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M&T Bank Corporation

MTB Financial Banks Regional

M&T Bank Corporation’s revenue for fiscal 2025 (year ended December 2025) was $13.2 billion, down 1.67% from fiscal 2024.

Revenue
−0.64%
EPS
+4.74%
Free cash flow
+52.4%
Total debt
+5.57%

Quarter to September 2026, against a year earlier

219.83 4.81 −2.14%
Market cap
$31.7B
P/E
11.4×
Fwd P/E
11.3×
Dividend yield
2.73%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 24.68
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 5 — — 1 3 2 4 1 1 —
Insider Ownership 5.68%

Capital & Financial Ratios $m

Size
Market Cap 31,740.00
Revenue ttm 13,328.00
Net income ttm 3,033.00
Free cash flow ttm 3,595.00
Net debt Q (2,490.00)
Valuation
P/E 11.39
Forward P/E 11.30
Price / sales 2.52
Forward P/S Powerpack
Price / FCF 9.33
Price / book 1.33
Financial health
Current ratio Q 0.89
Debt / equity Q 0.48
Interest coverage Q —
Growth
Revenue growth Q −0.64% (below 0%: shrinking)
Operating income growth Q −1.66% (below 0%: shrinking)
EPS, this year +14.55%
EPS, next year A +8.04%
Revenue, next year A −23.95% (below 0%: weak)
EPS, past 5 yrs +11.33%
EPS, next 5 yrs A +11.17%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 27.50%
10-year low 10-year high
P/S against its own 10 years 35.72%
10-year low 10-year high
P/B against its own 10 years 59.70%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.73%
Annual rate
6.00
Payout ratio
31.3%
Growth, 2017–25
+8.35%/yr
  1. 3.00 ’17
  2. 3.55 ’18 +18
  3. 4.10 ’19 +15
  4. 4.40 ’20 +7
  5. 4.50 ’21 +2
  6. 4.80 ’22 +7
  7. 5.20 ’23 +8
  8. 5.35 ’24 +3
  9. 5.70 ’25 +7
  10. 6.05 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 29,906 20,883 18,866 16,138
Receivables — — — —
Inventory — — — —
Other — — — —
171,016 163,790 166,703 159,411
2023 2024 2025 Q'26
Payables 163,274 161,095 166,909 167,510
ST’ Debt — — — —
Other — — — —
173,106 166,473 173,422 178,703

Compound Annual Growth %

10y 5y 3y
Sales 10.23% 16.06% 15.42%
Cash Flow 5.59% 30.64% (13.09%)
Earnings 10.58% 16.11% 12.59%
Book Value 6.08% 12.51% 4.84%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.98 Actual 5.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.44 4.72 Beat by 0.28
Q1 FY26 4.02 4.18 Beat by 0.16
Q2 FY26 4.66 5.35 Beat by 0.69
Q3 FY26 4.98 5.08 Beat by 0.10
Q4 FY26 5.00 — Reports 15 January 2027

EPS $

Mar Jun Sep Dec Year
’26 4.13 5.32 5.04 — —
’25 3.32 4.24 4.82 4.67 17.00
’24 3.02 3.73 4.02 3.86 14.64
’23 4.01 5.05 3.98 2.74 15.79
’22 2.62 1.08 3.53 4.29 11.53
’21 3.33 3.41 3.69 3.37 13.80
’20 1.93 1.74 2.75 3.52 9.94
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,225 3,360 3,410 — —
’25 3,171 3,292 3,432 3,333 13,228
’24 3,325 3,373 3,391 3,364 13,453
’23 2,914 3,319 3,201 3,318 12,752
’22 1,469 2,036 2,345 2,754 8,604
’21 1,523 1,484 1,562 1,537 6,106
’20 1,650 1,520 1,522 1,590 6,281
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,012 1,268 — — —
’25 635 844 1,001 523 3,003
’24 608 1,354 (28) 1,676 3,610
’23 428 1,257 1,420 800 3,905
’22 1,296 1,187 1,137 954 4,574
’21 995 537 486 697 2,715
’20 (394) 526 (6) 664 789
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 916 1,247 — — —
’25 610 818 965 467 2,860
’24 573 1,288 (58) 1,591 3,394
’23 373 1,211 1,353 712 3,649
’22 1,268 1,128 1,098 867 4,360
’21 964 524 444 635 2,566
’20 (446) 483 (38) 617 617
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 32.5% a year for ten years. It grew 7.6% a year over the last ten.

