The WACC of Cullen/Frost Bankers Inc (CFR) is 8.1%.
| Range | Selected | |
| Cost of equity | 8.40% - 11.20% | 9.80% |
| Tax rate | 10.50% - 12.10% | 11.30% |
| Cost of debt | 5.00% - 5.00% | 5.00% |
| WACC | 7.1% - 9.0% | 8.1% |
| Category | Low | High |
| Long-term bond rate | 3.9% | 4.4% |
| Equity market risk premium | 4.6% | 5.6% |
| Adjusted beta | 0.99 | 1.14 |
| Additional risk adjustments | 0.0% | 0.5% |
| Cost of equity | 8.40% | 11.20% |
| Tax rate | 10.50% | 12.10% |
| Debt/Equity ratio | 0.49 | 0.49 |
| Cost of debt | 5.00% | 5.00% |
| After-tax WACC | 7.1% | 9.0% |
| Selected WACC | 8.1% | |