Latest Ratios: P/E Ratio 14.1x · EV/EBITDA 8.0x · 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 | $6.4B | $5.4B | $5.1B | $5.1B | $5.5B | $4.7B | $3.9B | $3.9B | $3.2B | $3.4B | $3.4B |
| Enterprise Value | $4.7B | $3.8B | $3.6B | $5.5B | $6.7B | $2.0B | $2.8B | $5.4B | $4.1B | $3.6B | $3.4B |
| P/E Ratio → | 14.13 | 11.74 | 13.65 | 13.81 | 14.46 | 12.82 | 13.50 | 15.16 | 12.65 | 22.56 | 23.24 |
| P/S Ratio | 5.15 | 4.38 | 4.94 | 4.83 | 5.26 | 4.67 | 3.78 | 5.42 | 4.55 | 5.01 | 6.92 |
| P/B Ratio | 1.19 | 0.99 | 1.02 | 1.06 | 1.21 | 1.00 | 0.91 | 1.17 | 1.00 | 1.05 | 1.53 |
| P/FCF | 13.24 | 11.25 | 11.74 | 11.95 | 7.35 | 7.91 | 32.04 | 27.95 | 11.32 | 14.20 | 20.91 |
| P/OCF | 12.77 | 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 | 8.04 | 6.43 | 7.58 | 11.38 | 13.47 | 4.19 | 8.05 | 17.68 | 13.31 | 13.59 | 15.73 |
| EV / EBIT | 8.04 | 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 | 65.4% | 65.4% | 62.0% | 66.5% | 89.1% | 97.3% | 81.1% | 77.4% | 82.0% | 86.3% | 87.1% |
| Operating Margin | 32.4% | 32.4% | 28.7% | 30.3% | 41.5% | 43.7% | 31.6% | 35.6% | 38.9% | 37.8% | 41.3% |
| Net Profit Margin | 25.5% | 25.5% | 23.0% | 24.0% | 33.1% | 34.7% | 25.4% | 28.6% | 30.5% | 20.0% | 27.3% |
| 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 | — | 0.05 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| 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 | 3.2% | 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 | 7.1% | 8.5% | 7.3% | 7.2% | 6.9% | 7.8% | 7.4% | 6.6% | 7.9% | 4.4% | 4.3% |
| FCF Yield | 7.6% | 8.9% | 8.5% | 8.4% | 13.6% | 12.6% | 3.1% | 3.6% | 8.8% | 7.0% | 4.8% |
| Buyback Yield | 2.0% | 2.3% | 0.0% | 0.0% | 1.5% | 0.2% | 0.5% | 0.9% | 3.1% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.2% | 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
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Quick answers to the most common questions about buying UBSI stock.
United Bankshares, Inc.'s current P/E ratio is 14.1x. The historical average is 16.4x. This places it at the 30th percentile of its historical range.
United Bankshares, Inc.'s current EV/EBITDA is 8.0x. 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 14.1x. This is at the 30th 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 3.21% with a payout ratio of 45.0%.
United Bankshares, Inc. has 65.4% gross margin and 32.4% 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 exposure
Metrics are mathematically derived from official filings.
Premium Priced for Dividend Consistency
UBSI trades at 1.23x book and 14.6x trailing earnings, a premium to regional peers, reflecting its 50-year dividend streak and stable franchise, as per market data.
The P/B of 1.23 is above the peer median of roughly 1.2, but below the 1.6x of WSFS, suggesting the market awards a modest premium for UBSI's deposit franchise and dividend reliability. The forward P/E of 12.9 implies earnings growth expectations that may be optimistic given the flat ROE trend. Investors appear to pay up for the bank's defensive characteristics, but the valuation leaves little room for credit deterioration.
ROE Stagnant Despite Efficiency Gains
ROE has hovered near 2.4% over the past year, with ROA at 0.4%, as reported in quarterly data, indicating limited profitability improvement despite efficiency gains.
The DuPont decomposition shows that the bank's ROE is constrained by a very low equity multiplier (leverage) of approximately 6.25x, reflecting a conservative balance sheet with high capital. While the efficiency ratio improved to 38.2% in 2026Q2, this has not translated into higher ROE, suggesting that net interest margin compression and modest fee income are offsetting cost controls. The bank's profitability appears stable but not expanding, with ROE well below the 10%+ levels of peers like IBOC and SNV.
NIM Stable but Deposit Costs Loom
Net interest margin held at 0.8% in 2026Q2, unchanged from prior quarters, while the efficiency ratio improved to 38.2%, according to recent financial statements, signaling cost discipline.
The stability in NIM is notable given the rising rate environment, but it may reflect the bank's low-cost deposit base in West Virginia, which has kept funding costs low. However, the efficiency ratio improvement from 32.9% in 2025Q4 to 38.2% in 2026Q2 is partly due to revenue growth, not just cost cuts. Investors should monitor whether deposit betas catch up to rate hikes, which could pressure NIM and reverse the efficiency gains.
Capital Ratios Solid, M&A Buffer Intact
Equity-to-assets ratio held at 0.16 in 2026Q2, with $5.5B in equity, providing a solid buffer for continued acquisitions, as per balance sheet data.
The bank's capital position appears adequate, with an equity-to-assets ratio of 16% that is higher than many peers, reflecting a conservative approach. This capital strength supports the bank's ability to continue its acquisition strategy, but it also means the bank is not optimizing leverage to boost ROE. The lack of detailed CET1 data in the provided figures limits a full regulatory assessment, but the equity buffer suggests ample headroom for capital return or M&A.
Credit Stable, but CRE Risk Persists
Provision for credit losses was zero in 2026Q2, with stable NPLs, but the bank's D.C. office CRE concentration suggests potential future stress, based on reported figures.
The zero provision in 2026Q2 is a positive sign, but it follows a volatile pattern, with a $29.1M provision in 2025Q1. The bank's exposure to the D.C. office market, where vacancy rates remain high, is a key risk that could lead to higher charge-offs and provisions. The current reserve levels may be adequate, but the lack of new disclosures on CRE suggests the risk remains unresolved.
P/E Misleads Due to Provision Volatility
The P/E ratio is distorted by volatile provisions and purchase accounting accretion, which can inflate earnings, as seen in the swing from $29.1M provision to zero, per financial statements.
For banks, P/E is often misapplied because earnings can be significantly impacted by credit costs and non-recurring items. UBSI's provision volatility and the use of purchase accounting accretion from acquisitions can make trailing P/E appear artificially low or high. A more reliable metric is P/TBV, which at 1.23x (based on tangible book value of $24.72) provides a clearer picture of valuation relative to the bank's tangible capital. Investors should adjust for PAA to assess core earnings power.