NYSE · Financial Services

M&T Bank Corporation

MTB · Banks - Regional

$249.45

▲ 3.16 (1.28%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

F⤢

Years to Pay Off Debt 28.6 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.42x

Cash Flow

A⤢

Free Cash Flow $916M

CapEx % of Net Income 14.5%

Owner Earnings $857M

Cash Flow

Free Cash Flow $916M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 14.5%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $857M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $36.2B

Enterprise Value $38.9B

P/E (TTM) 13.21

Dividend Yield 2.44%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 21662

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering M&T Bank Corporation at $249.45.

The business passes only 3 of 5 of Graham's defensive criteria — well below his required standard.

At $249.45, the stock trades at a 72% premium to its Graham Number of $145.23. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A
Net Income %	N/A•	31.1%•	N/A
Diluted EPS	5.32▲	4.67•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$214.7B	$213.5B	N/A
Total Debt	$19.0B▲	$13.0B•	N/A
Working Capital	N/A•	N/A•	N/A
Years to Pay Debt	28.58	17.14	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$916M▲	$467M•	N/A
Owner Earnings	$857M	$937M	N/A
CapEx % of Net Income	14.5%	7.4%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items		0
Tax Rate For Calcs		0
Total Unusual Items			-34,000
Total Unusual Items Excluding Goodwill			-34,000
Net Income From Continuing Operation Net Minority Interest		759,000
Reconciled Depreciation		122,000
Net Interest Income		1,779,000
Interest Expense		858,000
Interest Income		2,637,000
Normalized Income		759,000
Net Income From Continuing And Discontinued Operation		759,000
Diluted Average Shares	146,758	153,712
Basic Average Shares	145,981	152,442
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		718,000
Net Income Common Stockholders		718,000
Otherunder Preferred Stock Dividend		2,000
Preferred Stock Dividends		39,000
Net Income		759,000
Net Income Including Noncontrolling Interests		759,000
Net Income Continuous Operations		759,000
Tax Provision		212,000
Pretax Income		971,000
Special Income Charges			-34,000
Gain On Sale Of Business			0
Gain On Sale Of Security		1,000
Depreciation Amortization Depletion Income Statement		10,000
Depreciation And Amortization In Income Statement		10,000
Amortization		10,000
Amortization Of Intangibles Income Statement		10,000
Selling General And Administration		833,000
Selling And Marketing Expense		32,000
General And Administrative Expense		801,000
Insurance And Claims		-8,000
Salaries And Wages		809,000
Total Revenue		2,437,000
Operating Revenue		2,437,000
Occupancy And Equipment		134,000
Professional Expense And Contract Services Expense		105,000
Other Non Interest Expense		297,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	32,524	27,605
Preferred Shares Number	10,120	10,260
Ordinary Shares Number	146,913	151,832
Share Issued	179,437	179,437
Net Debt	2,627,000
Total Debt	18,975,000	13,011,000
Tangible Book Value	17,018,000	17,814,000
Invested Capital	44,513,000	39,354,000
Net Tangible Assets	19,452,000	20,648,000
Common Stock Equity	25,538,000	26,343,000
Preferred Stock Equity	2,434,000	2,834,000
Total Capitalization	39,147,000	40,088,000
Total Equity Gross Minority Interest	27,972,000	29,177,000
Stockholders Equity	27,972,000	29,177,000
Gains Losses Not Affecting Retained Earnings	66,000	277,000
Other Equity Adjustments	66,000	277,000
Treasury Stock	6,055,000	4,917,000
Retained Earnings	21,476,000	20,882,000
Additional Paid In Capital	9,961,000	10,011,000
Capital Stock	2,524,000	2,924,000
Common Stock	90,000	90,000
Preferred Stock	2,434,000	2,834,000
Total Liabilities Net Minority Interest	186,764,000	184,333,000
Long Term Debt And Capital Lease Obligation	11,175,000	10,911,000
Long Term Debt	11,175,000	10,911,000
Current Debt And Capital Lease Obligation	7,800,000	2,100,000
Current Debt	7,800,000	2,100,000
Other Current Borrowings	7,800,000	2,100,000
Total Assets	214,736,000	213,510,000
Investments And Advances	38,713,000	36,746,000
Held To Maturity Securities	11,710,000	12,022,000
Available For Sale Securities	3,762,000	4,276,000
Trading Securities	92,000	97,000
Goodwill And Other Intangible Assets	8,520,000	8,529,000
Other Intangible Assets	55,000	64,000
Goodwill	8,465,000	8,465,000
Net PPE	1,716,000	1,629,000
Accumulated Depreciation		-1,357,000	-1,326,000
Gross PPE		2,986,000	3,031,000
Leases		443,000	423,000
Other Properties		544,000	569,000
Machinery Furniture Equipment		1,128,000	1,190,000
Buildings And Improvements		734,000	703,000
Land And Improvements		137,000	146,000
Other Short Term Investments	23,149,000	20,351,000
Cash And Cash Equivalents	16,348,000	18,769,000
Cash Financial	1,903,000	1,701,000
Cash Cash Equivalents And Federal Funds Sold	16,348,000	18,769,000

