olivLaw · US equity research
Canadian Imperial Bank of Commerce CM
Commercial Banks, NEC · SIC 6029 · Vertical: Commercial Banks, NEC (SIC 6029)
CIBC is a Canadian bank that filed its annual report on Form 40-F for the fiscal year ended October 31, 2025. The filing shows an issuer with a widely held common share base and a structure of subordinated notes, aspects relevant to investors following Canadian banks listed in the United States.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Canadian Imperial Bank of Commerce (CM) stock was 119.87 USD (+2.88% on the day), with beta 0.60, 52-week range 82.96–123.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 107.66 – 120.49
- in the upper half of the band · %B 0.95 · band width 11.3%
- SMA 50 / 200
- 113.78 / 109.17
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.47 / 0.86
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | −2.0% | +10.6 pp | — |
| 3 months | +1.0% | −2.2% | +3.2 pp | — |
| 6 months | +6.8% | +4.3% | +2.6 pp | — |
| Year to date | +32.3% | +10.6% | +21.7 pp | — |
| 1 year | +43.9% | +10.5% | +33.4 pp | +16.8% |
| 3 years | +216.2% | +73.7% | +142.5 pp | +123.9% |
| 5 years | +100.6% | +61.7% | +38.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17.8 bn | 18.6 bn | 18.7 bn | 20.0 bn | 21.8 bn | 23.3 bn | 25.6 bn | 29.1 bn |
| Revenue YoY | +9.5% | +4.4% | +0.7% | +6.8% | +9.1% | +6.9% | +9.7% | +13.8% |
| Net income | 5.3 bn | 5.1 bn | 3.8 bn | 6.4 bn | 6.2 bn | 5.0 bn | 7.1 bn | 8.4 bn |
| Net income YoY | +12.1% | −3.2% | −25.6% | +69.6% | −3.3% | −19.6% | +42.3% | +18.5% |
| Diluted EPS | 11.65 | 11.19 | 8.22 | 6.96 | 6.68 | 5.17 | 7.28 | 8.57 |
| Diluted EPS YoY | +3.6% | −3.9% | −26.5% | −15.3% | −4.0% | −22.6% | +40.8% | +17.7% |
| net % | 29.5% | 27.4% | 20.2% | 32.1% | 28.5% | 21.4% | 27.8% | 28.9% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Oct 2025
- Cash
- 12.4 bn CAD
- Financial debt
- unavailable CAD
- Net debt
- unavailable CAD
- Equity
- 64.4 bn CAD
- Total assets
- 1,116.9 bn CAD
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- 13.7%
- ROA
- 0.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (CAD)
Income statement · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Pre-tax income | 4.9 bn | 8.3 bn | 8.0 bn | 7.0 bn | 9.2 bn | 10.9 bn | SEC (XBRL)· 04 Dec 2025verified |
| Net income | 3.8 bn | 6.4 bn | 6.2 bn | 5.0 bn | 7.1 bn | 8.4 bn | SEC (XBRL)· 04 Dec 2025verified |
| Diluted EPS | 8.22 | 6.96 | 6.68 | 5.17 | 7.28 | 8.57 | SEC (XBRL)· 04 Dec 2025verified |
Balance sheet · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 43.5 bn | 34.6 bn | 31.5 bn | 20.8 bn | 8.6 bn | 12.4 bn | SEC (XBRL)· 04 Dec 2025verified |
| Total assets | 769.6 bn | 837.7 bn | 943.6 bn | 975.7 bn | 1,042.0 bn | 1,116.9 bn | SEC (XBRL)· 04 Dec 2025verified |
| Total liabilities | — | — | — | — | 983.0 bn | 1,052.5 bn | SEC (XBRL)· 04 Dec 2025verified |
| Equity | 41.3 bn | 45.8 bn | 50.4 bn | 53.2 bn | 59.0 bn | 64.4 bn | SEC (XBRL)· 04 Dec 2025verified |
| Shares outstanding at year end | 446.9 m | 450.8 m | 906.0 m | 931.1 m | 942.3 m | 926.6 m | SEC (XBRL)· 04 Dec 2025verified |
Cash flow · CAD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Share repurchases | — | — | 800.0 m | — | 975.0 m | 1.4 bn | SEC (XBRL)· 04 Dec 2025verified |
Computed indicators
Growth
Profitability
Returns
Market and valuation
Banking
32 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 36.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
36% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 13.7% | 58 (vs peers) | 44% |
| ROA · Quality | 0.8% | 27 (on a fixed band) | 17% |
| Cost-to-income · Quality | unavailable | unavailable | — |
| Net interest margin · Quality | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 8.7% | 72 (on a fixed band) | 22% |
| Revenue CAGR 3Y · Growth | 10.1% | 100 (on a fixed band) | 17% |
| NPL ratio · Balance sheet | unavailable | unavailable | — |
| Cost of risk · Balance sheet | unavailable | unavailable | — |
| Loan-to-deposit · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| Dividend yield · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth84/100 · 2/2 factors with a value
- Quality50/100 · 2/4 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ (CM). Latest full fiscal year: 2025; data up to 2025-10-31.
Figures computed from the financial statements: YoY growth 13.8%; net margin 28.9%; ROE 13.7%.
The estimated value range is 70.10–106.15 CAD per share (median of 4 methods, agreement: high); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 36.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EPS CAGR 3Y: 8.7%
- Revenue CAGR 3Y: 10.1%
What contradicts it
- ROA: 0.8%
Not assessed (insufficient data or a ratio without meaning): Cost-to-income, Net interest margin, NPL ratio, Cost of risk, Loan-to-deposit, P/B, P/E (TTM), Dividend yield.
Versus the vertical median
Commercial Banks, NEC (SIC 6029) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BCHBank of Chile | 3,989.2 bn | 3.2 | 25,665.4% | 1,571,522.8% | −10.7% | +5% / +74% |
| HDBHdfc Bank Limited | 186.2 bn | 23.4 | 9.1% | 30.8% | +15.2% | −34% / −19% |
| KBKB Financial Group Inc. | 41.2 bn | 13.4 | 8.3% | 0.0% | +17.8% | +35% / +185% |
| NTBThe Bank of N.T. Butterfield & Son Limited | 2.2 bn | 10.1 | 21.4% | 38.2% | +4.6% | +19% / +100% |
| BLXForeign Trade Bank Of Latin America, Inc. | 1.9 bn | 9.2 | 16.2% | 67.8% | +14.1% | +14% / +110% |
| PGCPeapack Gladstone Financial Corp | 839.4 m | 16.4 | 7.7% | 16.4% | +24.1% | +75% / +91% |
| AVALGrupo Aval Acciones Y Valores S.A. | 30 | 0.1 | — | — | −2.4% | +3% / +93% |
| BAPCredicorp Ltd | — | — | 16.5% | 20.0% | +7.0% | +40% / +186% |
| BMOBank Of Montreal | — | — | 10.1% | 24.0% | +10.6% | +41% / +116% |
| MUFGMitsubishi UFJ Financial Group, Inc. | — | — | 9.1% | 14.6% | +9.5% | +39% / +156% |
| SANBanco Santander, S.A. | — | — | 12.8% | — | +0.0% | +12% / +194% |
| INGIng Groep NV | — | — | 15.6% | 32.4% | +21.8% | +27% / +133% |
| CMCanadian Imperial Bank Of Commerce | — | — | 13.7% | 28.9% | +13.8% | +44% / +216% |
| RYRoyal Bank Of Canada | — | — | 15.3% | 30.6% | +16.1% | +36% / +132% |
| BCSBarclays PLC | — | — | 9.6% | 64.6% | +3.7% | +4% / +228% |
| INTRINTER & Co, INC. | — | — | 11.1% | 14.2% | +34.7% | −56% / −25% |
| VBNKVersaBank | — | — | 6.1% | 22.8% | +11.7% | +90% / +193% |
| TDToronto Dominion Bank | — | — | 16.9% | 30.3% | +18.4% | +53% / +110% |
| LYGLloyds Banking Group plc | — | — | 10.0% | 24.0% | +7.9% | +3% / +141% |
| SUPVGrupo Supervielle S.A. | — | — | 13.6% | 12.2% | −13.9% | −48% / +73% |
| NWGNatWest Group plc | — | — | 14.2% | 19.3% | +3.1% | −1% / +209% |
1- and 3-year price returns: for CM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Sept 2026), 6-K (27 Aug 2026).
