A Business at a Glance
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M&T BANK CORP
MTB
$39.6B
Mkt Cap
$249.60
+1.48%
M&T BANK CORP (MTB) has a current P/E ratio of 14.7, compared to its historical median P/E of 11.0. The stock is currently considered Expensive based on its historical valuation range.
M&T BANK CORP (MTB) has a 5-year average return on invested capital (ROIC) of 7.4%. This is below average and may indicate limited pricing power.
M&T BANK CORP (MTB) has a market capitalization of $44.8B. It is classified as a large-cap stock.
Yes, M&T BANK CORP (MTB) pays a dividend with a trailing twelve-month yield of 2.01%. The company also returns capital through share buybacks, with a buyback yield of 7.17%.
Based on historical P/E analysis, M&T BANK CORP (MTB) appears expensive. The current P/E of 14.7 is 33% above its historical median of 11.0. The estimated fair value CAGR (P/E method) is 4.9%.
M&T BANK CORP (MTB) operates in the State Commercial Banks industry, within the Financials sector.
M&T BANK CORP (MTB) reported annual revenue of $13.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
M&T Bank Corporation is a financial holding company with two wholly-owned bank subsidiaries—M&T Bank and Wilmington Trust, N.A.—offering retail and commercial banking, wealth management, trust, and institutional services across a 13-state footprint spanning New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia, and the District of Columbia, plus limited operations in Ontario, Canada. M&T Bank, chartered in 1892 and tracing its lineage to 1856, provides consumer and small-to-medium-business lending focused on its geographic markets, commercial mortgage lending through M&T Realty Capital, and equipment leasing via subsidiaries; Wilmington Trust, N.A. offers institutional client and wealth management services. The company earns revenue primarily through net interest income on loans and deposits, supplemented by fee income from trust services, mortgage servicing, commercial services, and brokerage activities. M&T operates as a Category IV bank holding company under enhanced prudential standards, with consolidated assets of $213.5 billion, deposits of $166.9 billion, and shareholders' equity of $29.2 billion as of December 31, 2025, and maintains a diversified customer base of consumers, businesses, professional clients, governmental entities, and financial institutions within its markets.
【Cautious NIM management, strong fee growth】 Management is navigating near-term uncertainties by maintaining disciplined underwriting and return standards rather than chasing growth or yield, positioning the company to deliver strong pre-tax, pre-provision revenue and earnings in line with or potentially exceeding expectations. Net interest income is expected to be $7.2–$7.35 billion in 2026 with net interest margin in the low 370s, reflecting fifty basis points of rate cuts embedded in the outlook, though management notes that curve shape shifts could drive variability. Fee income is anticipated to grow broadly across categories including trust, mortgage, and commercial services, while expenses are expected to be managed tightly at $5.5–$5.6 billion to achieve positive operating leverage. The company plans to operate with a CET1 ratio of 10.25%–10.5% in 2026 and remains focused on growing relationship customers and deposits at reasonable costs across all business lines.
| Metric | Target | Period |
|---|---|---|
| Taxable equivalent net interest income | $7.2–$7.35 billion | FY2026 |
| Net interest margin | low 370s (basis points) | FY2026 |
| Average loans | $140–$142 billion | FY2026 |
| Average deposits | $165–$167 billion | FY2026 |
| Non-interest income | $2.675–$2.775 billion | FY2026 |
| Total non-interest expense (including intangible amortization) | $5.5–$5.6 billion | FY2026 |
| Net charge-offs | near 40 basis points | FY2026 |
| Taxable equivalent tax rate | 24%–25% | FY2026 |
| CET1 ratio | 10.25%–10.5% | FY2026 |
Taxable equivalent net interest income (FY2026): “We expect taxable equivalent net interest income to be $7.2-$7.35 billion, as net interest margin in the low three seventies.”
