NYSE: MTB
M&T Bank
Financials · State Commercial Banks
52-week range
$179.75$255.95
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$34.4B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $24.1B |
| FY2017, ended Dec 31, 2017 | $25.7B |
| FY2018, ended Dec 31, 2018 | $19.8B |
| FY2019, ended Dec 31, 2019 | $22.1B |
| FY2020, ended Dec 31, 2020 | $16.4B |
| FY2021, ended Dec 31, 2021 | $19.8B |
| FY2022, ended Dec 31, 2022 | $24.3B |
| FY2023, ended Dec 31, 2023 | $22.8B |
| FY2024, ended Dec 31, 2024 | $30.9B |
| FY2025, ended Dec 31, 2025 | $30.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $34.4B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$9.96B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.30B |
| FY2017, ended Dec 31, 2017 | $5.63B |
| FY2018, ended Dec 31, 2018 | $5.93B |
| FY2019, ended Dec 31, 2019 | $6.19B |
| FY2020, ended Dec 31, 2020 | $5.95B |
| FY2021, ended Dec 31, 2021 | $5.99B |
| FY2022, ended Dec 31, 2022 | $8.18B |
| FY2023, ended Dec 31, 2023 | $9.64B |
| FY2024, ended Dec 31, 2024 | $9.28B |
| FY2025, ended Dec 31, 2025 | $9.69B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $9.96B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $1.32B | $1.08B |
| FY2017, ended Dec 31, 2017 | $1.41B | $2.70B |
| FY2018, ended Dec 31, 2018 | $1.92B | $1.99B |
| FY2019, ended Dec 31, 2019 | $1.93B | $2.18B |
| FY2020, ended Dec 31, 2020 | $1.35B | $617M |
| FY2021, ended Dec 31, 2021 | $1.86B | $2.57B |
| FY2022, ended Dec 31, 2022 | $1.99B | $4.36B |
| FY2023, ended Dec 31, 2023 | $2.74B | $3.65B |
| FY2024, ended Dec 31, 2024 | $2.59B | — |
| FY2025, ended Dec 31, 2025 | $2.85B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $3.03B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.4B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.32B |
| FY2017, ended Dec 31, 2017 | $1.42B |
| FY2018, ended Dec 31, 2018 | $1.61B |
| FY2019, ended Dec 31, 2019 | $1.44B |
| FY2020, ended Dec 31, 2020 | $1.55B |
| FY2021, ended Dec 31, 2021 | $1.34B |
| FY2022, ended Dec 31, 2022 | $26.5B |
| FY2023, ended Dec 31, 2023 | $29.8B |
| FY2024, ended Dec 31, 2024 | $20.8B |
| FY2025, ended Dec 31, 2025 | $18.8B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $17.4B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.2B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.66B |
| FY2017, ended Dec 31, 2017 | $8.32B |
| FY2018, ended Dec 31, 2018 | $12.8B |
| FY2019, ended Dec 31, 2019 | $7.05B |
| FY2020, ended Dec 31, 2020 | $4.44B |
| FY2021, ended Dec 31, 2021 | $3.53B |
| FY2022, ended Dec 31, 2022 | $7.52B |
| FY2023, ended Dec 31, 2023 | $13.5B |
| FY2024, ended Dec 31, 2024 | $13.7B |
| FY2025, ended Dec 31, 2025 | $13.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.2B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 6.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.144M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 154M |
| FY2017, ended Dec 31, 2017 | 150M |
| FY2018, ended Dec 31, 2018 | 139M |
| FY2019, ended Dec 31, 2019 | 130M |
| FY2020, ended Dec 31, 2020 | 129M |
| FY2021, ended Dec 31, 2021 | 129M |
| FY2022, ended Dec 31, 2022 | 168M |
| FY2023, ended Dec 31, 2023 | 167M |
| FY2024, ended Dec 31, 2024 | 164M |
| FY2025, ended Dec 31, 2025 | 149M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 144M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $2.60B more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $641M | $65.0M | — |
| FY2017, ended Dec 31, 2017 | $1.21B | $61.0M | — |
| FY2018, ended Dec 31, 2018 | $2.19B | $66.0M | — |
| FY2019, ended Dec 31, 2019 | $1.35B | $76.0M | — |
| FY2020, ended Dec 31, 2020 | $374M | $80.0M | — |
| FY2021, ended Dec 31, 2021 | — | $85.0M | — |
| FY2022, ended Dec 31, 2022 | $1.80B | $111M | $8.29B |
| FY2023, ended Dec 31, 2023 | $594M | $118M | — |
| FY2024, ended Dec 31, 2024 | $396M | $116M | — |
| FY2025, ended Dec 31, 2025 | $2.63B | $136M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.60B | — | — |
Revenue (TTM)
$9.96B
+5.8% YoY
Net income (TTM)
$3.03B
+12.3% YoY
Cash
$17.4B
−18.6% YoY
Total debt
$18.2B
+25.8% YoY
Valuation
At current price- Market Cap
- $31.9B
- P/E
- 10.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.2×
- Price / Book
- 1.1×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $9.96B
- Revenue Growth YoY
- 5.8%
- Revenue CAGR 3Y
- 5.8%
- Revenue CAGR 5Y
- 10.2%
- EPS Growth YoY
- 22.4%
- Net Income Growth YoY
- 12.3%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- —
- Net Margin
- 30.4%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 10.7%
Earnings
Trailing 12 months- Net Income
- $3.03B
- EPS (diluted)
- $18.89
- EBITDA
- —. Operating income + depreciation & amortization
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $17.4B
- Total Debt
- $18.2B
- Net Debt
- $744M
- Total Assets
- $219B
- Total Liabilities
- $191B
- Shareholders' Equity
- $27.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.80B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 2.7%
- Dividend / Share
- $6.00
- Beta (5Y)
- 0.61
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.8% year over year, at $9.96B.
