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Friday 6 November 2026 Export MTB’s income statement to Excel — free account

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

M&T Bank Corporation (MTB) valuation and DCF model

What the price implies · reverse DCF

At $219.83 the price implies 32.5% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 7.6% a year over the last ten years, 5.1% over the last five. The price asks for about four times its ten-year rate. Return on equity averaged 10.3% over ten years; the price implies 10.2% for good.

In December 2017 the price assumed 19.8% a year; M&T Bank Corporation went on to grow the dividend a share 0.7% a year to FY2025.

Price implies
32.5%
Last 5 years, reported
5.1%
Last 10 years, reported
7.6%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
32.5% a year for ten years
$219.83
today’s price
Its base case
7.6% a year for five years, then 4.5%
$31.78
85.5% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record M&T Bank Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 32.5% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against M&T Bank Corporation’s own cost of capital: risk-free 4.3% + beta 0.64 × equity premium 4.5% = 7.2% cost of equity; weighted, 7.2%.

Use 7.2%
Base case value per share $31.78 ten years discounted, and what follows
Current price $219.83 market price per share
Below today’s price 85.5% downside at the base case’s assumptions

How we got there$13.58 10 years of dividends+$18.20 terminal value=$31.78 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 11.39× 11.44× 12.43× 8% below 12.02× 5% below
P/FCF 9.33× 8.29× 10.61× 12% below 10.60× 12% below
P/B 1.33× 1.13× 1.27× 5% above 1.23× 8% above
EV/Sales — 1.35× 2.38× — 3.90× —
P/E P/FCF P/B EV/Sales
9.64×12.79×15.94×19.09×10Y avg 12.43×2017201820192020202120222023202420252026

MTB trades at 11.39× P/E, against a 10-year average of 12.43× (range 8.77×–19.68×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $239.98 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.