M&T Bank Corporation MTB

FinancialsBanking ServicesUnited States of America

Last close 220.72 USD on Nov 1, 2026, +11.8% year to date

Quant rating

Quant rating B Rank 307 of 799 in Financials

Growth C 349 of 799
Valuation C 361 of 799
Quality B 277 of 799
Revisions B 311 of 799
Momentum C 454 of 799

Wall Street consensus Hold (2.73)Average target 246.07 USD +11.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 31.7B
Enterprise value: 53.0B
52-week range: 180.00 – 255.86
3-year range: 112.13 – 255.86
Dividend yield: 2.72%
Beta (5 years): 0.65
Shares outstanding: 144M
Next earnings: Jan 19, 2027

About the company

M&T Bank Corporation is a financial holding company. The Company's reportable segments are Commercial Bank, Retail Bank and Institutional Services and Wealth Management. The Commercial Bank segment provides a wide range of credit products and banking services to middle-market and large commercial customers. It offers commercial lending and leasing, credit facilities which are secured by various types of commercial real estate, letters of credit, deposit products and cash management services. The Retail Bank segment provides a wide range of services to consumers and small businesses through the branch network and other delivery channels such as digital banking, telephone banking and automated teller machines (ATMs). The Institutional Services and Wealth Management segment provides a variety of trustees, agencies, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and institutional clients.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	10,486	11,026	10,224	6,247	3,939	–
Revenue growth	−4.9%	7.8%	63.7%	58.6%	−6.1%	20.1%
EPS (basic, normalized)	17.10	14.71	15.85	13.17	13.63	–
EPS growth	16.2%	−7.2%	20.3%	−3.3%	−7.3%	3.1%
Gross margin	–	–	–	–	–	–
Net margin	25.7%	22.2%	25.8%	30.3%	45.1%	29.8%
ROE	10.3%	9.5%	10.6%	8.7%	10.4%	9.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.6%
Long-term debt (mil)	13,648
Net debt (mil)	–
Total equity (mil)	28,159
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	10,486	−4.9%	5.1x	173.50	+6.5%	1.3x	17.00	+16.1%	13.0x
2026	10,077	−3.9%	5.3x	180.20	+3.9%	1.2x	19.46	+14.5%	11.3x
2027	10,444	+3.6%	5.1x	190.89	+5.9%	1.2x	21.01	+7.9%	10.5x
2028	10,892	+4.3%	4.9x	208.99	+9.5%	1.1x	23.28	+10.8%	9.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	10,077	+0.1%	+0.1%	+1.1%	19.46	+0.6%	+0.7%	+4.3%
2027	10,444	+0.1%	+0.3%	+1.0%	21.01	−0.6%	−0.3%	+0.7%
2028	10,892	+0.2%	+0.3%	+1.9%	23.28	−0.9%	−1.1%	+1.6%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	2,302	2,332	2,385	2,306	2,396	2,513	2,475	2,441	2,532	2,536
Sales mean (mil)	2,277	2,318	2,340	2,344	2,388	2,443	2,474	2,432	2,464	2,533
Surprise	+1.1%	+0.6%	+1.9%	−1.6%	+0.3%	+2.9%	0.0%	+0.4%	+2.8%	+0.1%
EPS reported	3.73	4.02	3.86	3.32	4.24	4.82	4.67	4.13	5.32	5.04
EPS mean	3.50	3.64	3.73	3.40	3.99	4.43	4.47	4.01	4.66	4.96
Surprise	+6.5%	+10.5%	+3.5%	−2.3%	+6.2%	+8.9%	+4.4%	+3.0%	+14.1%	+1.7%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
MTB M&T Bank Corporation	31.7B	11.6%	25.7%	1.22x	11.3x	10.5x	1.2x	1.2x
JPM JPMorgan Chase & Co.	895.9B	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
RY Royal Bank of Canada	281.5B	14.9%	19.1%	1.45x	17.3x	15.9x	2.9x	2.7x
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
WFC Wells Fargo & Company	250.4B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
AXP American Express Company	214.0B	–	13.8%	–	18.0x	15.8x	6.1x	5.4x
Mean		13.4%	21.9%	1.52x	13.8x	12.6x	2.6x	2.3x
Median		14.0%	22.1%	1.47x	12.5x	11.9x	2.0x	1.8x

