M&T Bank Corporation (MTB)

NYSE: MTB · USD

$220

-0.95 (-0.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-04

Our latest published analysis: MTB rated Hold

M&T Bank Corporation's published Hold conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$212 / share

Potential value

$240 / share

Upside to FV

-3.3%

from $220

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$31.8B
Revenue (ttm)	9.5B
Net income (ttm)	2.9B
EPS (ttm)	$19.2
Shares out	143.7M
P/E (trailing)	11.5x
P/E (forward)	10.6x
Dividend	$6.00 (2.72%)
Volume	564,276
Beta	0.61

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 9.5B
Net income (ttm): 2.9B
EPS (ttm): $19.2
P/E (trailing): 11.5x
P/E (forward): 10.6x
Market cap: $31.8B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$5.99B	$1.53B	$1.48B	$1.54B	$1.66B	-27.5%
Gross profit	$6.04B	$7.50B	$8.75B	$8.62B	$9.19B	+11.1%
Operating income	$2.46B	$2.61B	$3.62B	$3.31B	$3.69B	+10.7%
Net income	$1.86B	$1.99B	$2.74B	$2.59B	$2.85B	+11.3%
EPS (diluted)	$13.80	$11.53	$15.79	$14.64	$17.00	+5.4%
EBITDA	$2.78B	$3.05B	$4.12B	$3.82B	$3.96B	+9.2%
R&D	—	—	—	—	—	—
SG&A	$2.12B	$2.88B	$3.12B	$3.27B	$3.13B	+10.3%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	적극 매수
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	적극 매수
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	보유
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	매수
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	적극 매수
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	매수

Base and Bull scenarios

Base55%

Price target

$212.02

-3.2% from spot

Under the Base scenario, which carries a probability of 55.0%, the shares are projected to reach $212.02, delivering an implied return of -3.2% from $219.14. MTB sustains disciplined deposit pricing across its regional network, maintaining net interest margin in line with management expectations while commercial lending expands steadily across middle-market segments. Non-interest revenue continues to compound through recurring institutional services, loan sub-servicing mandates, and wealth management fees. Credit loss provisioning remains normalized as criticized commercial real estate loans continue an orderly upgrade trajectory, supporting steady book value compounding and regular share repurchases.

Net interest margin remains stable supported by disciplined deposit pricing and remixing into time deposits.
Fee income expands across institutional trust and sub-servicing contracts in line with management guidance.
Commercial criticized loans continue an orderly workout and upgrade trajectory without unexpected provisioning surges.
Capital allocation maintains regulatory ratios near target levels while repurchasing shares at a measured pace.

Bull20%

Price target

$240.37

+9.7% from spot

Under the Bull scenario, which carries a probability of 20.0%, the target reaches $240.37, offering an implied return of 9.7% from $219.14. Regional middle-market commercial loan growth accelerates significantly as private credit competitors retrench, enabling MTB to expand earning assets without sacrificing lending spreads. Concurrently, specialized sub-servicing mandates scale rapidly, driving high-margin fee income above guidance boundaries. Office commercial real estate workouts conclude faster than anticipated, allowing loan loss reserve releases and boosting earnings power, which funds aggressive share buybacks under a higher terminal valuation multiple.

Middle-market commercial lending and leasing capture substantial market share from retreating private lenders.
Institutional services and specialized loan sub-servicing generate fee revenues well ahead of expectations.
Criticized office real estate balances are upgraded rapidly without material credit losses.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($212.02). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
6.6%	$230	$235	$241	$248	$256
7.1%	$216	$221	$225	$231	$237
7.6%	$205	$208	$212	$216	$221
8.1%	$195	$198	$201	$204	$208
8.6%	$186	$188	$191	$194	$197

