Commerzbank AG
5-year stock timeline
Commerzbank (CBK.XETRA) is at 36.7 as of 2026-05-28.
Major events (2020–2026)
2020 brought a severe pandemic-driven impairment and restructuring—a €2.9bn net loss paired with roughly €1.8bn in restructuring costs—that forced widespread branch closures and headcount reductions, materially resetting the cost base.
The bank launched "Strategy 2024" in late 2021, targeting substantial cost savings, further branch and staff reductions, and a renewed focus on corporate clients and digital channels. This set the operational roadmap for years ahead.
From 2022 onward, the transformation began delivering steadily improving results, a return to DAX membership, and the resumption of shareholder distributions through dividends and multi-tranche buybacks. A management change occurred in late 2024 when Manfred Knof departed and Bettina Orlopp took over.
How perception evolved
After 2020's losses, the market viewed Commerzbank as a high-risk turnaround story—the focus was pure execution and cost delivery.
By 2022–2024, the narrative shifted to earnings-led rerating. Net income and operating results improved, capital ratios strengthened, and management began returning capital to shareholders. Investor framing moved toward "value unlocked" and "capital-return story."
Into 2025 and early 2026, the emphasis settled on durable profitability and sustained shareholder distributions—large buybacks and higher payout targets. The management change registered but didn't reverse the underlying narrative of capital returns and quality earnings.
Key technical phases (approximate)
The stock sold off sharply in 2020 and consolidated through an extended period as the large restructuring and write-downs flowed through earnings in 2020–2021.
A clear uptrend began with improved 2022–2023 earnings and the bank's DAX re-entry, with further rallies on confirmed dividends and the first buybacks in 2023–2024 that sustained momentum.
Throughout 2024 into H1 2025, the market retested and continued around those event-driven levels as results kept improving—record operating results in H1 2025 included—and larger buyback programmes executed into 2026, creating further upside episodes interspersed with short consolidations around management-change headlines.
For a 6–12 month view, specific event dates—results, buyback tranches, and the September 2024 CEO transition—can be mapped to corresponding price pivots and volume spikes on a chart for precise level identification.
Key risks and downside factors
Commerzbank's core business sits in German retail, SME, and corporate banking, where it faces competition from large pan-European players like Deutsche Bank, ING, and UniCredit. UniCredit's expanding ownership stake and acquisition activity have introduced meaningful strategic uncertainty and competitive pressure. Meanwhile, the Sparkassen and Volksbanken networks, along with digital-native competitors, are squeezing both retail deposit margins and deposit volumes themselves. The bank's risk profile centers on several structural constraints: capital and regulatory headroom limitations, credit exposure concentrated in cyclical German industries, persistent margin compression in retail deposits, and operational and conduct risks that remain live issues.
- UniCredit's potential takeover moves or material stake-building could force strategic shifts, trigger capital actions, or introduce integration and governance uncertainty.
- Retail margin compression from Germany's savings banks, cooperative networks, and digital challengers is eroding net interest income and weakening deposit franchise value.
- Concentrated lending to cyclical German small and mid-sized businesses carries real downside risk if the economy softens. When these companies face headwinds—and they will eventually—loan losses can spike quickly [5].
- Regulatory, capital and conduct/legal risk—including ECB SREP constraints, higher capital requirements and legacy litigation or compliance liabilities—could constrain profitability and distributions [1][5].
Competitive landscape
Commerzbank operates in a crowded German and pan-European universal banking landscape, competing against established players, cooperative and savings bank networks, and an expanding roster of digital challengers. The bank has signaled cost reductions and elevated profit ambitions while navigating material pressure from UniCredit's stake accumulation and takeover interest—a dynamic that introduces both strategic and execution uncertainty. Structural headwinds persist across the industry: margin compression from competitive intensity, digital disruption from neobanks and lean-cost platforms, and branch network fragmentation all weigh on retail and SME returns. The franchise carries meaningful regulatory demands and must sustain capital discipline alongside credit quality, particularly given its concentration in corporate lending.
Private competitors
- Sparkassen‑Finanzgruppe (regional savings banks) [web:12]
- N26 (neobank) [web:12]
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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 | +6.59% | +2.33% | +1.14% |
| 3M | +9.15% | +10.11% | -0.55% |
| 6M | +11.63% | +6.57% | +1.19% |
| 1Y | +42.50% | +38.32% | +13.35% |
| 3Y | +317.54% | +260.56% | +231.87% |
| 5Y | +514.43% | +453.07% | +423.13% |
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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 | 15.3 | 2.0 | 1.4 | 0.8 |
| 1Y ago | 11.2 | 1.2 | 0.9 | -1.5 |
| 3Y ago | 7.1 | 0.8 | 0.4 | 0.5 |
| 5Y ago | -3.3 | 0.7 | 0.3 | 0.2 |
Frequently Asked Questions
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What are the key risks when investing in CBK.XETRA?
- UniCredit's potential takeover moves or material stake-building could force strategic shifts, trigger capital actions, or introduce integration and governance uncertainty.
- Retail margin compression from Germany's savings banks, cooperative networks, and digital challengers is eroding net interest income and weakening deposit franchise value.
- Concentrated lending to cyclical German small and mid-sized businesses carries real downside risk if the economy softens. When these companies face headwinds—and they will eventually—loan losses can spike quickly [web:5].
- Regulatory, capital and conduct/legal risk—including ECB SREP constraints, higher capital requirements and legacy litigation or compliance liabilities—could constrain profitability and distributions [page:1][web:5].
Who are the main competitors of Commerzbank AG?
When does Commerzbank AG report earnings?
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 | 2.96% | 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)
