# M&T Bank (MTB.US)

Canonical: https://gigainvestors.com/s/MTB

Analysis as of: 2026-10-16T07:30:26.609Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $218.65 per share; close as of 2026-10-15.

Estimated value: low $193.77 per share, central $242.22 per share, high $322.96 per share. Buy at or below the central value $242.22 per share. Valuation as of 2026-10-16T07:30:26.609Z; scenarios are not confidence intervals.

Expected annual return: 10.4% at the stated quote. About 10.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.17×

Chart: Net income; fiscal year observations.

- FY2016: $1.2B

- FY2017: $1.3B

- FY2018: $1.8B

- FY2019: $1.8B

- FY2020: $1.3B

- FY2021: $1.8B

- FY2022: $1.9B

- FY2023: $2.6B

- FY2024: $2.4B

- FY2025: $2.7B

### moat: pass

- Tangible common book per share

- Bank / P&C ROTE, median of available years: 14.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 12.4%

- Cost / income, median: 56.8%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 11.6%

- FY2017: 12.8%

- FY2018: 19.1%

- FY2019: 18.8%

- FY2020: 12.4%

- FY2021: 15.4%

- FY2022: 12.9%

- FY2023: 16.1%

- FY2024: 13.5%

- FY2025: 15.2%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 9.5%

- Book return interval: 10 years

- Starting book value per share: $74.23

- Ending book value per share: $112.19

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: -5.7%

- FY2017: 5.5%

- FY2018: 3.2%

- FY2019: 16.2%

- FY2020: 15.7%

- FY2021: 17.4%

- FY2022: 4.6%

- FY2023: 15.7%

- FY2024: 15.9%

- FY2025: 9.1%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 4.3%

- Share growth excluding flagged crisis recapitalisations: 1.4%

- Five-year share growth excluding flagged crisis recapitalisations: 4.3%

- Flagged crisis recapitalisations: 0

- Book value created per share: $37.96

- Earnings retained per share after dividends and buybacks: -$3.27

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 6.1%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 2

- Years credit losses exceeded peer median: 7

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 5.6% a year forever · "MTB Q2 Earnings Top Estimates on Higher Non-Interest Income, Stock Up" (finance.yahoo.com, Jul 2025) · net income +10.2%

Story as of 2026-10-16T09:59:13.001Z; price observation 2026-10-15.

The price assumes profits grow 5.6% a year forever

### Net income · FY2025

net income +10.2%; source https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm; observed 2026-02-18.

- FY2016: $1.2B 

- FY2017: $1.3B 

- FY2018: $1.8B 

- FY2019: $1.8B 

- FY2020: $1.3B 

- FY2021: $1.8B 

- FY2022: $1.9B 

- FY2023: $2.6B 

- FY2024: $2.4B 

- FY2025: $2.7B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 9.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm#000003627026000010 (filed 2026-02-18); FY2025: revenue 9690000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTB.US: M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that provides retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management. It offers a range of credit products and banking services, such as commercial lending and leasing, letters of credits, deposit products, cash management services, commercial real estate loans, and credit facilities secured by various commercial real estate properties to middle-market and large commercial customers. The company also provides customers deposit products, including demand, savings and time accounts, and other services; automobile and recreational finance loans, home equity loans and lines of credit, credit cards, and other loan products, as well as residential mortgage and real estate loans; business loans, cash management, payroll, direct deposit, and merchant credit card services to consumers and small businesses through branch network, telephone banking, internet banking, and automated teller machines. In addition, it offers trustee, agency, investment management, and administrative services; personal trust, planning and advisory, fiduciary, asset management, family office, and other services; and investment products, including mutual funds and annuities, and other services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients. M&T Bank Corporation was founded in 1856 and is headquartered in Buffalo, New York.

### Why customers stay

It earns 14.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 10-year return on tangible equity observations [[2016,0.11581009914945115],[2017,0.12820395692047742],[2018,0.19148205686137745],[2019,0.18787225723837964],[2020,0.1238238430982128],[2021,0.15377439556797443],[2022,0.12944961664841184],[2023,0.16138116811558711],[2024,0.13549850614141862],[2025,0.15151004827663636]]; median 0.14350427720902748. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2016,523161000],[2017,530136000],[2018,582903000],[2019,619592000],[2020,636368000],[2021,648460000],[2022,881016000],[2023,968000000],[2024,1033000000],[2025,1045000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm (filed 2026-02-18); FY2025: cash repurchases 2631000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTB.US SharesStats.PercentInsiders = 0.32299999999999995 percentage points; cache date 2026-10-16.

