COMMERCE BANCSHARES, INC. (CBSH): what the price assumes

In the published model solve dated 2026-Q2, anchored at $58.04, COMMERCE BANCSHARES, INC. (CBSH) is priced for 13.9% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/CBSH

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

Solve inputs: computed at a 9.2% cost of equity with 4% terminal growth over a 10-year stage, on common book equity (FY2026).

How unusual the bet is: elevated

Valuation X-Ray

The price is supported by asset-based value. A value/asset-supported name, not a pure growth bet.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Asset

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 5.5%); the inversion above states its own rate.

Per-Model Detail (n=4)

Economic-Unit Decomposition (Sum Of The Parts)

The issuer is a funded financial business. Debt, interest, and cash flows are operating inputs, so industrial EV, net-debt, WACC, and free-cash-flow lenses do not apply; value the common-equity claim with book, earnings, capital, and payout economics.

No unit-level total common-equity value is stated. Each financial unit requires supported standalone common equity, normalized earnings, capital adequacy, and payout capacity. Consolidated debt, interest, and cash are operating balances, not an enterprise-to-equity bridge; company-level book, earnings, capital, and payout lenses remain the coherent cross-checks.

Solvency

Deposit/float-funded balance sheet: debt is funding, not corporate leverage, and GAAP operating cash flow follows loan flows. Net-debt, interest-coverage, and cash-burn lenses do not apply. The solvency frame for a financial is regulatory capital and payout capacity (CET1, stress buffer, dividends plus buybacks against earnings).

Bullet Takeaways

• Fee businesses do the heavy lifting here: the FY2025 10-K reports deposit account fees up $7.9 million, or 7.9%, driven by $7.4 million of higher corporate cash management fees, and the wealth line carries a fifth of the revenue mix without consuming much capital.
• Net loan charge-offs reached $40.7 million during 2025 and the allowance rose to 1.01% of loans, which the filing attributes to worsening loss trends in consumer credit card, automobile and other non-real-estate consumer lending.
• The dividend was raised for a 58th consecutive year in February 2026, and in April the board expanded the buyback authorization to 7.5 million shares.

Bull Case

One number decides this report, and it is not the price. Commerce Bancshares has been earning a return on equity close to 14.9% while the return investors require for owning a bank of this risk sits a little over nine percent. That gap of more than five points is the entire reason a bank can be worth twice what its balance sheet says its equity is worth. Close the gap and the arithmetic collapses to book value. Hold it and the premium is not a premium at all, just the market pricing a machine that turns a dollar of retained capital into fifteen cents a year.

The spread survives because a large share of the earnings does not require capital at all. The 10-K reports deposit account fees rising $7.9 million, or 7.9%, mainly due to higher corporate cash management fees of $7.4 million, and describes a merchant processing operation where the bank offers merchant processing services to its business customers to enable them to accept credit and debit card payments, gathering sales information, authorizing transactions and collecting funds from card issuers. Processing a payment consumes no regulatory capital. Neither does managing a trust account. When a bank earns a meaningful slice of income from services rather than from lending, the denominator of the return calculation stops growing while the numerator keeps going.

The wealth business is where that logic is being pressed hardest. Wealth carries about a fifth of the revenue mix. The FineMark acquisition completed on January 1, 2026. In June the company agreed to buy Nolan & Associates, a St. Louis boutique investment bank. Neither purchase adds a loan book. Both add fee streams and the client relationships that carry them, which is the most efficient use of capital available to a bank already earning well above its cost of it.

Capital return is not a policy statement here; it is a habit measured in decades. February brought a 5% dividend increase and the 58th consecutive year of raises. In April the board added 2.5 million shares to the repurchase authorization. During the second quarter the company repurchased 2.1 million shares for $110 million. About 62.5% of earnings goes back to holders as dividends plus buybacks. That leaves roughly a third retained, and because it is retained into a business earning almost fifteen cents on the dollar, book value per share grew 17% during 2025.

Credit discipline is the quiet part that makes the rest defensible. Net loan charge-offs totaled $40.7 million in 2025, an increase of only $1.8 million from the prior year, per the 10-K. Against a bank generating $576 million of trailing net income, that is a loss rate a downturn would have to multiply several times over before it threatened the earnings power the price is capitalizing. Nothing about the loss experience suggests a bank reaching for yield.

