M&T Bank MTB

NYSE · State Commercial Banks · $32.4B

Every report since 2023 →

No closes on file for MTB yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$32.4B

Enterprise value$24.6B

Revenue$10.5B −4.9%

EPS, diluted$17.00 +16.1%

Modern Valuation (EOD)

Market Cap$32.4B

Enterprise Value$24.6B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales2.34

P / E (GAAP)11.38

P / FCF—

P / Oper. CF10.80

P / Book1.11

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield8.8%

Shareholder Yield+10.5%

Buyback Yield8.1%

Dividend Yield—

Dividend / sh$5.70

Payout Ratio32%

FCF / sh—

EPS (diluted)$17.00

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE9.8%

ROA1.3%

Gross Margin—

Oper. Margin—

Net Margin27.2%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio−0.1%

SBC % of FCF—

SBC % of Rev1.3%

Reinvest. Rate—

Sales Growth Y/Y−4.9%

Sales 3Y CAGR+8.6%

EPS Growth Y/Y+16.1%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y−5.1%

Balance Sheet & Scale

Revenue (FY)$10.5B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$2.9B

True FCF (ex-SBC)—

Cash & Equiv$18.8B

Total Debt$10.9B

Net Cash (Debt)$7.9B

Net Cash % MCap+24.2%

Debt / FCF (yrs)—

Current Ratio—143.43M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of MTB revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$7.6B ($72.8 / $100)

Net Profit Kept$2.9B ($27.2 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$2.9B (27.2% margin)

Operating Cash Flow (OCF)$3.0B(28.6% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$136.0M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$6.0B	$8.2B	$9.6B	$11.0B	$10.5B	−4.9%	+15.0%
Interest Expense	$114.0M	$425.0M	$3.1B	—	$3.1B	—	+128.5%
Income Tax Expense	$596.0M	$620.0M	$878.0M	$722.0M	$841.0M	+16.5%	+9.0%
GAAP Net Income	$1.9B	$2.0B	$2.7B	$2.6B	$2.9B	+10.2%	+11.3%
Diluted EPS	$13.80	$11.53	$15.79	$14.64	$17.00	+16.1%	+5.4%
Diluted Shares	128.8M	164.0M	167.0M	167.3M	158.8M	−5.1%	+5.4%
Balance Sheet
Cash & Equivalents	$1.3B	$26.5B	$29.8B	$20.8B	$18.8B	−9.7%	+93.5%
Total Assets	$155.1B	$200.7B	$208.3B	$208.1B	$213.5B	+2.6%	+8.3%
Total Debt (Short + Long Term)	$3.5B	$4.0B	$8.2B	$12.6B	$10.9B	−13.4%	+33.0%
Total Liabilities	$137.2B	$175.4B	$181.3B	$179.1B	$184.3B	+2.9%	+7.7%
Stockholders' Equity	$17.9B	$25.3B	$27.0B	$29.0B	$29.2B	+0.5%	+13.0%
Net Cash / (Net Debt)	$-2.1B	$22.5B	$21.6B	$8.2B	$7.9B	−3.9%	—
Invested Capital	$20.1B	$2.8B	$5.4B	$20.9B	$21.3B	+2.2%	+1.5%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$2.7B	$4.6B	$3.9B	$3.6B	$3.0B	−16.8%	+2.6%
Depreciation & Amortization (D&A)	—	$282.0M	$304.0M	$316.0M	$323.0M	+2.2%	+4.6%
Stock-Based Compensation (SBC)	$85.0M	$111.0M	$118.0M	$116.0M	$136.0M	+17.2%	+12.5%
Share Repurchases (Buybacks)	—	$1.8B	$594.0M	$396.0M	$2.6B	+564.4%	+13.5%
Dividends Paid	$580.0M	$784.0M	$868.0M	$895.0M	$899.0M	+0.4%	+11.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what MTB did at the next close after each story

No Wire story has named MTB yet.

