# Commerzbank AG (CBK.XETRA)

Canonical: https://gigainvestors.com/s/CBK.XETRA

Analysis as of: 2026-10-16T07:33:59.015Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 37.70 per share; close as of 2026-10-15.

Estimated value: low EUR 2.70 per share, central EUR 3.04 per share, high EUR 3.47 per share. Buy at or below the central value EUR 3.04 per share. Valuation as of 2026-10-16T07:33:59.015Z; scenarios are not confidence intervals.

Expected annual return: 2.7% at the stated quote. About 2.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; DE 10-year bond 3.4% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 9

- Required profitable years: 9

- Return on common equity variation (informational): 2.29×

Chart: Net income; fiscal year observations.

- FY2016: EUR 279M

- FY2017: EUR 128M

- FY2018: EUR 862M

- FY2019: EUR 585M

- FY2020: EUR -2.9B

- FY2021: EUR 290M

- FY2022: EUR 1.2B

- FY2023: EUR 2.0B

- FY2024: EUR 2.5B

- FY2025: EUR 2.3B

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 2.8%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.5%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 1.1%

- FY2017: 0.5%

- FY2018: 3.5%

- FY2019: 2.2%

- FY2020: -11.2%

- FY2021: 1.1%

- FY2022: 4.3%

- FY2023: 6.6%

- FY2024: 7.5%

- FY2025: 7.3%

### economics: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- book value per share plus dividends compounded below 7% annually

- Book value per share + reinvested dividends, annualized return: 4.6%

- Book return interval: 10 years

- Starting book value per share: EUR 20.66

- Ending book value per share: EUR 29.05

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -0.2%

- FY2017: 1.0%

- FY2018: -1.4%

- FY2019: 6.4%

- FY2020: -0.8%

- FY2021: 5.8%

- FY2022: 4.1%

- FY2023: 8.6%

- FY2024: 14.2%

- FY2025: 9.0%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.3%

- Diluted shares, 5-year annual growth: -2.6%

- Share growth excluding flagged crisis recapitalisations: -1.3%

- Five-year share growth excluding flagged crisis recapitalisations: -2.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 7.22×

- Book value created per share: EUR 8.39

- Earnings retained per share after dividends and buybacks: EUR 1.16

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 100

- FY2018: 100

- FY2019: 100

- FY2020: 100

- FY2021: 100

- FY2022: 100

- FY2023: 99

- FY2024: 95

- FY2025: 88

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

## Price story

The price assumes profits grow 9.4% a year forever · "Commerzbank Raises Guidance, Plans $1.2 Billion Buyback After Earnings Beat" (finance.yahoo.com, Aug 2025) · net income -6%

Story as of 2026-10-16T09:59:58.575Z; price observation 2026-10-15.

The price assumes profits grow 9.4% a year forever

- 2025-08-06: Commerzbank Raises Guidance, Plans $1.2 Billion Buyback After Earnings Beat ([finance.yahoo.com](https://finance.yahoo.com/m/238433be-4a8b-3396-9521-d3341fe82371/commerzbank-raises-guidance%2C.html))

- 2025-09-17: Commerzbank CEO sees likely revenue hit in 'unfriendly' UniCredit deal ([finance.yahoo.com](https://finance.yahoo.com/news/commerzbank-ceo-sees-likely-revenue-090549906.html))

- 2025-11-06: Commerzbank Raises Interest Income Guidance Again ([finance.yahoo.com](https://finance.yahoo.com/m/28f692aa-9a1b-3592-8c5f-0890e015245f/commerzbank-raises-interest.html))

