Canadian Imperial Bank of Commerce
- Open
- 121.18
- Day high
- 121.62
- Day low
- 117.54
- Prev close
- 121.24
- Volume
- 1.4M
- Mkt cap
- $108.4B
- P/E (TTM)
- 16.3
- EPS (TTM)
- $7.24
- P/B
- 2.3
- P/S
- 2.5
- Yield
- 2.55%
- Per share
- $3.00
Canadian Imperial Bank of Commerce (CM) is a Financial Services company listed on NYSE. The stock is up 61% over the past year.
Canadian Imperial Bank of Commerce (CM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $1.78 | $1.86 | +4.5% | $5.9B | +0.6% |
| Feb 26, 2026 | $1.74 | $2.03 | +16.7% | $6.2B | +9.6% |
| Dec 4, 2025 | $1.49 | $1.57 | +5.4% | $7.5B | +37.2% |
| Aug 28, 2025 | $1.43 | $1.57 | +9.8% | $7.2B | +38.4% |
| May 29, 2025 | $1.34 | $1.44 | +7.5% | $7.0B | +38.0% |
| Feb 27, 2025 | $1.38 | $1.55 | +12.3% | $7.3B | +52.3% |
| Aug 29, 2024 | $1.29 | $1.43 | +10.9% | $4.7B | -4.0% |
| May 30, 2024 | $1.22 | $1.28 | +4.9% | $4.5B | -0.4% |
| Feb 29, 2024 | $1.22 | $1.33 | +9.0% | $4.6B | +0.9% |
| Nov 30, 2023 | $1.13 | $1.16 | +2.7% | $4.2B | -4.7% |
| Aug 31, 2023 | $1.24 | $1.12 | -9.7% | $4.4B | -0.1% |
| May 25, 2023 | $1.20 | $1.25 | +4.2% | $4.2B | -4.2% |
Canadian Imperial Bank of Commerce company profile
Overview
Canadian Imperial Bank of Commerce (TSX:CM) is one of Canada's "Big Six" banks, founded in 1867 through the merger of Imperial Bank of Canada and Dominion Bank. Headquartered in Toronto, CIBC has grown to become a major North American financial institution serving over 11 million personal and business clients across Canada and the United States. The bank operates through four strategic business units and has established itself as a significant player in both traditional banking services and capital markets activities.
Business
CIBC operates as a diversified financial institution providing comprehensive banking, wealth management, and capital markets services. The banking industry serves as the financial backbone of the economy, facilitating lending, deposit-taking, payment processing, and investment services for individuals, businesses, and institutions. The company operates through four main business segments: **Canadian Personal and Business Banking** represents the largest revenue contributor, providing everyday banking services including checking and savings accounts, mortgages, personal loans, credit cards, and small business banking to Canadian consumers and small enterprises. This segment focuses heavily on mass affluent clients (those with investable assets between $100,000-$1 million) who generate higher margins through cross-selling opportunities. **Canadian Commercial Banking and Wealth Management** serves mid-market and large corporate clients with commercial lending, cash management, foreign exchange services, and investment advisory services. The wealth management component includes mutual funds, portfolio management, and private banking services for high-net-worth individuals. **U.S. Commercial Banking and Wealth Management** provides similar commercial and wealth services to American clients, primarily through CIBC Bank USA. This segment has been a growth focus area, though it represents a smaller portion of overall revenues. **Capital Markets** encompasses investment banking, trading, research, and institutional client services. This includes underwriting securities, facilitating mergers and acquisitions, providing market-making services in fixed income and equity markets, and offering sophisticated financial products to institutional clients. Based on recent financial results, Canadian Personal and Business Banking generates approximately 37% of total revenues, Canadian Commercial Banking and Wealth Management contributes about 20%, Capital Markets accounts for roughly 20%, and U.S. operations represent the remaining portion.
Revenue model
CIBC generates revenue through multiple complementary business models typical of diversified banks. The primary revenue streams include **net interest income**, which represents the spread between interest earned on loans and mortgages versus interest paid on deposits and funding sources. This traditional banking model benefits from CIBC's large deposit base, which provides relatively low-cost funding for lending activities. **Fee-based revenue** constitutes another significant income source, including credit card interchange fees, wealth management fees, investment advisory commissions, foreign exchange spreads, and various service charges. The bank has strategically emphasized growing fee-based businesses, particularly wealth management, as these generate more stable, recurring income with higher margins than traditional lending. **Capital markets revenue** comes from investment banking fees, trading profits, underwriting commissions, and advisory services. This segment tends to be more volatile but can generate substantial returns during favorable market conditions. The bank's profitability faces several key margin drivers. **Interest rate environments** significantly impact net interest margins - rising rates generally benefit banks by widening spreads, while falling rates compress margins. **Credit quality** directly affects provisions for loan losses, with economic downturns typically requiring higher reserves. **Regulatory capital requirements** influence return on equity, as banks must maintain substantial capital buffers. **Competition** from traditional banks, credit unions, and fintech companies pressures both lending spreads and fee structures. **Operational efficiency** becomes crucial as banks invest heavily in digital transformation while managing legacy infrastructure costs. **Currency fluctuations** affect U.S. operations when translated back to Canadian dollars, adding another layer of complexity to margin management.