Bear Case

In May the bank recognized a gain of about $99 million from exchanging Visa Class B-2 shares and took a loss of roughly $95 million repositioning its securities portfolio, in the same announcement. Two nearly equal numbers moving in opposite directions is how a balance sheet gets tidied without the tidying reaching the earnings line. What it discloses is the thing worth noticing: the investment portfolio was carrying positions worth materially less than the bank paid for them, and it took a one-off windfall to clear them without a visible dent. A securities book bought at lower rates does not become a problem until the bank needs the cash, and then it becomes one all at once.

The loan side is showing its own drift. The 10-K raised the allowance to 1.01% of loans at the end of 2025, attributing the increase to recent increased loan net charge-off trends impacting expected loss rate assumptions for the consumer credit card, automobile, and other non-real estate consumer portfolios together with model enhancements targeted at the credit card book. Consumer card and auto lending are the first places household stress appears, and they are unsecured or thinly secured. The absolute numbers remain small. The direction is the signal, and the direction is up.

Competition attacks the exact thing the bull case rests on. The filing warns that large national institutions have substantial capital, technology and marketing resources and that new competitors may lower fees to grow market share, which could result in a loss of customers and lower fee revenue for the Company. Fee income is what lifts this bank's return above its cost of capital, because it earns without absorbing capital. Compress the fees and the return compresses with them, and the return is what the price is buying.

The requirement is specific enough to test. At roughly twice book value, the market is assuming a sustained return on equity near 14.6%. That is barely below what the bank produces today, which is why the multiple does not look aggressive on a single year. Stretch the record to eighteen years and the average is nearer thirteen percent. Only about 61% of firms earning a return like this one held it for a decade. If the return drifts back toward its own long-run average, the price-to-book the market supports drifts with it, and a two-times multiple has a fair distance to travel before it meets book value.

The payout policy narrows the margin for error. Roughly 62.5% of earnings leaves as dividends plus buybacks, so only about a third is retained to grow the capital base. A bank that distributes two thirds of what it earns has less cushion to absorb a credit cycle without cutting something, and this particular bank has a fifty-eight-year dividend record it would be extremely reluctant to break. Against peers, the price-to-book sits at the very top of the group, which means there is no valuation discount already absorbing a bad year, and CFR, WTFC and BOKF are all running comparable regional franchises against which that premium has to be earned rather than assumed.

Valuation

Roughly two thirds of what this bank earns goes straight back out to holders. Dividends plus buybacks absorb about 62.5% of earnings in a typical year, leaving only around a third behind to grow the capital base. The return to an owner therefore comes overwhelmingly from the rate the bank earns on capital it already holds rather than from compounding a bigger balance sheet. Read that way, the price makes a single testable claim.

The claim is this. At about twice book value, the market assumes a sustained return on equity near 14.6%. Recent performance has run around 14.9%. Widen the lens to the full eighteen years of record and the average is closer to thirteen percent, so the price is underwriting today's result rather than the long-run one, and it needs that result to persist. Of firms earning a return at this level, roughly 61% carried it for a decade, which is a real but not overwhelming base rate.

The methods cluster tightly, which is what usually happens with a bank whose earnings are steady and whose assets are mostly financial instruments carried at measurable values. The price sits somewhere between 12% and 22% above where the asset-value, earnings-power and peer-multiple families come out, using earnings per share of $4.02 and book value per share of $28.96 as the inputs. A modest premium across three families is the profile of a quality operator priced as one. The single forward-growth approach lands furthest below the quote, but a discounted market-cap model built off a revenue multiple is a poor lens for a deposit-funded balance sheet, and the pattern rather than that one output is what matters.

Credit and capital return are the frame that replaces leverage arithmetic for a bank, because deposits are funding rather than debt and the standard coverage math does not apply. On the credit side, net loan charge-offs of $40.7 million during 2025 rose only $1.8 million year over year, against trailing net income of $576 million, with the allowance at 1.01% of loans. On the return side, the payout leaves roughly a third of earnings retained, which is what funded the 17% growth in book value per share during 2025. Against the peer group, the price-to-book sits at the very top, so the buyer is paying for the best-in-class version of a regional bank and is being asked to be right about the credit book to justify it.