### Net income · FY2025

net income -6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 279M 

- FY2017: EUR 128M 

- FY2018: EUR 862M 

- FY2019: EUR 585M 

- FY2020: EUR -2.9B 

- FY2021: EUR 290M 

- FY2022: EUR 1.2B 

- FY2023: EUR 2.0B 

- FY2024: EUR 2.5B 

- FY2025: EUR 2.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are EUR 12.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.015Z); FY2025: revenue 12930000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBK.XETRA: Commerzbank AG provides banking and capital market products and services to private and small business customers, corporate, financial service providers, and institutional clients in Germany, rest of Europe, the Americas, and Asia. It operates through two segments, Private and Small-Business Customers, and Corporate Clients. The company offers current, money market, checking, business accounts; insurance products; credit and debit cards; pension scheme; card payment terminal; and various loans. It also offers installment loans; renovation loans, debt structuring, car loan, overdraft facility; real estate financing; term deposits; and online banking services, as well as trades securities, such as shares, funds, ETFs, certificates, options and futures, and bonds. In addition, the company provides wealth management services. Commerzbank AG was founded in 1870 and is headquartered in Frankfurt am Main, Germany.

### Why customers stay

It earns 2.8% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.015Z); 10-year return on tangible equity observations [[2016,0.010912931236798873],[2017,0.005007041151619465],[2018,0.03452833967554576],[2019,0.022228132836841705],[2020,-0.11196807490119336],[2021,0.01050420168067227],[2022,0.04333901904132001],[2023,0.06634420550362768],[2024,0.07542147293700088],[2025,0.07269759558038798]]; median 0.028378236256193734. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 10 years; bought back EUR 1.5 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.015Z); Dividend observations: [[2016,250000000],[2017,250000000],[2018,250000000],[2019,250000000],[2020,0],[2021,0],[2022,0],[2023,444000000],[2024,627000000],[2025,1042000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.015Z); FY2025: cash repurchases 1528000000 EUR.

### Are managers owners

Insiders own 44.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBK.XETRA SharesStats.PercentInsiders = 44.324000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 9.4% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:59.015Z); Price 37.7; FX 1; original perpetual distributable cash 0.24249834220683505; discount 0.1; growth 0.09356768323058794. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 6.19 per share

