NYSE: MTB · Regional Banks
M&T Bank
M&T Bank, based in Buffalo, New York, is a regional bank holding company operating mainly in the U.S. Northeast and Mid-Atlantic, with about $214 billion of assets. It reports a Commercial Bank, a Retail Bank and Institutional Services and Wealth Management (including trust and Wilmington Trust-branded services). 2025 revenue (net interest income $6,948 million plus noninterest income $2,742 million) was $9,690 million, and net income was $2,851 million (Retail Bank $1,442 million, Commercial Bank $904 million, Institutional Services and Wealth Management $502 million). Its 2022 acquisition of People’s United Financial expanded it into New England and lifted assets from $155 billion to $201 billion. Common equity per share rose to $173.49 at end-2025, and share count fell from 166 million to 152 million in 2025 through buybacks.
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 13:02 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-1810-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 10.2%
- Net marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 29.4%
- Return on equityROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- 9.8%
- Equity ratioEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 13.7%
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.05x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 11.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.85
Higher than 59% of 44 financial companies
Average yearly growth over the years shown
Higher than 84% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 20% of 45 financial companies
Latest fiscal year (FY2025)
Higher than 51% of 45 financial companies
Equity ÷ total assets
Higher than 32% of 44 financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$222.68close on 2026-11-04
Market cap$33.81B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 11.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- —
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.6%
At FY2025 year-end: 11.9x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.2x
Book value at FY2025 year-end
At FY2025 year-end: —
EBITDA for FY2025
At FY2025 year-end: 0.0%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Net income$792M → $775M (vs. a year earlier)↓ −2.1%$792M → $775M (vs. a year earlier)
- Diluted EPS$4.82 → $5.04 (vs. a year earlier)↑ +4.6%$4.82 → $5.04 (vs. a year earlier)
- Cash$17.44B → $16.14B (vs. previous quarter-end)↓ −7.5%$17.44B → $16.14B (vs. previous quarter-end)
- Long-term debt$13.57B → $13.65B (vs. previous quarter-end)↑ +0.6%$13.57B → $13.65B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 16, 2026.
Key changes
Repurchased 1.3M shares for $323M. Source sentence
In the recent quarter, M&T repurchased 1.3 million shares of its common stock at a total cost of $323 million.
Net interest income up $32M, or 2%. Source sentence
Taxable-equivalent net interest income increased $32 million, or 2%, as compared with the year-earlier third quarter reflecting lower rates paid on average interest-bearing deposits and growth in average loans and investment securities, partially offset by lower yields received on loans.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- M&T BANK CORP
- Headquarters
- BUFFALO, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: MTB
- Industry
- Regional Banks
- CIK
- 36270
- Website
- https://www.mtb.com/ ↗
- IR page
- https://ir.mtb.com/ ↗
Workforce (as of FY2025 year-end)
Employees
21,839
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 16–18 days after quarter end (Jan 16, 2026; Jan 16, 2025; Jan 18, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 14–18 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 16, 2026 (+16 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 15, 2026 (+15 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 15, 2026 (+15 days) | May 5, 2026 10-Q (+35 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 16, 2026 (+16 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 16, 2025 (+16 days) | Oct 27, 2025 10-Q (+27 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 16, 2025 (+16 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 14, 2025 (+14 days) | May 5, 2025 10-Q (+35 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 16, 2025 (+16 days) | Feb 19, 2025 10-K (+50 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 17, 2024 (+17 days) | Nov 5, 2024 10-Q (+36 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 18, 2024 (+18 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 15, 2024 (+15 days) | May 3, 2024 10-Q (+33 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 18, 2024 (+18 days) | Feb 21, 2024 10-K (+52 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Commercial Bank
Commercial lending and treasury
Loans, deposits and cash management for middle-market and large businesses.
Retail Bank
Consumer and small business banking
Deposits, mortgages, consumer loans and branch banking.
Institutional Services and Wealth Management
Trust and wealth
Corporate trust, custody, fund services and wealth advisory.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
M&T does not state a market share in its 10-K.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-06-30)
07
Recent strategic focusSite analysis
Recent developments.
Buybacks
Common shares outstanding fell from 165.5M to 151.8M during 2025.
Source: Form 10-K (FY2025)
Funding
Refreshed its Medium-Term Note Program on September 22, 2026.
Source: Form 8-K (2026-09-22) — Item 8.01
Earnings growth
2025 net income rose 10% to $2,851M.
Source: Form 10-K (FY2025)
Where the money goes, over time
Unit: $M. Capex went from $172M in FY2020 to — in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Total revenue (FY2025)
$9.69B
As reported in the 10-K
Revenue CAGR (5 years)
+10.2%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($9,690M ÷ $5,955M) ^ (1÷5) − 1 = 10.2%
termsCAGR · ^ (exponent) · Revenue (net sales)
ROE (FY2025)
9.8%▲favorable
6-year average: 9.7%
As reported in the 10-K
- ▲
Revenue grew +10.2% a year over 5 years (strong growth)
From $5.95B in FY2020 to $9.69B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Free cash flow was positive in 4 of 4 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 9.7% over 6 years (latest: 9.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- People’s United Financial
07 · what it does
Key activities
- Commercial Bank: lending and services to businesses
- Retail Bank: consumer deposits, loans and small business banking
- Institutional Services and Wealth Management: trust, custody and advisory
06 · what it draws on
Key resources
- 21,839 full-time employees
- Deposits from retail and commercial customers
- Branch network in the Northeast and Mid-Atlantic
02 · why customers buy
Value propositions
- Commercial, commercial real estate and consumer banking.
04 · how it keeps them
Customer relationships
- Ongoing deposit, lending and trust relationships.
03 · how it reaches them
Channels
- Branches, digital banking and relationship bankers.
01 · who it serves
Customer segments
- Businesses and commercial real estate clients
- Consumers and small businesses
- Institutional and wealth clients
09 · where money goes
Cost structure
FY2025, share of revenue ($9.69B)
- Interest expense36.5%
- Operating expenses (as reported)56.7%
Depreciation & amortization (inside the costs above): $323M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Net interest income $6,948M (2025)
- Noninterest income $2,742M
- Segment revenue: Retail $4,868M; Commercial $2,947M; ISWM $1,562M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Gathers deposits and lends to businesses, commercial real estate owners and consumers, earning net interest income, plus fees from trust, wealth management, mortgage banking and service charges.
01 what it draws on
Inputs & resources
- 21,839 full-time employees
- Deposits from retail and commercial customers
- Branch network in the Northeast and Mid-Atlantic
02 what it does
Activities
- Commercial Bank: lending and services to businesses
- Retail Bank: consumer deposits, loans and small business banking
- Institutional Services and Wealth Management: trust, custody and advisory
03 who it serves
Customers
- Businesses and commercial real estate clients
- Consumers and small businesses
- Institutional and wealth clients
04 how money comes in
How it earns
- Net interest income $6,948M (2025)
- Noninterest income $2,742M
- Segment revenue: Retail $4,868M; Commercial $2,947M; ISWM $1,562M
How the business makes money
- No single customer exceeds 10% of revenues.
- Preferred stock of $2,834M at end-2025.
- Tangible common equity per share $117.45 at end-2025.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
M&T faces capital-rule changes and government policy affecting some borrowers.
Approvals & licenses
Bank capital and supervision
Federal banking agencies proposed changes to the regulatory capital rules in July 2023.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Government as customer
Policy-sensitive borrowers
Assessed loans to not-for-profits, government contractors and others that may be affected by immigration policy.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Debit interchange cap
The Federal Reserve proposed amendments to its interchange fee rules in October 2023.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Retail Bank
4,868 (52%)Commercial Bank
2,947 (31%)Institutional Services and Wealth Management
1,562 (17%)
Source: Form 10-K (FY2025) Segment total revenue (NII + noninterest income) excluding All Other.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
People’s United Financial
Acquired in 2022 under a February 21, 2021 merger agreement.
Source: Form 10-K (FY2021)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Businesses, consumers and institutional clients.
Named by the company
No single customer exceeds 10% of revenues.
Suppliers
Funding markets and vendors.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
M&T competes with banks and other financial services companies for deposits and loans; the 10-K does not name them.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
Peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 compensation and financial peer group from the 2026 proxy statement.