In brief
CIBC is a Canadian bank that filed its annual report on Form 40-F for the fiscal year ended October 31, 2025 1. The filing shows an issuer with a widely held common share base and a structure of subordinated notes, aspects relevant to investors following Canadian banks listed in the United States.
SWOT
Strengths
- Audited reporting with effective internal control and XBRL data supports transparency for US investors 1.
- Diversified capital structure with common shares, several preferred share series and subordinated notes in different currencies 1.
- Solid governance, with an audit committee of independent members and financial experts, according to declarations in the form 1.
Weaknesses
- The filing excerpt gives no detail on segment revenue and profitability, which makes independent assessment from this source difficult 1.
- Much essential information is incorporated by reference from the Annual Report, so a full analysis requires consulting other documents 1.
- A capital structure with several series and currencies adds complexity for investors following individual instruments 1.
Opportunities
- Updating the Code of Conduct with AI rules could support responsible adoption of new technologies in operations 1.
- Alignment with the regulator's integrity and security guidelines could strengthen the bank's position with institutional clients 1.
- Subordinated note issuances in several currencies could open access to various capital markets if conditions are favorable 1.
Threats
- Rising regulatory requirements, including those on integrity and security, could increase compliance costs 1.
- Changes in market conditions could alter the cost of capital issuances and subordinated notes, affecting the funding structure 1.
- Risks tied to AI use, if not managed properly, could create reputational or compliance problems 1.
Risks
- Regulatory and compliance riskmedium
OSFI and US authority requirements set strict standards, and failure to meet them could bring sanctions and added costs 1.
- Market risk on capital instrumentsmedium
The cost and access to preferred share and LRCN issuances could fluctuate with capital market conditions 1.
- Reporting and internal control risklow
Any weakness in internal control over financial reporting could affect investor confidence, although the source reports effective control as of October 31, 2025 1.
- Operational and cyber riskmedium
Growing use of artificial intelligence and digital systems could expose the bank to security incidents and operational errors 1.
- Structural complexity risklow
A structure with consolidated entities and instruments in several currencies could make evaluation harder for investors and supervisors 1.
Investment thesis
What would need to be true (bull case)
- Audited reporting with effective internal control and solid governance gives a foundation of transparency for investors following the bank 1.
- A diversified capital structure with several instruments and currencies could support funding flexibility in different market conditions 1.
- Proactive adaptation of the Code of Conduct to new AI and integrity rules could reduce long-term compliance risks 1.
What would break the thesis
- The lack of segment detail in the filing makes it hard to assess profitability independently unless the full Annual Report is consulted 1.
- Rising regulatory pressure could increase compliance costs and limit the bank's operating flexibility 1.
- The complexity of the capital structure and reliance on subordinated note markets could expose the bank to cost swings in difficult conditions 1.
What to watch
- Trends in segment revenue and profitability from management's discussion and analysisFiscal 2026
- Updates to the OSFI Integrity and Security Guideline and their cost impact2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Dec 2025; since then the company filed 6-K (02 Nov 2026), 6-K (30 Oct 2026), 6-K (29 Sept 2026), 6-K (27 Aug 2026).
The business
CIBC's filing is an annual report on Form 40-F, which includes exhibits with audited consolidated financial statements for the fiscal year ended October 31, 2025, and the management's discussion and analysis from the 2025 Annual Report 1. According to the source, the bank had common shares outstanding at the close of the period covered by the report 1. The company is led by a President and Chief Executive Officer, who signed the report together with the Senior Executive Vice-President and Chief Financial Officer 1.
The capital structure includes several series of Class A preferred shares, some held by a consolidated entity, CIBC LRCN Limited Recourse Capital Trust, in connection with the issuance of Limited Recourse Capital Notes (LRCNs), which are subordinated indebtedness 1. These shares are distributable to holders of the notes only upon certain events, according to the document 1.
