NYSE · Financial Services

M&T Bank Corporation

MTB · Banks - Regional

$213.83

▼ -2.61 (-1.21%)

Data cached · refreshes every 10 min

Mr. Market is currently offering M&T Bank Corporation at $213.83.

The business passes 6 of 6 of Graham's defensive criteria — a strong showing that few companies achieve.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 29.6%

Fin. Health D

Years to Pay Off Debt 4.6 yrs

Valuation C

Margin of Safety 18.3%

Price-to-Book 1.19x

Cash Flow A

Free Cash Flow $2.9B

CapEx % of Net Income 5.0%

Owner Earnings $3.5B

6/6

Graham Score

Defensive

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $31.8B

Enterprise Value $36.8B

P/E (TTM) 12.01

Dividend Yield 2.70%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 29.6%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 21866

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering M&T Bank Corporation at $213.83.

The business passes 6 of 6 of Graham's defensive criteria — a strong showing that few companies achieve.

At $213.83, the stock trades below its Graham Number of $261.89 — suggesting a margin of safety exists.

The margin of safety of 18.3% offers some protection but falls short of Graham's preferred 33% buffer.

Conclusion: This stock qualifies for Graham's Defensive investor — one seeking safety, stability, and freedom from effort.

About M&T Bank Corporation

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	29.6% ▲	28.0%	29.2%	24.9%	N/A
Diluted EPS	17.00 ▲	14.64	15.79	11.53	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$213.5B	$208.1B	$208.3B	$200.7B	N/A
Total Debt	$13.0B ↓	$13.6B	$13.2B	$7.2B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	4.56	5.26	4.82	3.60	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.9B ▼	$3.4B	$3.6B	$4.4B	N/A
Owner Earnings	$3.5B	$3.3B	$3.5B	$2.6B	N/A
CapEx % of Net Income	5.0%	8.3%	9.3%	10.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	8,656	-7,416	54,675	32,282
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	38,000	-34,000	225,000	136,000
Total Unusual Items Excluding Goodwill	38,000	-34,000	225,000	136,000
Net Income From Continuing Operation Net Minority Interest	2,851,000	2,588,000	2,741,000	1,992,000
Reconciled Depreciation	498,000	508,000	497,000	435,000
Net Interest Income	6,948,000	6,852,000	7,115,000	5,822,000
Interest Expense	3,538,000	4,174,000	3,109,000	425,000
Interest Income	10,486,000	11,026,000	10,224,000	6,247,000
Normalized Income	2,821,656	2,614,584	2,570,675	1,888,282
Net Income From Continuing And Discontinued Operation	2,851,000	2,588,000	2,741,000	1,992,000
Diluted Average Shares	158,791	167,319	167,002	164,030
Basic Average Shares	157,836	166,485	166,309	163,199
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,699,000	2,449,000	2,636,000	1,891,000
Average Dilution Earnings				11	10
Net Income Common Stockholders	2,699,000	2,449,000	2,636,000	1,891,000
Otherunder Preferred Stock Dividend	6,000	5,000	5,000	4,000
Preferred Stock Dividends	146,000	134,000	100,000	97,000
Net Income	2,851,000	2,588,000	2,741,000	1,992,000
Net Income Including Noncontrolling Interests	2,851,000	2,588,000	2,741,000	1,992,000
Net Income Continuous Operations	2,851,000	2,588,000	2,741,000	1,992,000
Tax Provision	841,000	722,000	878,000	620,000
Pretax Income	3,692,000	3,310,000	3,619,000	2,612,000
Special Income Charges	38,000	-34,000	225,000	136,000
Gain On Sale Of Business	38,000	0	225,000	0
Other Special Charges		34,000	197,000
Restructuring And Mergern Acquisition		0	0	-136,000	44,000
Gain On Sale Of Security	2,000	10,000	4,000	-6,000
Depreciation Amortization Depletion Income Statement	42,000	53,000	62,000	56,000
Depreciation And Amortization In Income Statement	42,000	53,000	62,000	56,000
Amortization	42,000	53,000	62,000	56,000
Amortization Of Intangibles Income Statement	42,000	53,000	62,000	56,000
Selling General And Administration	3,494,000	3,378,000	3,420,000	2,967,000
Selling And Marketing Expense	102,000	104,000	108,000	90,000
General And Administrative Expense	3,392,000	3,274,000	3,312,000	2,877,000
Insurance And Claims	50,000	112,000	315,000	90,000
Salaries And Wages	3,342,000	3,162,000	2,997,000	2,787,000
Total Revenue	9,632,000	9,231,000	9,398,000	8,013,000
Operating Revenue	9,632,000	9,231,000	9,398,000	8,013,000
Occupancy And Equipment	525,000	512,000	520,000	474,000
Professional Expense And Contract Services Expense	356,000	344,000	413,000	509,000
Other Non Interest Expense	1,076,000	1,038,000	964,000	1,044,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	27,605	13,923	13,300	10,165
Preferred Shares Number	10,260	179,437	10,000	10,000
Ordinary Shares Number	151,832	165,514	166,136	169,285
Share Issued	179,437	179,437	179,437	179,451
Total Debt	13,011,000	13,605,000	13,201,000	7,165,000
Tangible Book Value	17,814,000	18,074,000	16,334,000	14,608,000
Invested Capital	39,354,000	40,238,000	38,147,000	30,472,000
Net Tangible Assets	20,648,000	20,468,000	18,345,000	16,619,000
Common Stock Equity	26,343,000	26,633,000	24,946,000	23,307,000
Preferred Stock Equity	2,834,000	2,394,000	2,011,000	2,011,000
Total Capitalization	40,088,000	41,632,000	35,158,000	29,283,000
Total Equity Gross Minority Interest	29,177,000	29,027,000	26,957,000	25,318,000
Stockholders Equity	29,177,000	29,027,000	26,957,000	25,318,000
Gains Losses Not Affecting Retained Earnings	277,000	-164,000	-459,000	-790,000
Other Equity Adjustments	277,000	-164,000	-459,000	-790,000
Treasury Stock	4,917,000	2,371,000	2,230,000	1,750,000
Retained Earnings	20,882,000	19,079,000	17,524,000	15,754,000
Additional Paid In Capital	10,011,000	9,999,000	10,020,000	10,002,000
Capital Stock	2,924,000	2,484,000	2,102,000	2,102,000
Common Stock	90,000	90,000	91,000	91,000
Preferred Stock	2,834,000	2,394,000	2,011,000	2,011,000
Total Liabilities Net Minority Interest	184,333,000	179,078,000	181,307,000	175,412,000
Long Term Debt And Capital Lease Obligation	10,911,000	12,605,000	8,201,000	3,965,000
Long Term Debt	10,911,000	12,605,000	8,201,000	3,965,000
Current Debt And Capital Lease Obligation	2,100,000	1,000,000	5,000,000	3,200,000
Current Debt	2,100,000	1,000,000	5,000,000	3,200,000
Other Current Borrowings	2,100,000	1,000,000	5,000,000	3,200,000
Payables And Accrued Expenses			4,516,000	4,377,000	2,127,931
Payables			4,516,000	4,377,000	2,127,931
Accounts Payable			4,516,000	4,377,000	2,127,931
Total Assets	213,510,000	208,105,000	208,264,000	200,730,000
Investments And Advances	36,746,000	34,152,000	27,003,000	25,329,000
Held To Maturity Securities	12,022,000	14,195,000	15,330,000	13,530,000
Available For Sale Securities	4,276,000	1,007,000	1,127,000	932,000
Trading Securities	97,000	101,000	106,000	118,000
Goodwill And Other Intangible Assets	8,529,000	8,559,000	8,612,000	8,699,000
Other Intangible Assets	64,000	94,000	147,000	209,000
Goodwill	8,465,000	8,465,000	8,465,000	8,490,000
Net PPE	1,629,000	1,705,000	1,739,000	1,654,000
Accumulated Depreciation	-1,357,000	-1,326,000	-1,220,000	-1,156,000
Gross PPE	2,986,000	3,031,000	2,959,000	2,810,000
Leases	443,000	423,000	413,000	387,000
Other Properties	544,000	569,000	616,000	616,000
Machinery Furniture Equipment	1,128,000	1,190,000	1,097,000	1,004,000
Buildings And Improvements	734,000	703,000	685,000	654,000
Land And Improvements	137,000	146,000	148,000	149,000
Receivables			2,814,000	2,582,000	1,096,646
Other Receivables			2,814,000	2,582,000	1,096,646
Accounts Receivable			9,171,000	8,930,000	7,506,573
Other Short Term Investments	20,351,000	18,849,000	10,440,000	10,749,000
Cash And Cash Equivalents	18,769,000	20,782,000	29,800,000	26,476,000
Cash Financial	1,701,000	1,909,000	1,731,000	1,517,000
Cash Cash Equivalents And Federal Funds Sold	18,769,000	20,782,000	29,800,000	26,479,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,860,000	3,394,000	3,649,000	4,360,000
Repurchase Of Capital Stock	-2,631,000	-746,000	-594,000	-1,800,000
Repayment Of Debt	-5,380,000	-1,009,000	-824,000	-907,000
Issuance Of Debt	3,533,000	5,497,000	5,035,000	999,000
Issuance Of Capital Stock	440,000	733,000	0	0
Capital Expenditure	-143,000	-216,000	-256,000	-214,000
Interest Paid Supplemental Data	3,524,000	4,319,000	2,691,000	429,000
Income Tax Paid Supplemental Data	529,000	236,000	452,000	488,000
End Cash Position	18,769,000	20,782,000	29,800,000	1,520,000
Beginning Cash Position	20,782,000	29,800,000	26,479,000	1,338,000
Changes In Cash	-2,013,000	-9,018,000	3,321,000	182,000
Financing Cash Flow	1,800,000	-2,882,000	4,180,000	-20,984,000
Cash Flow From Continuing Financing Activities	1,800,000	-2,882,000	4,180,000	-20,984,000
Net Other Financing Charges	-20,000	114,000	18,000	-14,000
Cash Dividends Paid	-1,045,000	-1,033,000	-968,000	-881,000
Preferred Stock Dividend Paid	-146,000	-138,000	-100,000	-97,000
Common Stock Dividend Paid	-899,000	-895,000	-868,000	-784,000
Net Preferred Stock Issuance	440,000	383,000	0	0
Preferred Stock Payments	0	-350,000	0	0
Preferred Stock Issuance	440,000	733,000	0	0
Net Common Stock Issuance	-2,631,000	-396,000	-594,000	-1,800,000
Common Stock Payments	-2,631,000	-396,000	-594,000	-1,800,000
Net Issuance Payments Of Debt	-758,000	232,000	5,972,000	2,705,000
Net Short Term Debt Issuance	1,089,000	-4,256,000	1,761,000	2,613,000
Net Long Term Debt Issuance	-1,847,000	4,488,000	4,211,000	92,000
Long Term Debt Payments	-5,380,000	-1,009,000	-824,000	-907,000
Long Term Debt Issuance	3,533,000	5,497,000	5,035,000	999,000
Investing Cash Flow	-6,816,000	-9,746,000	-4,764,000	16,592,000
Cash Flow From Continuing Investing Activities	-6,816,000	-9,746,000	-4,764,000	16,592,000
Net Other Investing Changes	19,000	-538,000	-440,000	-620,000
Net Investment Purchase And Sale	-2,179,000	-6,936,000	-1,572,000	-7,015,000
Sale Of Investment	6,848,000	8,007,000	2,927,000	2,553,000
Purchase Of Investment	-9,027,000	-14,943,000	-4,499,000	-9,568,000
Net Business Purchase And Sale		0	0	394,000	0
Sale Of Business		0	0	394,000	0
Capital Expenditure Reported	-143,000	-216,000	-256,000	-214,000
Operating Cash Flow	3,003,000	3,610,000	3,905,000	4,574,000
Cash Flow From Continuing Operating Activities	3,003,000	3,610,000	3,905,000	4,574,000
Change In Working Capital	-764,000	-79,000	364,000	1,805,000
Change In Other Working Capital	-392,000	49,000	556,000	1,034,000
Asset Impairment Charge	18,000	40,000	4,000	8,000
Deferred Tax	-18,000	-27,000	-97,000	-30,000
Deferred Income Tax	-18,000	-27,000	-97,000	-30,000
Depreciation Amortization Depletion	498,000	508,000	497,000	435,000
Depreciation And Amortization	498,000	508,000	497,000	435,000
Amortization Cash Flow	175,000	192,000	193,000	153,000
Amortization Of Intangibles	175,000	192,000	193,000	153,000
Depreciation	323,000	316,000	304,000	282,000
Operating Gains Losses	-87,000	-30,000	-249,000	-153,000
Net Income From Continuing Operations	2,851,000	2,588,000	2,741,000	1,992,000