Note
Net margin of 30.4% over the last 12 months.
Strength
Share count is down 7.6% in a year, from buybacks.
Note
Pays a 2.7% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 18, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K50Some concerns
50Some concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 19, 2025 · Read the filing on EDGAR
- Net income fell 6% to $2.59 billion and net revenue fell about 4%, as deposit and borrowing costs rose faster than loan and investment yields.
- Comparison with 2023 was affected by the $225 million CIT sale gain in 2023 and a much smaller FDIC special charge in 2024.
- Problem commercial real estate loans improved, with total criticized loans down to $9.9 billion from $12.6 billion, but office loans worsened and business and consumer write-offs rose.
- The board authorized a new $4.0 billion share buyback in January 2025, while equity and available liquidity both increased.
Business momentum
Weakening
“The results of the Company’s operations for the year ended December 31, 2024 as compared with the year ended December 31, 2023 reflect lower net interest income as higher deposit and borrowing costs outpaced increased yields received on earning assets.”
Outlook
Cautious
“concerns existed about the impact of elevated levels of inflation and potential increases in unemployment on the discretionary income and purchasing power of consumers”
Financial stress
Low
“The Company maintains available liquidity sources, as presented in Table 38, which represent approximately 133% of uninsured deposits that are not collateralized by the Company at December 31, 2024.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Problem loans fell substantially
“Total criticized commercial and industrial and commercial real estate loans were $9.9 billion at the end of 2024 as compared with $12.6 billion at December 31, 2023.”
Less reliance on commercial real estate lending
“The Company's commercial real estate loan concentration approximated 136% of Tier 1 capital plus its allowable allowance for credit losses at December 31, 2024, down from 183% at December 31, 2023.”
Large new share buyback authorized
“On January 22, 2025, M&T's Board of Directors authorized a program under which $4.0 billion of common shares may be repurchased.”
Concerns
Lending margin narrowed as funding costs rose
“That decrease reflects a 25 basis-point (hundredth of one percent) narrowing of the net interest margin to 3.58% in 2024 from 3.83% in 2023 as increases in the cost of interest-bearing liabilities outpaced a rise in the yield received on earning assets.”
Office property loans remain the weak spot
“The $2.8 billion decline in criticized commercial real estate loans from December 31, 2023 to December 31, 2024 reflected decreases across most property types, except for such loans secured by office properties.”
Customers keep moving out of free deposit accounts
“The decline in average noninterest-bearing deposits in 2024 as compared with 2023 reflects a shift in deposits to interest-bearing accounts in an elevated interest rate environment.”
New risks since the previous report
Rising write-offs on business loans, including manufacturing, services and recreational finance dealers
“Net charge-offs of commercial and industrial loans and leases in 2024 increased $200 million from 2023, reflecting higher net charge-offs of loans to the manufacturing and service industries and recreational finance dealers, and equipment finance loans and leases.”
Errors, bias, legal exposure and AI-enabled fraud from artificial intelligence use
“The development and use of AI, including by third parties, presents risks and challenges that may adversely impact M&T.”
Trade policy and tariffs could hurt business borrowers
“the impact of international trade policies on domestic businesses”
Lawsuit could reduce debit card fees banks can charge
“there is litigation pending to challenge the Federal Reserve’s regulation on permissible interchange fees on the ground that the regulations allow higher interchange fees than permitted by statute”
Biggest risks named
- Credit losses on commercial real estate and business loans
- Interest rate moves affecting margins and funding costs
- Deposit losses or shifts that raise funding costs
- Stricter capital, liquidity and long-term debt rules
- Cyber attacks, including breaches at outside vendors
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −6 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 50 | |
Written by AI (Claude Opus 5.5) from the report’s text. 13 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 18, 2026 | Pro | |||
| 10-K | Feb 19, 2025 | 50 | Weakening | None | |
| 10-K | Feb 21, 2024 | 58 | Strong improvement | 2 minor | |
| 10-K | Feb 22, 2023 | 70 | Strong improvement | None | |
| 10-K | Feb 16, 2022 | 54 | Mixed | 1 minor | |
| 10-K | Feb 22, 2021 | 46 | Weakening | 1 medium | |
| 10-K | Feb 20, 2020 | 59 | Improving | 2 minor | |
| 10-K | Feb 20, 2019 | 69 | Strong improvement | 1 minor | |
| 10-K | Feb 22, 2018 | 64 | Improving | 1 minor | |
| 10-K | Feb 22, 2017 | 69 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR