M&T Bank (MTB) stock
Financials · Regional Banks
M&T Bank (MTB) is a Regional Banks company in the Financials sector, headquartered in Buffalo, New York. As of October 23, 2026, MTB closed at $221.66, a market capitalization of $32.01 billion, the 310th largest company in the S&P 500. Over the last twelve months it generated $9.46 billion in revenue (+0% year over year) and $3.60 billion in free cash flow. The stock trades at 11.7x trailing earnings and 10.5x forward earnings.
- 1-year total return: +25.9% (dividends reinvested)
- 5-year return: +10.2% a year
- 52-week range: $179.32 – $255.95
- Gross margin 0.0%, operating margin 43.1%
- Dividend yield: 2.71%, 9 straight years of increases
- FI Handbook report card: C+ across 9 metrics
- 50th largest of 76 Financials stocks in the S&P 500
MTB price chart
1Y price change: +22.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| MTB | +0.9% | +12.3% | +25.9% | +29.7% | +10.2% | +9.5% | +16.0% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
MTB key statistics
- Market cap
- $32.0B
- #310 in S&P 500
- P/E (TTM)
- 11.7x
- Forward P/E
- 10.5x
- EPS (TTM)
- $18.92
- Revenue (TTM)
- $9.5B
- +1%
- Free cash flow
- $3.6B
- Gross margin
- 0.0%
- Operating margin
- 43.1%
- Return on equity
- 10.6%
- Dividend yield
- 2.71%
- 52-week range
- $179.32 – $255.95
- Beta
- 0.61
- Price / sales
- 3.4x
- EV / EBITDA
- —
- Debt / equity
- —
- Employees
- 21,562
MTB report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth0.5%D
- Gross margin0.0%F
- Operating margin43.1%A
- FCF margin38.0%A
- Return on equity10.6%C
- Net debt / EBITDA——
- Forward P/E10.5xA
- PEG ratio1.4xB
- Shareholder yield10.9%A
- Share count change / yr4.3%F
M&T Bank financials
Revenue went from $5.3B in fiscal 2016 to $1.7B in fiscal 2025, shrinking 12.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.3B | $5.6B | $5.9B | $6.2B | $6.0B | $6.0B | $1.5B | $1.5B | $1.5B | $1.7B |
| Net income | $1.3B | $1.4B | $1.9B | $1.9B | $1.4B | $1.9B | $2.0B | $2.7B | $2.6B | $2.9B |
| EPS (diluted) | $7.78 | $8.70 | $12.74 | $13.75 | $9.94 | $13.80 | $11.53 | $15.79 | $14.64 | $17.00 |
| Free cash flow | $1.1B | $2.7B | $2.0B | $2.2B | $617.2M | $2.6B | $4.4B | $3.6B | — | — |
| Buybacks | $641.3M | $1.2B | $2.2B | $1.3B | $373.8M | — | $1.8B | $594.0M | $396.0M | $2.6B |
| Dividends paid | $441.9M | $457.4M | $510.4M | $552.1M | $568.1M | $580.0M | $784.0M | $868.0M | $895.0M | $899.0M |
| Diluted shares | 157.3M | 152.6M | 144.2M | 134.5M | 128.7M | 128.8M | 164.0M | 167.0M | 167.3M | 158.8M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into MTB?
A reverse DCF asks what growth the current price requires. With an enterprise value of $35.9B and $3.6B of trailing free cash flow, M&T Bank needs to grow free cash flow about -6.3% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 12.9% a year over the last five years.
P/E ratio history
Current 13.0x vs. median 14.0x (10th–90th percentile 10.4x–19.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
MTB dividend
- Dividend yield
- 2.71%
- Annual dividend
- $6.00
- Years of increases
- 9
- 5-yr dividend growth
- 5.3%
- per year
- Payout ratio
- 32%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
MTB analyst price targets
20 analysts' average 12-month target is $248.32 (+12% vs. $221.66). Targets range from $224.00 to $294.00. 27% rate it a buy.
MTB earnings
Next report: January 19, 2027. M&T Bank has beaten EPS estimates 6 quarters in a row.
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Oct 16, 2026 | $4.92 | $5.04 | +2.4% |
| Jul 15, 2026 | $4.66 | $5.32 | +14.1% |
| Apr 15, 2026 | $4.02 | $4.13 | +2.6% |
| Jan 16, 2026 | $4.47 | $4.67 | +4.5% |
| Oct 16, 2025 | $4.39 | $4.82 | +9.8% |
| Jul 16, 2025 | $4.01 | $4.24 | +5.7% |
| Apr 14, 2025 | $3.40 | $3.32 | -2.3% |
| Jan 16, 2025 | $3.74 | $3.77 | +1.0% |
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MTB news
- M&T Bank Corporation to Participate in the BancAnalysts Association of Boston Conference · Oct 22, 2026
- M&T Bank Strengthens Commitment to Connecticut with Expanded UConn Partnership and Gampel Pavilion Naming Rights · Oct 21, 2026
- M&T Bank: 3 Key Takeaways for Long-Term Investors · Oct 19, 2026
- MTB Q3 Deep Dive: Loan Growth, Deposit Mix, and Fee Income in Focus Amid Rate Pressures · Oct 19, 2026
- M&T Bank’s Q3 Earnings Call: Our Top 5 Analyst Questions · Oct 19, 2026
MTB stock FAQ
What is MTB's market cap?
M&T Bank's market capitalization is $32.01 billion as of October 23, 2026, ranking 310th in the S&P 500.
What is MTB's P/E ratio?
MTB trades at a trailing price-to-earnings ratio of 11.7x and a forward P/E of 10.5x. Its median P/E over the period we track is 14.0x.
Does MTB pay a dividend?
Yes. M&T Bank pays $6.00 per share a year, a 2.71% yield. It has raised its dividend 9 years in a row. Dividends grew 5.3% a year over the last five years.
How much has MTB stock returned?
Including reinvested dividends, MTB returned +25.9% over one year, +10.2% a year over five years, +9.5% a year over ten years through October 23, 2026.
Is MTB stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies M&T Bank must grow free cash flow about -6% a year for the next decade. Its free cash flow grew 13% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the MTB price target?
20 analysts cover MTB with an average 12-month price target of $248.32, +12% from the current price. 27% of them rate it a buy.
When does MTB report earnings?
M&T Bank is expected to report earnings on January 19, 2027. It has beaten EPS estimates 6 quarters in a row.
How many employees does M&T Bank have?
M&T Bank has about 21,562 full-time employees, or $438,920 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology