MTB
M&T Bank Corporation
MTB's fundamentals are mixed: earnings per share grew 18%, while revenue grew 4%. At 12x earnings, it's trading in line with its usual 12x. Analysts expect earnings growth.
MTB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
MTB's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like MTB.
MTB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.1x | $174 | -21% |
| Forward | 11x | $220 | — |
| Fair | 12x | $230 | +4.8% |
| Current | 12x | $220 | — |
| Expensive | 14x | $269 | +22% |
Historical ranges are pointers, not guarantees.
MTB's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 11x next year's earnings.
MTB Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Moderate |
Analysts expect MTB's earnings to grow and its profitability to improve, with its revenue holding steady.
MTB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $20.37 | +6.6% |
| Q3 2026 | $19.11 | +18% |
| Q2 2026 | $18.89 | +22% |
| Q1 2026 | $17.81 | +19% |
| Q4 2025 | $17.00 | +16% |
| Q3 2025 | $16.25 | +20% |
| Q2 2025 | $15.45 | +15% |
| Q1 2025 | $14.94 | +0.9% |
| Q4 2024 | $14.64 | -7.3% |
MTB earned $19.11 per share over the past year, up 18% from the year before.
MTB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.5B | +0.9% |
| Q2 2026 | $2.5B | +5.7% |
| Q1 2026 | $2.4B | +5.9% |
| Q4 2025 | $2.5B | +3.8% |
| Q3 2025 | $2.5B | +7.8% |
| Q2 2025 | $2.4B | +4.1% |
| Q1 2025 | $2.3B | +2% |
| Q4 2024 | $2.4B | +3.7% |
MTB's revenue has grown year over year for eight quarters in a row: $2.5B last quarter, about level with the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | -1 points |
| Q2 2026 | 42% | +3 points |
| Q1 2026 | 35% | +2.4 points |
| Q4 2025 | 39% | +2.3 points |
| Q3 2025 | 41% | +1.8 points |
| Q2 2025 | 39% | +1.9 points |
| Q1 2025 | 33% | +3.6 points |
| Q4 2024 | 37% | +9.8 points |
MTB's operating margin was 40% last quarter, down 1 points from the same quarter a year ago.
MTB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +25% |
| Q2 2026 | $1.3B | +50% |
| Q1 2026 | $1B | +59% |
| Q4 2025 | $523M | -69% |
| Q3 2025 | $1B | +$1B |
| Q2 2025 | $844M | -38% |
| Q1 2025 | $635M | +4.4% |
| Q3 2024 | -$28M | -102% |
MTB's free cash flow was $4.1B over the past year, down 2.4% from the year before. Free cash flow isn't a meaningful measure for financial services companies like MTB.
MTB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.1% | -1.6M shares |
| 1 year | -7.3% | -11.4M shares |
| 3 years | -13% | -21.4M shares |
| 5 years | +13% | +16.3M shares |
| Available history | +8% | +10.7M shares |
MTB has 145M diluted shares, down 7.3% from a year ago, with $2.5B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $319M |
| Q2 2026 | $460M |
| Q1 2026 | $1.2B |
| Q4 2025 | $502M |
| Q3 2025 | $404M |
| Q2 2025 | $1.1B |
| Q1 2025 | $656M |
| Q4 2024 | $198M |
MTB spent $2.5B buying back its own shares over the past year, up 8.3% from the year before.
MTB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.3x | High |
| Q2 2026 | 3.8x | Elevated |
| Q1 2026 | 4.2x | High |
| Q4 2025 | 2.8x | Moderate |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.2x | Elevated |
MTB's net debt is about 4.3 years of its operating earnings (EBITDA), up from 3.3 years a year ago. Net leverage isn't a meaningful measure for financial services companies like MTB.
MTB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.0 | Neutral |
| Stochastic | 17.4 | Oversold |
MTB's weekly RSI is 45 (neutral) and its Stochastic is 17 (oversold).
MTB PE vs Financial Services Sector
| Metric | MTB | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 12% below |
| PE % | 39 | 63 | 24 pts below |
MTB is trading at 12x earnings, a 12% discount to the Financial Services sector's median of 13x.
MTB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $219.1 | 0.3% above |
| 20 week MA | $233.4 | 5.8% below |
| 50 week MA | $222.2 | 1.1% below |
| 100 week MA | $204.8 | 7.3% above |
| 200 week MA | $175.3 | 25% above |
MTB's trend is mixed: it's above three of its five weekly moving averages, and 25% above its 200-week average.
MTB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $169.6 | $125.0 | -26% |
| 2021 | $125.0 | $151.0 | +21% |
| 2022 | $151.0 | $144.6 | -4.2% |
| 2023 | $144.6 | $137.1 | -5.2% |
| 2024 | $137.1 | $189.2 | +38% |
| 2025 | $189.2 | $207.3 | +9.5% |
| 2026 YTD | $207.3 | $219.8 | +6% |
MTB has finished lower in three of the last six years. It's up 6% so far in 2026.