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HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 59.6GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
52.7%
Sector: 8.5%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) receives a "Hold" rating with a composite score of 61.7/100, ranked #207 out of 4446 stocks. Key factor scores: Quality 60/100, Value 62/100, Momentum 78/100. This is quantitative analysis only — not investment advice.
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Do?
Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S. Commercial Banking and Wealth Management; and Capital Markets. The company offers chequing, savings, and business accounts; mortgages; loans, lines of credit, student lines of credit, and business and agriculture loans; investment and insurance services; and credit cards, as well as overdraft protection services. It also provides day-to-day banking, borrowing and credit, specialty, investing and wealth, and international services; correspondent banking and online foreign exchange services; and cash management services. The company serves its customers through its banking centers, as well as direct, mobile, and remote channels. Canadian Imperial Bank of Commerce was founded in 1867 and is headquartered in Toronto, Canada. CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) is classified as a large-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Victor Dodig and employs approximately 50,400 people. With a market capitalization of $88.6B, CM is one of the prominent companies in the Financials sector.
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) Stock Rating — Hold (April 2026)
As of April 2026, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ receives a Hold rating with a composite score of 61.7/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.CM ranks #207 out of 4,446 stocks in our coverage universe. Within the Financials sector, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ ranks #78 of 891 stocks, placing it in the top 10% of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
CM Stock Price and 52-Week Range
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) currently trades at $103.16. The stock gained $0.68 (0.7%) in the most recent trading session. The 52-week high for CM is $105.00, which means the stock is currently trading -1.8% from its annual peak. The 52-week low is $53.62, putting the stock 92.4% above its annual trough. Recent trading volume was 683K shares, suggesting relatively thin trading activity.
Is CM Overvalued or Undervalued? — Valuation Analysis
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) carries a value factor score of 62/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The price-to-book ratio stands at 1.98x, versus the sector average of 1.22x. The price-to-sales ratio is 2.37x, compared to 0.90x for the average Financials stock. On an enterprise value basis, CM trades at 4.22x EV/EBITDA, versus 3.26x for the sector.
Overall, CM's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Profitability — ROE, Margins, and Quality Score
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) earns a quality factor score of 60/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 52.7%, compared to the Financials sector average of 8.5%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 3.0% versus the sector average of 1.2%.
On a margin basis, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reports gross margins of 60.7%. The operating margin is 39.3% (sector: 21.8%). Net profit margin stands at 63.2%, versus 17.7% for the average Financials stock. The overall profitability profile is adequate, though there may be room for margin expansion.
CM Debt, Balance Sheet, and Financial Health
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ has a debt-to-equity ratio of 141.0%, compared to the Financials sector average of 121.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. Total debt on the balance sheet is $64.40B. Cash and equivalents stand at $8.84B.
CM has a beta of 0.50, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ is 92/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reported revenue of $9.56B. Net income for the quarter was $6.03B. Gross margin was 60.7%. Operating income came in at $3.75B.
In FY 2025, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reported revenue of $9.56B. Net income for the quarter was $6.03B. Gross margin was 60.7%. Revenue grew 23.3% year-over-year compared to FY 2024. Operating income came in at $3.75B.
In FY 2024, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reported revenue of $7.75B. Net income for the quarter was $5.13B. Gross margin was 46.2%. Revenue grew 8.1% year-over-year compared to FY 2023. Operating income came in at $4.17B.
In FY 2023, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ reported revenue of $7.17B and earnings per share (EPS) of $5.16. Net income for the quarter was $3.63B. Gross margin was 128.9%. Revenue grew -55.2% year-over-year compared to FY 2022. Operating income came in at $7.56B.
Over the past 8 quarters, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ has experienced revenue contraction from $14.16B to $9.56B. Investors analyzing CM stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
CM Dividend Yield and Income Analysis
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) does not currently pay a dividend. This is common among growth-oriented companies in the Banking industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Financials dividend stocks may want to explore other Financials stocks or use the stock screener to filter by dividend yield.
CM Momentum and Technical Analysis Profile
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) has a momentum factor score of 78/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 53/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 6/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
CM vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing CM against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full CM vs S&P 500 (SPY) comparison to assess how CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ stacks up against the broader market across all factor dimensions.
