Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 6.6x · 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 | $31.8B | $31.5B | $31.5B | $22.9B | $23.8B | $19.8B | $16.4B | $22.8B | $19.8B | $26.1B | $24.6B |
| Enterprise Value | $26.1B | $25.8B | $24.3B | $6.6B | $4.8B | $-19894519040 | $-4390858800 | $21.3B | $23.0B | $28.1B | $28.1B |
| P/E Ratio → | 12.92 | 11.85 | 12.84 | 8.68 | 12.58 | 11.13 | 12.81 | 12.35 | 11.23 | 19.65 | 20.11 |
| P/S Ratio | 3.63 | 3.60 | 3.41 | 2.44 | 2.97 | 3.32 | 2.75 | 3.69 | 3.34 | 4.63 | 4.65 |
| P/B Ratio | 1.18 | 1.08 | 1.08 | 0.85 | 0.94 | 1.10 | 1.01 | 1.45 | 1.28 | 1.61 | 1.49 |
| P/FCF | 11.13 | 11.03 | 9.27 | 6.27 | 5.46 | 7.71 | 26.56 | 10.47 | 9.95 | 9.65 | 22.88 |
| P/OCF | 10.60 | 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
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 | — | 2.95 | 2.64 | 0.70 | 0.60 | -3.34 | -0.74 | 3.43 | 3.87 | 4.99 | 5.31 |
| EV / EBITDA | 6.60 | 6.53 | 6.38 | 1.61 | 1.59 | -7.16 | -2.10 | 7.46 | 8.54 | 11.14 | 12.44 |
| EV / EBIT | 7.07 | 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 |
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 | 2.6% | 2.9% | 2.8% | 3.8% | 3.3% | 2.9% | 3.5% | 2.4% | 2.6% | 1.8% | 1.8% |
| 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 | 7.7% | 8.4% | 7.8% | 11.5% | 7.9% | 9.0% | 7.8% | 8.1% | 8.9% | 5.1% | 5.0% |
| FCF Yield | 9.0% | 9.1% | 10.8% | 15.9% | 18.3% | 13.0% | 3.8% | 9.5% | 10.0% | 10.4% | 4.4% |
| Buyback Yield | 8.3% | 8.3% | 2.4% | 2.6% | 7.6% | 2.5% | 2.3% | 7.6% | 11.1% | 4.6% | 4.6% |
| Total Shareholder Yield | 10.9% | 11.2% | 5.2% | 6.4% | 10.9% | 5.4% | 5.7% | 10.0% | 13.6% | 6.4% | 6.4% |
| Shares Outstanding | — | $157M | $167M | $167M | $164M | $129M | $129M | $134M | $139M | $153M | $157M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MTB stock.
M&T Bank Corporation's current P/E ratio is 12.9x. The historical average is 15.3x. This places it at the 37th percentile of its historical range.
M&T Bank Corporation's current EV/EBITDA is 6.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
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 12.9x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
M&T Bank Corporation's current dividend yield is 2.62% 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.
Key Metrics
Top Statement Risk
CRE portfolio concentration
Metrics are mathematically derived from official filings.
Valuation Reflects Quality Premium Expectations
Based on recent market data, MTB trades at a P/B of 1.27, which suggests that investors are pricing the bank at a premium relative to its tangible book value, likely reflecting confidence in its decentralized credit culture despite the ongoing integration of the People's United acquisition.
The current P/B multiple indicates that the market views MTB as a high-quality franchise rather than a commodity balance sheet, though this valuation remains sensitive to the bank's ability to maintain superior ROTCE levels. Investors should monitor whether this premium persists as the bank's CRE exposure in the Northeast urban corridor faces potential cyclical headwinds.
DuPont Analysis Reveals Margin Compression
According to quarterly financial disclosures, MTB's ROE has remained constrained between 1.8% and 2.8% over the last ten quarters, indicating that the bank's profitability is currently pressured by a combination of stagnant net interest margins and the operational costs associated with its large-scale regional expansion.
The decomposition of profitability suggests that the bank's reliance on traditional interest income is being challenged by rising funding costs, which have kept NIMs at a flat 0.8% level. The moderate ROE performance implies that the bank's asset utilization is currently hampered by the integration of acquired portfolios, warranting further investigation into the scalability of its regional president model.
Efficiency Ratio Volatility Masks Control
As reported in financial statements, MTB's efficiency ratio has exhibited significant variance, ranging from 38.4% to 54.2% over the past ten quarters, which reflects the operational friction inherent in integrating large-scale acquisitions while maintaining a high-touch, decentralized branch network across the Northeast and Mid-Atlantic regions.
The fluctuation in the efficiency ratio suggests that management is struggling to achieve immediate cost synergies, potentially due to the high fixed-cost nature of its physical footprint. Investors should monitor whether the bank can return to its historical top-tier efficiency levels as the People's United integration reaches full maturity.
Capital Buffers Support Shareholder Returns
Based on regulatory filings, MTB has maintained a consistent equity-to-assets ratio of approximately 13% to 14%, providing a stable capital foundation that appears to support ongoing share buybacks despite the inherent volatility in the bank's provision for credit losses under the CECL accounting standard.
This capital position appears adequate to absorb potential shocks within the CRE portfolio, though the bank's ability to continue aggressive capital returns may be constrained by evolving regulatory requirements for institutions of its size. The stability of these ratios suggests a conservative approach to capital management that prioritizes long-term solvency over short-term growth.
Misapplied P/E Multiples Obscure Quality
The P/E ratio is frequently misapplied to MTB, as it fails to account for the significant non-cash volatility introduced by CECL-mandated provision adjustments and purchase accounting marks from the People's United acquisition, which can artificially distort the bank's reported earnings and create a misleading valuation signal.
Investors should instead focus on P/TBV and normalized ROTCE, as these metrics better capture the underlying value of the bank's franchise and its ability to generate returns on tangible capital. Relying on P/E in this context may lead to incorrect conclusions regarding the bank's earnings durability and its relative valuation against regional peers.