At a glance
Commerce Bancshares Inc is worth $7.89B, about 14 times its fiscal 2025 earnings. Revenue grew 6.5% to $1.76B in fiscal 2025, with 32.1% kept as profit; over 5 years it has grown 5.7% a year. It pays a 2.03% dividend yield, raised every year for at least 4 years, and returned $1.45B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +16.6% over the past year with dividends reinvested and +0.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.8% in the 2020 crash (S&P 500: 33.7%) and 14.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 8 months and 5 months after the lows.
The business in plain English
Commerce Bancshares, one of the nation's 50 largest bank holding companies by assets, owns Missouri-based Commerce Bank. It offers deposit accounts, business and consumer loans, mortgages, credit and debit cards, payment services, trust, brokerage and investment management to individuals, businesses and local governments. At December 31, 2025, it had $32.9 billion in assets, $17.8 billion in loans and $25.6 billion in deposits.
Most of its revenue is net interest income. That is the gap between the interest it earns on loans and securities and the interest it pays on deposits and borrowings. In fiscal 2025 net interest income was $1.11 billion of $1.76 billion in revenue. The other $652 million was noninterest income, such as bank card, trust and cash management fees. Measured by 2025 pre-tax income, the Commercial segment (business lending, payments, cash management) contributed 48%, Retail Banking (branches, consumer loans, mortgages) 28% and Wealth (trust, estate planning, brokerage, investment management) 24%.
Its 140 branches are mainly in Missouri, Kansas and central Illinois, plus Tulsa, Oklahoma City and Denver. Its two largest markets are St. Louis, where it holds about 7% of deposits, and Kansas City, where it holds about 10%. On January 1, 2026, Commerce acquired FineMark Holdings, paying with 9.9 million new shares. FineMark added 13 offices in Florida, Arizona and South Carolina, expanding the wealth business.
Price history
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CBSH +16.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $498.9M, up 11.9% from a year earlier, and net income was $159.8M (+4.8%).
- For fiscal 2025, revenue was $1.76B (+6.5% year over year; +5.7% a year from FY2020 to FY2025) with a 32.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.7% good |
|---|---|
| Return on equity | 14.9% good |
| Net income / revenue | 32.1% good |
| Deposits | $27.88B |
| Loans | $20.64B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.34B | $354.1M | — |
| FY2021 | $1.40B | $530.8M | — |
| FY2022 | $1.49B | $488.4M | — |
| FY2023 | $1.57B | $477.1M | — |
| FY2024 | $1.66B | $526.3M | — |
| FY2025 | $1.76B | $566.3M | — |
Valuation snapshot
| Market value | $7.89B |
|---|---|
| P/E ratio | 13.6 |
| Dividend yield | 2.03% |
Rank among 1514 US companies
Market value at each year end
Commerce Bancshares’s market value went from $3.97B at the end of 2016 to $7.89B on Oct 28, 2026, about 2.0 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.89B | +13.8% |
| 2025 | $6.93B | -8.9% |
| 2024 | $7.61B | +26.4% |
| 2023 | $6.02B | -18.3% |
| 2022 | $7.37B | +6.8% |
| 2021 | $6.90B | +14.4% |
| 2020 | $6.03B | +5.5% |
| 2019 | $5.71B | +27.8% |
| 2018 | $4.47B | +10.8% |
| 2017 | $4.03B | +1.6% |
| 2016 | $3.97B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CBSH price data to Oct 28, 2026 | +6.7% | +16.6% | +13.8% | +0.8% | +7.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +6.7% |
| 2025 | -10.1% |
| 2024 | +24.8% |
| 2023 | -19.9% |
| 2022 | +5.6% |
| 2021 | +11.4% |
| 2020 | +3.8% |
| 2019 | +28.8% |
| 2018 | +7.6% |
| 2017 | -2.2% |
| 2016 | +46.6% |
| 2015 | +4.9% |
| 2014 | +3.8% |
| 2013 | +38.6% |
| 2012 | -0.9% |
| 2011 | +3.5% |
| 2010 | +7.5% |
| 2009 | -4.8% |
| 2008 | +0.3% |
| 2007 | -0.6% |
| 2006 | -0.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 35.6% over that stretch · deepest drop along the way 47.3%, back to its old high 48.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.4% over that stretch · deepest drop along the way 33.8%, back to its old high 7.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 0.2% over that stretch · deepest drop along the way 14.5%, back to its old high 5.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 8 sales ($2.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 27, 2026 | Charles G Kim Exec. Vice President and CFO | sell | $1.2M |
| Jul 29, 2026 | John W Kemper President and CEO, Director | sell | $353K |
| Jul 30, 2026 | Robert S Holmes Executive Vice President | sell | $301K |
| Jul 28, 2026 | Derrick Brooks Senior Vice President | sell | $62K |
| Aug 4, 2026 | David L. Roller Senior Vice President | sell | $50K |
Who owns it
Large shareholders (13G filings)
| COMMERCE BANK | 6.2% | Dec 31, 2025 |
| Vanguard Portfolio Management | 6% | Mar 31, 2026 |
| Vanguard Capital Management | 5.17% | Sep 30, 2026 |
| STATE STREET CORPORATION | 5% | Jun 30, 2026 |
| Aristotle Capital Management, LLC | 4.86% | Jun 30, 2025 |
ETFs with the most weight in CBSH
| QABA First Trust NASDAQ ABA Community Bank Index Fund | 4.37% |
| FDIQ Invesco Bloomberg Financial Data Providers ETF | 3.93% |
| SMCO Hilton Small-MidCap Opportunity ETF | 1.76% |
| IAT iShares U.S. Regional Banks ETF | 1.61% |
| VSDA VictoryShares Dividend Accelerator ETF | 1.12% |
| KBE SPDR S&P Bank ETF | 1.11% |
| XMLV Invesco S&P MidCap Low Volatility ETF | 1.04% |
| FSCS First Trust SMID Capital Strength ETF | 0.99% |
What could go wrong
- FineMark merger may cost more, deliver less. Commerce acquired FineMark on January 1, 2026, and has already incurred substantial deal costs. Integration may take longer or cost more than planned, key staff could leave, and expected savings may not appear.
