Commerzbank AG
5-year stock timeline
Commerzbank trades at €30.79, having moved over the past six years from pandemic-driven losses and major integration work into comdirect, through geopolitical shocks and activist pressure, into clearer strategic footing and explicit capital-return commitments by 2025–26.
2020–2021: Pandemic and integration
The bank completed its full takeover of comdirect in 2020, aiming to capture digital and brokerage scale as part of its Commerzbank 5.0 agenda. The pandemic produced a sharp earnings hit that year—net loss and elevated loan-loss provisioning—forcing intensified cost measures and large one-offs that materially depressed the share price and pressured near-term guidance.
2022: Macro shock and credit provisions
The Russia war and broader economic uncertainty drove materially higher risk charges and a sizeable Top-Level Adjustment, which weighed on earnings and created volatile market reactions. Notable shareholder activity and stake changes among large investors (Cerberus had previously held and later reduced positions) amplified short-term price swings around governance and M&A speculation.
2023–2025: Stabilisation, activism, strategy upgrade
From 2023 into 2024–25 the company reported improving customer business and results cadence through successive quarterly releases, while investor attention shifted toward capital allocation and shareholder returns. By early 2025 Commerzbank publicly upgraded its strategy through 2028 with sharpened emphasis on asset and wealth management, digital efficiency (including AI and offshoring), and an explicit plan to accelerate capital return to shareholders—materially changing the investment narrative.
How the investor narrative evolved
The 2020 story was crisis management and integration risk—restructuring and turnaround framed around pandemic provisions and execution uncertainty. By 2022, focus had moved to credit-cycle exposure and risk amid the Ukraine shock, with governance and activist dynamics in the headlines. From 2024 onwards, the narrative shifted to capital discipline, asset management growth, and shareholder distributions following strategy upgrades and clearer targets for buybacks and dividends.
Key technical phases
A large drawdown coincided with the pandemic and Q1–Q2 2020 provisioning, followed by partial recovery as markets stabilized and integration plans were announced. Choppy trading persisted through 2021–2022 with renewed selloffs around macro shocks and risk-charge headlines, punctuated by moves when large shareholders adjusted stakes. From 2023 into 2025, multi-quarter improvements in underlying earnings and the strategy and capital-return announcements supported a trend higher, producing breakouts from prior sideways ranges into a stronger uptrend into 2025–26.
Key risks and downside factors
Commerzbank holds a significant position in Germany's banking landscape, competing directly with domestic heavyweights like Deutsche Bank and DZ Bank, while also contending with pan-European players such as UniCredit and BNP Paribas, plus a growing wave of digital challengers eroding share in retail and SME segments. Its real strength lies in deep relationships with Germany's Mittelstand—the backbone of the economy—and in transaction banking scale that larger rivals struggle to match. That said, investment banks continue to squeeze fees where they can, while regional savings and cooperative banks nibble away at deposits and margins. The bank carries meaningful concentration risk in SME and trade finance, faces ongoing capital and regulatory headwinds, and watches margin pressure mount as rates stay low. Digital disruption and fintech competition remain persistent threats to its traditional business model.
- Concentrated small-to-medium enterprise credit risk: significant exposure to the German Mittelstand and trade finance creates meaningful sensitivity to domestic economic downturns.
- Regulatory and capital pressures loom. Higher CET1 requirements and bailed-in liability mandates, combined with resolution planning obligations or adverse stress test results, could force capital raises or constrain lending capacity.
- Margin compression and interest-rate risk remain persistent headwinds. Prolonged periods of low or negative rates, combined with intensifying competition from regional banks and fintech players, continue to erode net interest income and pressure profitability across the sector.
- Operational and digital disruption pose a real risk—legacy IT transformation costs eat into margins while fintech competitors chip away at retail market share, often forcing costly restructuring along the way.
Competitive landscape
Commerzbank operates in a crowded European banking market where large universal banks like Deutsche Bank and dense networks of regional savings and cooperative banks create persistent pricing pressure on deposits and mortgages. Digital-first challengers and fintech platforms continue to chip away at retail deposits and fee income, which puts real strategic pressure on Commerzbank's retail and transaction banking businesses. The bank's profitability and capital position remain sensitive to how corporate and retail lending performs, as well as to shifts in interest rates and broader economic conditions.
| Company | Ticker |
|---|---|
| Deutsche Bank | DBK.XETRA |
| UniCredit | UCG.MI |
| ING Groep | INGA.AS |
Private competitors
- N26
- Revolut
- Sparkassen-Finanzgruppe
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Start Free TrialPerformance Figures of Commerzbank AG
Relative Performance vs Benchmarks
| Period | Commerzbank AG | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -7.51% | -1.54% | -2.52% |
| 3M | -14.71% | -9.31% | -10.34% |
| 6M | -4.05% | +0.92% | -1.78% |
| 1Y | +40.28% | +37.50% | +23.02% |
| 3Y | +241.27% | +193.04% | +176.19% |
| 5Y | +531.86% | +478.51% | +458.04% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | 13.2 | 1.7 | 347,135,081,200,000,000.0 | -1.7 |
| 1Y ago | 8.7 | 1.0 | 0.7 | -1.2 |
| 3Y ago | 7.1 | 0.8 | 0.4 | 0.5 |
| 5Y ago | -2.6 | 0.5 | 0.2 | 0.2 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 1.10 EUR | — | 3.04% |
| 2025 | 0.65 EUR | 2.53% | |
| 2024 | 0.35 EUR | 2.51% | |
| 2023 | 0.20 EUR | 2.13% | |
| 2020 | 0.20 EUR | 6.23% | |
| 2019 | 0.20 EUR | 2.81% | |
| 2016 | 0.20 EUR | 2.42% | |
| 2008 | 8.01 EUR | 5.73% | |
| 2007 | 6.01 EUR | 2.77% | |
| 2006 | 4.01 EUR | 2.27% | |
| 2005 | 2.00 EUR | 2.02% | |
| 2003 | 0.80 EUR | 1.37% | |
| 2002 | 3.21 EUR | 2.78% | |
| 2001 | 8.01 EUR | 4.20% | |
| 2000 | 6.41 EUR | 2.80% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 11.13B | 25.25B | 21.71B | 14.26B | 12.06B |
| Operating income (EBIT) | 3.95B | 3.83B | 3.40B | 2.00B | 105.00M |
| Net income | 2.62B | 2.68B | 2.22B | 1.44B | 430.00M |
| Free cash flow | 50.63B | -21.46B | 19.28B | 25.18B | -25.23B |
| Total assets | 603.53B | 554.65B | 517.17B | 477.44B | 467.41B |
| Equity | 33.83B | 34.47B | 31.99B | 30.02B | 28.85B |
| Net debt | 82.28B | -24.24B | 6.54B | -42.88B | -16.36B |
PWP Leeway UG (haftungsbeschränkt)
