Cullen/Frost Bankers Inc. (CFR) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, CFR scores 61 out of 100, equating to a letter grade of C- and a verdict label of "Roarable Hold — Cautious Neutral." The five pillars are: Fundamental Cash Engine at 5 of 20 (ROIC 3.4%; FCF yield 1.3%), Whale/13F Flow at 15 of 20 (institutional accumulation and options positioning), Insider Conviction at 14 of 20 (SEC Form 4 and Congressional PTR cluster flow), Macro Regime Fit at 12 of 20 (Beta 0.93; sector sensitivity), and Forensic Balance Sheet at 15 of 20 (Altman Z 2.5; Piotroski F 7/9; Debt/Equity 0.5).

For a prospective investor, the weakest pillar is the cash engine: the stated ROIC of 3.4% and FCF yield of 1.3% are low relative to the 61 headline score, which means the valuation case rests less on cash generation than on the other pillars. The strongest pillar is the forensic balance sheet, where the Piotroski F-Score of 7 of 9 and Altman Z of 2.5 are the supporting data points. Institutional and insider flow sit in the middle of the range, and the low beta of 0.93 suggests market sensitivity near the broad market average per the source. Upside drivers in the data are the balance-sheet strength and the 2.6% dividend yield; valuation tradeoffs are visible in the gap between the 15.1x trailing P/E and the 26x EV/EBITDA; the principal constraint is the thin FCF yield.

Cullen/Frost Bankers Inc. is a NYSE-listed issuer in the Financials sector, Major Banks industry, per the company profile. Per the profile, the company's market capitalization is $9.8B. Not available in source data: a detailed description of its product lines, customer segments, or revenue-generation model.

Per the SEC financials, net income rose from $598.0M (FY 2023) to $582.5M (FY 2024) and then to $648.6M (FY 2025). Per the market data, operating margin is 75%, net margin is 68%, and ROIC is 3.4%. Per the RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 7 of 9, with Debt/Equity of 0.5. Reported free cash flow moved from $474.6M to $861.8M and then to $127.3M across the three periods, a pattern the source does not explain. Not available in source data: cash balances for any period.

Per the recent news feed, all six items are flagged with a YELLOW light and MARKET WIRE impact label:

• Yahoo Finance and StockStory each report CFR trading lower on a given day ("Why Cullen/Frost Bankers (CFR) Stock Is Trading Lower Today").
• Seeking Alpha published a critical headline on CFR's readiness.
• TradingView reports CFR exceeding Q3 2026 expectations.
• Yahoo Finance frames CFR as a top dividend stock.
• PR Newswire reports that CFR will move its primary stock exchange listing to the Texas Stock Exchange.

Risk watch items: the reported share-price decline and the critical Seeking Alpha framing. Positive signals: the reported Q3 2026 beat and the dividend framing. Corporate action: the exchange-listing move. Proprietary signals: none listed in the Butterfly graph.

Per the Butterfly Supply-Chain Graph, the supply chain is "NONE," with no butterfly links and no proprietary signals. Not available in source data: upstream or downstream dependencies, sector correlations, or second-order bottlenecks. The only sector context is the Financials / Major Banks classification, which per the source does not identify specific linked counterparties.

• What drove the FY 2025 free cash flow of $127.3M versus $861.8M in FY 2024, and is that trend reflected in the 1.3% FCF yield?
• What are the cash balances for each reported period, given that all are marked N/A?
• What is the basis for the 26x EV/EBITDA multiple relative to the 15.1x trailing P/E?
• What is the operational or financial impact of the planned move of primary listings to the Texas Stock Exchange?
• What specific revenue and business lines generate the reported $121.6M in FY 2025 revenue given the 0% gross margin disclosed?