Canadian Imperial Bank Of Commerce (CM)

Price$113.78Cached quoteAs of 2026-09-18 12:48 UTC

AI: Fair-priced

Price checkStrong recent earnings support the valuation, but today’s price leaves little obvious bargain.

The shares trade at about sixteen times trailing reported earnings, using the latest four reported quarters available before the next results release. That is not cheap for a mature bank, especially after Canadian bank valuations climbed near multi-decade highs. However, CIBC’s earnings are also growing rapidly: second-quarter reported earnings per share rose 24% from a year earlier. The current price therefore looks defensible if stronger profitability persists, but it offers limited protection if earnings growth normalizes.

Big pictureProfit growth has become much stronger, although banking cash flows naturally remain uneven.

Supplied SEC-derived history shows revenue rising from C$18.7 billion in 2020 to C$29.1 billion in 2025, while net income reached C$8.43 billion, up 69% from 2023. Second-quarter 2026 net income then rose another 23% year over year. Operating cash flow varies sharply for banks because deposits, loans, and securities move through cash statements, so ordinary free-cash-flow analysis is less useful here. More meaningful evidence is sustained profitability, credit costs, dividends, and regulatory capital, which currently remain supportive.

Business strengthCapital is strong, profits are broadening, and shareholder payouts have not required heavy dilution.

CIBC reported a 13.6% core common-equity capital ratio in April, comfortably above the regulator’s new 11% supervisory expectation. Second-quarter profit increased across Canadian banking, U.S. banking, wealth management, and capital markets, while total revenue rose 14%. Supplied history shows 2025 dividends of C$3.99 billion against C$8.43 billion of net income, a manageable payout. Weighted share counts were broadly stable through 2024-2025, and CIBC has since completed a 20-million-share repurchase and authorized purchases of up to another 30 million shares.

What could change the storyThe valuation works best if recent growth lasts and credit losses stay controlled.

The strongest bull case is continued double-digit revenue and earnings growth, helped by better lending margins, North American growth, capital-markets activity, and fewer shares outstanding. The bear case is that investors are paying a historically rich bank multiple just as unusually strong trading and margin conditions fade. Second-quarter credit-loss provisions were C$605 million, with impaired-loan provisions rising in Canadian businesses. A sustained rise in credit losses, weaker lending margins, or earnings growth falling toward normal single digits would make roughly sixteen times trailing earnings look demanding.

AI: News

Second-quarter profit surgeCIBC beat expectations with broad profit growth, but investors remained sensitive to credit and expense trends.

On May 28, CIBC reported second-quarter adjusted net income of C$2.47 billion, up 23% year over year, while adjusted earnings per share rose 24%. Revenue increased 14%, and capital-markets profit jumped 40%. Reuters reported that the shares fell about 5% despite the beat, alongside concerns including higher Canadian consumer losses and weaker margins. The reaction suggests investors were already demanding strong execution rather than simply rewarding headline earnings growth.

Caribbean sale and buybackCIBC is selling most Caribbean operations and redirecting capital toward North America and share repurchases.

CIBC agreed in May to sell its 91.67% interest in CIBC Caribbean for about US$1.65 billion, including US$1 billion cash and Butterfield shares. Management expects the transaction to add about 0.24 percentage points to its core capital ratio after closing. Days later, regulators approved a new program allowing repurchase of up to 30 million shares, about 3.3% of shares then outstanding, after CIBC had already completed a 20-million-share program.

Capital requirement easedCanada’s regulator lowered a major bank capital buffer, giving CIBC more room to deploy excess capital.

On June 19, Canada’s bank regulator reduced the Domestic Stability Buffer from 3.5% to 3.0%, lowering the supervisory common-equity expectation for the largest banks to 11%. CIBC had reported 13.6% in April, leaving a substantial cushion. The regulatory change does not create earnings by itself, but it increases flexibility for lending, investment, and shareholder distributions. That matters because CIBC is simultaneously planning sizeable repurchases and reallocating capital from its Caribbean sale.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Revenue	$29.13B	$25.61B	$23.33B	$21.83B	$20.02B	$18.74B	$18.61B	$17.83B	$16.28B	$15.04B
Net income	$8.45B	$7.15B	$5.04B	$6.24B	$6.45B	$3.79B	$5.12B	$5.28B	$4.72B	$4.29B
Net profit margin	29.02%	27.94%	21.60%	28.59%	32.21%	20.23%	27.52%	29.63%	28.98%	28.57%
Basic EPSper basic share	CA$8.62	CA$7.29	CA$5.17	CA$6.70	CA$6.98	CA$8.23	CA$11.22	CA$11.69	CA$11.26	CA$10.72
Diluted EPSper diluted share	CA$8.57	CA$7.28	CA$5.17	CA$6.68	CA$6.96	CA$8.22	CA$11.19	CA$11.65	CA$11.24	CA$10.70

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of CM
Holder	Shares held
ROYAL BANK OF CANADA	63.56M
BANK OF MONTREAL /CAN/	42.55M
VANGUARD CAPITAL MANAGEMENT LLC	28.14M
TD Asset Management Inc	19.91M
TORONTO DOMINION BANK	14.5M
NATIONAL BANK OF CANADA /FI/	13.54M
CIBC WORLD MARKET INC.	11.57M
BANK OF NOVA SCOTIA	11.27M
MACKENZIE FINANCIAL CORP	10.94M
GEODE CAPITAL MANAGEMENT, LLC	10.62M
NORGES BANK	9.9M
ACADIAN ASSET MANAGEMENT LLC	9.71M
FIL Ltd	8.9M
TD Waterhouse Canada Inc.	8.48M
VANGUARD FIDUCIARY TRUST CO	8.15M
CANADA PENSION PLAN INVESTMENT BOARD	8.06M
Connor, Clark & Lunn Investment Management Ltd.	7.97M
MANUFACTURERS LIFE INSURANCE COMPANY, THE	7.88M
CIBC Asset Management Inc	7.34M
Vanguard Global Advisers, LLC	7.07M

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Canadian Imperial Bank Of Commerce (CM)

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