CBSH
Commerce Bancshares, Inc.
CBSH has a slight edge over JPM overall, supported by stronger valuation and lower modeled downside.
JPM
JPMorgan Chase & Co.
JPM offers stronger fundamentals, but that advantage does not outweigh its weaker overall profile.
CBSH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
CBSH's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like CBSH.
JPM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
JPM's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like JPM.
CBSH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $53.32 | -4% |
| Forward | 13x | $55.57 | — |
| Current | 14x | $55.57 | — |
| Fair | 16x | $62.21 | +12% |
| Expensive | 19x | $75.69 | +36% |
Historical ranges are pointers, not guarantees.
CBSH has the edge over JPM in the historical PE scenario, which offers more potential upside but is not a forecast.
JPM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.7x | $231 | -33% |
| Fair | 12x | $287 | -16% |
| Current | 14x | $343 | — |
| Forward | 14x | $343 | — |
| Expensive | 15x | $361 | +5.2% |
Historical ranges are pointers, not guarantees.
JPM's PE is in its expensive range at 14.4x. If earnings grow as analysts expect, today's price would be 13.7x next year's earnings.
CBSH Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Moderate |
CBSH has the edge over JPM on the outlook, with more favorable valuation expectations.
JPM Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JPM, with profitability improving.
CBSH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.43 | +11% |
| Q3 2026 | $4.00 | -1.2% |
| Q2 2026 | $3.98 | -0.7% |
| Q1 2026 | $4.02 | +3.3% |
| Q4 2025 | $4.04 | +8.3% |
| Q3 2025 | $4.05 | +15% |
| Q2 2025 | $4.01 | +18% |
| Q1 2025 | $3.89 | +18% |
| Q4 2024 | $3.73 | +12% |
CBSH earned $4.00 per share over the past year, down 1.2% from the year before.
JPM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $24.99 | +4.8% |
| Q3 2026 | $23.85 | +18% |
| Q2 2026 | $23.35 | +20% |
| Q1 2026 | $20.89 | +2.5% |
| Q4 2025 | $20.02 | +1.4% |
| Q3 2025 | $20.20 | +12% |
| Q2 2025 | $19.50 | +8.7% |
| Q1 2025 | $20.38 | +23% |
| Q4 2024 | $19.75 | +22% |
JPM has the edge over CBSH on earnings, with more consistent year-over-year improvement.
CBSH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $494.3M | +12% |
| Q2 2026 | $498.9M | +12% |
| Q1 2026 | $475.7M | +11% |
| Q4 2025 | $449.4M | +6.5% |
| Q3 2025 | $441M | +4.6% |
| Q2 2025 | $445.8M | +7.5% |
| Q1 2025 | $428.1M | +7.6% |
| Q4 2024 | $422.1M | +7.3% |
CBSH's revenue has grown year over year for 18 quarters in a row: $494M last quarter, up 12% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | -0.9 points |
| Q2 2026 | 41% | -2.7 points |
| Q1 2026 | 39% | -0.2 points |
| Q4 2025 | 41% | -0.4 points |
| Q3 2025 | 42% | -0.5 points |
| Q2 2025 | 44% | +0.6 points |
| Q1 2025 | 39% | +2.2 points |
| Q4 2024 | 41% | +4.6 points |
CBSH has the edge over JPM on profitability, with a higher operating margin.
JPM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $50.2B | +8.1% |
| Q2 2026 | $57.3B | +28% |
| Q1 2026 | $49.8B | +10% |
| Q4 2025 | $45.8B | +7.1% |
| Q3 2025 | $46.4B | +8.8% |
| Q2 2025 | $44.9B | -11% |
| Q1 2025 | $45.3B | +8.1% |
| Q4 2024 | $42.8B | +11% |
JPM's revenue has grown year over year for five quarters in a row: $50.2B last quarter, up 8.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -0.2 points |
| Q2 2026 | 48% | +7.3 points |
| Q1 2026 | 41% | +0.5 points |
| Q4 2025 | 37% | -3.2 points |
| Q3 2025 | 40% | +0.6 points |
| Q2 2025 | 41% | -6 points |
| Q1 2025 | 41% | -0.6 points |
| Q4 2024 | 41% | +11 points |
JPM's operating margin was 40% last quarter, about level with the same quarter a year ago.
CBSH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $181M | +60% |
| Q2 2026 | $169.1M | +68% |
| Q1 2026 | $678.4M | +438% |
| Q4 2025 | $252.6M | +$403.3M |
| Q3 2025 | $113.3M | -73% |
| Q2 2025 | $100.5M | -28% |
| Q1 2025 | $126M | +1.2% |
| Q4 2024 | -$150.7M | -243% |
CBSH has the edge over JPM on cash generation, producing positive trailing cash flow while its opponent burns cash.