Catalysts

The July print held the line. Second-quarter 2026 diluted earnings per share came to $1.10 against $1.09 a year earlier, on net income of $159.8 million and total revenue of $498.9 million, with a second-quarter return on average equity of 14.70% and a return on assets of 1.84%. The same release disclosed the repurchase of 2.1 million shares for $110 million during the quarter. The first quarter had produced diluted earnings per share of $0.96 on net income of $141.6 million with a first-quarter return on average equity of 13.22%, so the second quarter marks a clear step up on the return measure that drives this valuation.

Two acquisitions are reshaping the mix toward fee income. The FineMark transaction closed on January 1, 2026. In June the company agreed to acquire Nolan & Associates, a boutique investment banking firm in St. Louis. Neither deal is large enough to move the loan book. Both point the same direction, toward wealth management and advisory revenue that earns fees without absorbing regulatory capital, and the integration of the first one is the thing to watch in the next two prints.

Capital return has its own calendar and it rarely surprises. February brought a 5% dividend increase and the 58th consecutive annual raise. April brought a quarterly declaration of $0.275 a share. Later that month the board added 2.5 million shares to the repurchase authorization, taking it to 7.5 million. Separately, May's Visa Class B-2 share exchange produced a gain of about $99 million that was largely offset by a securities repositioning loss of roughly $95 million. That pairing cleans up the investment portfolio without a visible earnings hit, and the cleaner book is what shows up in future quarters rather than this one.

Peer Cohorts (Per Segment, With Filing Citations)

Retail Banking (reported)

• CBU (COMMUNITY FINANCIAL SYSTEM, INC.)
• FY2025 10-K: …financial condition and results of operations going forward. ​ Certain negative developments affecting the banking industry have eroded customer confidence in the banking system and may have adverse impacts on the Company's business. ​ The high-profile collapse of certain U.S. banks has generated significant market…
• FY2025 10-K: …and any other fees or charges (other than bona fide insurance) that are related to the obligation or liability. The MLA applies to certain consumer loans and extends specific protections if an accountholder, at the time of account opening, is a covered active duty member of the military or certain family members…
• BOKF (BOK FINANCIAL CORP)
• FY2025 10-K: …and services and focusing on customer convenience. Retail deposit growth is supported through personal and small business checking, online bill paying services, mobile banking services, an extensive network of branch locations and ATMs, and our ExpressBank call center. Commercial deposit growth is supported by…
• FY2025 10-K: …$46.3 million, including a $33.3 million increase in personnel expense and a $13.0 million increase in non-personnel expense. The increase in net income before taxes attributed to Funds Management and Other reflects the ongoing application of the Company's transfer pricing methodology. Table 14 - Net Income Before…
• UMBF (UMB FINANCIAL CORP)
• FY2025 10-K: …banking, installment loans, home equity lines of credit, and residential mortgages. The range of client services extends from a basic checking account to estate planning and trust services and includes private banking, brokerage services, and insurance services in addition to a full spectrum of investment advisory,…
• FY2025 10-K: …regularly evaluate Business Segment financial results produced by the Company's internal reporting system in deciding how to allocate resources and assess performance for individual Business Segments. The management accounting system assigns balance sheet and income statement items to each Business Segment using…
• CFR (Cullen/Frost Bankers, Inc.)
• FY2025 10-K: …things. 51 Table of Contents Results of Segment Operations We are managed under a matrix organizational structure whereby our two primary operating segments, Banking and Frost Wealth Advisors, overlap a regional reporting structure. A third operating segment, Non-Banks, is for the most part the parent holding…
• FY2025 10-K: …Banking and Frost Wealth Advisors are delineated by the products and services that each segment offers. The Banking operating segment includes both commercial and consumer banking services and Frost Insurance Agency. Commercial banking services are provided to corporations and other business customers and include a…
• ONB (OLD NATIONAL BANCORP /IN/)
• FY2025 10-K: …depositors, along with the FDIC, will have priority in payment ahead of unsecured, non-deposit creditors, including depositors whose deposits are payable only outside of the United States, and the parent bank holding company with respect to any extensions of credit it may have made to such insured depository…
• FY2025 10-K: …capital markets, brokerage, wealth management, trust, and investment advisory services. We earn interest income on loans as well as fee income from the origination of loans and from providing other services to our clients. Lending activities include loans to individuals, which primarily consist of home equity lines…
• FULT (FULTON FINANCIAL CORP)
• FY2025 10-K: …mortgage loans, all of which are underwritten based upon loan-to-value limits specified in our lending policy. Our consumer loan products also include automobile loans, student loans, personal loans and lines of credit and checking account overdraft protection. Commercial Banking - We provide commercial banking…
• FY2025 10-K: …required to repurchase specific loans or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary…
• VLY (VALLEY NATIONAL BANCORP)
• FY2025 10-K: …Consumer Banking segments of our business. This level of service and commitment is particularly impactful because of our strong community presence with almost 100 years of service, providing us with a competitive advantage with such customers over certain competitors that are not traditional banks. Overall, our…
• FY2025 10-K: …of bank and non-bank competitors, some of which are larger and may have more financial resources than Valley . Some of these competitors may be subject to fewer regulatory constraints, or may have greater resources, higher lending limits and stronger name recognition than Valley. Valley competes with other providers…
• WTFC (WINTRUST FINANCIAL CORP)
• FY2025 10-K: …coverage by spreading a customer's deposit across our sixteen banks. This product differentiates our banks from many of our competitors that have consolidated their bank charters into branches. We also have downtown Chicago and Milwaukee offices that work with each of our banks to capture commercial and industrial…
• FY2025 10-K: …services company, we expect to benefit from greater access to financial and managerial resources than our smaller local competitors while maintaining our commitment to local decision-making and to our community banking philosophy. In particular, we are able to provide a wider product selection and larger credit…