Implied
32.5%
10 years, reported
7.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 5,722 6,019 6,455 6,941 6,281 6,106 8,604 12,752 13,453 13,228 13,328 +9.8% 10,060 10,421 10,840 (6.4%)
Gross margin, % 92.56 93.57 91.84 89.20 94.80 98.13 95.06 75.62 68.97 73.25 74.91 (19.3) pt
EBT 2,058 2,324 2,508 2,547 1,770 2,455 2,612 3,619 3,310 3,692 3,905 +6.7%
EBT margin, % 35.97 38.61 38.86 36.70 28.17 40.21 30.36 28.38 24.60 27.91 29.30 (8.1) pt
Net income 1,315 1,408 1,918 1,929 1,353 1,859 1,992 2,741 2,588 2,851 3,033 +9.0%
Per share, $
Per share, $ Revenue 36.50 39.56 44.83 51.64 48.83 47.46 52.73 76.65 80.81 83.79 87.36 +9.7%
Earnings 7.80 8.72 12.75 13.76 9.94 13.81 11.59 15.85 14.71 17.10 19.30 +9.1%
Cash flow 7.55 18.28 14.51 17.54 6.13 21.10 28.03 23.47 21.68 19.02 0.00 +10.8%
Capex (0.69) (0.52) (0.68) (1.32) (1.34) (1.16) (1.31) (1.54) (1.30) (0.91) 0.00 +3.1%
Free cash flow 6.86 17.76 13.84 16.21 4.80 19.95 26.72 21.93 20.39 18.12 0.00 +11.4%
Book value 105.16 106.80 107.37 116.92 125.84 139.16 155.16 162.04 174.36 184.81 184.58 +6.5%
Shares, m 157 152 144 134 129 129 163 166 166 158 151 +0.1%
Valuation, ×
Valuation, × P/E 20.09 19.68 11.18 12.34 12.81 11.12 12.52 8.77 12.78 11.76 11.39 13.3
P/S 4.29 4.33 3.19 3.29 2.61 3.24 2.75 1.81 2.33 2.40 2.52 3.0
P/B 1.61 1.73 1.45 1.58 1.10 1.22 1.01 0.93 1.18 1.21 1.33 1.3
EV/Sales 4.79 4.58 2.97 2.98 (0.88) (3.28) 0.12 0.11 1.71 1.81 — 1.5
EV/FCF 25.49 10.20 9.62 9.50 (8.96) (7.80) 0.23 0.39 6.78 8.37 — 5.4
Cash, $m
Cash, $m Operating cash flow 1,183 2,782 2,090 2,358 789 2,715 4,574 3,905 3,610 3,003 3,804 +10.9%
Capex (108) (79) (98) (178) (172) (149) (214) (256) (216) (143) (209) +3.2%
Free cash flow 1,076 2,703 1,992 2,180 617 2,566 4,360 3,649 3,394 2,860 3,595 +11.5%
Balance, $m
Balance, $m Working capital 4,364 4,417 5,925 7,442 7,755 8,491 (6,281) (2,090) (2,683) (6,719) (19,292) n/m
Net debt 2,849 1,509 (1,451) (2,110) (21,903) (39,774) (22,632) (21,705) (8,278) (7,955) (2,490) n/m
Shareholders’ equity 16,487 16,251 15,460 15,717 16,187 17,903 25,318 26,957 29,027 29,177 28,159 +6.5%
Returns, %
Returns, % ROA 0.99 1.10 1.54 1.54 0.97 1.19 1.06 1.29 1.18 1.28 1.34 +0.3 pt
ROIC 6.65 8.18 11.19 11.70 0.00 0.00 60.78 43.07 9.97 10.87 9.51 +4.2 pt
ROE 8.10 8.77 12.55 12.89 8.70 11.43 9.58 10.93 9.50 10.19 11.25 +2.1 pt
People
People Employees 16,973 16,794 17,267 17,773 17,373 17,569 22,808 22,223 22,354 22,278 — +3.1%
Revenue/emp, $m 0.34 0.36 0.37 0.39 0.36 0.35 0.38 0.57 0.60 0.59 — +6.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York. The corporation was incorporated in 1969. Its two wholly owned bank subsidiaries, M&T Bank and Wilmington Trust, N.A., offer banking, wealth management, trust and institutional services.

