Latest Ratios: P/E Ratio 1.5x · EV/EBITDA -0.4x · ROE 9.8%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.0B | $4.2B | $4.5B | — | — | — | — | — | — | — | — |
| Enterprise Value | $-1730933943 | $-1552517850 | $-2662968220 | — | — | — | — | — | — | — | — |
| P/E Ratio → | 1.52 | 1.56 | 1.82 | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.32 | 0.34 | 0.33 | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.14 | 0.14 | 0.15 | — | — | — | — | — | — | — | — |
| P/FCF | 1.39 | 1.45 | 1.31 | — | — | — | — | — | — | — | — |
| P/OCF | 1.32 | 1.38 | 1.23 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | -0.13 | -0.20 | — | — | — | — | — | — | — | — |
| EV / EBITDA | -0.44 | -0.39 | -0.70 | — | — | — | — | — | — | — | — |
| EV / EBIT | -0.47 | -0.42 | -0.80 | — | — | — | — | — | — | — | — |
| EV / FCF | — | -0.54 | -0.78 | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 74.6% | 74.6% | 64.3% | 70.0% | 88.8% | 99.4% | 82.1% | 86.7% | 89.8% | 90.8% | 89.2% |
| Operating Margin | 30.0% | 30.0% | 24.7% | 28.9% | 31.0% | 40.4% | 28.2% | 36.7% | 38.9% | 38.6% | 36.0% |
| Net Profit Margin | 23.2% | 23.2% | 19.3% | 21.9% | 23.6% | 30.6% | 21.5% | 27.8% | 29.7% | 23.4% | 23.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.8% | 9.8% | 9.2% | 10.5% | 9.2% | 10.9% | 8.5% | 12.4% | 12.1% | 8.6% | 8.1% |
| ROA | 1.4% | 1.4% | 1.2% | 1.3% | 1.1% | 1.2% | 1.0% | 1.6% | 1.6% | 1.2% | 1.1% |
| ROIC | 6.5% | 6.5% | 6.0% | 7.4% | 7.2% | 8.8% | 6.1% | 7.5% | 7.1% | 6.8% | 5.6% |
| ROCE | 8.6% | 8.6% | 8.2% | 11.2% | 10.3% | 11.7% | 8.2% | 11.1% | 10.6% | 9.6% | 8.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.45 | 0.45 | 0.47 | 0.50 | 0.30 | 0.20 | 0.27 | 0.45 | 0.83 | 0.52 | 0.60 |
| Debt / EBITDA | 3.30 | 3.30 | 3.58 | 3.28 | 2.47 | 1.27 | 2.13 | 2.47 | 4.78 | 3.37 | 4.35 |
| Net Debt / Equity | — | -0.20 | -0.25 | -0.60 | -0.75 | -2.22 | -1.28 | -0.10 | 0.20 | 0.12 | 0.21 |
| Net Debt / EBITDA | -1.44 | -1.44 | -1.86 | -3.96 | -6.22 | -14.28 | -9.94 | -0.55 | 1.17 | 0.79 | 1.55 |
| Debt / FCF | — | -2.00 | -2.10 | -4.46 | -4.35 | -15.46 | -33.68 | -0.72 | 1.57 | 0.74 | 3.25 |
| Interest Coverage | 1.04 | 1.04 | 0.79 | 1.16 | 6.15 | 21.54 | 5.42 | 3.40 | 4.76 | 6.01 | 4.83 |
Net cash position: cash ($18.8B) exceeds total debt ($13.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.32 | 0.32 | 0.22 | 0.25 | 0.23 | 0.36 | 0.26 | 0.17 | 0.20 | 0.20 | 0.21 |
| Quick Ratio | 0.32 | 0.32 | 0.22 | 0.25 | 0.23 | 0.36 | 0.26 | 0.17 | 0.20 | 0.20 | 0.21 |
| Cash Ratio | 0.11 | 0.11 | 0.13 | 0.17 | 0.15 | 0.32 | 0.21 | 0.09 | 0.10 | 0.07 | 0.06 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.06 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 22.2% | 21.6% | 20.1% | — | — | — | — | — | — | — | — |
| Payout Ratio | 31.5% | 31.5% | 34.6% | 31.7% | 39.4% | 31.2% | 42.0% | 28.6% | 26.6% | 32.5% | 33.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 65.9% | 64.0% | 55.0% | — | — | — | — | — | — | — | — |
| FCF Yield | 71.9% | 68.8% | 76.2% | — | — | — | — | — | — | — | — |
| Buyback Yield | 66.1% | 63.3% | 16.7% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 88.4% | 84.9% | 36.8% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $157M | $167M | $167M | $164M | $129M | $129M | $134M | $139M | $153M | $157M |
CRE Office Concentration
According to current market data, M&T Bank trades at a P/B ratio of 0.14, a valuation level that suggests the market is pricing in significant long-term impairment risks rather than the bank's historical reputation for conservative credit underwriting and stable fiduciary fee income generation.
The extreme discount to book value appears to reflect investor anxiety regarding the bank's concentrated exposure to Northeast urban office commercial real estate. This valuation implies that the market expects a substantial erosion of tangible book value, potentially discounting the durability of the Wilmington Trust franchise as a source of non-interest income.
Based on reported quarterly figures, M&T Bank's ROE has remained constrained within a 1.8% to 2.8% range, indicating that the bank's profitability is currently struggling to overcome the combined pressures of stagnant net interest margins and volatile non-interest income contributions from its institutional services segment.
The DuPont decomposition suggests that the bank's profitability is currently hampered by a lack of asset utilization growth, as the NIM has remained flat at 0.8% over the last ten quarters. Investors should monitor whether the bank can improve its operating leverage, as the efficiency ratio's volatility suggests that cost management remains a significant hurdle to achieving higher returns on equity.
As reported in recent financial statements, M&T Bank has maintained a consistent equity-to-assets ratio between 0.13 and 0.14, providing a stable capital foundation that appears designed to absorb potential credit shocks while supporting the bank's ongoing commitment to share buybacks and dividend distributions.
This capital positioning suggests a defensive strategy that prioritizes balance sheet resilience over aggressive asset growth. While this approach may limit near-term earnings expansion, it provides a necessary buffer against the potential for increased credit loss provisions in the bank's core commercial real estate portfolio.
The P/E ratio is the most commonly misapplied metric for M&T Bank, as it is heavily distorted by the extreme volatility of CECL-driven credit loss provisions, which can swing net income from positive to negative without reflecting actual cash-based credit losses or underlying operational performance.
Investors should instead focus on pre-provision net revenue (PPNR) to gauge the bank's true earnings power, as this metric strips away the subjective and often volatile accounting adjustments related to credit reserves. Relying on P/E in this context obscures the bank's core profitability and may lead to incorrect conclusions regarding its valuation relative to peers.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MTB-PJ stock.
M&T Bank Corporation's current P/E ratio is 1.5x. The historical average is 1.7x.
M&T Bank Corporation's current EV/EBITDA is -0.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA.
M&T Bank Corporation's return on equity (ROE) is 9.8%. The historical average is 11.4%.
Based on historical data, M&T Bank Corporation is trading at a P/E of 1.5x. Compare with industry peers and growth rates for a complete picture.
M&T Bank Corporation's current dividend yield is 22.25% with a payout ratio of 31.5%.
M&T Bank Corporation has 74.6% gross margin and 30.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
M&T Bank Corporation's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.