Competitive moat
CIBC possesses a moderate but meaningful economic moat built primarily on regulatory barriers and customer switching costs inherent in the Canadian banking oligopoly. Canada's banking sector is dominated by six major institutions, with CIBC holding approximately 11% market share, creating an oligopolistic structure that limits new entrants due to substantial regulatory capital requirements and established customer relationships. The bank's **customer switching costs** provide defensive positioning, as consumers and businesses find it inconvenient to change primary banking relationships due to direct deposits, automatic payments, established credit histories, and integrated financial services. CIBC has strengthened this moat by focusing on mass affluent clients who typically maintain deeper, more complex banking relationships involving multiple products. **Scale advantages** in technology infrastructure, compliance systems, and funding costs create barriers for smaller competitors. CIBC's large deposit base provides access to relatively inexpensive funding compared to non-bank lenders who must rely on more expensive wholesale funding sources. However, CIBC's moat faces meaningful challenges. **Digital disruption** from fintech companies threatens specific product lines, particularly payments and lending, where technology-focused competitors can offer superior user experiences and competitive pricing. **Regulatory changes** could potentially open markets to new competitors or alter competitive dynamics. The bank's **geographic concentration** in Canada limits growth opportunities and exposes it to domestic economic cycles. The moat strength is moderate rather than exceptional. While regulatory barriers and switching costs provide near-term protection, the banking industry faces ongoing technological disruption that could erode traditional advantages over time. CIBC's success in maintaining its competitive position will depend heavily on successful digital transformation and its ability to leverage data and technology to enhance customer relationships.
Risks & safety
CIBC demonstrates solid financial stability with manageable risk levels, though typical banking sector leverage creates inherent vulnerability. **Liquidity and Solvency:** - Strong CET1 capital ratio of 13.5% (Q1 2025), well above regulatory minimums - Substantial cash and short-term investments of $33.1 billion - Positive free cash flow generation of $7.7 billion (Q1 2025) - Debt-to-equity ratio of 3.55x, typical for banking sector but indicating high leverage **Valuation Metrics:** - Price-to-earnings ratio of 10.0x, suggesting reasonable valuation - Price-to-book ratio of 1.41x, modest premium to book value - Return on equity of 15.3% (adjusted), indicating efficient capital utilization **Other Considerations:** - Credit provisions remain manageable at mid-30s basis points guidance - Diversified revenue streams reduce concentration risk - Regulatory oversight provides systematic stability but limits flexibility
Recent development
Over the past several years, CIBC has executed a focused strategy centered on four key pillars that represent significant strategic evolution from traditional banking approaches. The bank has prioritized **growing its mass affluent and private wealth franchise**, recognizing these clients generate higher margins and deeper relationships. This shift has involved substantial investments in wealth management capabilities and digital platforms, with the bank achieving #1 rankings in Canadian mutual fund net sales and experiencing mass affluent client growth rates 4.5 times faster than other segments. The **expansion of digital-first banking capabilities** has become central to CIBC's competitive positioning. The bank has launched comprehensive AI initiatives including the CIBC AI platform, GitHub Copilot pilots, and strategic partnerships with Creative Destruction Lab and Vector Institute. These investments have resulted in 40% of core banking products being sold digitally and #1 rankings in mobile banking satisfaction. CIBC has emphasized **connectivity across its entire platform**, breaking down traditional silos between personal banking, commercial banking, and capital markets to deliver integrated solutions. This approach has enabled the bank to leverage relationships across business units and provide comprehensive financial services to clients throughout their lifecycle. The fourth pillar focuses on **enabling, simplifying, and protecting the bank's future** through technology infrastructure investments, regulatory compliance enhancements, and operational efficiency improvements. Recent quarters have shown positive operating leverage as these investments begin generating returns while controlling expense growth. The bank has also strategically repositioned its U.S. operations, moving away from commercial real estate exposure while growing commercial banking and wealth management organically. U.S. segment net income has recovered significantly, reaching $180 million in Q1 2025 compared to much lower levels in previous periods.
CM company profile · for informational purposes only — not investment advice.
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