M&T Bank Corporation Financial Ratios — MTB-PJ Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	14.24	15.64	15.71	13.09	12.18	13.85	13.66	16.9	15.18	9.72	12.64	12.4	15.79	13.34	13.48
Return on Assets (%)	1.18	1.28	1.35	1.17	0.98	1.07	1.16	1.61	1.61	1.03	1.25	1.12	1.34	1.24	1.35
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.95	4.77	4.47	4.46	3.76	3.79	3.5	3.02	4.87	5.38	5.43	5.43	5.29	5.5	5.17
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	30.64	36.21	38.76	36.86	35.88	38.87	41.26	42.31	41.14	29.72	41.18	32.6	38.51	35.86	38.33
Profit Margin (%)	21.5	24.01	25	23.93	23.13	24.83	25	32.35	31.16	22.72	31.18	24.86	29.17	28.04	29.6
Net Income to Common Margin (%)	20.36	22.77	23.81	22.23	21.39	23.3	23.71	31.13	30.03	21.58	29.96	23.65	28.1	26.58	28.08
Effective Tax Rate (%)	29.82	33.69	35.52	35.07	35.53	36.11	39.4	23.53	24.27	23.53	24.28	23.74	24.26	21.81	22.78
Dvd Payout Ratio (%)	43.32	36.65	33.63	36.91	37.56	35.81	34.25	27.65	29.58	44.22	32.19	41.37	32.87	36.63	33.23
Sustainable Growth Rate (%)	8.07	9.91	10.43	8.26	7.61	8.89	8.98	12.22	10.69	5.42	8.57	7.27	10.6	8.45	9

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	5,336	3,208	3,709	7,607	10,736	8,573	7,895	12,236	6,885	4,382	3,485	7,165	13,201	13,605	13,011
ST Debt	50	- -	- -	- -	1,982	163	175	4,200	- -	- -	- -	3,200	5,000	1,000	2,100
LT Debt	5,286	3,208	3,709	7,607	8,755	8,409	7,720	8,036	6,885	4,382	3,485	3,965	8,201	12,605	10,911
Total Debt/EBITDA	26.98	15.68	18.2	38.28	61.23	42.74	40.05	68.35	22.85	13.68	10.76	16.47	26.56	26.78	26.13
Net Debt/EBITDA	18.87	5.35	2.38	-0.77	10.12	11.22	7.08	14.11	-5.77	-65.05	-122.61	-44.39	-33.4	-14.13	-11.56
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.62	7.88	8.52	8.15	6.93	7.54	8.64	9.66	10.76	9.48	9.5	7.89	8.46	9.21	9.82
Long-Term Debt/Equity (%)	57.02	31.44	32.81	61.67	54.13	51.01	47.5	51.98	43.8	27.07	19.47	15.66	30.42	43.43	37.4
Long-Term Debt/Capital (%)	43.56	30.19	31.31	45.51	42.75	44.01	39.85	32.06	32.73	22.87	17.46	15.85	24.98	35.84	29.64
Long-Term Debt/Total Assets (%)	6.78	3.86	4.36	7.87	7.13	6.81	6.51	6.69	5.74	3.07	2.25	1.98	3.94	6.06	5.11
Total Debt/Equity (%)	57.56	31.44	32.81	61.67	66.38	52	48.58	79.14	43.8	27.07	19.47	28.3	48.97	46.87	44.59
Total Debt/Capital (%)	43.97	30.19	31.31	45.51	52.42	44.86	40.75	48.82	32.73	22.87	17.46	28.64	40.21	38.69	35.34
Total Debt/Total Assets (%)	6.85	3.86	4.36	7.87	8.74	6.94	6.66	10.19	5.74	3.07	2.25	3.57	6.34	6.54	6.09
Net Debt to Equity	40.25	10.72	4.28	-1.25	10.97	13.66	8.58	16.33	-11.06	-128.71	-221.88	-76.27	-61.58	-24.73	-19.73
Net Debt/Capital (%)	35.44	12.86	5.62	-1.72	15.4	17.61	10.84	16.45	-14	343.87	170.88	1,327.22	-548.36	-49.89	-31.9
EBITDA	198	205	204	199	175	201	197	179	301	320	324	435	497	508	498
EBITDA-CapEx	198	205	204	199	175	201	197	179	301	320	324	435	497	508	498
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	7.62	7.88	8.52	8.15	6.93	7.54	8.64	9.66	10.76	9.48	9.5	7.89	8.46	9.21	9.82
Long-Term Debt/Equity (%)	57.02	31.44	32.81	61.67	54.13	51.01	47.5	51.98	43.8	27.07	19.47	15.66	30.42	43.43	37.4
Long-Term Debt/Capital (%)	43.56	30.19	31.31	45.51	42.75	44.01	39.85	32.06	32.73	22.87	17.46	15.85	24.98	35.84	29.64
Long-Term Debt/Total Assets (%)	6.78	3.86	4.36	7.87	7.13	6.81	6.51	6.69	5.74	3.07	2.25	1.98	3.94	6.06	5.11
Total Debt/Equity (%)	57.56	31.44	32.81	61.67	66.38	52	48.58	79.14	43.8	27.07	19.47	28.3	48.97	46.87	44.59
Total Debt/Capital (%)	43.97	30.19	31.31	45.51	52.42	44.86	40.75	48.82	32.73	22.87	17.46	28.64	40.21	38.69	35.34
Total Debt/Total Assets (%)	6.85	3.86	4.36	7.87	8.74	6.94	6.66	10.19	5.74	3.07	2.25	3.57	6.34	6.54	6.09
CFO/Total Liabilities	2.58	0.69	1.26	1.3	1.63	1.11	2.72	2	2.26	0.62	1.98	2.61	2.15	2.02	1.63
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.16	0.17	0.18	0.17	0.14	0.15	0.17	0.19	0.21	0.18	0.18	0.16	0.17	0.18	0.19

