Is Commerce Bancshares, Inc. (Missouri) overvalued or undervalued?

As of 14 November 2025, the valuation grade for Commerce Bancshares, Inc. (Missouri) has moved from expensive to fair. Based on the current metrics, the company appears to be fairly valued. The P/E ratio stands at 16, while the Price to Book Value is 2.46, and the EV to EBITDA ratio is 10.56.
In comparison to peers, First Horizon Corp. (Tennessee) has a P/E of 13.43, and Cullen/Frost Bankers, Inc. has a P/E of 13.95, indicating that Commerce Bancshares is relatively aligned with its peers but not necessarily undervalued. Notably, the company's stock has underperformed against the S&P 500 across multiple periods, with a year-to-date return of -14.10% compared to the S&P 500's 14.49%, reinforcing the perception of a fair valuation amidst broader market gains.