M&T Bank is a US regional bank with around $215 billion in assets as of the end of the first quarter of 2026. Headquartered in Buffalo, New York, the bank's footprint is mostly concentrated in New England and the US Mid-Atlantic.
It is a $31.4B financial services company. Revenue grew 1.0% over the last year, and it keeps 23¢ of every dollar of sales as profit. It trades at 10.4× earnings — in the cheapest third of its own history.
- Website
- www3.mtb.com
- Location
- Buffalo, NY
- Employees
- 21 662
- Sector
- Financial Services
- Next earnings
- Oct 16, 2026 · in 4d
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation; Quality lags behind.
Valuation75
- P/E vs own history31th pct · 20/25
- FCF yield11.4% · 25/25
- P/S2.1x · 20/25
- EV/EBITDAn/a · 10/25
Growth65
- Revenue CAGR69.1% · 25/25
- Net income CAGR11.3% · 20/25
- EPS CAGR ~5Y12.6% · 20/25
- Fwd implied growth-4.3% · 0/25
Profitability74
- ROIC12.1% · 12/25
- ROE10.7% · 12/25
- Net margin22.7% · 25/25
- Operating margin40.6% · 25/25
Health53
- Altman Z0.17 · 3/25
- Current ration/a · 0/25
- Interest coverageno interest expense · 25/25
- Net cash / debtNet cash · 25/25
Quality35
- Piotroski F6/9 · 15/25
- Beneish M-2.50 · 20/25
- FCF conversionn/a · 0/25
- Margin stabilityσ 75.3% · 0/25
Moat50
- ROIC >12% years1/9 yrs · 0/25
- Median gross marginn/a · 0/25
- FCF-positive years5/5 yrs · 25/25
- Worst-year net marginworst 19.2% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$2.85B net income
- FY2024FinancialRevenue crossed $10B$13.5B for the year
- FY2024FinancialBecame debt-freecash now exceeds total debt
- 2022AcquisitionApril 2022: acquired People's United Bank in an all-stock transaction valued at approximately $8.3 billion
- 2022ProductM&T launched its Multicultural Banking Center in East Hartford, Connecticut
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$5.72B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- Nov 2, 2015AcquisitionThe acquisition was delayed for 3 years due to a money laundering case involving an M&T branch and the acquisition…
- 2010AcquisitionNovember 2010: acquired K Bank of Baltimore, Maryland * May 2011: acquired Wilmington Trust for $351 million in stock
- 2000AcquisitionOctober 2000: acquired Keystone Financial of Central Pennsylvania * February 2001: acquired Premier Nation Bancorp…
- 1995MilestoneFirst Empire formed a national bank subsidiary, M&T Bank, N.A
- 1987AcquisitionBetween 1987 and 2022, M&T Bank acquired 24 financial institutions, as follows:
- 1945AcquisitionJune 1945: acquired the First National Bank of Kenmore * October 1945: acquired the Citizens National Bank of…
- 1925AcquisitionDecember 1925: merged with Fidelity Trust Company under the name Manufacturers and Traders Trust Company * May 1927:…
- 1901AcquisitionThe bank built a new headquarters on a site purchased for $210,000 near the southwest corner of Main and…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Strongly profitable — 22.7% net margin
- Strong cash conversion — FCF is 26.9% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
- Altman Z-Score 0.17 — elevated financial-distress risk
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+1.0% YoY
- Profitable — makes more than it spends$3.03B TTM
- Profit growing — earnings are higher than last year+13.9% YoY
- Generates cash — cash left after running and investing$3.60B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$31.4B market cap
- Not printing shares — share count not ballooning — you keep your slice+16.6% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.2 — distress
- Pays a dividend — returns cash to shareholdersyield 3.40%
- Valuation not extreme — price not wildly above earningsP/E 10.4
Peer comparisonM&T Bank Corp. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| MTB this company | $31.4B | 10.4 | +1.0% | 22.7% | Mixed |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: MTB vs BRK.A · MTB vs BRK.B · MTB vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/MTB
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of MTB on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $217.49 · market cap $31.4B.