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Canadian Bank of Commerce
(TSX:CM)
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Rating:70Outperform
Price Target:
C$175.00
â–²(6.89% Upside)
Action:Upgraded
Date:08/28/26
The score is led by improving financial performance (stronger TTM profitability and re-accelerating revenue) and a constructive earnings call (continued strong adjusted EPS and efficiency gains with solid capital/liquidity). These positives are tempered by balance-sheet leverage/credit sensitivity and weaker near-term technical momentum, while valuation appears reasonable and supported by a moderate dividend yield.
Positive Factors
Strong revenue and earnings growth
Double-digit revenue and adjusted EPS growth indicates broadening client activity and operating momentum. Sustained growth across banking, wealth and capital markets can strengthen earnings capacity if credit quality and expense discipline remain controlled.
Negative Factors
Meaningful balance-sheet leverage
Although leverage has improved, a bank remains highly exposed to funding, credit and asset-quality conditions when its balance sheet is substantially leveraged. Deteriorating loan performance or funding costs could therefore amplify pressure on capital and earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue and earnings growth
Double-digit revenue and adjusted EPS growth indicates broadening client activity and operating momentum. Sustained growth across banking, wealth and capital markets can strengthen earnings capacity if credit quality and expense discipline remain controlled.
Read all positive factors
Canadian Bank of Commerce (CM) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$145.77B
Dividend Yield2.67%
Average Volume (3M)2.18M
Price to Earnings (P/E)14.9
Beta (1Y)0.62
Revenue Growth0.14%
EPS Growth26.17%
CountryCA
Employees50,648
SectorFinancial
Sector Strength70
IndustryBanks - Diversified
Share Statistics
EPS (TTM)10.49
Shares Outstanding926,610,600
10 Day Avg. Volume2,281,181
30 Day Avg. Volume2,183,467
Financial Highlights & Ratios
PEG Ratio0.74
Price to Book (P/B)1.70
Price to Sales (P/S)1.75
P/FCF Ratio8.54
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$171.50Price Target Upside4.75% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)10.54
Revenue Forecast (FY)C$33.06B
Canadian Bank of Commerce Business Overview & Revenue Model
Company Description
Canadian Imperial Bank of Commerce (CIBC), established in Toronto, Canada, in 1867, functions as a comprehensive financial institution, providing an extensive range of products and services. Its varied client base encompasses individuals, business...
How the Company Makes Money
CIBC primarily makes money through net interest income and non-interest (fee-based) income across its operating segments.
1) Net interest income (core banking spread): CIBC earns interest on loans and other interest-earning assets (e.g., resident...
Canadian Bank of Commerce Earnings Call Summary
Earnings Call Date:Aug 27, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Dec 03, 2026
Earnings Call Sentiment Positive
The call presented a strong set of operating results: double-digit adjusted EPS growth (+26%), robust revenue growth (+15%), improved efficiency (200 bps improvement) and solid capital and liquidity metrics (CET1 13.4%, LCR 127%). Wealth, capital markets and digital channels showed clear momentum (Investor's Edge new accounts +34% YoY; Capital Markets revenues +22% YoY). Offsetting factors included a notable Caribbean after-tax charge ($232M) that reduced reported EPS, elevated impaired loan provisions (impaired provision $612M, driven by a few idiosyncratic Canadian Commercial and Capital Markets files), U.S. NIM compression (-14 bps QoQ), and near-term expense increases with Q4 expenses expected to be higher. Management emphasized portfolio resilience and prudent reserves, but also acknowledged macro and geopolitical uncertainty. On balance, the positive operating momentum, diversification, productivity gains from AI, and strong fee and trading performance outweigh the headline charges and localized credit issues.Positive Updates
Adjusted Earnings per Share Growth
Adjusted EPS of $2.73, up 26% year-over-year, representing the ninth consecutive quarter of double-digit EPS growth.
Negative Updates
Caribbean Charge Impacting Reported EPS
Reported EPS (including items) was $2.47 due to a previously announced Caribbean charge of $232 million after tax; the charge reduced reported EPS and was treated as an item of note in Corporate & Other.
Read all updates
Q3-2026 Updates
Positive
Negative
Adjusted Earnings per Share Growth
Adjusted EPS of $2.73, up 26% year-over-year, representing the ninth consecutive quarter of double-digit EPS growth.
