CFR vs FFIN: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
CFR is the larger of the two ($10.34B market cap): the incumbent the market prices for continued execution (14.39x forward earnings, beta 0.53). FFIN is the smaller challenger ($5.04B), priced similarly on forward earnings (16.27x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
CFR vs FFIN: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CFR | FFIN | What it tells you |
|---|---|---|---|
| Market cap | $10.34B | $5.04B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 14.39 | 16.27 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 15.72 | 18.79 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.53 | 0.83 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 95% of range | 70% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.38 | 2.52 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CFR and FFIN affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CFR and FFIN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CFR and FFIN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Cullen/Frost Bankers (CFR) do?
Cullen/Frost Bankers, Inc. is the San Antonio-based holding company for Frost Bank, one of the largest banks headquartered in Texas with roughly $52 billion in assets as of early 2026. The company offers commercial and consumer banking, wealth management, and insurance exclusively to Texans across San Antonio, Austin, Dallas, Fort Worth, Houston, Corpus Christi, the Permian Basin, and the Rio Grande Valley. Frost is known for a relationship-driven model, a low-cost deposit base, and a conservative credit culture, and it grows organically by opening new branches rather than acquiring other banks.
What does First Financial Bankshares (FFIN) do?
First Financial Bankshares, Inc. (NASDAQ: FFIN) is the Abilene, Texas holding company for First Financial Bank, a community-oriented commercial bank founded in 1890 that operates across multiple regions in Texas, largely in smaller metropolitan and rural markets rather than the most crowded big-city corridors. The company had roughly $15.4 billion in total assets as of March 2026 and makes money in two broad ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits, and noninterest fee income from its trust and wealth management arm, deposit-account services, and mortgage and card activity. FFIN is known for a granular, low-cost deposit base and a decentralized regional banking model that emphasizes local decision-making and high-touch service.
CFR vs FFIN: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CFR drivers: Texas organic branch expansion; Net interest margin and loan growth.
- FFIN drivers: Texas franchise and core balance-sheet growth; Expanding net interest margin as funding costs ease.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CFR is heavily concentrated in Texas, so a downturn in the state economy, energy sector, or Texas commercial real estate would hit it harder than a geographically diversified bank. For FFIN, as a bank, FFIN is highly sensitive to interest rates: net interest income is its largest revenue line, so falling rates or faster deposit repricing can compress the margin and earnings.
CFR or FFIN: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick CFR if you believe its drivers more; FFIN if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the CFR and FFIN guides.
CFR vs FFIN: the full fundamentals
CFR. CFR beat estimates in Q1 2026 with EPS of about $2.65, up from $2.30 a year earlier, and raised its quarterly dividend to $1.03 per share. At roughly $160 per share it has traded around 13x to 14x earnings, a premium to the regional-bank peer group near 11x. That premium reflects its deposit franchise and Texas growth, so valuation depends on continued execution rather than a discount.
FFIN. FFIN's profitability metrics (a return on assets near 1.94% and an efficiency ratio around 45%) are among the strongest in the regional-banking group, which is why the stock has historically commanded a premium valuation relative to peers. Full-year 2025 revenue rose about 12% to roughly $603 million and net income about 13% to roughly $253.6 million. Figures are approximate and as of April 2026 (first-quarter 2026 results and full-year 2025).
Headline figures (approximate, July 2026): CFR shows revenue (ttm, approx) ~$2.3B, q1 2026 net income ~$169M, q1 2026 eps ~$2.65, total assets ~$52B; FFIN shows total assets (q1 2026) ~$15.4 billion, full-year 2025 revenue ~$603 million (up ~12%), full-year 2025 net income ~$253.6 million (up ~13%), q1 2026 net income ~$71.5 million (up ~16.6% YoY).
The bottom line: CFR vs FFIN
CFR and FFIN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CFR and FFIN exposure against your real portfolio. It is not an investment adviser.
Wondering how CFR or FFIN fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Cullen/Frost Bankers with AI
Connect the broker you already use and ask Walnut's AI how CFR fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CFR and FFIN?
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Cullen/Frost Bankers, Inc. First Financial Bankshares, Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CFR or FFIN the better stock?
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Neither is universally better. CFR is the larger incumbent; FFIN is the smaller challenger and looks pricier on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CFR or FFIN?
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On forward P/E (as of August 2026), CFR trades at 14.39x and FFIN at 16.27x, so CFR is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CFR and FFIN?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CFR vs FFIN?
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CFR: CFR is heavily concentrated in Texas, so a downturn in the state economy, energy sector, or Texas commercial real estate would hit it harder than a geographically diversified bank. Deposit competition is pressuring funding costs, and management has flagged rising problem and criticized loans plus higher unrealized securities losses. The branch-expansion strategy carries elevated near-term expense growth that depends on new locations becoming profitable on schedule. The stock also trades at a premium valuation (around 13x to 14x earnings versus peers near 11x), which leaves less margin for disappointment. Broader interest-rate moves and the credit cycle remain the dominant swing factors for any regional bank. FFIN: As a bank, FFIN is highly sensitive to interest rates: net interest income is its largest revenue line, so falling rates or faster deposit repricing can compress the margin and earnings. It is also exposed to the credit cycle, where a Texas or national economic slowdown, or stress in commercial real estate and consumer lending, would raise loan losses. Concentration is a factor because the franchise is centered on Texas, tying results to that state's economy, including energy and agriculture. Valuation risk is meaningful too: the shares have long traded at a premium price-to-earnings and price-to-book multiple, so any slowdown in loan growth, margin pressure, or a broader de-rating of regional banks could weigh on the stock even if operations stay healthy. Competition from larger national banks and other well-capitalized Texas regionals can also pressure loan pricing and deposit costs.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CFR or FFIN; figures are approximate and dated (as of August 2026). Verify current data before investing.