M&T Bank Corp (MTB)
Financials · Regional Banks · US stock · S&P 500 component
$222.83
▲ +3.32 (1.51%)
Fair valueFair
$237 +6.3% to fair value
$118fair band $202–$287$355
Day's range
$216.96 – $222.97
52-week range
$179.32 – $255.95
About M&T Bank Corp
M&T Bank is a regional bank holding company with its main operations in the northeastern and mid-Atlantic United States. Through its banking subsidiary it takes deposits and makes commercial, real estate and consumer loans, and it also offers wealth management and trust services. Most of its income is net interest income, which is the gap between interest earned on loans and securities and interest paid on deposits, plus fee income.
Over the last twelve months M&T Bank Corp reported revenue of $1.7 billion, which declined at 41.3% a year across three years. Its operating margin is 230.3% and its return on invested capital is 11%. The company pays a dividend with a yield of 2.7%. The X-Ray Score is 58 out of 100, a summary of these measures.
Price chart
52-wk range $179.32 – $255.95Volume 956,211Daily, split-adjusted
Vitals
Market cap$32.7B
52-week range$179.32 – $255.95
Volume (last day)956,211
P/E (TTM)11.2
EBIT / EV yield11.7%
Free-cash-flow yield–
Dividend yield2.7%
Revenue (TTM)$1.7B
Net income (TTM)$3.0B
Operating margin230.3%
Return on capital10.6%
Debt incl. leases$18.2B
Cash & securities$17.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$237middle half of models $213 – $238
Fair
+6.3% to fair value
Average of the 5 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $223
Undervalued < $202Fair $202 – $287Overvalued > $287
P/E multiple
$224
P/B multiple
$213
P/S multiple
$203
Dividend discount, stable
$238
Dividend discount, multi-stage
$306
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
62/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield11.7%
Fair value vs price1.1×
Growth
Weak
48/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-41.3%
EPS growth (3y)13.8%
Growth consistency100%
Profitability
Weak
44/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital10.6%
Operating margin230.3%
Financial health
Strong
80/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score9 / 9
Net debt / EBITDA0.2×
Interest coverNo interest cost
Dividends
Fair
63/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.7%
Dividend growth4.7%
Quarterly results: last 6 quarters
+8.2%
Mar '25
+7.5%
Jun '25
+7.4%
Sep '25
+7.1%
Dec '25
+5.3%
Mar '26
+6.0%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $442M, diluted EPS $5.32.
Compare with peers
RF Regions Financial Corp58 KEY Keycorp51 CFG Citizens Financial Gro...49 HBAN Huntington Bancshares...39Other Regional Banks companies by X-Ray Score.
SWOT analysis: M&T Bank Corp
Strengthsinside the company
- Return on invested capital is 10.6%, against a median of 7.1% for industry peers.
- Operating margin of 230.3% is well above the 95.8% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 13.8% a year over three years.
- Net debt is only 0.2x EBITDA.
Weaknessesinside the company
- Revenue has fallen 41.3% a year over three years while industry peers grew 1.0%.
Opportunitiesvaluation and setting
- Revenue growth picked up to 7.5% last year from -41.3% a year over three years.
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare MTB with peers and sector
Medians of 5 Regional Banks peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): FITB 36, HBAN 39, CFG 49, RF 58, KEY 51.
