# UMB Financial (UMBF.US)

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

Analysis as of: 2026-10-16T07:32:42.435Z. 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: $131.75 per share; close as of 2026-10-15.

Estimated value: low $50.82 per share, central $63.52 per share, high $84.70 per share. Buy at or below the central value $63.52 per share. Valuation as of 2026-10-16T07:32:42.435Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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): 0.73×

Chart: Net income; fiscal year observations.

- FY2016: $159M

- FY2017: $247M

- FY2018: $196M

- FY2019: $244M

- FY2020: $287M

- FY2021: $353M

- FY2022: $432M

- FY2023: $350M

- FY2024: $441M

- FY2025: $685M

### moat: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- median return on common equity below threshold

- return on tangible common equity below 5% in more than one year

- median cost/income ratio exceeds 65%

- Bank / P&C ROTE, median of available years: 9.4%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 0.9%

- Cost / income, median: 66.7%

- Years with reported combined ratio: 0

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

- FY2016: 9.1%

- FY2017: 12.5%

- FY2018: 9.6%

- FY2019: 0.9%

- FY2020: 0.9%

- FY2021: 0.8%

- FY2022: 1.1%

- FY2023: 12.5%

- FY2024: 13.9%

- FY2025: 13.5%

### economics: pass

- Tangible common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 9.4%

- Book return interval: 10 years

- Starting book value per share: $32.99

- Ending book value per share: $68.86

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

- FY2016: 10.5%

- FY2017: 15.0%

- FY2018: 5.7%

- FY2019: 1212.6%

- FY2020: 26.5%

- FY2021: 28.5%

- FY2022: -10.2%

- FY2023: -92.4%

- FY2024: 15.9%

- FY2025: 9.1%

### management: fail

- Tangible common book per share

- Parent-total proxy for preferred equity

- ordinary share count growth exceeds 2% annually in both the full and five-year windows

- book per share gain below retained common earnings per share

- Diluted shares, 10-year annual growth: 4.5%

- Diluted shares, 5-year annual growth: 8.8%

- Share growth excluding flagged crisis recapitalisations: 4.5%

- Five-year share growth excluding flagged crisis recapitalisations: 8.8%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 0.80×

- Book value created per share: $35.87

- Earnings retained per share after dividends and buybacks: $44.63

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 104

- FY2017: 105

- FY2018: 105

- FY2019: 103

- FY2020: 102

- FY2021: 102

- FY2022: 102

- FY2023: 102

- FY2024: 103

- FY2025: 155

### accounting: fail

- credit provisions persistently exceed same-year peers

- Financial accounting warning count: 1

- Deposits, annualized growth: 14.9%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 8

## Holders

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

## Price story

The price assumes profits grow 8.1% a year forever · "Enhanced asset quality and disciplined expense management further supported profitability metrics." (finance.yahoo.com, Feb 2026) · net income +55.2%

Story as of 2026-10-16T09:59:45.599Z; price observation 2026-10-15.

The price assumes profits grow 8.1% a year forever

- 2025-06-23: UMBF Q1 Deep Dive: Heartland Integration Drives Growth, Management Flags Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/umbf-q1-deep-dive-heartland-174937826.html))

- 2025-07-31: UMB Financial outlines $380M–$385M Q3 expense target as Heartland integration drives record loan production ([seekingalpha.com](https://seekingalpha.com/news/4475068-umb-financial-outlines-380m-385m-q3-expense-target-as-heartland-integration-drives-record?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-01-28: UMB Financial Q4 Earnings Beat on Y/Y Rise in NII, Stock Rallies ([finance.yahoo.com](https://finance.yahoo.com/news/umb-financial-q4-earnings-beat-171400872.html))

- 2026-04-29: UMB Financial Q1 Earnings Beat on Y/Y Rise in NII, Expenses Fall ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/umb-financial-q1-earnings-beat-141300114.html))

- 2026-07-29: UMB Financial Q2 Earnings Beat on Y/Y Rise in NII, Expenses Increase ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/umb-financial-q2-earnings-beat-135600472.html))

### Net income · FY2025

net income +55.2%; source https://www.sec.gov/Archives/edgar/data/101382/000119312526076496/umbf-20251231.htm; observed 2026-02-26.

