M&T Bank Corporation (MTB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+154.4%

$572.78

vs $225.11 price

Levered DCF

$682.96

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.2

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.85×	12.78×	8.65×	12.52×	11.12×	12.81×	12.34×	11.23×
P/B	1.08×	1.08×	0.85×	0.93×	1.1×	1.01×	1.45×	1.28×
P/S	2.56×	2.33×	1.82×	2.81×	3.25×	2.61×	3.29×	3.07×
EV / EBITDA	6.17×	6.33×	1.58×	1.55×	-7.17×	-2.1×	7.46×	8.54×
Gross margin	74.6%	64.3%	70.0%	88.8%	99.4%	82.1%	86.7%	89.8%
Operating margin	30.0%	24.7%	28.9%	31.0%	40.4%	28.2%	36.7%	38.9%
Net margin	23.2%	19.3%	21.9%	23.6%	30.6%	21.5%	27.8%	29.7%
Current ratio	0.32×	0.22×	0.25×	0.23×	0.36×	0.26×	0.17×	0.2×
Debt / equity	0.45×	0.47×	0.5×	0.3×	0.2×	0.27×	0.45×	0.83×
Interest coverage	1.04×	0.79×	1.16×	6.15×	21.54×	5.42×	3.4×	4.76×
Dividend yield	3.3%	3.3%	4.2%	3.7%	3.3%	3.9%	2.7%	2.9%
Payout ratio	36.7%	39.9%	35.3%	44.2%	34.9%	47.0%	32.1%	30.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	8.9%	10.2%	7.9%	10.4%	8.4%	12.3%	12.4%
Return on invested capital	6.8%	5.5%	6.8%	6.1%	8.7%	6.6%	8.7%	6.8%
Return on assets	1.3%	1.2%	1.3%	1.0%	1.2%	0.9%	1.6%	1.6%
Free cash flow yield	9.1%	10.8%	16.0%	18.4%	13.0%	3.8%	9.6%	10.0%
Earnings yield	9.0%	8.3%	12.0%	8.4%	9.4%	8.3%	8.5%	9.7%
Enterprise value	$25.8B	$24.2B	$6.5B	$4.7B	-$19.9B	-$4.4B	$21.2B	$23B
Net debt / EBITDA	-1.36×	-1.86×	-3.96×	-6.22×	-14.28×	-9.94×	-0.55×	1.17×
Cash conversion cycle (days)	0	0	-357	-1,584	-19,849	-630	-848	-828