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United Bankshares, Inc.

UBSI Financial Banks Regional

United Bankshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, up 12.0% from fiscal 2024.

Revenue
−2.30%
EPS
+2.17%
Free cash flow
+14.6%
Total debt
+0.30%

Quarter to September 2026, against a year earlier

48.14 0.25 −0.52%
Market cap
$6.6B
P/E
13.1×
Fwd P/E
12.9×
Dividend yield
3.14%
F-score
8/9
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
Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 0.15
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — 1 — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 2.60%

Capital & Financial Ratios $m

Size
Market Cap 6,590.00
Revenue ttm 1,830.93
Net income ttm 464.60
Free cash flow ttm 535.07
Net debt Q (1,349.38)
Valuation
P/E 13.10
Forward P/E 12.90
Price / sales 3.61
Forward P/S Powerpack
Price / FCF 12.08
Price / book 1.22
Financial health
Current ratio Q 0.97
Debt / equity Q 0.10
Interest coverage Q —
Growth
Revenue growth Q −2.30% (below 0%: shrinking)
Operating income growth Q −0.99% (below 0%: shrinking)
EPS, this year +14.27%
EPS, next year A +5.89%
Revenue, next year A −28.94% (below 0%: weak)
EPS, past 5 yrs +6.38%
EPS, next 5 yrs A +8.69%

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 35.75%
10-year low 10-year high
P/S against its own 10 years 39.90%
10-year low 10-year high
P/B against its own 10 years 81.55%
10-year low 10-year high

Dividends raised every year since 2017

Yield
3.14%
Annual rate
1.52
Payout ratio
41.2%
Growth, 2017–25
+1.43%/yr
  1. 1.33 ’17
  2. 1.36 ’18 +2
  3. 1.37 ’19 +1
  4. 1.40 ’20 +2
  5. 1.41 ’21 +1
  6. 1.44 ’22 +2
  7. 1.45 ’23 +1
  8. 1.48 ’24 +2
  9. 1.49 ’25 +1
  10. 1.70 ’26e +14
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,599 2,292 2,542 1,882
Receivables — — — —
Inventory — — — —
Other — — — —
22,866 23,841 27,094 27,066
2023 2024 2025 Q'26
Payables 22,819 23,962 27,061 27,711
ST’ Debt — — — —
Other — — — —
23,229 24,368 27,502 27,896

Compound Annual Growth %

10y 5y 3y
Sales 13.86% 9.57% 16.38%
Cash Flow 11.05% 28.85% (13.12%)
Earnings 12.91% 9.96% 6.96%
Book Value 12.37% 5.04% 6.76%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.94 Actual 0.94

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.86 0.91 Beat by 0.05
Q1 FY26 0.85 0.89 Beat by 0.04
Q2 FY26 0.89 0.95 Beat by 0.06
Q3 FY26 0.94 0.94 Met by 0.00
Q4 FY26 0.97 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.89 0.95 0.94 — —
’25 0.59 0.85 0.92 0.91 3.27
’24 0.64 0.71 0.70 0.69 2.75
’23 0.73 0.68 0.71 0.59 2.71
’22 0.60 0.71 0.76 0.74 2.80
’21 0.83 0.73 0.71 0.56 2.83
’20 0.40 0.44 0.80 0.71 2.40
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 450 457 463 — —
’25 433 453 474 461 1,821
’24 401 404 415 405 1,626
’23 362 381 391 403 1,537
’22 249 271 296 339 1,155
’21 298 263 263 249 1,073
’20 217 287 346 303 1,153
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 161 105 — — —
’25 120 89 151 139 499
’24 124 61 124 136 445
’23 118 65 90 163 435
’22 284 206 134 137 761
’21 81 271 201 56 610
’20 21 51 (117) 186 140
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 156 98 — — —
’25 116 86 147 133 483
’24 120 58 135 133 446
’23 117 85 88 159 450
’22 281 204 128 132 745
’21 78 269 196 52 596
’20 19 46 (121) 181 126
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 30.8% a year for ten years. It grew 1.4% a year over the last ten.