M&T Bank serves consumers, businesses, professional clients, government entities and financial institutions. It takes deposits and makes loans, including loans to consumers and small and medium-sized businesses in its banking markets. It also makes commercial mortgage loans secured by income-producing properties or properties used by borrowers in their businesses. Its subsidiaries provide equipment leasing and financing, multifamily real estate lending and loan servicing.

M&T Bank Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
KB KB Financial Group Inc $39.5B 9.7× — +25.89% (above 0%: growing) +12.12% (above 0%: growing) +482.05% (above 0%: growing) 61.64% 0.00% Compare
ITUB Itau Unibanco Holding S.A. $39.4B 9.3× — +9.19% (above 0%: growing) +25.86% (above 0%: growing) +584.73% (above 0%: growing) 46.42% 0.00% Compare
MTB M&T Bank Corporation $31.7B 11.4× 11.3× −0.64% (below 0%: shrinking) +4.74% (above 0%: growing) +52.44% (above 0%: growing) 74.37% 0.00%
HBAN Huntington Bancshares Incorporated $31.5B 12.5× 12.1× +27.35% (above 0%: growing) −17.07% (below 0%: shrinking) +53.14% (above 0%: growing) 67.89% 0.00% Compare
SHG Shinhan Financial Group Co Ltd $29.2B 8.5× 7.3× +27.14% (above 0%: growing) +10.37% (above 0%: growing) +120.93% (above 0%: growing) 63.24% 0.00% Compare
BBDO Banco Bradesco SA $28.5B 5.2× — +16.65% (above 0%: growing) +44.44% (above 0%: growing) +1,455.10% (above 0%: growing) 34.57% 0.00% Compare
BAP Credicorp Ltd. $27.6B 12.9× 11.7× +12.23% (above 0%: growing) +16.83% (above 0%: growing) +76.09% (above 0%: growing) 82.34% 0.00% Compare
CFG Citizens Financial Group, Inc. $26.8B 12.8× 12.0× +5.83% (above 0%: growing) +33.96% (above 0%: growing) −75.86% (below 0%: shrinking) 71.05% 0.00% Compare
FCNCA First Citizens BancShares, Inc. $25.5B 12.3× 11.9× +0.11% (above 0%: growing) +31.07% (above 0%: growing) +28.65% (above 0%: growing) 67.05% 0.00% Compare
Median of peers $28.9B 11.0× 11.9× +14.44% +21.35% +98.51% 65.15% 0.00%

All 327 Banks Regional stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Cantor Fitzgerald Oct 16, 2026 Target cut Outperform 285.00 → 255.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.26%
Held by the ten largest 55.77%
Holder Shares Stake Change
Vanguard 18.23m 12.62% −638.40k
BlackRock 12.85m 8.90% −155.54k
Fidelity (FMR) 12.42m 8.60% −754.07k
Wellington Management 9.80m 6.79% −150.43k
State Street 7.11m 4.93% −39.31k
Geode Capital Management 4.35m 3.01% −68.14k
State Farm 4.12m 2.85% 0.00
JPMorgan Chase 4.05m 2.80% +41.76k
Invesco 4.03m 2.79% +23.11k
Morgan Stanley 3.59m 2.49% −861.95k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 10 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 12.02m 14.89m 185.53
2024 10.27m 13.94m 168.01
2023 9.39m 9.68m 118.57
2022 8.82m 8.75m 120.58
2021 6.87m 9.14m 124.29

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 13.04%
FMR LLC 8.93%
BlackRock, Inc. 8.80%
Wellington Management Group LLP 6.64%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

M&T Bank Corporation (MTB) Latest News

26 Oct

Impact 4 · · PR Newswire

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · PR Newswire

19 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · StockStory

17 Oct

Impact 3 · · Simply Wall St.

16 Oct

Impact 4 · · Moby
Impact 3 · · Benzinga
Impact 3 · · Zacks
Impact 3 · · The Motley Fool transcript
Impact 3 · · Simply Wall St.
Impact 3 · · MarketBeat transcript
Impact 3 · · Zacks
Impact 3 · · InvestorsHub
Impact 3 · · Zacks
Impact 3 · · StockStory

15 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory

14 Oct

Impact 4 · · PR Newswire

13 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · Zacks

2 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · Barchart

24 Sep

Impact 4 ·
Impact 3 · · Simply Wall St.

21 Sep

Impact 3 · · Zacks

MTB metrics, ten years each

stockrow.com/MTB · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com