- FY2016: $159M 

- FY2017: $247M 

- FY2018: $196M 

- FY2019: $244M 

- FY2020: $287M 

- FY2021: $353M 

- FY2022: $432M 

- FY2023: $350M 

- FY2024: $441M 

- FY2025: $685M 

## Owner memo

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

### How it makes money

Operates in regional banking; annual sales are USD 2.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/101382/000119312526076496/umbf-20251231.htm#000119312526076496 (filed 2026-02-26); FY2025: revenue 2652255000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UMBF.US: UMB Financial Corporation operates as a bank holding company that provides banking services and asset servicing in the United States and internationally. The company operates through three segments: Commercial Banking, Institutional Banking, and Personal Banking. The Commercial Banking segment provides commercial loans and credit cards; commercial real estate financing; letters of credit; loan syndication, and consultative services; various business solutions including asset-based lending, mezzanine debt, and minority equity investment; and treasury management service, such as depository service, account reconciliation, cash management tool, accounts payable and receivable solution, electronic fund transfer and automated payment, controlled disbursement, lockbox service, and remote deposit capture service. The Institutional Banking segment offers banking, fund, asset management, and healthcare services to institutional clients; fund administration and accounting, investor services and transfer agency, alternative investment services, fixed income sales, trading and underwriting, and corporate trust and escrow services, as well as institutional custody services. This segment also provides healthcare payment solutions, including custodial service for health saving accounts and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers, and financial institutions. The Personal Banking segment offers deposit account, retail credit card, private banking, installment loan, home equity line of credit, residential mortgage, as well as internet banking, ATM network, private banking, brokerage and insurance service, and investment advisory, trust, and custody services. It operates through a network of branches and offices. The company was founded in 1913 and is headquartered in Kansas City, Missouri.

### Why customers stay

It earns 9.4% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on tangible equity observations [[2016,0.09089790306498015],[2017,0.1247748568854786],[2018,0.09618862540588409],[2019,0.009278091010683859],[2020,0.008773337911156625],[2021,0.008358817745532961],[2022,0.011406567111395123],[2023,0.1253840518839453],[2024,0.13882647060859343],[2025,0.13495819278001453]]; median 0.09354326423543212. 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 132.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,49038000],[2017,51876000],[2018,58279000],[2019,59436000],[2020,60281000],[2021,66750000],[2022,72030000],[2023,74245000],[2024,77127000],[2025,135620000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/101382/000119312526076496/umbf-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 132628000 USD.

### Are managers owners

Insiders own 5.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UMBF.US SharesStats.PercentInsiders = 5.2909999999999995 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 8.1% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Price 131.75; FX 1; original perpetual distributable cash 2.540917824028507; discount 0.1; growth 0.08071409621230735. 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: $62.05 per share