### What could break it

"Credit Risk" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm (filed 2026-02-18); Credit Risk

### What the price says

The price assumes profits grow 5.6% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Price 218.65; FX 1; original perpetual distributable cash 9.688651114336778; discount 0.1; growth 0.05568876691362096. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $122.73 per share

- 2016-11: $143.94 per share

- 2016-12: $156.43 per share

- 2017-01: $162.57 per share

- 2017-02: $166.97 per share

- 2017-03: $154.73 per share

- 2017-04: $155.41 per share

- 2017-05: $156.47 per share

- 2017-06: $161.95 per share

- 2017-07: $163.15 per share

- 2017-08: $147.86 per share

- 2017-09: $161.04 per share

- 2017-10: $166.77 per share

- 2017-11: $168.95 per share

- 2017-12: $170.99 per share

- 2018-01: $190.78 per share

- 2018-02: $189.84 per share

- 2018-03: $184.36 per share

- 2018-04: $182.27 per share

- 2018-05: $172.08 per share

- 2018-06: $170.15 per share

- 2018-07: $173.35 per share

- 2018-08: $177.15 per share

- 2018-09: $164.54 per share

- 2018-10: $165.41 per share

- 2018-11: $169.01 per share

- 2018-12: $143.13 per share

- 2019-01: $164.54 per share

- 2019-02: $173.06 per share

- 2019-03: $157.02 per share

- 2019-04: $170.07 per share

- 2019-05: $159.60 per share

- 2019-06: $170.07 per share

- 2019-07: $164.25 per share

- 2019-08: $146.21 per share

- 2019-09: $157.97 per share

- 2019-10: $156.53 per share

- 2019-11: $164.74 per share

- 2019-12: $169.75 per share

- 2020-01: $168.52 per share

- 2020-02: $140.38 per share

- 2020-03: $103.43 per share

- 2020-04: $112.08 per share

- 2020-05: $105.66 per share

- 2020-06: $103.97 per share

- 2020-07: $105.95 per share

- 2020-08: $103.26 per share

- 2020-09: $92.09 per share

- 2020-10: $103.58 per share

- 2020-11: $116.49 per share

- 2020-12: $127.30 per share

- 2021-01: $132.47 per share

- 2021-02: $150.94 per share

- 2021-03: $151.61 per share

- 2021-04: $157.69 per share

- 2021-05: $160.69 per share

- 2021-06: $145.31 per share

- 2021-07: $133.85 per share

- 2021-08: $140.01 per share

- 2021-09: $149.34 per share

- 2021-10: $147.12 per share

- 2021-11: $146.61 per share

- 2021-12: $153.58 per share

- 2022-01: $169.38 per share

- 2022-02: $182.23 per share

- 2022-03: $169.50 per share

- 2022-04: $166.64 per share

- 2022-05: $179.97 per share

- 2022-06: $159.39 per share

- 2022-07: $177.45 per share

- 2022-08: $181.78 per share

- 2022-09: $176.32 per share

- 2022-10: $168.37 per share

- 2022-11: $170.02 per share

- 2022-12: $145.06 per share

- 2023-01: $156.00 per share

- 2023-02: $155.29 per share

- 2023-03: $119.57 per share

- 2023-04: $125.80 per share

- 2023-05: $119.16 per share

- 2023-06: $123.76 per share

- 2023-07: $139.86 per share

- 2023-08: $125.05 per share

- 2023-09: $126.45 per share

- 2023-10: $112.75 per share

- 2023-11: $128.17 per share

- 2023-12: $137.08 per share

- 2024-01: $138.10 per share

- 2024-02: $139.74 per share

- 2024-03: $145.44 per share

- 2024-04: $144.39 per share

- 2024-05: $151.60 per share

- 2024-06: $151.36 per share

- 2024-07: $172.17 per share

- 2024-08: $172.11 per share

- 2024-09: $178.12 per share

- 2024-10: $194.68 per share

- 2024-11: $219.99 per share

- 2024-12: $188.01 per share

- 2025-01: $201.24 per share

- 2025-02: $191.72 per share

- 2025-03: $178.75 per share

- 2025-04: $169.76 per share

- 2025-05: $182.64 per share

- 2025-06: $193.99 per share

- 2025-07: $188.70 per share

- 2025-08: $201.66 per share

- 2025-09: $197.62 per share

- 2025-10: $183.87 per share

- 2025-11: $190.22 per share

- 2025-12: $201.48 per share

- 2026-01: $221.57 per share

- 2026-02: $216.98 per share

- 2026-03: $206.72 per share

- 2026-04: $218.63 per share

- 2026-05: $216.11 per share

- 2026-06: $238.01 per share

- 2026-07: $246.29 per share

- 2026-08: $233.94 per share

- 2026-09: $217.60 per share

- 2026-10: $217.93 per share

## Annual estimated value (USD per share)

- FY2016: low $136.42 per share, central $170.52 per share, high $227.37 per share

- FY2017: low $113.30 per share, central $141.62 per share, high $188.83 per share

- FY2018: low $111.97 per share, central $139.96 per share, high $186.62 per share

- FY2019: low $150.11 per share, central $187.63 per share, high $250.18 per share

- FY2020: low $134.21 per share, central $167.77 per share, high $223.69 per share

- FY2021: low $145.92 per share, central $182.40 per share, high $243.20 per share

- FY2022: low $124.66 per share, central $155.83 per share, high $207.77 per share

- FY2023: low $135.16 per share, central $168.95 per share, high $225.27 per share

- FY2024: low $156.57 per share, central $195.72 per share, high $260.95 per share

- FY2025: low $187.92 per share, central $234.90 per share, high $313.20 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/36270/000003627026000010/mtb-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.