“We expect taxable equivalent net interest income to be $7.2-$7.35 billion, as net interest margin in the low three seventies.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 9.8B | 13.2B | 13.5B | 12.8B | 8.6B | 6.1B |
| Net Income | 2.8B | 2.7B | 2.4B | 2.6B | 1.9B | 1.8B |
| EPS | $15.45 | $17.00 | $14.64 | $15.79 | $11.53 | $13.80 |
| Free Cash Flow | 3.2B | 2.9B | 3.4B | 3.6B | 4.4B | 2.6B |
| ROIC | 7.1% | 6.6% | 6.4% | 8.2% | 7.5% | 8.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.68 | 0.45 | 0.47 | 0.50 | 0.30 | 0.20 |
| Dividends/Share | $5.02 | $5.70 | $5.35 | $5.20 | $4.80 | $4.50 |
| Operating Income | 771M | 726M | 632M | 809M | 703M | 483M |
| Operating Margin | 7.8% | 5.5% | 4.7% | 6.3% | 8.2% | 7.9% |
| ROE | 9.9% | 9.3% | 8.7% | 10.1% | 8.8% | 10.4% |
| Shares Outstanding | 179M | 159M | 167M | 167M | 164M | 129M |
M&T BANK CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
M&T BANK CORP trades at 14.7x trailing earnings, compared to its 15-year median P/E of 11.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 13.0x vs a median of 8.4x. The company's 5-year average ROIC is 7.4%. Total shareholder yield (dividends + buybacks) is 9.2%. At current prices, the estimated annualized return to fair value is +12.5%.
M&T BANK CORP (MTB) has a net profit margin of 20.4%. This is a strong margin indicating high profitability.
M&T BANK CORP (MTB) generated $2.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
M&T BANK CORP (MTB) has a debt-to-equity ratio of 0.45. This indicates a conservatively financed balance sheet.
M&T BANK CORP (MTB) reported earnings per share (EPS) of $17.00 in its most recent fiscal year.
M&T BANK CORP (MTB) has a return on equity (ROE) of 9.3%. This indicates moderate shareholder returns.
The Ledger Terminal provides 19 years of financial data for M&T BANK CORP (MTB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
M&T BANK CORP (MTB) has a book value per share of $183.78, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is navigating near-term uncertainties by maintaining disciplined underwriting and return standards rather than chasing growth or yield, positioning the company to deliver strong pre-tax, pre-provision revenue and earnings in line with or potentially exceeding expectations. Net interest income is expected to be $7.2–$7.35 billion in 2026 with net interest margin in the low 370s, reflecting fifty basis points of rate cuts embedded in the outlook, though management notes that curve shape shifts could drive variability. Fee income is anticipated to grow broadly across categories including trust, mortgage, and commercial services, while expenses are expected to be managed tightly at $5.5–$5.6 billion to achieve positive operating leverage. The company plans to operate with a CET1 ratio of 10.25%–10.5% in 2026 and remains focused on growing relationship customers and deposits at reasonable costs across all business lines.
Based on recent SEC filings and earnings calls, M&T BANK CORP (MTB) has provided the following forward guidance: Taxable equivalent net interest income: $7.2–$7.35 billion (FY2026); Net interest margin: low 370s (basis points) (FY2026); Average loans: $140–$142 billion (FY2026); Average deposits: $165–$167 billion (FY2026); Non-interest income: $2.675–$2.775 billion (FY2026), plus 4 additional metrics.
Average loans (FY2026): “We expect full-year average loans to be $140-$142 billion, reflected in the priorities discussed earlier.”
Average deposits (FY2026): “The full-year average deposits are expected to be $165-$167 billion.”
Non-interest income (FY2026): “Turning to fee income, we expect non-interest income to be $2.675-$2.775 billion.”
Total non-interest expense (including intangible amortization) (FY2026): “Continuing with expenses, we expect total non-interest expense, including intangible amortization, to be $5.5-$5.6 billion.”
Net charge-offs (FY2026): “Regarding credit, we expect charge-offs for the full year again to be near forty basis points.”
Taxable equivalent tax rate (FY2026): “We expect taxable equivalent tax rate to be 24%-25% and 24.5%.”