M&T Bank Corp. (MTB) intrinsic value & 10-year financials
M&T Bank Corp. (MTB) has a Graham intrinsic value of $359.33 per share. At $215.28 on Oct 17, 2026, the stock trades 40% below that value. Over the last 10 fiscal years revenue shrank 12.1% a year to $1.7B, with an average return on invested capital of 7.4%.
- Graham intrinsic value
- $359.33
- Share price (Oct 17, 2026)
- $215.28
- Price vs Graham value
- 40% below
- Market cap
- $34.2B
- Revenue (FY2025)
- $1.7B
- Revenue growth (10-yr CAGR)
- -12.1%
- ROIC (10-yr avg)
- 7.4%
- Free cash flow (FY2025)
- —
MTB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.7B | $2.9B | $17.00 | — | — | 8.9% |
| FY2024 | $1.5B | $2.6B | $14.64 | — | — | 6.5% |
| FY2023 | $1.5B | $2.7B | $15.79 | $3.6B | — | 7.8% |
| FY2022 | $1.5B | $2.0B | $11.53 | $4.4B | — | 7.7% |
| FY2021 | $6.0B | $1.9B | $13.80 | $2.6B | — | 9.5% |
| FY2020 | $6.0B | $1.4B | $9.94 | $617.2M | — | 6.7% |
| FY2019 | $6.2B | $1.9B | $13.75 | $2.2B | — | 8.0% |
| FY2018 | $5.9B | $1.9B | $12.74 | $2.0B | — | 7.7% |
| FY2017 | $5.6B | $1.4B | $8.70 | $2.7B | — | 5.9% |
| FY2016 | $5.3B | $1.3B | $7.78 | $1.1B | — | 5.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
M&T Bank is facing top-line stagnation, with revenue contracting over the decade.
M&T Bank has historically struggled to out-earn its cost of capital, averaging just 7.4% ROIC.
M&T Bank has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, M&T Bank is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $359.33 per share.