These metrics estimate what M&T Bank Corporation is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$261.89

Margin of Safety

18.3%

Market Cap ÷ Company Value

1.37

P/B Ratio

1.19

Warren's Owner Earnings

$3.5B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

6/6 — Defensive Investor

✅ Adequate Size

$9.6B

vs > $1.5B revenue

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.70%

vs Uninterrupted dividends

✅ Earnings Growth

+47.4% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

12.0x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.19x P/B (P/E×P/B: 14.3)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	5.0%	8.3%	9.3%	10.7%	N/A
Repurchase of Capital Stock	-$2.6B	-$746M	-$594M	-$1.8B	N/A
Free Cash Flow	$2.9B ▼	$3.4B ▼	$3.6B ▼	$4.4B •	N/A •
Warren's Owner Earnings	$3.5B	$3.3B	$3.5B	$2.6B	N/A

Peers & Industry

No auto-detected peers for Banks - Regional. You can manually compare MTB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.33%

Low — management has little skin in the game

Return on Equity (ROE)

10.8%

Adequate — returns are moderate

Return on Assets (ROA)

1.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$2.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-4.4% YoY

Debt is declining — management is deleveraging

Leadership Team

Rene Jones CPA

Chairman & CEO

Age 60

Pay: $4,593,056

0.161% of net income

Daryl Bible

Senior EVP & CFO

Age 64

Pay: $2,445,718

0.086% of net income

Tracy Woodrow

Senior EVP, Regional President for Western New York & Chief Administrative Officer

Age 51

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.97%	19,318,599
FMR, LLC	8.94%	13,326,445
Blackrock Inc.	8.66%	12,903,491
Wellington Management Group, LLP	6.82%	10,160,408
State Street Corporation	4.90%	7,306,830
JPMORGAN CHASE & CO	3.24%	4,832,451
Geode Capital Management, LLC	2.87%	4,274,367
State Farm Mutual Automobile Insurance Co	2.77%	4,122,590

Risk Analysis

Beta (Market Risk)

0.59

Low volatility — more stable than the market

Short Interest

4.7% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $172.33 Current: $213.83 High: $239.00

Currently at 62% of 52-week range

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