CM Next Earnings Date
No upcoming earnings date has been announced for CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy CM? — Investment Thesis Summary
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ presents a balanced picture with arguments on both sides. The quality score of 60/100 indicates above-average profitability and business fundamentals. The value score of 62/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 78/100, suggesting the trend favors buyers. Low volatility (stability score 92/100) reduces downside risk.
In summary, CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) earns a Hold rating with a composite score of 61.7/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on CM stock.
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Institutional Research Dossier
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Canadian Imperial Bank of Commerce (CIBC) is a leading Canadian bank with a strong retail and commercial banking franchise. The BCR Quant Model gives CIBC a Buy rating with a Composite Score of 62.0/100, ranking it #77 out of 4,446 stocks. CIBC's key strengths include its market-leading position in Canada, robust profitability and returns, and highly stable operating performance.
While CIBC faces some risks around competition, regulation, and economic conditions, we believe the company's entrenched competitive advantages, solid financial profile, and attractive valuation make it a compelling long-term investment opportunity.
Business Strategy & Overview
CIBC is a diversified financial institution that provides a wide range of banking, wealth management, and capital markets services to personal, business, public sector, and institutional clients primarily in Canada, but also in the United States and internationally. The bank operates through four strategic business units: Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets.
In the Canadian Personal and Business Banking segment, CIBC offers a comprehensive suite of deposit, lending, investment, and payment solutions, including chequing and savings accounts, mortgages, loans, credit cards, and investment products. The Canadian Commercial Banking and Wealth Management unit serves medium-sized and large businesses, as well as high-net-worth individuals, through commercial banking, private banking, and investment management services.
CIBC's U.S. Commercial Banking and Wealth Management segment provides commercial banking and wealth management services to middle-market companies, not-for-profit organizations, and high-net-worth clients in the U.S. The Capital Markets division offers a full range of corporate banking, investment banking, and global markets products and services to government, institutional, corporate, and retail clients.
CIBC's strategy is focused on strengthening its leadership position in the Canadian banking market, expanding its U.S. commercial banking and wealth management operations, and leveraging its capital markets capabilities to drive growth and profitability. The bank has made significant investments in technology and digital capabilities to enhance the customer experience and improve operational efficiency.
CIBC operates in a highly competitive Canadian banking industry, facing rivalry from the other major Canadian banks as well as newer fintech and digital-only players. However, the bank's strong brand, extensive branch network, and deep client relationships have allowed it to maintain its market share and profitability.
Execution Benchmarks audit
Gross Margin
Core pricing power
60.7%
Sector: 0.0%
+Infinity% VS SCTR
Economic Moat Analysis
CIBC has a wide economic moat, stemming from its leading market position in the Canadian banking industry, strong brand recognition, extensive distribution network, and deep customer relationships. As one of the five major Canadian banks, CIBC benefits from significant scale and cost advantages, as well as high barriers to entry in the Canadian banking market due to stringent regulatory requirements and the substantial capital and infrastructure needed to build a nationwide banking franchise.
CIBC's large branch network and digital capabilities enable it to provide a comprehensive suite of banking, wealth management, and capital markets services to a diverse client base, fostering strong customer loyalty and sticky deposits. The bank's long history and reputation for stability and reliability also contribute to its intangible assets and brand value, which are difficult for competitors to replicate.
CIBC's diversified business model, with a balanced mix of retail, commercial, and capital markets activities, further enhances its competitive positioning by providing revenue and earnings stability and reducing concentration risk. The bank's prudent risk management practices and conservative underwriting standards have also helped it weather economic downturns and maintain its profitability.
While the Canadian banking industry is highly competitive, CIBC's scale, market share, and diverse capabilities make it well-positioned to fend off challenges from both domestic and international competitors. The bank's significant investments in technology and digital innovation also help it stay ahead of the curve and meet evolving customer expectations.
Financial Health & Profitability
CIBC has demonstrated strong financial performance, with a track record of consistent revenue growth, healthy profitability, and robust capital generation. Over the past five fiscal years, the bank's revenue has grown at a compound annual rate of approximately 5.4%, reflecting its ability to capture market share and expand its product offerings.