- Heavy reliance on its home region. Its banking is centered on Missouri, Kansas, central Illinois, Oklahoma and Colorado. It lacks the geographic spread of national banks, so a prolonged slump in those economies could hurt it badly.
- Interest rate and funding swings. Most revenue is net interest income, so rate shifts can squeeze the gap between what it earns on loans and what it pays on deposits. Fast deposit withdrawals could also leave it short of cash.
- Loan and credit card losses. Consumer and credit card lending is a significant part of the business. If borrowers fall behind, losses could exceed the reserve it holds. It set aside $56 million for expected losses in fiscal 2025.
- Losses on its bond portfolio. Rising rates cut the value of bonds it owns. Those paper losses would become real if it had to cash out a large share before maturity. Weaker collateral behind some securities could add losses.
- Bigger banks and tech rivals. Large national banks have more capital, technology and marketing resources and may cut fees to grow in its markets. Financial technology firms add pressure. Commerce must keep investing or lose customers.
Recent events
- Quarterly results released
- Quarterly results released
- Executive or board change
- Other company announcement
- Executive or board change
- Executive or board change; Shareholder vote results; Other company announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change
For income and retirement investors
Commerce pays a regular cash dividend, and the yield was 2.03% as of October 28, 2026. Dividends per share rose four years in a row, to $1.048 in fiscal 2025, but grew only 2.4% a year from fiscal 2020. The dividend took 26.5% of fiscal 2025 earnings, leaving a cushion if profits fall. From fiscal 2021 to 2025 it also repurchased $770 million of its own stock, more than the $680 million it paid in dividends. Even so, the share count rose 23.5% between November 2021 and August 2026, partly because the FineMark deal created 9.9 million new shares.
The shares have fallen hard in downturns. They lost 47.3% in the 2008 financial crisis and took about 48.5 months to recover. They fell 33.8% in the 2020 COVID crash and recovered in about eight months, and dropped 14.5% in the 2022 bear market. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Commerce Bancshares make money?
Mostly from interest on loans and securities. In fiscal 2025, net interest income (interest earned minus interest paid on deposits and borrowings) was $1.11 billion of $1.76 billion in revenue. The remaining $652 million was noninterest income, such as bank card, trust and cash management fees. Measured by pre-tax income, its Commercial segment contributed 48% in 2025, Retail Banking 28% and Wealth 24%. It operates 140 branches, mainly in Missouri, Kansas and central Illinois.
Does Commerce Bancshares raise its dividend every year?
It has raised its dividend four years in a row, through fiscal 2025. Dividends per share rose each year after fiscal 2021, reaching $1.048, but growth was slow, averaging 2.4% a year from fiscal 2020 to 2025. The dividend used 26.5% of fiscal 2025 earnings, so profits covered it comfortably. The yield was 2.03% as of October 28, 2026. A streak of increases does not guarantee future raises.
Why did Commerce Bancshares acquire FineMark?
To grow its wealth business and its presence in Florida. Commerce completed the all-stock deal on January 1, 2026, issuing 9.9 million new shares. FineMark brought 13 banking offices in Florida, Arizona and South Carolina. At December 31, 2025, it had $2.7 billion of loans, $3.1 billion of deposits and $8.7 billion in assets under administration, meaning client assets held in its care. The main risks are integration costs and whether the expected savings materialize.
How has Commerce Bancshares stock performed?
Unevenly. Based on share prices as of October 28, 2026, the stock returned 16.6% over one year and about 13.8% a year over three years, but only 0.8% a year over five years. Over ten years it averaged about 7% a year. Calendar years have swung from a 46.6% gain in 2016 to a 19.9% loss in 2023 and a 10.1% loss in 2025. Its deepest drop in about 21 years of price history was 47.3%, during the 2008 financial crisis.
What is Commerce Bancshares' P/E ratio?
It was 13.6 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.04 per share. The P/E ratio divides the share price by a year of earnings per share. Market value on that date was about $7.9 billion. Return on equity, which measures profit against shareholders' capital, was 14.9% in fiscal 2025. These figures are worth comparing with other regional banks, since one ratio says little on its own.