Commercial (reported)

• BOKF (BOK FINANCIAL CORP)
• FY2025 10-K: Personnel expense increased $12.8 million, or 7%, largely driven by increased incentive compensation costs, annual merit increases, and salary adjustments. Non-personnel expense increased $3.3 million, or 3%, as the prior year included a recovery of operational losses. The average outstanding balance of loans…
• FY2025 10-K: …$46.3 million, including a $33.3 million increase in personnel expense and a $13.0 million increase in non-personnel expense. The increase in net income before taxes attributed to Funds Management and Other reflects the ongoing application of the Company's transfer pricing methodology. Table 14 - Net Income Before…
• UMBF (UMB FINANCIAL CORP)
• FY2025 10-K: …Commercial and industrial 4,423 - 4,423 Specialty lending: Asset-based lending - - - Total Specialty lending - - - Commercial real estate: Owner-occupied 707 - 707 Non-owner-occupied - - - Farmland 135 - 135 5+ Multi-family - - - 1-4 Family construction - - - General construction 118 - 118 Total Commercial real…
• FY2025 10-K: 17,377 - 17,377 Total Commercial and industrial 3,149,806 2,210,428 1,432,712 1,023,493 487,188 354,347 7,597,831 14,715 16,270,520 Current period charge-offs 1,835 8,794 7,124 10,241 1,170 350 15,131 - 44,645 Specialty lending: Asset-based lending 46,480 5,639 - 5,801 25,763 22,632 411,922 - 518,237 Total Specialty…
• CFR (Cullen/Frost Bankers, Inc.)
• FY2025 10-K: …us-gaap:CommercialPortfolioSegmentMember 2025-12-31 0000039263 us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-12-31 0000039263 us-gaap:FinancialAssetPastDueMember us-gaap:CommercialPortfolioSegmentMember 2025-12-31 0000039263…
• FY2025 10-K: …2023-01-01 2023-12-31 0000039263 cfr:CommercialandIndustrialTotalEnergyLoansMember 2023-01-01 2023-12-31 0000039263 us-gaap:CommercialRealEstatePortfolioSegmentMember 2023-01-01 2023-12-31 0000039263 cfr:TotalconsumerrealestateloansMember 2023-01-01 2023-12-31 0000039263 us-gaap:ConsumerLoanMember 2023-01-01…
• WTFC (WINTRUST FINANCIAL CORP)
• FY2025 10-K: …loan portfolio increased to $178.5 million as of December 31, 2025 compared to $175.8 million as of December 31, 2024. Our commercial real estate loans are generally secured by a first mortgage lien and assignment of rents on the property. Since most of our bank branches are located in the Chicago metropolitan area,…
• FY2025 10-K: …to $460.2 million at December 31, 2025, reflecting an increase of $23.6 million, or 5%, when compared to 2024. At December 31, 2025, approximately $246.9 million, or 54%, of the allowance for loan and unfunded lending-related commitment losses was associated with commercial real estate loans and an additional $178.5…