- 2016-11: $76.02 per share

- 2016-12: $77.12 per share

- 2017-01: $77.14 per share

- 2017-02: $78.82 per share

- 2017-03: $75.31 per share

- 2017-04: $72.49 per share

- 2017-05: $70.03 per share

- 2017-06: $74.86 per share

- 2017-07: $69.66 per share

- 2017-08: $67.12 per share

- 2017-09: $74.49 per share

- 2017-10: $73.53 per share

- 2017-11: $75.16 per share

- 2017-12: $71.92 per share

- 2018-01: $76.18 per share

- 2018-02: $73.00 per share

- 2018-03: $72.39 per share

- 2018-04: $76.58 per share

- 2018-05: $77.05 per share

- 2018-06: $76.23 per share

- 2018-07: $71.89 per share

- 2018-08: $75.24 per share

- 2018-09: $70.90 per share

- 2018-10: $63.85 per share

- 2018-11: $67.67 per share

- 2018-12: $60.97 per share

- 2019-01: $64.36 per share

- 2019-02: $68.81 per share

- 2019-03: $64.04 per share

- 2019-04: $69.86 per share

- 2019-05: $61.74 per share

- 2019-06: $65.82 per share

- 2019-07: $68.26 per share

- 2019-08: $62.32 per share

- 2019-09: $64.58 per share

- 2019-10: $65.26 per share

- 2019-11: $67.27 per share

- 2019-12: $68.64 per share

- 2020-01: $66.46 per share

- 2020-02: $58.15 per share

- 2020-03: $46.38 per share

- 2020-04: $50.84 per share

- 2020-05: $51.28 per share

- 2020-06: $51.55 per share

- 2020-07: $49.80 per share

- 2020-08: $53.72 per share

- 2020-09: $49.01 per share

- 2020-10: $60.87 per share

- 2020-11: $68.01 per share

- 2020-12: $68.99 per share

- 2021-01: $70.97 per share

- 2021-02: $84.37 per share

- 2021-03: $92.33 per share

- 2021-04: $97.03 per share

- 2021-05: $96.71 per share

- 2021-06: $93.06 per share

- 2021-07: $93.60 per share

- 2021-08: $91.58 per share

- 2021-09: $96.71 per share

- 2021-10: $98.82 per share

- 2021-11: $100.58 per share

- 2021-12: $106.11 per share

- 2022-01: $98.45 per share

- 2022-02: $101.86 per share

- 2022-03: $97.16 per share

- 2022-04: $90.18 per share

- 2022-05: $92.35 per share

- 2022-06: $86.10 per share

- 2022-07: $90.50 per share

- 2022-08: $89.47 per share

- 2022-09: $84.29 per share

- 2022-10: $83.22 per share

- 2022-11: $85.52 per share

- 2022-12: $83.52 per share

- 2023-01: $90.19 per share

- 2023-02: $90.66 per share

- 2023-03: $57.72 per share

- 2023-04: $63.61 per share

- 2023-05: $56.64 per share

- 2023-06: $60.90 per share

- 2023-07: $71.00 per share

- 2023-08: $63.21 per share

- 2023-09: $62.05 per share

- 2023-10: $62.72 per share

- 2023-11: $71.66 per share

- 2023-12: $83.55 per share

- 2024-01: $82.50 per share

- 2024-02: $81.61 per share

- 2024-03: $86.99 per share

- 2024-04: $79.66 per share

- 2024-05: $82.44 per share

- 2024-06: $83.42 per share

- 2024-07: $102.02 per share

- 2024-08: $103.59 per share

- 2024-09: $105.11 per share

- 2024-10: $109.73 per share

- 2024-11: $125.49 per share

- 2024-12: $112.86 per share

- 2025-01: $117.90 per share

- 2025-02: $110.33 per share

- 2025-03: $101.10 per share

- 2025-04: $94.57 per share

- 2025-05: $103.12 per share

- 2025-06: $105.16 per share

- 2025-07: $109.99 per share

- 2025-08: $121.90 per share

- 2025-09: $118.35 per share

- 2025-10: $106.88 per share

- 2025-11: $111.08 per share

- 2025-12: $115.04 per share

- 2026-01: $127.14 per share

- 2026-02: $115.88 per share

- 2026-03: $112.79 per share

- 2026-04: $126.17 per share

- 2026-05: $131.26 per share

- 2026-06: $142.76 per share

- 2026-07: $145.73 per share

- 2026-08: $141.63 per share

- 2026-09: $130.01 per share

- 2026-10: $131.75 per share

## Annual estimated value (USD per share)

- FY2016: low $34.51 per share, central $43.14 per share, high $57.52 per share

- FY2017: low $41.94 per share, central $52.42 per share, high $69.90 per share

- FY2018: low $39.76 per share, central $49.70 per share, high $66.26 per share

- FY2019: low $463.13 per share, central $578.92 per share, high $771.89 per share

- FY2020: low $453.17 per share, central $566.46 per share, high $755.28 per share

- FY2021: low $499.98 per share, central $624.98 per share, high $833.30 per share

- FY2022: low $318.90 per share, central $398.07 per share, high $529.52 per share

- FY2023: low $23.32 per share, central $29.16 per share, high $38.87 per share

- FY2024: low $29.05 per share, central $36.31 per share, high $48.42 per share

- FY2025: low $48.87 per share, central $61.09 per share, high $81.45 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/101382/000119312526076496/umbf-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.