# Canadian Imperial Bank Of Commerce (CM.TO)

Canonical: https://gigainvestors.com/s/CM.TO

Analysis as of: 2026-10-16T07:33:41.091Z. Financial observations: FY2015–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 159.40 per share; close as of 2026-10-15.

Estimated value: low CAD 123.83 per share, central CAD 154.78 per share, high CAD 206.38 per share. Buy at or below the central value CAD 154.78 per share. Valuation as of 2026-10-16T07:33:41.091Z; scenarios are not confidence intervals.

Expected annual return: 9.9% at the stated quote. About 9.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.20×

Chart: Net income; fiscal year observations.

- FY2016: CAD 4.2B

- FY2017: CAD 4.6B

- FY2018: CAD 5.2B

- FY2019: CAD 5.0B

- FY2020: CAD 3.7B

- FY2021: CAD 6.3B

- FY2022: CAD 6.0B

- FY2023: CAD 4.7B

- FY2024: CAD 6.9B

- FY2025: CAD 8.1B

### moat: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 15.3%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 10.8%

- Years with reported combined ratio: 0

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

- FY2016: 20.6%

- FY2017: 19.6%

- FY2018: 18.9%

- FY2019: 16.1%

- FY2020: 10.8%

- FY2021: 16.2%

- FY2022: 14.3%

- FY2023: 10.6%

- FY2024: 13.6%

- FY2025: 14.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 17.5%

- Book return interval: 10 years

- Starting book value per share: CAD 23.42

- Ending book value per share: CAD 59.60

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

- FY2016: 21.0%

- FY2017: 10.4%

- FY2018: 23.0%

- FY2019: 21.2%

- FY2020: 17.7%

- FY2021: 20.3%

- FY2022: 16.6%

- FY2023: 9.2%

- FY2024: 16.8%

- FY2025: 19.4%

### management: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: 1.6%

- Diluted shares, 5-year annual growth: 0.9%

- Share growth excluding flagged crisis recapitalisations: 1.6%

- Five-year share growth excluding flagged crisis recapitalisations: 0.9%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.29×

- Book value created per share: CAD 36.17

- Earnings retained per share after dividends and buybacks: CAD 28.04

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

- FY2015: 100

- FY2016: 99

- FY2017: 110

- FY2018: 112

- FY2019: 112

- FY2020: 112

- FY2021: 114

- FY2022: 114

- FY2023: 116

- FY2024: 119

- FY2025: 118

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 6.1% a year forever · net income +17.7%

Story as of 2026-10-16T09:59:57.226Z; price observation 2026-10-15.

The price assumes profits grow 6.1% a year forever

- 2025-12-04: CIBC hikes dividend as earnings beat expectations ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/cibc-hikes-divided-beating-earnings-112708420.html))

- 2026-02-26: CIBC Q1 Adjusted Earnings Beat Estimates On Record Revenues ([finance.yahoo.com](https://finance.yahoo.com/news/cibc-q1-adjusted-earnings-beat-105248469.html))

### Net income · FY2025

net income +17.7%; source https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm; observed 2025-12-04.

- FY2016: CAD 4.2B 

- FY2017: CAD 4.6B 

- FY2018: CAD 5.2B 

- FY2019: CAD 5.0B 

- FY2020: CAD 3.7B 

- FY2021: CAD 6.3B 

- FY2022: CAD 6.0B 

- FY2023: CAD 4.7B 

- FY2024: CAD 6.9B 

- FY2025: CAD 8.1B 

## Owner memo

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

### How it makes money

Operates in diversified banking; annual sales are CAD 62 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm (filed 2025-12-04); FY2025: revenue 62006000000.

### Why customers stay

It earns 15.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); 10-year return on tangible equity observations [[2016,0.206451298543098],[2017,0.1961587167581258],[2018,0.18874389443755923],[2019,0.16093104338842976],[2020,0.1080730701237478],[2021,0.1621964151773013],[2022,0.14320210222295873],[2023,0.10563663140982729],[2024,0.13578534342673695],[2025,0.1446377331420373]]; median 0.15278438826523352. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 1.7 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); Dividend observations: [[2016,1917000000],[2017,1425000000],[2018,2109000000],[2019,2406000000],[2020,2571000000],[2021,2649000000],[2022,2972000000],[2023,2261000000],[2024,2947000000],[2025,3993000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm (filed 2025-12-04); FY2025: cash repurchases 1731000000 CAD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CM.TO SharesStats.PercentInsiders = 0.019 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 6.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-04); Price 159.4; FX 1; original perpetual distributable cash 6.191304029549044; discount 0.1; growth 0.06115869492127326. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