- 2016-11: EUR 6.57 per share

- 2016-12: EUR 7.25 per share

- 2017-01: EUR 8.01 per share

- 2017-02: EUR 7.20 per share

- 2017-03: EUR 8.48 per share

- 2017-04: EUR 9.00 per share

- 2017-05: EUR 9.39 per share

- 2017-06: EUR 10.43 per share

- 2017-07: EUR 11.08 per share

- 2017-08: EUR 10.44 per share

- 2017-09: EUR 11.51 per share

- 2017-10: EUR 11.77 per share

- 2017-11: EUR 12.16 per share

- 2017-12: EUR 12.51 per share

- 2018-01: EUR 13.26 per share

- 2018-02: EUR 12.74 per share

- 2018-03: EUR 10.54 per share

- 2018-04: EUR 10.71 per share

- 2018-05: EUR 8.74 per share

- 2018-06: EUR 8.21 per share

- 2018-07: EUR 9.24 per share

- 2018-08: EUR 8.15 per share

- 2018-09: EUR 8.98 per share

- 2018-10: EUR 8.34 per share

- 2018-11: EUR 7.61 per share

- 2018-12: EUR 5.78 per share

- 2019-01: EUR 6.26 per share

- 2019-02: EUR 7.26 per share

- 2019-03: EUR 6.90 per share

- 2019-04: EUR 8.01 per share

- 2019-05: EUR 6.30 per share

- 2019-06: EUR 6.32 per share

- 2019-07: EUR 6.16 per share

- 2019-08: EUR 5.16 per share

- 2019-09: EUR 5.32 per share

- 2019-10: EUR 5.36 per share

- 2019-11: EUR 5.26 per share

- 2019-12: EUR 5.52 per share

- 2020-01: EUR 5.20 per share

- 2020-02: EUR 5.21 per share

- 2020-03: EUR 3.31 per share

- 2020-04: EUR 3.37 per share

- 2020-05: EUR 3.50 per share

- 2020-06: EUR 3.97 per share

- 2020-07: EUR 4.35 per share

- 2020-08: EUR 4.86 per share

- 2020-09: EUR 4.19 per share

- 2020-10: EUR 4.05 per share

- 2020-11: EUR 5.21 per share

- 2020-12: EUR 5.27 per share

- 2021-01: EUR 5.48 per share

- 2021-02: EUR 5.43 per share

- 2021-03: EUR 5.23 per share

- 2021-04: EUR 5.49 per share

- 2021-05: EUR 6.60 per share

- 2021-06: EUR 5.98 per share

- 2021-07: EUR 5.44 per share

- 2021-08: EUR 5.31 per share

- 2021-09: EUR 5.76 per share

- 2021-10: EUR 6.32 per share

- 2021-11: EUR 6.24 per share

- 2021-12: EUR 6.69 per share

- 2022-01: EUR 7.59 per share

- 2022-02: EUR 7.53 per share

- 2022-03: EUR 6.93 per share

- 2022-04: EUR 6.28 per share

- 2022-05: EUR 8.08 per share

- 2022-06: EUR 6.69 per share

- 2022-07: EUR 6.68 per share

- 2022-08: EUR 6.63 per share

- 2022-09: EUR 7.34 per share

- 2022-10: EUR 8.10 per share

- 2022-11: EUR 8.01 per share

- 2022-12: EUR 8.84 per share

- 2023-01: EUR 10.47 per share

- 2023-02: EUR 11.53 per share

- 2023-03: EUR 9.70 per share

- 2023-04: EUR 10.07 per share

- 2023-05: EUR 9.40 per share

- 2023-06: EUR 10.15 per share

- 2023-07: EUR 10.88 per share

- 2023-08: EUR 10.15 per share

- 2023-09: EUR 10.79 per share

- 2023-10: EUR 10.15 per share

- 2023-11: EUR 11.25 per share

- 2023-12: EUR 10.76 per share

- 2024-01: EUR 10.68 per share

- 2024-02: EUR 10.70 per share

- 2024-03: EUR 12.73 per share

- 2024-04: EUR 13.96 per share

- 2024-05: EUR 15.54 per share

- 2024-06: EUR 14.19 per share

- 2024-07: EUR 15.09 per share

- 2024-08: EUR 13.38 per share

- 2024-09: EUR 16.53 per share

- 2024-10: EUR 16.33 per share

- 2024-11: EUR 14.53 per share

- 2024-12: EUR 15.73 per share

- 2025-01: EUR 18.68 per share

- 2025-02: EUR 20.61 per share

- 2025-03: EUR 20.97 per share

- 2025-04: EUR 23.22 per share

- 2025-05: EUR 26.79 per share

- 2025-06: EUR 26.78 per share

- 2025-07: EUR 32.04 per share

- 2025-08: EUR 32.62 per share

- 2025-09: EUR 32.09 per share

- 2025-10: EUR 31.51 per share

- 2025-11: EUR 33.88 per share

- 2025-12: EUR 36.10 per share

- 2026-01: EUR 34.69 per share

- 2026-02: EUR 34.65 per share

- 2026-03: EUR 30.79 per share

- 2026-04: EUR 35.21 per share

- 2026-05: EUR 37.06 per share

- 2026-06: EUR 37.23 per share

- 2026-07: EUR 37.67 per share

- 2026-08: EUR 40.19 per share

- 2026-09: EUR 40.31 per share

- 2026-10: EUR 38.62 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 2.10 per share, central EUR 2.31 per share, high EUR 2.57 per share

- FY2017: low EUR 1.48 per share, central EUR 1.62 per share, high EUR 1.81 per share

- FY2018: low EUR 2.05 per share, central EUR 2.25 per share, high EUR 2.50 per share

- FY2019: low EUR 3.24 per share, central EUR 3.57 per share, high EUR 3.96 per share

- FY2020: low EUR 2.14 per share, central EUR 2.36 per share, high EUR 2.62 per share

- FY2021: low EUR 2.27 per share, central EUR 2.49 per share, high EUR 2.77 per share

- FY2022: low EUR 2.84 per share, central EUR 3.13 per share, high EUR 3.48 per share

- FY2023: low EUR 1.39 per share, central EUR 1.56 per share, high EUR 1.76 per share

- FY2024: low EUR 2.07 per share, central EUR 2.34 per share, high EUR 2.68 per share

- FY2025: low EUR 2.66 per share, central EUR 2.99 per share, high EUR 3.42 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:44.105Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.