- U.S. Bancorpsite ↗
- PNC Financial Servicessite ↗
- Truist Financialsite ↗
- Fifth Third Bancorpsite ↗
- Huntington Bancsharessite ↗
- Regions Financialsite ↗
- Citizens Financial Groupsite ↗
- KeyCorpsite ↗
- First Horizonsite ↗
- Comericasite ↗
- Zions Bancorporationsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Total revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 5,955 | 5,992 | 8,179 | 9,643 | 9,279 | 9,690 |
| Pretax income | 1,770 | 2,455 | 2,612 | 3,619 | 3,310 | 3,692 |
| Net income (attributable) | 1,353 | 1,859 | 1,992 | 2,741 | 2,588 | 2,851 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 0.6% | 36.5% | 17.9% | -3.8% | 4.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 22.7% | 31.0% | 24.4% | 28.4% | 27.9% | 29.4% |
| Balance sheet ($M) | ||||||
| Total assets | 142,601 | 155,107 | 200,730 | 208,264 | 208,105 | 213,510 |
| Total equity | 16,187 | 17,903 | 25,318 | 26,957 | 29,027 | 29,177 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 4,442 | 3,532 | 7,520 | 13,517 | 13,665 | 13,060 |
| Equity ratio | 11.4% | 11.5% | 12.6% | 12.9% | 13.9% | 13.7% |
| ROE | 8.4% | 10.9% | 9.2% | 10.5% | 9.2% | 9.8% |
| Cash flow ($M) | ||||||
| Operating CF | 789 | 2,715 | 4,574 | 3,905 | 3,610 | 3,003 |
| Investing CF | -22,020 | -13,631 | 16,592 | -4,764 | -9,746 | -6,816 |
| Financing CF | 21,348 | 10,701 | -20,984 | 4,180 | -2,882 | 1,800 |
| Free cash flowcalccash flow from operations − capital expenditures | 617 | 2,566 | 4,360 | 3,649 | — | — |
| Cash and equivalents | 1,553 | 1,338 | 26,479 | 29,800 | 20,782 | 18,769 |
| Per share & other | ||||||
| EPS ($) | 9.94 | 13.80 | 11.53 | 15.79 | 14.64 | 17.00 |
| BVPS ($) | 116.39 | 125.51 | 137.69 | 150.15 | 160.90 | 173.49 |
| Dividend per share ($) | 4.40 | 4.50 | 4.80 | 5.20 | 5.35 | 5.70 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 44.3% | 32.6% | 41.6% | 32.9% | 36.5% | 33.5% |
| P/E (x) | 12.8 | 11.1 | 12.6 | 8.7 | 12.8 | 11.9 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.09 | 1.22 | 1.05 | 0.91 | 1.17 | 1.16 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Periods below 1x are shown in red. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Net income | Diluted EPS |
|---|---|---|
| 2026-09-30 | $775M-2.1% | $5.04 |
| 2026-06-30 | $818M+14.2% | $5.32 |
| 2026-03-31 | $664M+13.7% | $4.13 |
| 2025-12-31 † | $759M+11.5% | — |
| 2025-09-30 | $792M | $4.82 |
| 2025-06-30 | $716M | $4.24 |
| 2025-03-31 | $584M | $3.32 |
| 2024-12-31 † | $681M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Measures that fit this businessFrom SEC data
ROIC and free cash flow don’t suit a bank, so these are the usual yardsticks instead.
| Measure | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Return on equityNet income ÷ stockholders’ equity. | 8.4% | 10.9% | 9.2% | 10.5% | 9.2% | 9.8% |
| Net interest income ÷ average assetsSpread earned on the balance sheet; a stand-in for net interest margin, which uses earning assets. | — | 2.6% | 3.3% | 3.5% | 3.3% | 3.3% |
| Noninterest expense ÷ revenueThe efficiency ratio. Lower means less cost for each dollar of revenue. | 56.8% | 60.3% | 61.7% | 55.8% | 57.8% | 56.7% |
| Credit provision ÷ average loansCredit cost: what the year set aside for expected loan losses. Negative means a net release. | — | -0.1% | 0.5% | 0.5% | — | — |
| Credit allowance ÷ loansThe reserve held against loan losses at year-end. | 1.8% | 1.6% | 1.5% | 1.6% | 1.6% | 1.5% |
| Loans ÷ depositsHow much of the deposit base is lent out. | 82.5% | 70.8% | 80.8% | 82.6% | 82.8% | 81.8% |
| Equity ÷ total assetsThe accounting cushion. Regulatory capital ratios are listed separately above when the filing states them. | 11.4% | 11.5% | 12.6% | 12.9% | 13.9% | 13.7% |
Computed from SEC XBRL figures. A dash means the company doesn’t tag that figure or the result fell outside a plausible range. Tagging differs between filers, so check the filing before comparing two companies closely.
