Latest Ratios: P/E Ratio 12.9x · EV/EBITDA 8.2x · ROE 8.9%. (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 | $6.6B | $5.4B | $5.1B | $5.1B | $5.5B | $4.7B | $3.9B | $3.9B | $3.2B | $3.4B | $3.4B |
| Enterprise Value | $5.0B | $3.8B | $3.6B | $5.5B | $6.7B | $2.0B | $2.8B | $5.4B | $4.1B | $3.6B | $3.4B |
| P/E Ratio → | 12.88 | 11.74 | 13.65 | 13.81 | 14.46 | 12.82 | 13.50 | 15.16 | 12.65 | 22.56 | 23.24 |
| P/S Ratio | 5.35 | 4.38 | 4.94 | 4.83 | 5.26 | 4.67 | 3.78 | 5.42 | 4.55 | 5.01 | 6.92 |
| P/B Ratio | 1.24 | 0.99 | 1.02 | 1.06 | 1.21 | 1.00 | 0.91 | 1.17 | 1.00 | 1.05 | 1.53 |
| P/FCF | 11.75 | 11.25 | 11.74 | 11.95 | 7.35 | 7.91 | 32.04 | 27.95 | 11.32 | 14.20 | 20.91 |
| P/OCF | 13.32 | 10.85 | 11.42 | 11.63 | 7.19 | 7.71 | 27.70 | 25.91 | 11.09 | 13.40 | 20.02 |
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 | — | 3.07 | 3.50 | 5.29 | 6.47 | 1.96 | 2.68 | 7.40 | 5.72 | 5.27 | 6.82 |
| EV / EBITDA | 8.18 | 6.43 | 7.58 | 11.38 | 13.47 | 4.19 | 8.05 | 17.68 | 13.31 | 13.59 | 15.73 |
| EV / EBIT | 8.51 | 6.43 | 7.75 | 11.95 | 14.14 | 4.27 | 7.68 | 16.57 | 12.46 | 12.56 | 15.11 |
| EV / FCF | — | 7.88 | 8.31 | 13.08 | 9.05 | 3.32 | 22.75 | 38.15 | 14.21 | 14.93 | 20.59 |
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 | 96.2% | 96.2% | 97.6% | 97.0% | 98.2% | 102.4% | 89.6% | 97.1% | 96.9% | 95.8% | 95.0% |
| Operating Margin | 47.7% | 47.7% | 45.1% | 44.3% | 45.8% | 46.0% | 35.0% | 44.7% | 45.9% | 42.0% | 45.1% |
| Net Profit Margin | 37.6% | 37.6% | 36.2% | 35.0% | 36.5% | 36.5% | 28.1% | 35.8% | 36.0% | 22.2% | 29.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 7.6% | 7.9% | 8.2% | 8.2% | 7.5% | 7.9% | 7.9% | 5.5% | 7.5% |
| ROA | 1.5% | 1.5% | 1.2% | 1.2% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 0.9% | 1.1% |
| ROIC | 7.2% | 7.2% | 5.5% | 5.0% | 5.6% | 6.2% | 4.9% | 4.5% | 4.8% | 4.9% | 4.9% |
| ROCE | 3.0% | 3.0% | 7.4% | 6.9% | 7.6% | 8.5% | 6.7% | 6.2% | 6.8% | 7.0% | 7.2% |
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 | 0.17 | 0.17 | 0.16 | 0.44 | 0.54 | 0.22 | 0.25 | 0.68 | 0.57 | 0.57 | 0.62 |
| Debt / EBITDA | 1.56 | 1.56 | 1.69 | 4.27 | 4.87 | 2.19 | 3.15 | 7.48 | 6.05 | 7.00 | 6.46 |
| Net Debt / Equity | — | -0.29 | -0.30 | 0.10 | 0.28 | -0.58 | -0.26 | 0.43 | 0.26 | 0.05 | -0.02 |
| Net Debt / EBITDA | -2.75 | -2.75 | -3.13 | 0.99 | 2.52 | -5.79 | -3.29 | 4.73 | 2.71 | 0.67 | -0.24 |
| Debt / FCF | — | -3.37 | -3.43 | 1.13 | 1.69 | -4.59 | -9.29 | 10.20 | 2.90 | 0.74 | -0.32 |
| Interest Coverage | 1.01 | 1.01 | 0.79 | 0.96 | 4.51 | 8.84 | 3.31 | 1.76 | 2.53 | 3.81 | 4.95 |
Net cash position: cash ($2.5B) exceeds total debt ($921M)
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 | 28.21 | 28.21 | 0.11 | 0.24 | 0.26 | 0.33 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 |
| Quick Ratio | 28.21 | 28.21 | 0.11 | 0.24 | 0.26 | 0.33 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 |
| Cash Ratio | 12.80 | 12.80 | 0.09 | 0.07 | 0.05 | 0.16 | 0.11 | 0.06 | 0.07 | 0.12 | 0.13 |
| Asset Turnover | — | 0.04 | 0.03 | 0.04 | 0.04 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
| 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 | 3.1% | 3.9% | 3.9% | 3.8% | 3.5% | 3.9% | 4.2% | 3.5% | 4.4% | 3.6% | 2.8% |
| Payout Ratio | 45.0% | 45.0% | 53.8% | 53.2% | 50.9% | 49.3% | 56.3% | 53.4% | 55.5% | 80.6% | 65.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.8% | 8.5% | 7.3% | 7.2% | 6.9% | 7.8% | 7.4% | 6.6% | 7.9% | 4.4% | 4.3% |
| FCF Yield | 8.5% | 8.9% | 8.5% | 8.4% | 13.6% | 12.6% | 3.1% | 3.6% | 8.8% | 7.0% | 4.8% |
| Buyback Yield | 1.9% | 2.3% | 0.0% | 0.0% | 1.5% | 0.2% | 0.5% | 0.9% | 3.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.0% | 6.2% | 4.0% | 3.9% | 5.0% | 4.1% | 4.7% | 4.4% | 7.5% | 3.6% | 2.8% |
| Shares Outstanding | — | $141M | $136M | $135M | $135M | $130M | $120M | $102M | $104M | $98M | $74M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying UBSI stock.