JPM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $33.2B | +$78.4B |
| Q2 2026 | -$25.3B | -186% |
| Q1 2026 | -$211.8B | +$40.1B |
| Q4 2025 | $119.7B | -19% |
| Q3 2025 | -$45.2B | +$28.9B |
| Q2 2025 | $29.5B | -23% |
| Q1 2025 | -$251.8B | -$97.7B |
| Q4 2024 | $147.8B | +145% |
JPM's free cash flow was −$84.2B over the past year, against −$120B the year before. Free cash flow isn't a meaningful measure for financial services companies like JPM.
CBSH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.3% | -1.9M shares |
| 1 year | +6.9% | +9.1M shares |
| 3 years | +3.3% | +4.5M shares |
| 5 years | +0.2% | +350K shares |
| Available history | -1% | -1.5M shares |
CBSH has 142M diluted shares, up 6.9% from a year ago, despite $422M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $110.7M |
| Q2 2026 | $112.1M |
| Q1 2026 | $84.3M |
| Q4 2025 | $115.3M |
| Q3 2025 | $25.2M |
| Q2 2025 | $11.9M |
| Q1 2025 | $55.2M |
| Q4 2024 | $46.9M |
CBSH spent $422M buying back its own shares over the past year, about three times what it spent the year before.
JPM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -11.2M shares |
| 1 year | -3.1% | -84.6M shares |
| 3 years | -8.5% | -249M shares |
| 5 years | -11% | -322M shares |
| Available history | -17% | -547M shares |
JPM has the edge over CBSH on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.1B |
| Q2 2026 | $6.8B |
| Q1 2026 | $8.3B |
| Q4 2025 | $8.3B |
| Q3 2025 | $8.3B |
| Q2 2025 | $7.5B |
| Q1 2025 | $7.5B |
| Q4 2024 | $4.3B |
JPM spent $24.5B buying back its own shares over the past year, down 11% from the year before.
CBSH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -1.0x | Net Cash |
| Q3 2025 | -0.6x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -0.7x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
CBSH has the edge over JPM on leverage, with a lower net debt burden relative to earnings.
JPM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.5x | Very low |
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.6x | Very low |
| Q4 2025 | 0.5x | Very low |
| Q3 2025 | 0.6x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.4x | Very low |
JPM's net debt is less than a year of its operating earnings (EBITDA). Net leverage isn't a meaningful measure for financial services companies like JPM.
CBSH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.6 | Neutral |
| Stochastic | 24.3 | Neutral |
CBSH's weekly RSI is 49 (neutral) and its Stochastic is 24 (neutral).
JPM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 54.8 | Neutral |
| Stochastic | 31.5 | Neutral |
JPM's weekly RSI is 55 (neutral) and its Stochastic is 31 (neutral).
CBSH PE vs Financial Services Sector
| Metric | CBSH | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 6.7% above |
| PE % | 22 | 63 | 41 pts below |
CBSH has the edge over JPM on valuation relative to its sector.
JPM PE vs Financial Services Sector
| Metric | JPM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 10% above |
| PE % | 76 | 63 | 13 pts above |
JPM is trading at 14x earnings, a 10% premium to the Financial Services sector's median of 13x.
CBSH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $55.4 | 0.2% above |
| 20 week MA | $57.4 | 3.1% below |
| 50 week MA | $54.3 | 2.3% above |
| 100 week MA | $56.2 | 1.1% below |
| 200 week MA | $52.9 | 5.1% above |
CBSH's trend is mixed: it's above three of its five weekly moving averages, and 5.1% above its 200-week average.
JPM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $336.8 | 1.8% above |
| 20 week MA | $345.3 | 0.7% below |
| 50 week MA | $323.2 | 6.1% above |
| 100 week MA | $298.9 | 15% above |
| 200 week MA | $236.6 | 45% above |
JPM has the edge over CBSH on trend strength, trading above more of its moving averages.
CBSH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $50.9 | $52.0 | +2.2% |
| 2021 | $52.0 | $56.0 | +7.7% |
| 2022 | $56.0 | $57.7 | +3% |
| 2023 | $57.7 | $48.4 | -16% |
| 2024 | $48.4 | $59.8 | +24% |
| 2025 | $59.8 | $53.0 | -11% |
| 2026 YTD | $53.0 | $55.6 | +4.9% |
CBSH has the edge over JPM on returns for 2026, with the stronger performance.
JPM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $139.1 | $124.5 | -11% |
| 2021 | $124.5 | $157.3 | +26% |
| 2022 | $157.3 | $131.3 | -17% |
| 2023 | $131.3 | $170.1 | +30% |
| 2024 | $170.1 | $241.2 | +42% |
| 2025 | $241.2 | $327.9 | +36% |
| 2026 YTD | $327.9 | $342.8 | +4.5% |
JPM has finished higher in four of the last six years. It's up 4.5% so far in 2026.