M&T Bank Corporation
MTBFinancial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.3B
Q1 2026
TTM ROIC
15.36%
FY2025 · Net Operating Income / Average Tangible Common Equity (ROTCE) · WACC ~9.75% · Moat spread +5.6pp
Financial Snapshot
ticker: MTB step: 04 generated: 2026-05-12 source: quick-research
M&T Bank Corporation (MTB) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue (total) | $7.66B | $9.00B | $8.67B | -3.7% |
| Net Interest Margin | ~3.9% | ~3.8% | ~3.6% | |
| Efficiency Ratio | ~60% | ~57% | ~55% | |
| Net Income | ~$1.85B | $2.74B | $2.45B | -10.6% |
| EPS (diluted) | $11.53 | $15.79 | $14.64 | -7.3% |
Note: Revenue growth in 2023 reflects the full-year impact of the People's United Bank acquisition (completed Jan 2022). 2024 declined on NIM compression as deposit costs repriced higher.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Net Interest Income | ~$6.0B |
| Noninterest Income | ~$2.43B |
| Total Loans | ~$136B |
| Core Deposits | ~$152B |
| CET1 Ratio | ~11.3% |
| Total Assets | ~$207B |
Key Ratios (approximate)
- P/E: ~18x | P/TBV: ~1.6x | Dividend Yield: ~3.0%
- Net Profit Margin (2024): ~28% | ROA: ~1.2% | ROE: ~12%
- Quarterly Dividend: $1.50/share (increased 11% in 2025)
Growth Profile
M&T's revenue dipped in 2024 as NIM compressed from peak rates and deposit repricing accelerated. The 2025 operating EPS of $17.20 (+16% YoY) and net operating income of $2.9B (+10%) showed a strong recovery driven by efficiency improvements — efficiency ratio improved from 60.5% (Q1 2025) to 53.6% (Q3 2025). Credit quality improved significantly: nonaccrual loans fell 26% YoY and criticized loans fell 27% YoY in 2025. The bank repurchased 9% of outstanding shares in 2025.
Forward Estimates (Management 2026 Guidance)
- 2026 Net Interest Income (TE): $7.2–$7.35B
- 2026 Fee Income: $2.675–$2.775B
- 2026 Total Revenue: ~$10.0B
- 2026 GAAP Expenses: $5.5–$5.6B
- 2026 Average Loans: $140–$142B
- 2026 CET1: 10.25–10.5%
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $MTB.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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