Cash Flow

	2026	2025	2024
Free Cash Flow	916,000	467,000
Repurchase Of Capital Stock	-1,638,000	-502,000
Repayment Of Debt	-212,000	-2,000,000
Issuance Of Debt	508,000	0
Issuance Of Capital Stock		440,000	0
Capital Expenditure	-96,000	-56,000
Interest Paid Supplemental Data	862,000	802,000
Income Tax Paid Supplemental Data	34,000	215,000
End Cash Position	16,348,000	18,769,000
Beginning Cash Position	18,769,000	1,950,000
Changes In Cash	-2,421,000	-2,054,000
Financing Cash Flow	891,000	1,255,000
Cash Flow From Continuing Financing Activities	891,000	1,255,000
Net Other Financing Charges	-26,000	5,000
Cash Dividends Paid	-275,000	-262,000
Preferred Stock Dividend Paid	-48,000	-34,000
Common Stock Dividend Paid	-227,000	-228,000
Net Preferred Stock Issuance	-400,000	440,000
Preferred Stock Payments	-400,000	0	0
Preferred Stock Issuance		440,000	0
Net Common Stock Issuance	-1,238,000	-502,000
Common Stock Payments	-1,238,000	-502,000
Net Issuance Payments Of Debt	5,998,000	-1,910,000
Net Short Term Debt Issuance	5,702,000	90,000
Net Long Term Debt Issuance	296,000	-2,000,000
Long Term Debt Payments	-212,000	-2,000,000
Long Term Debt Issuance	508,000	0
Investing Cash Flow	-4,324,000	-3,832,000
Cash Flow From Continuing Investing Activities	-4,324,000	-3,832,000
Net Other Investing Changes	-180,000	-179,000
Net Investment Purchase And Sale	-2,163,000	241,000
Sale Of Investment	4,340,000	1,344,000
Purchase Of Investment	-6,503,000	-1,103,000
Capital Expenditure Reported	-96,000	-56,000
Operating Cash Flow	1,012,000	523,000
Cash Flow From Continuing Operating Activities	1,012,000	523,000
Change In Working Capital	103,000	-497,000
Change In Other Working Capital	-117,000	-128,000
Asset Impairment Charge	3,000	2,000
Deferred Tax	14,000	20,000
Deferred Income Tax	14,000	20,000
Depreciation Amortization Depletion	97,000	122,000
Depreciation And Amortization	97,000	122,000
Amortization Cash Flow	18,000	42,000
Amortization Of Intangibles	18,000	42,000
Depreciation	79,000	80,000
Operating Gains Losses	-9,000	-8,000
Net Income From Continuing Operations	664,000	759,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$916M

vs Positive

Operating Cash Flow

$1.0B

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

1.3x

Net Assets: $28.0B

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

0.34%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$2.6B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+45.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Rene Jones CPA

Chairman & CEO

Age 60

Pay: $4,593,056

Daryl Bible

Senior EVP & CFO

Age 64

Pay: $2,445,718

Tracy Woodrow

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

Age 51

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	8.99%	13,171,336
Blackrock Inc.	8.88%	13,001,548
Wellington Management Group, LLP	6.80%	9,952,312
Vanguard Capital Management LLC	6.68%	9,778,661
Vanguard Portfolio Management LLC	5.11%	7,488,537
State Street Corporation	4.88%	7,151,957
Morgan Stanley	3.04%	4,452,035
Geode Capital Management, LLC	3.02%	4,416,145

Risk Analysis

Beta (Market Risk)

0.57

Low volatility — more stable than the market

Short Interest

4.5% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $174.76 Current: $249.45 High: $255.00

Currently at 93% of 52-week range