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

- 2016-10: CAD 50.25 per share

- 2016-11: CAD 52.99 per share

- 2016-12: CAD 54.78 per share

- 2017-01: CAD 55.41 per share

- 2017-02: CAD 58.31 per share

- 2017-03: CAD 57.34 per share

- 2017-04: CAD 55.13 per share

- 2017-05: CAD 52.81 per share

- 2017-06: CAD 52.70 per share

- 2017-07: CAD 54.11 per share

- 2017-08: CAD 52.46 per share

- 2017-09: CAD 54.59 per share

- 2017-10: CAD 56.78 per share

- 2017-11: CAD 59.07 per share

- 2017-12: CAD 61.27 per share

- 2018-01: CAD 60.93 per share

- 2018-02: CAD 58.60 per share

- 2018-03: CAD 56.86 per share

- 2018-04: CAD 55.92 per share

- 2018-05: CAD 56.60 per share

- 2018-06: CAD 57.18 per share

- 2018-07: CAD 59.36 per share

- 2018-08: CAD 61.15 per share

- 2018-09: CAD 60.52 per share

- 2018-10: CAD 56.84 per share

- 2018-11: CAD 55.75 per share

- 2018-12: CAD 50.84 per share

- 2019-01: CAD 55.71 per share

- 2019-02: CAD 55.82 per share

- 2019-03: CAD 52.80 per share

- 2019-04: CAD 56.41 per share

- 2019-05: CAD 51.25 per share

- 2019-06: CAD 51.49 per share

- 2019-07: CAD 51.92 per share

- 2019-08: CAD 51.57 per share

- 2019-09: CAD 54.66 per share

- 2019-10: CAD 56.16 per share

- 2019-11: CAD 57.73 per share

- 2019-12: CAD 54.03 per share

- 2020-01: CAD 53.96 per share

- 2020-02: CAD 51.08 per share

- 2020-03: CAD 41.00 per share

- 2020-04: CAD 41.24 per share

- 2020-05: CAD 44.15 per share

- 2020-06: CAD 45.37 per share

- 2020-07: CAD 46.37 per share

- 2020-08: CAD 51.78 per share

- 2020-09: CAD 49.77 per share

- 2020-10: CAD 49.69 per share

- 2020-11: CAD 54.74 per share

- 2020-12: CAD 54.36 per share

- 2021-01: CAD 54.49 per share

- 2021-02: CAD 58.67 per share

- 2021-03: CAD 61.53 per share

- 2021-04: CAD 63.89 per share

- 2021-05: CAD 70.36 per share

- 2021-06: CAD 70.56 per share

- 2021-07: CAD 72.54 per share

- 2021-08: CAD 72.57 per share

- 2021-09: CAD 70.50 per share

- 2021-10: CAD 75.09 per share

- 2021-11: CAD 71.23 per share

- 2021-12: CAD 73.73 per share

- 2022-01: CAD 79.81 per share

- 2022-02: CAD 80.22 per share

- 2022-03: CAD 75.88 per share

- 2022-04: CAD 71.01 per share

- 2022-05: CAD 69.58 per share

- 2022-06: CAD 62.51 per share

- 2022-07: CAD 64.78 per share

- 2022-08: CAD 62.11 per share

- 2022-09: CAD 60.46 per share

- 2022-10: CAD 61.87 per share

- 2022-11: CAD 64.79 per share

- 2022-12: CAD 54.77 per share

- 2023-01: CAD 60.74 per share

- 2023-02: CAD 62.40 per share

- 2023-03: CAD 57.31 per share

- 2023-04: CAD 56.80 per share

- 2023-05: CAD 55.97 per share

- 2023-06: CAD 56.56 per share

- 2023-07: CAD 58.08 per share

- 2023-08: CAD 53.54 per share

- 2023-09: CAD 52.43 per share

- 2023-10: CAD 48.91 per share

- 2023-11: CAD 56.10 per share

- 2023-12: CAD 63.80 per share

- 2024-01: CAD 60.76 per share

- 2024-02: CAD 64.22 per share

- 2024-03: CAD 68.67 per share

- 2024-04: CAD 64.26 per share

- 2024-05: CAD 67.58 per share

- 2024-06: CAD 65.05 per share

- 2024-07: CAD 71.40 per share

- 2024-08: CAD 78.76 per share

- 2024-09: CAD 82.96 per share

- 2024-10: CAD 87.11 per share

- 2024-11: CAD 90.88 per share

- 2024-12: CAD 90.93 per share

- 2025-01: CAD 91.55 per share

- 2025-02: CAD 87.67 per share

- 2025-03: CAD 80.95 per share

- 2025-04: CAD 86.95 per share

- 2025-05: CAD 93.43 per share

- 2025-06: CAD 96.66 per share

- 2025-07: CAD 99.03 per share

- 2025-08: CAD 106.09 per share

- 2025-09: CAD 111.21 per share

- 2025-10: CAD 116.21 per share

- 2025-11: CAD 120.83 per share

- 2025-12: CAD 124.43 per share

- 2026-01: CAD 125.84 per share

- 2026-02: CAD 137.79 per share

- 2026-03: CAD 131.84 per share

- 2026-04: CAD 151.57 per share

- 2026-05: CAD 150.49 per share

- 2026-06: CAD 163.32 per share

- 2026-07: CAD 166.04 per share

- 2026-08: CAD 157.31 per share

- 2026-09: CAD 156.73 per share

- 2026-10: CAD 158.44 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 74.36 per share, central CAD 92.95 per share, high CAD 123.93 per share

- FY2017: low CAD 74.81 per share, central CAD 93.51 per share, high CAD 124.68 per share

- FY2018: low CAD 85.47 per share, central CAD 106.84 per share, high CAD 142.45 per share

- FY2019: low CAD 96.10 per share, central CAD 120.12 per share, high CAD 160.16 per share

- FY2020: low CAD 105.18 per share, central CAD 131.47 per share, high CAD 175.30 per share

- FY2021: low CAD 115.61 per share, central CAD 144.52 per share, high CAD 192.69 per share

- FY2022: low CAD 122.95 per share, central CAD 153.69 per share, high CAD 204.92 per share

- FY2023: low CAD 115.39 per share, central CAD 144.23 per share, high CAD 192.31 per share

- FY2024: low CAD 112.71 per share, central CAD 140.89 per share, high CAD 187.85 per share

- FY2025: low CAD 116.62 per share, central CAD 145.77 per share, high CAD 194.37 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

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1045520/000119312525307488/d91021d40f.htm); period 2025-10-31, filed 2025-12-04.

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.

## Reported holder observations

- [Sarah Ketterer](https://gigainvestors.com/CAU): 83,789 CM shares; USD 9,645,000 reported position value; 0.1% of portfolio; new; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 10,176 CM shares; USD 1,170,000 reported position value; 0.01% of portfolio; hold; quarter 2026 Q2.