On governance, the audit committee has five independent members, and the board determined that at least one is an audit committee financial expert under SEC rules 1. The bank adopted a Code of Conduct applicable to all officers, directors, employees and contractors and granted no waivers in fiscal 2025 1.
Segments
Retail and commercial banking
The filing excerpt does not break out revenue by business segment. Segment information is found in the management's discussion and analysis of the 2025 Annual Report, incorporated by reference into the form 1.
Capital markets and wealth management
The excerpt provided does not show separate figures for this activity. Exhibits B.3(c) and B.3(d) contain the detailed discussion by business line and should be consulted for a full assessment 1.
Market context
CIBC's shares are listed on the New York Stock Exchange, as indicated by the reference to NYSE listing standards in the form 1. The report notes that the bank's governance is compared with NYSE standards for listed companies, which points to a United States investor base alongside its home market 1.
The bank's home market is Canada, where it operates as a deposit-taking bank subject to local regulators, but the filing excerpt does not include comparative market share or competitive data for that market 1.
Trends
- Adoption of artificial intelligence rules in the Code of Conductmixed
The Code of Conduct was updated with a subsection on the safe and responsible use of artificial intelligence, referring to the bank's Trustworthy AI Principles 1. This change could reduce reputational and compliance risks tied to AI use.
- Tighter integrity and security frameworkmixed
The Code was strengthened to align with requirements in OSFI's Integrity and Security Guideline, which shows rising regulatory pressure on Canadian banks 1. Compliance costs could rise, but the framework may improve trust among clients and investors.
- Use of capital instruments across currenciesmixed
The issuance of LRCN subordinated notes in several currencies and the Class A preferred share structure show the bank drawing on diversified capital markets to support regulatory capital 1. A higher rate environment could influence the cost of these issuances.
- Internal control and digital reportingtailwind
The bank reported effective internal control over financial reporting and filed interactive XBRL data, which indicates high transparency standards 1. Wider reporting requirements could add administrative costs.
Competitive position
The filing submitted to the SEC does not explicitly name CIBC's competitors. Based on the source, comparisons with other issuers have to rely on the financial exhibits and management discussion, which are not fully included here 1.
As a Canadian bank listed in New York, CIBC is comparable to other large banks in Canada and the United States that face similar reporting obligations; the source does not list these institutions, so they cannot be confirmed from the text provided 1.
- Other large Canadian banks
The source does not name competitors; the group would include the other major Canadian banks with similar activity, but these names do not appear in the available excerpt.
- US investment banks
Competition in the capital markets segment is not detailed in the source, and tickers cannot be confirmed from the text given.
- US regional banks
Not mentioned in the source; comparison in the US deposit market cannot be made from this excerpt.
- Foreign issuers of subordinated notes
Competition in the regulatory capital market is not described in the excerpt, so no specific competitors are identified.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Top stocks to own now after Democrats sweep the midterms, according to CIBCCNBC — Top News · 04 Nov 2026 · EN
- Repo Market Set for Volatility in Late Clearing Push, CIBC SaysBloomberg Markets · 23 Oct 2026 · EN
- CIBC Preps Up to C$1 Billion Limited Recourse Capital Note SaleBloomberg Markets · 19 Oct 2026 · EN
- CIBC (CM) Sees Expansion of Actively Managed ETF Lineup Through Asset Management ArmYahoo Finance — News · 14 Sept 2026 · EN
- CIBC Turns Bullish on Enbridge (ENB) After KKR-Apollo DealYahoo Finance — News · 07 Sept 2026 · EN
- CIBC (CM) Notches A Ninth Straight Quarter Of Double-Digit GrowthYahoo Finance — News · 28 Aug 2026 · EN
- CIBC to Offer SpaceX Access Through Canadian Depositary ReceiptBloomberg Markets · 10 Jun 2026 · EN
SEC filings
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)30 Oct 2026
- Current report (foreign issuer)29 Sept 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)27 Aug 2026
- Current report (foreign issuer)20 Aug 2026
- Current report (foreign issuer)13 Jul 2026
Sources
- [1] Form 40-F, fiscal year ended 2025-10-31 · SEC / Canadian Imperial Bank of Commerce · 04 Dec 2025
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.