# M&T Bank Corp. (MTB) — Stock CV

M&T Bank Corp. 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.

> 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.

## Identity

- **Ticker**: MTB
- **Sector**: Financial Services
- **Industry**: State Commercial Banks
- **Headquarters**: BUFFALO, NY
- **Employees**: 21 662
- **Website**: https://www3.mtb.com
- **Market cap**: $31.4B
- **Last price**: $217.49
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $13.3B
- **Net income**: $3.03B
- **Free cash flow**: $3.60B
- **Net cash**: $5.71B
- **P/E**: 10.4
- **Revenue growth (YoY)**: 1.0%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 75 |
| Growth | 65 |
| Profitability | 74 |
| Health | 53 |
| Quality | 35 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +1.0% YoY
- [x] Profitable — $3.03B TTM
- [x] Profit growing — +13.9% YoY
- [x] Generates cash — $3.60B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $31.4B market cap
- [ ] Not printing shares — +16.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.2 — distress
- [x] Pays a dividend — yield 3.40%
- [x] Valuation not extreme — P/E 10.4

## Experience (career milestones)

- **FY2025** — Best year on record: $2.85B net income
- **FY2024** — Revenue crossed $10B: $13.5B for the year
- **FY2024** — Became debt-free: cash now exceeds total debt
- **2022** — April 2022: acquired People's United Bank in an all-stock transaction valued at approximately $8.3 billion
- **2022** — M&T launched its Multicultural Banking Center in East Hartford, Connecticut
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $5.72B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **Nov 2, 2015** — The acquisition was delayed for 3 years due to a money laundering case involving an M&T branch and the acquisition…
- **2010** — November 2010: acquired K Bank of Baltimore, Maryland * May 2011: acquired Wilmington Trust for $351 million in stock
- **2000** — October 2000: acquired Keystone Financial of Central Pennsylvania * February 2001: acquired Premier Nation Bancorp…
- **1995** — First Empire formed a national bank subsidiary, M&T Bank, N.A
- **1987** — Between 1987 and 2022, M&T Bank acquired 24 financial institutions, as follows:
- **1945** — June 1945: acquired the First National Bank of Kenmore * October 1945: acquired the Citizens National Bank of…
- **1925** — December 1925: merged with Fidelity Trust Company under the name Manufacturers and Traders Trust Company * May 1927:…
- **1901** — The bank built a new headquarters on a site purchased for $210,000 near the southwest corner of Main and…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.62B | $1.86B | $2.57B |
| FY2022 | $1.54B | $1.99B | $4.36B |
| FY2023 | $9.00B | $2.64B | $3.65B |
| FY2024 | $13.5B | $2.59B | $3.39B |
| FY2025 | $13.2B | $2.85B | $2.86B |

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Source: https://stockcv.com/MTB — derived from company filings; may be delayed or incomplete. Information, not investment advice.