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E10.6

P25 n/aP50 n/aP75 n/a

Trailing P/E11.6

P25 n/aP50 n/aP75 n/a

ROE10.6

P25 n/aP50 n/aP75 n/a

ROICn/a

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All MTB indicators

Market & fundamental data

Available fields

246

Groups with data

Currency

USD

Showing 246 of 246 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000036270
Company name	M&T Bank Corporation
Country	United States
Country code	US
CUSIP number	55261F104
Earnings date	2026-10-16
Earnings time	bmo
Employees	21,562
Employees change	-821
Employees growth	-3.67%
Enterprise value	$35.6B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1856
In index	SP500
Industry	Banks - Regional
Is primary listing	Yes
Is SPAC	No
ISIN number	US55261F1049
Last 10-K release date	2026-02-18
Last earnings date	2026-10-16
Last refreshed	2026-10-28
Last stock split date	2000-10-06
Last stock split type	Forward
Market cap	$31.7B
Market cap category	Large-Cap
Next earnings date	2027-01-19
Options	Yes
Price	$220.37
Price currency	USD
Sector	Financials
SIC code	6022
Stock price date	2026-10-28
Symbol	MTB
U.S. state	New York
Website	https://www.mtb.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.5x
Average P/E ratio (10Y)	12.91x
Average P/E ratio (3Y)	11.42x
Average P/E ratio (5Y)	11.85x
Earnings yield	8.69%
EV/Earnings	12.45x
EV/FCF	9.87x
EV/Sales	3.75x
FCF / EV yield	10.13%
FCF yield	11.38%
Forward EV/Sales	3.46x
Forward P/E	10.8x
Forward P/S	3.08x
Graham number	274.58403
Graham upside	24.87%
Industry forward P/E	10.04x
Industry P/E	11.85x
Lynch fair value	$185.77
Lynch upside	-15.52%
P/B ratio	1.26x
P/E ratio	11.51x
P/FCF ratio	8.79x
P/OCF ratio	8.31x
P/S ratio	3.34x
PEG ratio	1x
Price / tangible book value	1.9x
Sector forward P/E	13.63x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
Effective tax rate	22.77%
FCF margin	38.04%
Operating margin	42.16%
Pretax margin	41.26%
Profit margin	31.87%
Profit per employee	$132,223
Profitable quarters	134
Profitable years	35
Revenue per employee	$438,920
ROA	1.4%
ROA (5Y)	1.26%
ROE	10.6%
ROE (5Y)	9.93%
Tax / revenue	9.39%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	18.28%
EPS growth (Q)	4.56%
EPS growth (QoQ)	-5.26%
EPS growth 10Y	9.9%
EPS growth 3Y	3.37%
EPS growth 5Y	6.55%
EPS growth quarters	8
EPS growth years	1
FCF growth	21.41%
FCF growth 3Y	0.43%
FCF growth 5Y	11.71%
Net income growth	8.76%
Net income growth (Q)	-2.15%
Net income growth (QoQ)	-6.27%
Net income growth 3Y	-0.78%
Net income growth 5Y	9.7%
Net income growth quarters	8
Net income growth years	1
OCF growth	21.65%
OCF growth 10Y	7.57%
OCF growth 3Y	0.25%
OCF growth 5Y	11.68%
Revenue growth	4.23%
Revenue growth (Q)	0.54%
Revenue growth (QoQ)	-0.46%
Revenue growth 10Y	6.49%
Revenue growth 3Y	0.43%
Revenue growth 5Y	9.53%
Revenue growth quarters	8
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-209M
EPS	$19.15
FCF per share	$25.02
Financing cash flow	$4.6B
Free cash flow	$3.6B
Gross profit	$9.5B
Income taxes	$889M
Investing cash flow	$-12.4B
Net borrowing	$3.8B
Net cash flow	$-4B
Net income	$2.9B
Operating income	$4B
Revenue	$9.5B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$174.95
Debt / equity	0.71
Debt / FCF	5.57
Goodwill	$8.5B
Net cash (debt)	$-3.9B
Net cash / market cap	-12.29%
Net debt / equity	0.14
Net debt / FCF	1.08
Piotroski F-Score	4
Shareholders' equity	$28.2B
Tangible book value	$16.6B
Tangible book value per share	$115.76
Total assets	$220.5B
Total cash	$16.1B
Total debt	$20B
Total liabilities	$192.4B
WACC	4.67%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Working capital	$-161.8B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	8.15%
Dividend growth	8.11%
Dividend growth (10Y)	7.92%
