Cullen/Frost BankersXTER:CFZ +0.76%20 PB Ratio is 1.90 as of Jun. 25, 2026, which is 3% below its 10-year median of 1.96. GuruFocus rates XTER:CFZ with a GF Score™ of 20/100 and a GF Value™ of €120.05 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 1,515 Banks companies, Cullen/Frost Bankers ranks worse than 90.89% on this metric.
The historical rank and industry rank for Cullen/Frost Bankers's PB Ratio or its related term are showing as below:
XTER:CFZ'
s PB Ratio Range Over the Past 10 Years
Min: 0.88 Med: 1.96 Max: 3.77
Current: 2.16
During the past 13 years, Cullen/Frost Bankers's highest PB Ratio was 3.77. The lowest was 0.88. And the median was 1.96.
XTER:CFZ's PB Ratio is ranked worse than 90.89% of 1515
companies
in the Banks industry
Industry Median: 1.08
vs XTER:CFZ: 2.16
During the past 12 months, Cullen/Frost Bankers's average Book Value Per Share Growth Rate was 13.10% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 14.60% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 0.20% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 3.30% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Cullen/Frost Bankers was 17.20% per year. The lowest was -8.20% per year. And the median was 9.60% per year.
Back to Basics: PB Ratio
Cullen/Frost Bankers (XTER:CFZ) PB Ratio Explanation
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Cullen/Frost Bankers PB Ratio Related Terms
Cullen/Frost Bankers PB Ratio Historical Data
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The historical data trend for Cullen/Frost Bankers's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Banks Industry
For the Banks industry and Financial Services sector, Cullen/Frost Bankers's PB Ratio distribution charts can be found below:
* The bar in red indicates where Cullen/Frost Bankers's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Cullen/Frost Bankers (XTER:CFZ) has a PB Ratio of 1.90 as of Jun. 25, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Cullen/Frost Bankers and its competitors. This is near median its historical median of 1.96. Over the past decade, Cullen/Frost Bankers' PB Ratio has ranged from 0.88 to 3.77. According to the industry distribution chart, Cullen/Frost Bankers ranks #1377 out of 1515 companies in the Banks industry, placing it in the top 90.9%.
Is Cullen/Frost Bankers' PB Ratio too high?
Cullen/Frost Bankers' current PB Ratio of 1.90 is near median its 10-year median of 1.96. Over the past 10 years, this metric has ranged from a low of 0.88 to a high of 3.77. The Banks industry median PB Ratio is 1.08. Cullen/Frost Bankers' value of 1.90 is 75.9% above this industry median. Based on the distribution chart, Cullen/Frost Bankers ranks #1377 out of 1515 companies in the Banks industry, which is in the bottom quartile relative to peers. Overall, Cullen/Frost Bankers has a GF Score™ of 20/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Cullen/Frost Bankers' PB Ratio compare to ?
According to the Banks industry distribution chart, Cullen/Frost Bankers ranks #1377 out of 1515 companies for PB Ratio. This places Cullen/Frost Bankers in the lower half of its industry. The industry median PB Ratio is 1.08. Cullen/Frost Bankers' value of 1.90 is 75.9% above this benchmark. Historically, Cullen/Frost Bankers' own PB Ratio has ranged from 0.88 to 3.77 over the past decade. While the company's 10-year median is 1.96 vs. the industry median of 1.08, Cullen/Frost Bankers has consistently been above 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 PB Ratio for a Banks company?
The median PB Ratio among Banks companies is 1.08, based on 1,515 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Cullen/Frost Bankers's current PB Ratio of 1.90 is 75.9% above 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Cullen/Frost Bankers and its competitors. For the Banks industry, the median PB Ratio is 1.08 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Cullen/Frost Bankers's current PB Ratio is 1.90, which is near median its own 10-year median of 1.96. 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 (XTER:CFZ) is currently considered Modestly Overvalued. The stock's GF Value™ is €120.05, compared to a current price of €133.00 — trading 10.8% above its estimated fair value. The current PB Ratio is 1.90, which is near median its 10-year median of 1.96 and 75.9% above the Banks industry median of 1.08. Cullen/Frost Bankers' overall GF Score™ is 20/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Cullen/Frost Bankers (XTER:CFZ), the current PB Ratio is 1.90 as of Jun. 25, 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 (XTER:CFZ) Overvalued in 2026?
Based on GuruFocus' analysis, Cullen/Frost Bankers stock appears to be overvalued.
The current stock price of €133.00 is trading 10.8% above its estimated GF Value™ of €120.05.
GuruFocus considers Cullen/Frost Bankers to be Modestly Overvalued.
Key valuation signals for XTER:CFZ:
PB Ratio: 1.90 (near median its 10-year median of 1.96)
GF Value™: €120.05 vs. price of €133.00 (10.8% above fair value)
Industry Position: 75.9% above the Banks median (#1377 of 1515)
No single metric tells the full story. See the XTER: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.
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