16
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Banks, insurers, and similar financial companies aren’t compared this way, since deposits/policies are the business itself and debt can’t be cleanly separated from operating capital.
17
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not applied to banks, insurers, and similar financial companies: their operating cash flow includes deposits or premiums held for customers, so it isn’t free cash flow available to investors.
18
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
Financial companies’ operating cash flow behaves differently from an operating company’s, so this analysis doesn’t apply.
19
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 91.4%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 8.6%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 173 of 416
- Beta (adjusted)
- 0.85
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 41% of covered companies have more
above 1 = swings more than the market
- 132.0M shares reported by 1,161 13F filers ÷ 144.4M shares outstanding on 2026-07-31. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-10 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)
20
Strengths & weaknessesSite analysis
Strengths
1. Consistent profitability
Net income rose from $1,353M (2020) to $2,851M (2025).
Evidence: Form 10-K (FY2025)
2. Strong capital
Common equity per share grew from $116.39 (2020) to $173.49 (2025).
Evidence: Form 10-K (FY2025)
3. Diversified fees
Noninterest income of $2,742M in 2025, incl. trust and wealth.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Interest-rate sensitivity
Net interest income fell from $7,115M (2023) to $6,852M (2024).
Evidence: Form 10-K (FY2025)
2. Commercial real estate exposure
A large commercial and CRE loan book.
Evidence: Form 10-K (FY2025)
3. Regional concentration
Operations concentrated in the Northeast and Mid-Atlantic.
Evidence: Form 10-K (FY2025)
21
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
11.9x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.83%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
34%
Dividends per share ÷ diluted EPS
1. Conservative regional bank
Long record of profitability and rising book value.
- What has to hold
- Credit stays benign.
- The other side
- CRE exposure.
Evidence: Form 10-K (FY2025)
2. Capital return
Dividends of $5.70 per share in 2025 plus buybacks.
- What has to hold
- Capital ratios stay strong.
- The other side
- Regulation.
Evidence: Form 10-K (FY2025)
Revenue is net interest income plus noninterest income; book value per share is per common share.
22
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
For an insurer or bank, debt-coverage ratios like these don’t describe its ability to absorb losses — that depends on its capital, reserves, and investment portfolio, which are covered in part 3 below.
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -3.8% in FY2024 ($9.64B → $9.28B) | Yes, by FY2025 |
| Net income | -5.6% in FY2024 ($2.74B → $2.59B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable through 2020
Net income was $1,353M even in 2020.
Source: Form 10-K (FY2025)
23
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
M&T discloses ordinary-course litigation; reasonably possible losses beyond accruals were estimated at no more than $25 million at June 30, 2026.
Company statement:
Based on Form 10-Q (quarter ended 2026-06-30) — Note on Commitments and Contingencies, reviewed 2026-10-30. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
24
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Credit quality
- Company disclosure (summarized from the 10-K)
- Loan losses in commercial real estate and other portfolios.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Interest rates
- Company disclosure (summarized from the 10-K)
- Net interest margin depends on rate levels and deposit costs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Competition & technology shift
Deposit competition
- Company disclosure (summarized from the 10-K)
- Competes with banks and other financial firms for deposits.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 4Law & regulation
Bank regulation
- Company disclosure (summarized from the 10-K)
- Capital and liquidity rules for large regional banks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Information security
Cyber risk
- Company disclosure (summarized from the 10-K)
- Attacks on banking systems.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
25
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
In July 2025 the GENIUS Act, which establishes a regulatory framework for “payment stablecoins” and their issuers, was signed into law. Read more
Consumers and businesses may view payment stablecoins as a substitute for traditional bank deposits, which could result in reduced levels of deposits in the banking system. Depending on consumer and business interest in payment stablecoins, and the characteristics and utility of payment stablecoins, the passage of the GENIUS Act could result in increased competition with respect to M&T’s bank subsidiaries’ deposit products. However, the GENIUS Act requires the U.S. Treasury Department and federal and state regulators to issue regulations on numerous topics to interpret and implement the statute, so the effect of the GENIUS Act will depend on what those regulations provide.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 18, 2026 ↗ with the 10-K filed Feb 19, 2025 ↗.
26
What to watch going forwardSite analysis
- Net interest margin.
- Commercial real estate credit.
- Buyback pace.
27
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 30, 2026 · Financial data fetched: October 30, 2026 13:02 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Built on10-K FY2025 · filed 2026-02-18Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent M&T Bank’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.