• ONB (OLD NATIONAL BANCORP /IN/)
• FY2025 10-K: …a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its clients. 95 Commercial Real Estate…
• FY2025 10-K: …srt:MaximumMember 2025-12-31 0000707179 onb:CollateralDependentImpairedLoansMember us-gaap:MeasurementInputDiscountRateMember us-gaap:CommercialPortfolioSegmentMember us-gaap:FairValueInputsLevel3Member us-gaap:ValuationTechniqueDiscountedCashFlowMember srt:WeightedAverageMember 2025-12-31 0000707179…
• FFIN (First Financial Bankshares, Inc.)
• FY2025 10-K: (in thousands): December 31, 2025 15-59 Days Past Due* 60-89 Days Past Due Greater Than 90 Days Total Past Due Current Total Loans 90 Days Past Due Still Accruing Commercial: C&I $ 3,760 $ 850 $ 876 5,486 $ 1,110,975 $ 1,116,461 $ - Municipal 1,471 17 - 1,488 341,013 342,501 - Total Commercial 5,231 867 876 6,974…
• FY2025 10-K: 5 $ 88,734 $ 75,834 $ 63,465 Percent of Loans in Each Category of Total Loans: At December 31, 2025 2024 2023 2022 2021 Commercial: C&I 13.69 % 14.87 % 16.29 % 14.24 % 15.53 % Municipal 4.20 4.67 3.01 3.43 3.30 Total Commercial 17.88 19.54 19.30 17.67 18.83 Agricultural 1.17 1.21 1.19 1.19 1.83 Real estate:…
• CBU (COMMUNITY FINANCIAL SYSTEM, INC.)
• FY2025 10-K: …us-gaap:CommercialPortfolioSegmentMember cbu:CommercialIndustrialAndOtherBusinessLoansMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000723188 cbu:LegacyLoanMember us-gaap:CommercialPortfolioSegmentMember cbu:CommercialIndustrialAndOtherBusinessLoansMember…
• FY2025 10-K: …us-gaap:PassMember 2025-12-31 0000723188 cbu:CommercialRealEstateOwnerOccupiedMember us-gaap:DoubtfulMember 2025-12-31 0000723188 cbu:CommercialRealEstateNonOwnerOccupiedMember us-gaap:SubstandardMember 2025-12-31 0000723188 cbu:CommercialRealEstateNonOwnerOccupiedMember us-gaap:SpecialMentionMember 2025-12-31…
• ASB (Associated Banc-Corp)
• FY2025 10-K: End Loan Composition As of December 31, 2025 2024 2023 (Dollars in thousands) Amount % of Total Amount % of Total Amount % of Total Commercial and industrial $ 11,799,757 38 % $ 10,573,741 36 % $ 9,731,555 33 % Commercial real estate - owner occupied 1,186,324 4 % 1,143,741 4 % 1,061,700 4 % Commercial and business…
• FY2025 10-K: …asb:CommercialRealEstateOwnerOccupiedPortfolioMember 2025-01-01 2025-12-31 0000007789 us-gaap:CommercialPortfolioSegmentMember asb:CommercialAndBusinessLendingMember 2025-01-01 2025-12-31 0000007789 us-gaap:CommercialPortfolioSegmentMember asb:CommercialRealEstateInvestorPortfolioSegmentMember 2025-01-01 2025-12-31…

Wealth (reported)