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	0.91	0.95	0.94	0.82	0.81	0.94	1.09	1.21	1.19	0.96	0.84	0.98	1.04	2.01	- -
Days Sales Outstanding	399.52	385.69	389.92	446.44	452.74	388.89	334.94	301.29	307.05	378.38	434.93	374.35	351.5	181.31	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Cash & Cash Equivalents	1,605	2,114	3,224	7,761	8,962	6,321	6,500	9,711	8,623	25,217	43,210	26,476	29,800	20,782	18,769
+ Preferred Equity and Hybrid Capital	865	872	882	1,232	1,232	1,232	1,232	1,232	1,250	1,250	1,750	2,011	2,011	2,394	2,834
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	5,336	3,208	3,709	7,607	10,736	8,573	7,895	12,236	6,885	4,382	3,485	7,165	13,201	13,605	13,011
Enterprise Value	-1,632	-2,773	-3,166	-8,079	-9,237	-9,849	-8,270	-4,926	-6,807	-24,407	-41,930	-28,049	-25,028	-23,632	-23,275
Total Capital	12,135	10,625	11,847	16,714	20,480	19,109	19,373	25,066	21,037	19,158	19,963	25,021	32,827	35,168	36,817
Total Debt/Capital (%)	43.97	30.19	31.31	45.51	52.42	44.86	40.75	48.82	32.73	22.87	17.46	28.64	40.21	38.69	35.34
Total Debt / EV	-3.27	-1.16	-1.17	-0.94	-1.16	-0.87	-0.95	-2.48	-1.01	-0.18	-0.08	-0.26	-0.53	-0.58	-0.56
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Market Cap	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted Enterprise Value	4,596	1,967	1,366	1,078	3,005	3,483	2,626	3,757	-488	-19,584	-37,975	-17,300	-14,588	-4,783	-2,924
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Sales	3,997	4,287	4,555	4,456	4,668	5,296	5,632	5,928	6,192	5,955	5,962	8,013	9,398	9,231	9,632
TTM EBITDA	198	205	204	199	175	201	197	179	301	320	324	435	497	508	498
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	1,772	500	932	1,099	1,742	1,183	2,782	2,090	2,358	789	2,715	4,574	3,905	3,610	3,003
TTM Free Cash Flow to Firm	1,772	500	932	1,099	1,742	1,183	2,782	2,090	2,358	789	2,715	4,574	3,905	3,610	3,003

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-1,632	-2,773	-3,166	-8,079	-9,237	-9,849	-8,270	-4,926	-6,807	-24,407	-41,930	-28,049	-25,028	-23,632	-23,275
Low Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	24.09	25
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Sales Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Sales Average	1.15	0.46	0.3	0.24	0.64	0.66	0.47	0.63	- -	- -	- -	- -	- -	- -	- -
EV/Sales High	1.15	0.46	0.3	0.24	0.64	0.66	0.47	0.63	- -	- -	- -	- -	- -	- -	- -
EV/Sales Low	1.15	0.46	0.3	0.24	0.64	0.66	0.47	0.63	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Average	23.24	9.61	6.7	5.42	17.14	17.36	13.32	20.99	-1.62	-61.15	-117.21	-39.77	-29.35	-9.42	-5.87
EV/EBITDA High	23.24	9.61	6.7	5.42	17.14	17.36	13.32	20.99	-1.62	-61.15	-117.21	-39.77	-29.35	-9.42	-5.87
EV/EBITDA Low	23.24	9.61	6.7	5.42	17.14	17.36	13.32	20.99	-1.62	-61.15	-117.21	-39.77	-29.35	-9.42	-5.87
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	26.62	26.55
High Price	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	28.04	27.49
Enterprise Value Average	4,596	1,967	1,366	1,078	3,005	3,483	2,626	3,757	-488	-19,584	-37,975	-17,300	-14,588	-4,783	-2,924
Enterprise Value High	4,596	1,967	1,366	1,078	3,005	3,483	2,626	3,757	-488	-19,584	-37,975	-17,300	-14,588	-4,783	-2,924
Enterprise Value Low	4,596	1,967	1,366	1,078	3,005	3,483	2,626	3,757	-488	-19,584	-37,975	-17,300	-14,588	-4,783	-2,924

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	125	128	131	132	160	156	150	139	131	128	129	169	166	166	152
Diluted Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic Weighted Avg Shares	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Revenue per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS, GAAP	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Diluted EPS from Cont Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Flow per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow per Basic Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash & Equivalents per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

M&T Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)