M&T Bank (MTB)
Financials · $32.2B market cap · SEC CIK 0000036270
fundamentals score out of 100
Next reports on Oct 16, 2026, with analysts expecting $5.01 in earnings per share.
The case for MTB
- Cheap on earnings at 10.6×, well under the market's usual 20×.
- 31% of revenue drops through to net profit.
- Pays a 4.1% dividend while you wait.
- A PEG of 0.48: a P/E of 10.6× is low for EPS growing 22%.
- Trades at 1.23× book value, close to what the balance sheet says it owns.
- Moves less than the market (beta 0.66).
The case against
- Weakest against its peers: return on equity of 11% is lower than 75% of Financials companies.
- Its weakest area is growth (56/100): EPS +22.0%, +8.4% a year over five years.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 80 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 56 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 65 |
| Momentumhow the price has behaved lately | 58 |
| Stabilityhow violently it moves, what it owes and what it pays you | 82 |
- Its one-year revenue change (+86%) is far out of line with its five-year trend (+8% a year). In the Financials sector that is usually interest income swinging with rates rather than growth, so only the five-year figure is used.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 10.6× |
|---|---|
| Price / book | 1.23× |
| Price / sales | 2.1× |
| Revenue growth (YoY) | +86.2% (not used: out of line with the five-year +8.4% a year) |
| EPS growth (YoY) | +22.0% |
| Gross margin | — |
| Operating margin | 41% |
| Net margin | 31% |
| Return on equity | 11% |
| Debt / equity | 0.65× |
| Current ratio | n/a |
| Dividend yield | 4.14% |
| Beta | 0.66 |
| 52-week range | $174.76 – $255.95 |
| Position in that range | 60% of the way up |
| 3-month return | +0.8% |
| 1-year return | +12.3% |
Five years of financials, as filed
Pulled from M&T Bank's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.5B | $1.5B | $1.5B | $6.0B |
| Net income | $2.9B | $2.6B | $2.7B | $2.0B | $1.9B |
| Operating cash flow | $3.0B | $3.6B | $3.9B | $4.6B | $2.7B |
| Capital expenditure | — | — | $256M | $214M | $149M |
| Total assets | $214B | $208B | $208B | $201B | $155B |
| Total liabilities | $184B | $179B | $181B | $175B | $137B |
| Shareholder equity | $29.2B | $29.0B | $27.0B | $25.3B | $17.9B |
| Cash | $18.8B | $20.8B | $29.8B | $26.5B | $1.3B |
| Long-term debt | $10.9B | $12.6B | $8.2B | $4.0B | $3.5B |
| Free cash flow | — | — | $3.6B | $4.4B | $2.6B |
| Net margin | 172.1% | 167.9% | 184.7% | 130.6% | 31.0% |
| Diluted shares | 159M | 167M | 167M | 164M | 129M |
Share count is up 23.3% over 4 years. Your slice has been diluted.
What M&T Bank says it does
M&T is a New York business corporation that has elected to be treated as an FHC under the BHCA and is a BHC under Article III-A of the New York Banking Law. M&T was incorporated in November 1969. At December 31, 2025, M&T had two wholly-owned bank subsidiaries: M&T Bank and Wilmington Trust, N.A. The banks collectively offer a wide range of retail and commercial banking, wealth management, trust and institutional services to their customers. The Company had consolidated total assets of $213.5 billion, deposits of $166.9 billion and shareholders’ equity of $29.2 billion at December 31, 2025. The principal executive offices of M&T and M&T Bank are located in Buffalo, New York. M&T Bank is a banking corporation that is incorporated under the laws of the State of New York. M&T Bank is a member of the Federal Reserve System and the FHLB System, and its deposits are insured by the FDIC through its DIF up to applicable limits. M&T acquired…
Risk factors MTB lists in its 10-K
- Risks Relating to Compliance and the Regulatory Environment
- Weakness in the economy, or fluctuations in market factors, has adversely affected the Company in the past and may adversely affect the Company in the future
- The Company is routinely subject to examinations from various governmental taxing authorities that may result in challenges to the Company’s tax return treatment
- The Company’s business and performance is vulnerable to the impact of volatility in debt and equity markets
- The Company’s regional concentrations expose it to adverse economic conditions in its primary retail banking office footprint
- The Company is subject to extensive government regulation and supervision and this regulatory environment can be and has been significantly impacted by financial regulatory reform initiatives
- The Company may be subject to more stringent capital and liquidity requirements
- If an orderly liquidation of a systemically important BHC or non-bank financial company were triggered, M&T could face assessments for the OLF
- Deteriorating credit quality could adversely impact the Company
- The Company may be adversely affected by the soundness of other financial institutions
- The Company must maintain adequate sources of funding and liquidity
- If the Company is unable to maintain or grow its deposits, it may be subject to paying higher funding costs
- M&T relies on dividends from its subsidiaries for its liquidity
- The financial services industry is highly competitive and creates competitive pressures that could adversely affect the Company’s revenue and profitability