. The current Net-Net Working Capital is $-627.98. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Cullen/Frost Bankers (CFR), the current Net-Net Working Capital is $-627.98 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 $164.23 is trading 19.7% above its estimated GF Value™ of $137.24.
GuruFocus considers Cullen/Frost Bankers to be Modestly Overvalued.
Key valuation signals for CFR:
Net-Net Working Capital: $-627.98
GF Value™: $137.24 vs. price of $164.23 (19.7% above fair value)
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
Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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