Technical analysis

1M+0.1%
3M−12.1%
1Y+25.1%
3Y+122.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, M&T Bank Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	10,486	11,026	10,224	6,247	3,939	4,193
Total interest expense	3,538	4,174	3,109	425	114	326
Net interest income	6,948	6,852	7,115	5,822	3,825	3,866
Loan loss provision	505	610	645	517	–	–
Net interest income after loan loss provision	6,443	6,242	6,470	5,305	3,825	3,866
Non-interest income	2,742	2,427	2,528	2,357	2,167	2,088
Non-interest expense	−5,493	−5,359	−5,379	−5,050	−3,537	−4,185
Net income before taxes	3,692	3,310	3,619	2,611	2,455	1,770
Provision for taxes	841	722	878	619	596	416
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	2,851	2,588	2,741	1,992	1,859	1,353
Extraordinary items	–	–	–	–	–	–
Net income	2,851	2,588	2,741	1,992	1,859	1,353
Basic weighted average shares (mil)	158	166	166	163	129	129
Diluted weighted average shares (mil)	159	167	167	164	129	129
Basic EPS excluding extraordinary items	17.10	14.71	15.85	11.59	13.81	9.94
Basic EPS, normalized	17.10	14.71	15.85	13.17	13.63	14.70

Balance sheet in millions of USD, fiscal years

Balance sheet, M&T Bank Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	1,701	1,909	1,731	1,517	1,338	1,553
Other earning assets	53,814	53,026	55,072	50,290	49,496	31,778
Net loans	136,586	133,397	131,939	129,639	91,443	96,799
Property, plant & equipment	1,629	1,705	1,739	1,654	1,145	1,162
Goodwill	8,465	8,465	8,465	8,490	4,593	4,593
Intangibles	64.0	94.0	147	209	4.0	14.2
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	11,251	9,509	9,171	8,930	7,088	6,702
Total assets	213,510	208,105	208,264	200,730	155,107	142,601
Liabilities
Accounts payable	3,712	3,641	3,799	3,668	1,697	1,699
Payable/accrued	–	–	–	–	–	–
Accrued expenses	652	677	717	709	431	467
Total deposits	166,909	161,095	163,274	163,515	131,543	119,806
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	2,149	1,060	5,316	3,555	47.0	59.5
Current portion of long-term debt	15.0	3,270	527	744	–	–
Long-term debt	10,896	9,335	7,674	3,220	3,485	4,382
Minority interest	–	–	–	–	–	–
Other liabilities	0	0	0	0	0	0
Total liabilities	184,333	179,078	181,307	175,412	137,204	126,414
Shareholders' equity
Preferred stock	2,834	2,394	2,011	2,011	1,750	1,250
Common stock	90.0	90.0	90.0	89.7	79.9	79.9
Additional paid-in capital	10,011	9,998	10,020	10,003	6,635	6,617
Retained earnings (accumulated deficit)	20,882	19,079	17,524	15,754	14,646	13,444
Treasury stock	−4,917	−2,371	−2,230	−1,750	−5,082	−5,143
Other equity	277	−163	−458	−789	−126	−61.7
Total equity	29,177	29,027	26,957	25,318	17,903	16,187
Total liabilities & shareholders' equity	213,510	208,105	208,264	200,730	155,107	142,601

Cash flow statement in millions of USD, fiscal years

Cash flow statement, M&T Bank Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,851	2,588	2,741	1,992	1,859	1,353
Depreciation, depletion & amortization	365	369	366	338	234	235
Deferred taxes	−18.0	−27.0	−97.0	−30.0	87.2	−31.3
Non-cash items	64.0	149	−114	−48.6	87.9	86.4
Changes in working capital	−259	531	1,009	2,323	447	−855
Cash from operations	3,003	3,610	3,905	4,574	2,715	789
Investing activities
Capital expenditures	−143	−216	−256	−214	−149	−172
Other investing cash flows	−6,673	−9,530	−4,508	16,807	−13,482	−21,848
Cash from investing	−6,816	−9,746	−4,764	16,593	−13,632	−22,020
Financing activities
Financing cash flow items	5,794	−2,068	−230	−21,007	11,711	25,026
Cash dividends paid	−1,045	−1,033	−968	−881	−648	−636
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−2,949	219	5,378	904	−361	−3,042
Cash from financing	1,800	−2,882	4,180	−20,984	10,701	21,348
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−2,013	−9,018	3,321	183	−215	116
Free cash flow	2,860	3,394	3,649	4,359	2,566	617

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.