Canadian Imperial Bank of Commerce (CM) Stock Price & How to Invest

Canadian Imperial Bank of Commerce, founded in 1867 and run out of CIBC Square in Toronto, banks roughly 15 million personal, business, public-sector and institutional clients. Reporting today splits into Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, Capital Markets and Direct Financial Services, plus a Corporate and Other bucket. The balance sheet held ~C$832.8 billion of deposits and ~C$358.4 billion of risk-weighted assets at April 30, 2026, alongside ~C$4.15 trillion of assets under administration and ~C$455 billion under management. Harry Culham became president and chief executive in 2025, and in May 2026 the bank reshuffled its leadership and agreed to sell its 91.67% stake in CIBC Caribbean to Bermuda's Bank of N.T. Butterfield for ~US$1.645 billion, taking US$1 billion in cash and a ~22% equity stake in the buyer. One quirk to keep straight: the fiscal year ends October 31, so quarters are reported on a December, February, May and August cycle.

All of CIBC's headline numbers are Canadian dollars. Second-quarter fiscal 2026, the three months to April 30, 2026, brought revenue of ~C$8,006 million (up 14% year over year), reported net income of ~C$2,465 million, adjusted diluted EPS of ~C$2.54 and a 16.4% return on common equity, with a CET1 ratio of 13.6% and provisions for credit losses of ~C$605 million. Net interest margin on average interest-earning assets widened to 1.67% from 1.54%. Shares closed at US$121.64 on the NYSE on August 18, 2026 (C$169.18 in Toronto), for a market value near ~US$113 billion, or roughly 16.8 times trailing earnings and ~2.6 times book. The argument is about whether that re-rating sticks, because CIBC historically traded at a discount to Royal Bank and National Bank on the strength of its Canadian mortgage concentration.

CIBC carries the heaviest relative exposure to Canadian residential mortgages of the country's large banks, and gross impaired loans reached ~C$3,967 million at April 30, 2026, up ~C$672 million from a year earlier, with the loan loss ratio at 0.38%. Renewal risk on mortgages written at much lower rates is a live issue for the Canadian consumer and lands on CIBC harder than on peers. Valuation is now part of the risk too, since the shares changed hands near ~2.6 times book after a roughly 66% twelve-month run, at a bank that historically traded at a discount to Royal Bank and National Bank. US holders take a second exposure to the Canadian dollar on top of the equity, because earnings, book value and the dividend are all set in CAD. Legal matters remain open rather than dormant, including proposed class actions naming CIBC World Markets over alleged spoofing in Quantum BioPharma shares and a certified class action in Pope v. CIBC now under appeal, with the bank estimating reasonably possible losses above accruals of nil to ~C$0.4 billion.

3 analysts publish price targets on CM, averaging $111.79 against a $121.64 price as of August 2026, or -8.1%. The published targets run from $98.54 to $121.43, a narrow spread, and the ratings split 5 buy, 7 hold, 1 sell. Over the last six months there has been 1 raise and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full CM forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Canadian Imperial Bank of Commerce. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Margin expansion in the Canadian retail bank. Net interest margin on average interest-earning assets reached 1.67% in the April quarter, against 1.54% a year earlier, and 2.05% excluding trading assets. The most optimistic published target, $121.43, assumes this works close to its best case.

The case against. CIBC carries the heaviest relative exposure to Canadian residential mortgages of the country's large banks, and gross impaired loans reached ~C$3,967 million at April 30, 2026, up ~C$672 million from a year earlier, with the loan loss ratio at 0.38%. The most pessimistic target, $98.54, is roughly what CM is worth if this bites instead.

Read the full bull and bear case on CM, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Canadian Imperial Bank of Commerce's investor relations page or your broker.

• Revenue (TTM to Apr 30, 2026): ~C$31.2B (~US$22.5B at ~0.72 USD per CAD)
• Latest quarter (Q2 FY2026, ended Apr 30, 2026): Revenue ~C$8,006M, +14% YoY; net income ~C$2,465M, +23%
• Diluted EPS (TTM): ~C$10.09 reported; adjusted Q2 EPS ~C$2.54
• Profitability and capital: ROE 16.4%, CET1 13.6%, NIM 1.67%, efficiency ratio 52.4%, PCL ~C$605M
• Market cap: ~US$113B (~C$156B) at US$121.64 on the NYSE, Aug 18, 2026
• Valuation: ~16.8x trailing reported EPS, ~2.6x common book value of ~C$58.3B

Every figure CIBC reports is in Canadian dollars, so screeners that print a CAD revenue line next to a USD market cap will look wrong by roughly 39%. Trailing revenue and EPS above are the sum of the four filed quarters through April 30, 2026, which includes a one-time ~C$422 million tax recovery in the January quarter worth ~C$0.45 of reported EPS. Banks are better judged on net interest margin, return on equity, CET1 and provisions than on a revenue multiple, and the next print, third-quarter fiscal 2026, is scheduled for August 27, 2026.

Other names that sit close to CM: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get CM exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so CM sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where CM fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

CIBC is a mortgage-heavy Canadian bank with a growing US commercial arm, now earning a 16.4% return on equity and trading near ~2.6 times book value after a very large twelve-month run.

Whether CM is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is CM a buy or a sell?, and where the stock could go from here in the CM stock forecast.

For income investors, whether CM pays a dividend and how the payout looks is covered in does CM pay a dividend? And to weigh CM against a peer, read the full side-by-side comparisons: CM vs RY and CM vs D.