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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

48.48 0.75 −1.52%
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

United Bankshares, Inc. (UBSI) valuation and DCF model

What the price implies · reverse DCF

At $48.48 the price implies 30.8% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 1.4% a year over the last ten years, 1.7% over the last five. The price asks for more than four times its ten-year rate. Return on equity averaged 7.7% over ten years; the price implies 10.4% for good.

In December 2017 the price assumed 10.1% a year; United Bankshares, Inc. went on to grow the dividend a share 9.0% a year to FY2025.

Price implies
30.8%
Last 5 years, reported
1.7%
Last 10 years, reported
1.4%

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
30.8% a year for ten years
$48.48
today’s price
Its base case
1.4% a year for five years, then 0.9%
$5.39
88.9% 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 United Bankshares, Inc.’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 30.8% 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 United Bankshares, Inc.’s own cost of capital: risk-free 4.3% + beta 0.75 × equity premium 4.5% = 7.7% cost of equity; weighted, 7.7%.

Use 7.7%
Base case value per share $5.39 ten years discounted, and what follows
Current price $48.48 market price per share
Below today’s price 88.9% downside at the base case’s assumptions

How we got there$2.57 10 years of dividends+$2.81 terminal value=$5.39 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 13.10× 13.34× 14.34× 9% below 12.02× 9% above
P/FCF 12.08× 10.60× 14.47× 17% below 10.60× 14% above
P/B 1.22× 1.10× 1.06× 15% above 1.23× 1% below
EV/Sales — 2.91× 3.70× — 3.90× —
P/E P/FCF P/B EV/Sales
9.50×16.06×22.62×29.18×10Y avg 14.47×2017201820192020202120222023202420252026

UBSI trades at 12.08× P/FCF, against a 10-year average of 14.47× (range 7.26×–30.92×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $58.07 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.