| Metric | MTB | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 49 | 50 |
| Valuation | 61 | 62 | 52 |
| Growth | 48 | 20 | 54 |
| Profitability | 44 | 34 | 49 |
| Financial health | 79 | 74 | 50 |
| Dividends | 63 | 58 | 54 |
Sector leaders: highest X-Ray Score in Financials
MTB ranks #18 of 71 in Financials and #2 of 6 in Regional Banks by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for MTB
Each factor is rated by where MTB stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 2 Average · 3 Bad of 8
Growth: 0 · 2 · 1
Profitability: 1 · 0 · 1
Valuation: 2 · 0 · 1
| Factor | MTB | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −41.3% | Bad beats 2% | +8.3% | – | – |
| Revenue growth, last year | +7.5% | Average beats 58% | +6.9% | +7.5% | ≈ In line |
| EPS growth, 3 years a year | +13.8% | Average beats 54% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 178.1% | Good beats 95% | 21.8% | 31.0% | ▲ Better |
| Return on equity | 10.9% | Bad beats 28% | 15.7% | 9.8% | ≈ In line |
| Valuation | |||||
| P/E ratio | 10.8x | Good beats 79% | 13.8x | 11.2x | ≈ In line |
| Price / book | 1.2x | Good beats 82% | 2.2x | 1.1x | ≈ In line |
| Price / sales | 19.2x | Bad beats 4% | 3.1x | 3.3x | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 4 Average · ● 1 BadCash quality
Earnings backed by cashAverage
Risk models
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyGood
Balance sheet
Net debt / EBITDAGood
Interest coverGood
Valuation
Fair value vs priceAverage
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 58/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.0B | $8.2B | $9.6B | $1.5B | $1.7B |
| Operating income | $2.6B | $3.0B | $6.7B | $3.3B | $3.7B |
| Net income | $1.9B | $2.0B | $2.7B | $2.6B | $2.9B |
| Operating cash flow | $2.7B | $4.6B | $3.9B | $3.6B | $3.0B |
| Operating margin | 42.9% | 37.1% | 69.8% | 214.8% | 222.8% |
| Free cash flow | $2.6B | $4.4B | $3.6B | – | – |
| Diluted EPS | $13.80 | $11.53 | $15.79 | $14.64 | $17.00 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
7 bullish · 1 neutral · 8 bearish
Weekly
Neutral
6 bullish · 1 neutral · 5 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 218.0 | Bullish |
| EMA 10 | 218.6 | Bullish |
| SMA 20 | 218.2 | Bullish |
| EMA 20 | 220.0 | Bullish |
| SMA 50 | 229.1 | Bearish |
| EMA 50 | 225.9 | Bearish |
| SMA 100 | 233.5 | Bearish |
| EMA 100 | 227.1 | Bearish |
| SMA 200 | 222.6 | Bullish |
| EMA 200 | 220.7 | Bullish |
Oscillators (daily)
| RSI (14) | 52.25 | Neutral |
| MACD (12, 26) | -2.67 | Bearish |
| Momentum (12) | 1.87 | Bullish |
| Stochastic %K (14) | 94.36 | Bearish |
| Williams %R (14) | -5.64 | Bearish |
| CCI (20) | 126.6 | Bearish |
Pivot points (classic, last session)
S3 212.9 | S2 214.9 | S1 218.9 | Pivot 220.9 | R1 224.9 | R2 226.9 | R3 230.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.00 USD
Yield on today's price
2.69%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.5000 | |
| 1.5000 | |
| 1.5000 | |
| 1.5000 | |
| 1.5000 | |
| 1.3500 | |
| 1.3500 | |
| 1.3500 | |
| 1.3500 | |
| 1.3500 | |
| 1.3000 | |
| 1.3000 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold MTB
| ETF | Share of the fund |
|---|---|
| KBWB Invesco KBW Bank | 3.73% |
| KRE SPDR S&P Regional Banking | 1.34% |
| KBE SPDR S&P Bank | 0.99% |
| DPST Direxion Daily Regional Banks Bull 3X | 0.93% |
| SPLV Invesco S&P 500 Low Volatility | 0.86% |
| SDVY First Trust SMID Cap Rising Dividend A... | 0.71% |
| RPV Invesco S&P 500 Pure Value | 0.69% |
| IYF iShares U.S. Financials | 0.55% |
The eight funds with the largest weight in MTB among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
MTB stock splits
MTB has split its stock once since 2000. The latest was a 10-for-1 split on 6 Oct 2000.
Full MTB stock split history →MTB SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.