• NTRS (NORTHERN TRUST CORP)
• FY2025 10-K: …subsidiaries, including support from locations in North America, Europe, the Middle East, and the Asia-Pacific region. At December 31, 2025, total Asset Servicing assets under custody/administration (AUC/A), assets under custody, and assets under management (AUM) were $17.4 trillion, $13.6 trillion, and $1.3…
• FY2025 10-K: …by investment firms as collateral for securities borrowed from custody clients are managed by Northern Trust and are included in assets under custody and assets under management Wealth Management Wealth Management fee income is calculated primarily based on market values of client AUC/A and AUM and is impacted by…
• CFR (Cullen/Frost Bankers, Inc.)
• FY2025 10-K: …2023-01-01 2023-12-31 0000039263 cfr:CommercialandIndustrialTotalEnergyLoansMember 2023-01-01 2023-12-31 0000039263 us-gaap:CommercialRealEstatePortfolioSegmentMember 2023-01-01 2023-12-31 0000039263 cfr:TotalconsumerrealestateloansMember 2023-01-01 2023-12-31 0000039263 us-gaap:ConsumerLoanMember 2023-01-01…
• FY2025 10-K: …2025-12-31 0000039263 cfr:SpecificValuationAllowancesMember us-gaap:ConsumerLoanMember 2025-12-31 0000039263 cfr:SpecificValuationAllowancesMember 2025-12-31 0000039263 cfr:ModeledExpectedCreditLossesMember us-gaap:CommercialPortfolioSegmentMember 2024-12-31 0000039263 cfr:ModeledExpectedCreditLossesMember…
• BOKF (BOK FINANCIAL CORP)
• FY2025 10-K: …Non-personnel expense decreased $1.9 million, or 2%, largely due to lower operational losses, partially offset by higher data processing and communications costs and increased net occupancy and equipment expense associated with ongoing projects. Corporate allocations increased $1.6 million, or 3%, over the prior…
• FY2025 10-K: ,899,090 Investment securities, net of allowance (fair value: 2025 - $ 1,662,005 ; 2024 - $ 1,817,929 ) 1,784,242 2,017,225 Available-for-sale securities 13,606,625 12,851,600 Fair value option securities 102,096 17,876 Restricted equity securities 224,757 406,178 Residential mortgage loans held for sale 94,630 77,561…
• UMBF (UMB FINANCIAL CORP)
• FY2025 10-K: …us-gaap:ConsumerOtherMember 2025-12-31 0000101382 us-gaap:CommercialRealEstatePortfolioSegmentMember 2024-12-31 0000101382 umbf:LeasesAndOtherPortfolioSegmentMember 2023-01-01 2023-12-31 0000101382 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-12-31 0000101382…
• FY2025 10-K: …us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000101382 us-gaap:CommercialRealEstatePortfolioSegmentMember us-gaap:SubstandardMember umbf:CommercialRealEstateGeneralConstructionMember 2024-12-31 0000101382 us-gaap:CommonStockMember umbf:HeartlandFinancialUsaIncMember 2025-01-31 0000101382…
• SYBT (STOCK YARDS BANCORP, INC.)
• FY2025 10-K: …549,666 7,588 557,254 497,890 7,383 505,273 Subtotal $ 6,131,842 $ 1,230,266 $ 7,362,108 $ 5,610,925 $ 1,183,086 $ 6,794,011 Custody and safekeeping - 273,110 273,110 - 271,491 271,491 Total AUM $ 6,131,842 $ 1,503,376 $ 7,635,218 $ 5,610,925 $ 1,454,577 $ 7,065,502 (1) Non-managed assets represent those for which…
• FY2025 10-K: …us-gaap:FinancialAssetPastDueMember 2024-12-31 0000835324 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember 2024-12-31 0000835324 us-gaap:ConsumerPortfolioSegmentMember us-gaap:FinancingReceivables60To89DaysPastDueMember 2024-12-31 0000835324…
• CBU (COMMUNITY FINANCIAL SYSTEM, INC.)
• FY2025 10-K: Wealth Management Services segment includes 109 employees and assets under management or administration of $14.0 billion at the end of 2025. For additional financial information on the Company's segments, refer to Note U - Segment Information in the Notes to Consolidated Financial Statements. ​ The primary factors…
• FY2025 10-K: …us-gaap:CommercialPortfolioSegmentMember cbu:CommercialIndustrialAndOtherBusinessLoansMember us-gaap:FinancialAssetNotPastDueMember 2024-12-31 0000723188 cbu:LegacyLoanMember us-gaap:CommercialPortfolioSegmentMember cbu:CommercialIndustrialAndOtherBusinessLoansMember…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.