What happened · big days

12 big days in a year, and what we hold on each

A big day is a close more than 2.68% from the one before, three times MTB’s median day (0.89%). On 9 of the 12, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.68%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayMTBWhat we hold that dayGroup (median of 4) · each

1 Nov 17, 2025−3.16%
Before our storiesgroup −3.4%, moved with MTB
1Nov 17, 2025−3.16%
Before our stories
−3.4% moved with MTBNTRS −3.7 · STT −3.4 · FITB −3.4 · BNY +0.8
2 Nov 21, 2025+3.20%
Before our storiesgroup +1.0%, did not move with it
2Nov 21, 2025+3.20%
Before our stories
+1.0% did not move with itFITB +2.8 · NTRS +1.1 · STT +0.9 · BNY +0.1
3 Dec 10, 2025+3.51%
Before our storiesgroup +2.7%, moved with MTB
3Dec 10, 2025+3.51%
Before our stories
+2.7% moved with MTBFITB +5.3 · NTRS +3.1 · STT +2.2 · BNY −0.2
4 Jan 21, 2026+3.52%
Before our storiesgroup +1.0%, did not move with it
4Jan 21, 2026+3.52%
Before our stories
+1.0% did not move with itFITB +5.5 · STT +1.3 · NTRS +0.8 · BNY 0.0
5 Feb 23, 2026−4.47%
Before our storiesgroup −3.0%, moved with MTB
5Feb 23, 2026−4.47%
Before our stories
−3.0% moved with MTBFITB −5.4 · NTRS −3.0 · STT −2.2
6 Feb 27, 2026−3.71%
Before our storiesgroup −3.0%, moved with MTB
6Feb 27, 2026−3.71%
Before our stories
−3.0% moved with MTBFITB −4.8 · NTRS −3.0 · STT −2.8
7 Mar 31, 2026+2.78%
Before our storiesgroup +2.5%, moved with MTB
7Mar 31, 2026+2.78%
Before our stories
+2.5% moved with MTBFITB +4.0 · STT +2.5 · NTRS +2.5
8 Apr 8, 2026+3.27%
Before our storiesgroup +3.8%, moved with MTB
8Apr 8, 2026+3.27%
Before our stories
+3.8% moved with MTBNTRS +4.2 · STT +3.8 · FITB +3.2
9 Jun 4, 2026+3.60%
Before our storiesgroup +2.9%, moved with MTB
9Jun 4, 2026+3.60%
Before our stories
+2.9% moved with MTBFITB +4.7 · STT +3.1 · NTRS +2.7 · BNY +2.5
10 Jul 15, 2026+2.76%
Resultsgroup +2.0%, moved with MTB
10Jul 15, 2026+2.76%
ResultsFirst close after the Jul 15 results filing
+2.0% moved with MTBBNY +5.1 · NTRS +2.4 · STT +1.6 · FITB +1.6
11 Aug 19, 2026−2.76%
Nothing on MTBgroup −2.9%, moved with MTB
11Aug 19, 2026−2.76%
Nothing on MTBNo MTB story, brief or results filing in our record that day
−2.9% moved with MTBFITB −4.1 · STT −3.2 · NTRS −2.7 · BNY −2.5
12 Sep 16, 2026−3.98%
Nothing on MTBgroup −1.2%, did not move with it
12Sep 16, 2026−3.98%
Nothing on MTBNo MTB story, brief or results filing in our record that day
−1.2% did not move with itFITB −4.1 · STT −1.2 · NTRS −1.2 · BNY −0.8

A story on the same day is not a cause, and a group move is not proof either. Group: the median of BNY, FITB, STT and NTRS that day, the largest companies in MTB’s SEC industry; “moved with MTB” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). MTB reports before the open, so day 1 is that day’s close. 2 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 16, 2026

day 1−0.14%day 6+0.79%

Reported Apr 15, 2026

day 1−1.55%day 6−1.33%

Reported Jul 15, 2026

day 1+2.76%day 6+3.67%

Reported Oct 16, 2026

day 1−1.54%day 6+1.38%

Next report: expected mid JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 16 report: +2.74%. Four reports is a small sample.

Every report since 2023 →

Each line is MTB’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

MTB against four bank peers, a year at 100

MTB is up 20.9% in a year. Bank of New York Mellon is up 15.1 times, State Street is up 46.6%, Northern Trust 37.0% and Fifth Third Bancorp 27.6%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 15-fold rise and a 20.9% rise both read honestly.

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MTB +20.9%. Bank of New York Mellon ×15.1, State Street +46.6%, Northern Trust +37.0%, Fifth Third Bancorp +27.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in MTB’s SEC industry (State Commercial Banks) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

BNY	Bank of New York Mellon	$103.6B	−3.42%
FITB	Fifth Third Bancorp	$49.6B	−2.32%
STT	State Street	$47.6B	−4.72%
NTRS	Northern Trust	$32.6B	−3.72%
FCNCA	First Citizens Bancshares	$30.3B	−1.16%
CFG	Citizens Financial	$27.8B	−3.14%
EWBC	East West Bancorp	$18.4B	−3.74%
ALLY	Ally Financial	$12.0B	−1.35%