United Bankshares, Inc.'s current P/E ratio is 12.9x. The historical average is 16.4x. This places it at the 10th percentile of its historical range.
United Bankshares, Inc.'s current EV/EBITDA is 8.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
United Bankshares, Inc.'s return on equity (ROE) is 8.9%. The historical average is 11.1%.
Based on historical data, United Bankshares, Inc. is trading at a P/E of 12.9x. This is at the 10th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
United Bankshares, Inc.'s current dividend yield is 3.07% with a payout ratio of 45.0%.
United Bankshares, Inc. has 96.2% gross margin and 47.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
United Bankshares, Inc.'s Debt/EBITDA ratio is 1.6x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
D.C. office CRE credit exposure
Metrics are mathematically derived from official filings.
Dividend Premium Supports Bank Multiple
Based on UBSI's reported figures, the stock trades at 1.24 times book and 14.80 times trailing earnings, a valuation that appears to reflect a premium for its dividend consistency and a 3.1% yield relative to peers such as FULT at 1.25 times and IBOC at 1.29 times book. The valuation may imply the market is pricing in a durable return on tangible equity. Investors should monitor whether ROE can sustain the 2.4% level shown in recent quarters. The P/B sits within the peer range, suggesting the premium is modest rather than a franchise-driven rerating.
The reported P/B of 1.24 is close to the peer cluster, indicating the market is not pricing UBSI as a high-return franchise. A P/E of 14.80 against a forward P/E of 12.95 implies the market expects earnings growth, which appears consistent with the NII trajectory in the prior statement analysis. Because the valuation leans on dividend durability rather than superior returns, any slippage in ROE would likely compress the multiple more than the payout would support.
Thin ROE Driven by Leverage
As reported in the ratio table, UBSI's ROE of roughly 2.4% and ROA of 0.4% over recent quarters appear modest, and with an equity-to-assets ratio near 0.16 the return is driven more by balance sheet scale than by spread or fee strength. The DuPont structure suggests leverage carries the return. Investors should monitor whether NIM expansion can lift the ROA component. ROE has recovered from 1.6% in 2025Q1, indicating improvement but not a return to a higher earnings regime.
A NIM in the 0.8% to 0.9% range combined with asset utilization that is essentially fixed leaves limited room for ROA expansion without fee or spread improvement. Fee income falling to 9.5% of revenue removes a source of diversification that would otherwise support the ratio. The result is a profitability profile that depends on leverage and cost control rather than pricing power.
Efficiency Gains Outpace Margin Progress
Based on UBSI's reported figures, the efficiency ratio improved from 56.0% in 2026Q2 to 48.2% in 2026Q3, while NIM held in a narrow 0.8% to 0.9% band across the ten quarters shown. The improvement in cost discipline appears to be doing more of the work than margin expansion. Investors should treat the efficiency swing cautiously, since merger timing may distort the quarterly comparison.
The gap between efficiency gains and flat NIM suggests operating leverage is coming from expense management rather than funding or asset repricing. Quarterly efficiency swings of this magnitude may partly reflect merger-related expense timing, so the underlying trend warrants further investigation. Sustained NIM stability without deposit cost pressure would be a positive signal, but the data does not isolate funding cost trends.
Thin Equity Buffer Against Asset Growth
According to UBSI's reported balance sheet, equity of about $5.4B against $34.2B in assets yields an equity-to-assets ratio of roughly 0.16, a level that leaves limited buffer if asset growth continues at its recent pace. Regulatory capital ratios such as CET1 are not supplied in the data, so the adequacy conclusion is necessarily tentative. Investors should monitor capital generation relative to balance sheet expansion.
The equity ratio has drifted from 0.17 to 0.16 over the period, consistent with asset growth outpacing retained capital. Without CET1 or Tier 1 disclosures in the supplied data, headroom above regulatory minimums cannot be confirmed. The absence of these figures limits the ability to judge capacity for capital return or acquisitions.
Episodic Provisions Obscure Credit Trend
Based on UBSI's reported figures, provision expense swung from $29.1M in 2025Q1 to a negative $133.4M in 2026Q1 before settling at $6.2M in 2026Q3, making the underlying credit trajectory difficult to read. Reserve coverage and nonperforming loan ratios are not supplied, so adequacy cannot be assessed directly. The pattern warrants further investigation given the D.C. office concentration.
Lumpy provisioning suggests reserve releases and builds are driving reported credit costs more than steady loss recognition. The negative provision in 2026Q1 may reflect reserve release rather than improving credit quality, and this should not be assumed without disclosure. Investors should monitor office CRE criticized loans and reserve coverage ratios once available.
P/E Misleads Given Provision Volatility
The ratio most commonly misapplied to UBSI is trailing P/E, since provision swings from negative $133.4M to positive $29.1M distort quarterly earnings. P/TBV or normalized earnings excluding reserve movements would better reflect the franchise. Investors should monitor how provisioning normalizes before relying on trailing earnings multiples.
A P/E of 14.80 may look attractive or expensive depending on which quarter's provisioning is embedded in trailing earnings, which means the multiple can shift materially without any change in underlying franchise value. Price-to-tangible-book, adjusted for acquisition-related intangibles, is a more stable reference point for a serial acquirer. Purchase accounting accretion may also inflate reported net interest income, so core-margin normalization would further refine the comparison.