M&T Bank Corporation (MTB) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
7.47
↑+85% vs avg
5yr avg: 4.02
30Y Low1.6·High26.8
P/FCF
↑
12.32
↑+55% vs avg
5yr avg: 7.95
30Y Low4.2·High57.2
P/B Ratio
↓
1.21
+19% vs avg
5yr avg: 1.01
30Y Low0.8·High3.1
ROE
↓
9.8%
-1% vs avg
5yr avg: 9.9%
30Y Low5%·High18%
Debt/EBITDA
↑
3.30
+19% vs avg
5yr avg: 2.78
30Y Low1.3·High17.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MTB Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
M&T Bank Corporation trades at 13.2x earnings, 16% above its 5-year average of 11.4x, sitting at the 40th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.6x. On a free-cash-flow basis, the stock trades at 12.3x P/FCF, 55% above the 5-year average of 7.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $35.2B | $31.5B | $31.5B | $22.9B | $23.8B | $19.8B | $16.4B | $22.8B | $19.8B | $26.1B | $24.6B |
| Enterprise Value | $29.5B | $25.8B | $24.3B | $6.6B | $4.8B | $-19894519040 | $-4390858800 | $21.3B | $23.0B | $28.1B | $28.1B |
| P/E Ratio → | 13.24 | 11.85 | 12.84 | 8.68 | 12.58 | 11.13 | 12.81 | 12.35 | 11.23 | 19.65 | 20.11 |
| P/S Ratio | 2.86 | 2.56 | 2.35 | 1.83 | 2.82 | 3.26 | 2.61 | 3.29 | 3.07 | 4.33 | 4.30 |
| P/B Ratio | 1.21 | 1.08 | 1.08 | 0.85 | 0.94 | 1.10 | 1.01 | 1.45 | 1.28 | 1.61 | 1.49 |
| P/FCF | 12.32 | 11.03 | 9.27 | 6.27 | 5.46 | 7.71 | 26.56 | 10.47 | 9.95 | 9.65 | 22.88 |
| P/OCF | 11.74 | 10.50 | 8.71 | 5.86 | 5.20 | 7.29 | 20.76 | 9.68 | 9.49 | 9.38 | 20.79 |
P/E links to full P/E history page with 30-year chart
MTB EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
M&T Bank Corporation's enterprise value stands at 7.5x EBITDA, 85% above its 5-year average of 4.0x. The Financial Services sector median is 11.4x, placing the stock at a 34% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.10 | 1.82 | 0.53 | 0.57 | -3.27 | -0.70 | 3.06 | 3.56 | 4.66 | 4.91 |
| EV / EBITDA | 7.47 | 6.53 | 6.38 | 1.61 | 1.59 | -7.16 | -2.10 | 7.46 | 8.54 | 11.14 | 12.44 |
| EV / EBIT | 8.00 | 7.00 | 7.35 | 1.83 | 1.85 | -8.10 | -2.48 | 8.34 | 9.15 | 12.08 | 13.65 |
| EV / FCF | — | 9.03 | 7.17 | 1.81 | 1.11 | -7.75 | -7.12 | 9.75 | 11.52 | 10.39 | 26.13 |
MTB Profitability
Margins and return-on-capital ratios measuring operating efficiency
M&T Bank Corporation earns an operating margin of 30.0%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 28.9% to 30.0% over the past 3 years, signaling improving operational efficiency. ROE of 9.8% is modest. ROIC of 6.5% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
MTB Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
M&T Bank Corporation carries a Debt/EBITDA ratio of 3.3x, which is moderately leveraged (23% below the sector average of 4.3x). The company holds a net cash position — cash of $18.8B exceeds total debt of $13.1B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of just 1.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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)
MTB Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.32x is below 1.0, meaning current liabilities exceed current assets — though the company's $18.8B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.25x to 0.32x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
MTB Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
M&T Bank Corporation returns 10.0% to shareholders annually — split between a 2.6% dividend yield and 7.5% buyback yield. The payout ratio of 31.5% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 31.5% | 31.5% | 34.6% | 31.7% | 39.4% | 31.2% | 42.0% | 28.6% | 26.6% | 32.5% | 33.6% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 8.4% | 7.8% | 11.5% | 7.9% | 9.0% | 7.8% | 8.1% | 8.9% | 5.1% | 5.0% |
| FCF Yield | 8.1% | 9.1% | 10.8% | 15.9% | 18.3% | 13.0% | 3.8% | 9.5% | 10.0% | 10.4% | 4.4% |
| Buyback Yield | 7.5% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 10.0% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $157M | $167M | $167M | $164M | $129M | $129M | $134M | $139M | $153M | $157M |
Peer Comparison
Compare MTB with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MTBYou | $35B | 13.2 | 7.5 | 12.3 | 74.6% | 30.0% | 9.8% | 6.5% | 3.3 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 RF | $25B | 12.5 | 6.8 | 11.5 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 KEY | $25B | 14.9 | 14.8 | 11.8 | 62.3% | 20.6% | 9.5% | 5.4% | 4.7 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 SNV | $7B | 16.5 | 8.8 | 9.1 | 53.8% | 17.7% | 9.3% | 6.6% | 2.8 |
 USB | $90B | 12.6 | 11.8 | 11.4 | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 PNC | $91B | 14.0 | 12.7 | 9.7 | 71.7% | 27.1% | 12.1% | 5.4% | 6.7 |
 TFC | $62B | 12.7 | 13.5 | 10.8 | 62.2% | 20.9% | 8.2% | 3.6% | 9.9 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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MTB — Frequently Asked Questions
Quick answers to the most common questions about buying MTB stock.
What is M&T Bank Corporation's P/E ratio?
M&T Bank Corporation's current P/E ratio is 13.2x. The historical average is 15.3x. This places it at the 40th percentile of its historical range.
What is M&T Bank Corporation's EV/EBITDA?
M&T Bank Corporation's current EV/EBITDA is 7.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
What is M&T Bank Corporation's ROE?
M&T Bank Corporation's return on equity (ROE) is 9.8%. The historical average is 11.4%.
Is MTB stock overvalued?
Based on historical data, M&T Bank Corporation is trading at a P/E of 13.2x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is M&T Bank Corporation's dividend yield?
M&T Bank Corporation's current dividend yield is 2.55% with a payout ratio of 31.5%.
What are M&T Bank Corporation's profit margins?
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.
How much debt does M&T Bank Corporation have?
M&T Bank Corporation's Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.