Dividend growth (3Y)	5.57%
Dividend growth (5Y)	6.4%
Dividend growth years	9
Dividend payment date	2026-09-30
Dividend payment years	48
Dividend payout frequency	Quarterly
Dividend per share	$6.00
Dividend yield	2.72%
Ex-dividend date	2026-09-01
FCF payout ratio	23.98%
Last dividend	$1.50
Payout ratio	31.33%
Shareholder yield	10.88%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	80.18%
10Y return CAGR	9.14%
10Y total return	139.7%
150-day SMA	$227.64
15Y price change	177.36%
15Y return CAGR	10.06%
15Y total return	321.34%
1D price change	-0.43%
1M price change	-0.64%
1M total return	-0.64%
1W price change	0.65%
1W total return	0.65%
1Y price change	20.15%
1Y return CAGR	23.61%
1Y total return	23.59%
20-day SMA	$218.60
200-day SMA	$224.95
20Y price change	81.34%
20Y return CAGR	6.16%
20Y total return	230.58%
3M price change	-11.48%
3M total return	-10.91%
3Y price change	101.74%
3Y return CAGR	30.32%
3Y total return	121.35%
50-day SMA	$226.99
50-day SMA vs 200-day SMA	50over200
52-week high	$255.95
52-week high date	2026-08-17
52-week low	$179.32
52-week low date	2025-10-29
5Y price change	47.4%
5Y return CAGR	11.52%
5Y total return	72.48%
6M price change	0.85%
6M total return	2.21%
All-time high	$255.95
All-time high date	2026-08-17
All-time low	$2.90
All-time low date	1985-08-12
Average true range (ATR)	$4.20
Average volume	987.2K
Beta (1Y)	0.32
Beta (2Y)	0.85
Beta (5Y)	0.61
Change from 52-week high	-13.9%
Change from 52-week low	22.89%
Change from all-time high	-14.13%
Change from all-time low	7,478.62%
Change from open	0.02%
Day's gap	-0.45%
Dollar volume	$124.3M
High price	$221.24
Low price	$219.30
Monthly RSI	56.31
Open price	$220.32
Position in 52-week range	54.9%
Premarket change	0%
Premarket close	$221.31
Premarket price	$221.31
Previous close	$221.31
Price vs 150-day SMA	-3.45%
Price vs 20-day SMA	0.54%
Price vs 200-day SMA	-2.3%
Price vs 50-day SMA	-3.18%
Relative volume	0.57
RSI	46.13
Sharpe ratio	0.92
Sharpe ratio (3Y)	0.97
Sharpe ratio (5Y)	0.33
Sortino ratio	1.64
Sortino ratio (3Y)	1.71
Sortino ratio (5Y)	0.67
Volume	564.3K
Weekly RSI	45.22
YTD price change	9.08%
YTD total return	11.32%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	143M
Float percentage	99.53%
Shares change (QoQ)	-1.08%
Shares change (YoY)	-8.15%
Shares held by insiders	0.36%
Shares held by institutions	93.6%
Shares outstanding	143.7M
Short % of float	3.56%
Short % of shares	3.54%
Short ratio	4.6 days

Deeper analysis on MTB

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this MTB report

What is the latest published MTB stock rating?

M&T Bank Corporation is shown with Hold in the latest published report, analyzed 2026-10-04. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full MTB analysis?

The full latest published report, analyzed 2026-10-04, lives at /stocks/MTB/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for MTB?

The latest published report analyzed 2026-10-04 gives MTB a fair value of USD 212 and a potential value of USD 240. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the MTB page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-04). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

HoldMTB · Fair value $212-3.3%

Read full analysis →

M&T Bank Corporation (MTB)

Our latest published analysis: MTB rated Hold

Price

Financial snapshot

Fair-value bridge

Latest news · MTB

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All MTB indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on MTB

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	4.5
Management	8.5
Balance Sheet	5.0
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	7.0
Competitive Moat	6.5
Earnings Quality	7.5
Capital Efficiency	4.0