Implied
30.8%
10 years, reported
1.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.5
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 540 755 846 913 1,153 1,073 1,155 1,537 1,626 1,821 1,831 +14.5% 1,294 1,366 1,418 (8.0%)
Gross margin, % 91.67 90.10 84.75 79.78 90.58 95.12 90.86 68.67 63.65 67.95 70.16 (23.7) pt
EBT 223 285 327 324 360 463 476 464 465 583 642 +11.3%
EBT margin, % 41.20 37.70 38.65 35.53 31.20 43.13 41.18 30.18 28.58 32.04 35.07 (9.2) pt
Net income 147 151 256 260 289 368 380 366 373 465 465 +13.6%
Per share, $
Per share, $ Revenue 7.35 7.75 8.14 8.99 9.61 8.30 8.57 11.42 12.05 12.87 13.42 +6.4%
Earnings 2.00 1.54 2.46 2.55 2.40 2.84 2.81 2.72 2.76 3.28 3.70 +5.7%
Cash flow 2.32 2.60 2.83 1.50 1.17 4.72 5.65 3.24 3.30 3.53 0.00 +4.8%
Capex (0.09) (0.15) 0.03 (0.11) (0.12) (0.11) (0.12) 0.11 0.00 (0.11) 0.00 +2.6%
Free cash flow 2.23 2.46 2.85 1.39 1.05 4.61 5.53 3.34 3.30 3.41 0.00 +4.8%
Book value 30.41 33.24 31.26 33.11 35.81 36.50 33.51 35.47 37.00 38.84 39.68 +2.8%
Shares, m 74 98 104 102 120 129 135 135 135 141 139 +7.5%
Valuation, ×
Valuation, × P/E 23.17 22.34 12.65 15.16 13.79 12.82 14.28 13.93 13.65 11.71 13.10 15.3
P/S 6.27 4.50 3.82 4.30 3.37 4.37 4.68 3.31 3.12 2.98 3.61 4.1
P/B 1.52 1.05 1.00 1.17 0.90 0.99 1.20 1.06 1.01 0.99 1.22 1.1
EV/Sales 5.69 4.30 4.60 5.67 2.21 1.63 5.57 3.43 2.04 1.88 — 3.7
EV/FCF 18.76 13.55 13.11 36.69 20.23 2.94 8.63 11.72 7.44 6.91 — 14.0
Cash, $m
Cash, $m Operating cash flow 171 254 294 152 140 610 761 435 445 499 556 +12.7%
Capex (7) (14) 3 (11) (15) (14) (16) 14 0 (16) (21) +10.3%
Free cash flow 164 240 297 141 126 596 745 450 446 483 535 +12.7%
Balance, $m
Balance, $m Working capital 601 616 353 771 (579) (1,540) (1,002) (362) (528) (408) (829) n/m
Net debt (313) (152) 654 1,251 (1,345) (2,941) 1,021 190 (1,752) (2,010) (1,349) +23.0%
Shareholders’ equity 2,236 3,241 3,252 3,364 4,298 4,719 4,516 4,771 4,993 5,496 5,414 +10.5%
Returns, %
Returns, % ROA 1.09 0.90 1.34 1.34 1.26 1.32 1.29 1.23 1.24 1.46 1.52 +0.4 pt
ROIC 7.24 5.76 5.24 4.39 7.61 16.27 5.37 5.84 8.96 10.46 9.89 +3.2 pt
ROE 7.45 5.50 7.90 7.86 7.54 8.16 8.22 7.89 7.64 8.86 9.45 +1.4 pt
People
People Employees 1,701 2,381 2,230 2,204 3,051 2,966 2,765 2,635 2,553 2,694 — +5.2%
Revenue/emp, $m 0.32 0.32 0.38 0.41 0.38 0.36 0.42 0.58 0.64 0.68 — +8.8%
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

United Bankshares is a financial holding company whose business is community banking. Its banking subsidiary, United Bank, offers deposit accounts, loans and other services to individuals and businesses. United was incorporated in 1982 and operates one reportable segment, community banking.

Customers can put money in checking, savings, time and money market accounts. The bank makes personal and commercial loans, loans to automobile dealers, and loans for construction and real estate. It also offers credit cards, individual retirement accounts, wire transfers and safe deposit boxes.

United Bankshares, Inc. 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
CBSH Commerce Bancshares, Inc. $7.8B 13.3× 13.0× +8.97% (above 0%: growing) +1.89% (above 0%: growing) +68.33% (above 0%: growing) 84.16% 0.00% Compare
UBSI United Bankshares, Inc. $6.6B 13.1× 12.9× −2.30% (below 0%: shrinking) +2.17% (above 0%: growing) +14.62% (above 0%: growing) 70.33% 0.00%
GBCI Glacier Bancorp, Inc. $6.3B 18.2× 16.0× +16.53% (above 0%: growing) +40.35% (above 0%: growing) +44.07% (above 0%: growing) 78.55% 0.00% Compare
FNB F.N.B. Corporation $6.3B 10.5× 10.7× −0.72% (below 0%: shrinking) +4.88% (above 0%: growing) +67.79% (above 0%: growing) 68.07% 0.00% Compare
HOMB Home BancShares, Inc. $6.0B 12.3× 11.9× +1.68% (above 0%: growing) +3.17% (above 0%: growing) +20.30% (above 0%: growing) 75.64% 0.00% Compare
HWC Hancock Whitney Corporation $5.7B 14.3× 14.0× +7.54% (above 0%: growing) −8.05% (below 0%: shrinking) +23.30% (above 0%: growing) 75.86% 0.00% Compare
ASB Associated Banc-Corp $5.7B 10.5× 10.6× +12.99% (above 0%: growing) +5.48% (above 0%: growing) +117.24% (above 0%: growing) 64.43% 0.00% Compare
OZK Bank OZK $5.6B 8.6× 8.6× −5.02% (below 0%: shrinking) −6.25% (below 0%: shrinking) +47.62% (above 0%: growing) 63.26% 0.00% Compare
ABCB Ameris Bancorp $5.5B 14.3× 14.2× +1.71% (above 0%: growing) +12.26% (above 0%: growing) +31.88% (above 0%: growing) 73.36% 0.00% Compare
Median of peers $5.9B 12.8× 12.5× +4.63% +4.03% +45.85% 74.50% 0.00%

All 327 Banks Regional stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 75.67%
Held by the ten largest 49.87%
Holder Shares Stake Change
BlackRock 20.19m 14.82% +21.37k
Vanguard 14.72m 10.81% −76.88k
State Street 8.64m 6.34% +666.71k
Dimensional Fund Advisors 7.69m 5.65% +30.06k
Geode Capital Management 4.11m 3.02% +166.61k
EARNEST PARTNERS LLC 3.97m 2.92% −163.85k
Victory Capital 2.95m 2.16% −172.78k
AQR Capital Management 2.28m 1.68% −84.28k
Northern Trust 1.71m 1.25% +59.18k
Charles Schwab 1.67m 1.22% −28.07k
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.

United Bankshares, Inc. (UBSI) Latest News

22 Oct

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21 Oct

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20 Oct

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19 Oct

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15 Oct

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23 Jul

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17 Jun

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23 Apr

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13 Mar

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9 Feb

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5 Feb

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4 Feb

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2 Feb

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27 Jan

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26 Jan

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25 Jan

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23 Jan

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22 Jan

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UBSI metrics, ten years each

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