Read all positive updates
Company Guidance
Management's guidance reiterated a stable-to-gradual positive bias on all‑bank net interest margin over time, said adjusted non‑interest expenses are expected to be up quarter‑over‑quarter in Q4, and indicated impaired losses should run roughly in line with year‑to‑date levels (~37 bps YTD) for the remainder of fiscal 2026, with more detail to be provided at Investor Day on Dec. 9. That guidance sits alongside Q3 results of adjusted EPS $2.73 (+26% YoY; reported EPS $2.47 incl. a $232m after‑tax Caribbean charge), adjusted net income $2.6bn, revenues $8.0bn (+15%), pre‑provision pretax earnings $4.0bn (+20%), expenses +11% (efficiency ratio improved 200 bps YoY), adjusted ROE 16.8% (+260 bps), CET1 13.4% (‑19 bps q/q) after repurchasing 7.5m shares, average LCR 127%, NII ex‑trading +14%, NIM ex‑trading +13 bps YoY (+2 bps q/q), noninterest income $3.9bn (+20%), total PCL $564m, impaired provision $612m, allowance coverage 81 bps and gross impaired loans 65 bps.Canadian Bank of Commerce Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
60
Neutral
Cash Flow
67
Positive
| Breakdown | TTM | Oct 2025 | Oct 2024 | Oct 2023 | Oct 2022 | Oct 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 62.76B | 62.01B | 23.61B | 21.31B | 20.78B | 19.86B |
| Gross Profit | 29.83B | 26.67B | 23.52B | 21.29B | 20.80B | 19.80B |
| EBITDA | 13.43B | 12.12B | 10.34B | 8.05B | 8.73B | 9.01B |
| Net Income | 10.12B | 8.43B | 7.12B | 5.00B | 6.22B | 6.43B |
Balance Sheet | ||||||
| Total Assets | 1.18T | 1.12T | 1.04T | 975.72B | 943.60B | 837.68B |
| Cash, Cash Equivalents and Short-Term Investments | 15.33B | 92.81B | 93.25B | 80.52B | 92.72B | 88.15B |
| Total Debt | 177.79B | 355.82B | 208.49B | 194.50B | 187.45B | 164.17B |
| Total Liabilities | 1.11T | 1.05T | 982.98B | 922.51B | 893.22B | 791.85B |
| Stockholders Equity | 67.19B | 64.13B | 58.73B | 52.98B | 50.18B | 45.65B |
Cash Flow | ||||||
| Free Cash Flow | 10.96B | 12.73B | 10.00B | 11.14B | 21.61B | -4.17B |
| Operating Cash Flow | 12.22B | 13.84B | 11.09B | 12.15B | 22.71B | -3.33B |
| Investing Cash Flow | -22.30B | -5.78B | -20.75B | -20.76B | -24.39B | -3.51B |
| Financing Cash Flow | 5.48B | -4.31B | -2.61B | -2.16B | -1.61B | -1.95B |
Canadian Bank of Commerce Technical Analysis
Negative
163.72
Price Trends
164.45
Negative
157.97
Negative
142.46
Positive
Market Momentum
-1.88
Positive
35.58
Neutral
16.12
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CM, the sentiment is Negative. The current price of 163.72 is below the 20-day moving average (MA) of 164.16, below the 50-day MA of 164.45, and above the 200-day MA of 142.46, indicating a neutral trend. The MACD of -1.88 indicates Positive momentum. The RSI at 35.58 is Neutral, neither overbought nor oversold. The STOCH value of 16.12 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:CM.
Canadian Bank of Commerce Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$145.77B | 14.91 | 15.44% | 2.52% | 0.14% | 26.17% | |
70 Outperform | C$392.96B | 17.81 | 16.11% | 2.16% | 4.67% | 19.97% | |
68 Neutral | C$156.37B | 16.42 | 11.41% | 3.62% | -3.29% | 43.84% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | C$82.36B | 17.29 | 14.36% | 2.19% | 7.97% | 17.60% | |
64 Neutral | C$166.83B | 19.04 | 10.58% | 2.63% | -1.74% | 7.63% | |
61 Neutral | C$283.28B | 17.76 | 12.83% | 2.56% | -10.53% | -20.00% |
* Financial Sector Average
TSE:CM
Canadian Bank of Commerce
156.39
53.28
51.67%
TSE:BMO
Bank Of Montreal
234.19
71.92
44.32%
TSE:BNS
Bank Of Nova Scotia
126.76
44.78
54.63%
TSE:RY
Royal Bank Of Canada
283.11
88.96
45.82%
TSE:TD
Toronto Dominion Bank
166.23
66.74
67.08%
TSE:NA
National Bank of Canada
209.44
68.70
48.82%
Canadian Bank of Commerce Corporate Events
Business Operations and StrategyDividends
CIBC Confirms Quarterly Dividends on Common and Preferred Shares
Positive
Aug 27, 2026
CIBC has announced that its board has approved a quarterly dividend of $1.07 per common share for the period ending October 31, 2026, payable on October 28, 2026 to shareholders on record as of September 28, 2026. The bank also declared dividends ...
Business Operations and StrategyFinancial Disclosures
CIBC Delivers Double-Digit Profit Growth in Q3 2026 Amid Strategic Tech Investment
Positive
Aug 27, 2026
CIBC reported strong third-quarter 2026 results, with revenue rising 15% year over year to $8.37 billion and adjusted net income climbing 26% to $2.65 billion, despite charges tied to the planned sale of its Caribbean unit. Adjusted diluted EPS gr...
Business Operations and StrategyDividends
CIBC Asset Management Sets August Cash Distributions for Broad ETF Lineup
Positive
Aug 25, 2026
CIBC Asset Management has announced August 2026 cash distributions for a broad lineup of CIBC ETFs and ETF Series tied to its fixed income pools and sustainable investment solutions, covering Canadian and global bond strategies, cash management fu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.