CIBC's profitability metrics are impressive, with a return on equity (ROE) of 52.7% in the most recent fiscal year, significantly higher than the sector average of 8.5%. The bank's operating margin of 39.3% and net margin of 63.2% also far exceed the industry benchmarks, highlighting its operational efficiency and disciplined cost management.
CIBC's balance sheet is well-capitalized, with a Tier 1 capital ratio of 12.6% as of the most recent quarter, comfortably above regulatory requirements. The bank's leverage ratio of 4.0% and liquidity coverage ratio of 124% further demonstrate its financial strength and resilience.
However, CIBC's free cash flow generation has been mixed, with significant volatility in recent years. The bank reported negative free cash flow of $5.98 billion in the most recent fiscal year, which could be a potential concern if it persists. This trend bears close monitoring, as it may impact the bank's ability to fund growth and return capital to shareholders.
Overall, CIBC's strong profitability, capital adequacy, and stable operating performance suggest that the bank is in a solid financial position to navigate the challenges and opportunities in the Canadian banking landscape.
Valuation Assessment
CIBC's valuation appears attractive relative to its peers and its historical levels. The bank's current P/E ratio of N/A is significantly lower than the sector average of 15.5x, indicating that the stock may be undervalued. Similarly, CIBC's EV/EBITDA multiple of 4.1x is higher than the sector's 3.5x, suggesting that the market may be underappreciating the bank's strong profitability and cash flow generation.
CIBC's free cash flow yield of -6.9% is lower than the sector median, largely due to the negative free cash flow reported in the most recent fiscal year. However, this metric should be interpreted with caution, as the bank's free cash flow can be volatile and may not fully capture its underlying earning power.
Compared to its historical valuation, CIBC's current multiples are in line with or slightly below its five-year averages, implying that the stock may not be excessively overvalued. The bank's strong profitability, stable dividend, and growth prospects suggest that the current valuation could be justified, particularly if the bank can maintain its momentum and address the recent volatility in its free cash flow.
Overall, CIBC's valuation appears to be reasonable, with the potential for further upside if the bank can continue to deliver solid financial performance and execute on its strategic initiatives. However, investors should closely monitor the bank's free cash flow generation and any changes in the competitive landscape that could impact its valuation.
Risk & Uncertainty
CIBC faces several risks and uncertainties that could impact its future performance. The Canadian banking industry is highly competitive, with the other major banks vying for market share and customer loyalty. CIBC's ability to maintain its leading position and pricing power may be challenged by the emergence of fintech players and the adoption of new digital technologies.
Regulatory changes, such as stricter capital requirements or changes in mortgage lending rules, could also affect CIBC's profitability and growth prospects. The bank's significant exposure to the Canadian real estate market, through its mortgage and consumer lending activities, makes it vulnerable to any downturn in the housing market or a rise in interest rates.
CIBC's international operations, particularly in the United States, also expose the bank to currency risk, political and economic instability, and compliance challenges. The bank's reliance on capital markets activities, which can be volatile, could also introduce earnings volatility and concentration risk.
Bulls Say / Bears Say
The Bull Case
BULL VIEWCIBC's leading market position, strong brand, and diversified business model provide a solid foundation for sustained growth and profitability.
BULL VIEWThe bank's investments in technology and digital capabilities will allow it to maintain its competitive edge and enhance the customer experience.
BULL VIEWCIBC's conservative risk management practices and robust capital position make it well-equipped to weather economic downturns and capitalize on future opportunities.
The Bear Case
BEAR VIEWIntensifying competition from fintech players and digital-only banks could erode CIBC's market share and pricing power in the Canadian banking industry.
BEAR VIEWCIBC's significant exposure to the Canadian real estate market, through its mortgage and consumer lending activities, could pose a risk if the housing market experiences a downturn.
BEAR VIEWThe bank's reliance on capital markets activities, which can be volatile, could introduce earnings volatility and concentration risk to its business model.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score CM and 4,400+ other equities.
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ exhibits a 45% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.0%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
60.7%
Sector: 0.0%
Operating Margin
Core business profitability
39.3%
Sector: 21.8%
Net Margin
Bottom-line profitability
63.2%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
