The business behind the dividend
| Measure | CBSH | Median | Formula |
|---|---|---|---|
| Return on equity | 14.9% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $570.00m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $592.39m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 49.3% | 14.3% | Operating income ÷ revenue |
| Net margin | 38.2% | 10.1% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
| Accruals | -0.2% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 14.9% | 15.9% | 16.2% | 19.8% | 15.4% | 10.4% | 13.4% | 14.8% | 11.8% | 11.0% | 14.8% |
| Operating margin | 49.3% | 46.2% | 44.9% | 63.3% | 80.9% | 50.6% | 57.5% | — | — | — | 50.6% |
| Net margin | 38.2% | 35.8% | 34.5% | 48.9% | 62.6% | 40.6% | 45.6% | 48.8% | 41.1% | 38.6% | 40.6% |
How it compares in banks & insurers
Among the 377 banks & insurers companies here measured on GAAP earnings, Commerce Bancshares pays out less than 236 of them. The median for that group is 30.6%, against this company’s 25.9%.
Closest on GAAP earnings
- Civista Bancshares (CIVB) 25.7%
- Republic Bancorp (RBCAA) 25.8%
- Trustmark (TRMK) 25.9%
- Citizens Financial Services (CZFS) 26.0%
Same sector and same denominator, so the figures are comparable. All 377 in banks & insurers →