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MTB · M&T Bank
The numbers, the scorecard and what analysts say, with the source for each. Information, not advice.
Value Scorecard · Bank version · run 2026-10-18
13 value checks for banks: 12 scored 1 to 5 where the data allows, plus moat evidence
42/50
high value score10 of 12 checks scoredBanks are scored with three bank measures in place of ROIC, Debt-to-Equity and Free Cash Flow, which don’t fit a bank: a bank borrows, mostly through deposits, in order to lend, so debt-to-equity describes its business model more than its risk, and its cash flow moves with its lending and securities. Compare a bank’s score with other banks’ scores, not with non-banks’: three of its checks are different.
10 of the 12 checks that carry a score were scored from the data available. 2 could not be scored (DCF Value, Margin of Safety) and were left out, so the score is out of 50 instead of 60. The label uses the same share of the available points as for a full scorecard. The moat is shown as evidence from the filings, without a score.
Earnings & returns
EPS Trend
4/5Diluted EPS: $11.53 (2022), $15.79 (2023), $14.64 (2024), $17.00 (2025). It rose every year but one and ended above 2022; the framework scores that as 4.
ROE Trend
2/5ROE (net income / common equity): 8.1% (2022), 10.6% (2023), 9.2% (2024), 10.2% (2025). Median 9.7%, lowest 8.1%; the framework scores a median 5-10% as 2.
Return on Assets Bank measure
5/5Return on assets (net income / total assets): 0.99% (2022), 1.32% (2023), 1.24% (2024), 1.34% (2025), as filed in the 10-Ks (SEC EDGAR). Median 1.28%, lowest 0.99%; the framework scores a median above 1.2% as 5.
Efficiency Ratio Bank measure
4/5Efficiency ratio (noninterest expense / (net interest income + noninterest income)): 61.7% (2022), 55.8% (2023), 57.8% (2024), 56.7% (2025), as filed in the 10-Ks (SEC EDGAR). Median 57.2%; a lower ratio means less cost for each dollar of revenue. The framework scores a median 55-60% as 4.
Profit Margins
5/5Net margin of 31.9%; the framework scores above 20% as 5; operating margin 43.1%.
Balance sheet & cash
Equity to Assets Bank measure
5/5Equity to assets of 13.7%: shareholders' equity of $29.18B against total assets of $213.51B at Dec 31, 2025, as filed in the 10-K (SEC EDGAR). The framework scores 10% or more as 5.
Retained Earnings
5/5Retained earnings, as filed in the 10-Ks (SEC EDGAR): $15.75B (2022), $17.52B (2023), $19.08B (2024), $20.88B (2025). It rose every year; the framework scores that as 5.
Valuation models
Graham IV
4/5IV = EPS x (8.5 + 2g) x (4.4 / Y) = $18.92 x (8.5 + 2 x 3.8) x (4.4 / 4.5) = $297.84. Current price $215.28; price is 27.7% below the model value.
DCF Value
Not scoredFree cash flow or share count is not available from the data source, so no DCF value is computed.
Margin of Safety
Not scoredNeeds both a Graham value and a DCF value. Graham value $297.84 (price is 27.7% below the model value); DCF value N/A (not comparable).
Price-to-Book
4/5P/B of 1.23; the framework scores 1.0-1.5 as 4.
Business quality
Moat Evidence
Not scoredA moat (a brand, a network, switching costs, patents, scale, a licence) is not a number in the filings, so Valerius doesn’t score it. Below are the figures and the words moat analysis starts from, from the company’s own 10-K filings. The conclusion is yours.
Return on capital, each year
Not available: the 10-K financial data has no standard figures for operating income, total assets and current liabilities in the same years, as is common for banks, insurers and REITs.
Gross margin, each year
Not reported: the filings don’t state a gross profit or cost of revenue figure, as is common for oil and gas companies, banks and insurers.
Competition, in the company’s own words · 10-K filed Feb 18, 2026
The Company faces extensive and intensive competition in the products and services it offers. The Company competes in offering commercial and personal financial and wealth services with other banking institutions and thrifts and with firms in a number of other industries, such as credit unions, personal loan companies, sales finance companies, leasing companies, securities brokerage firms, mutual fund companies, hedge funds, private credit funds, wealth and investment advisory firms, insurance companies and other financial services-related entities. Furthermore, diversified financial services companies are able to offer a combination of these services to their customers on a nationwide basis. Financial technology companies, using digital, mobile and other technologies, including stablecoins, also are increasingly offering traditional banking products and services (or products and services that could be viewed as substitutes for traditional banking products and services), which has resulted in the Company contending with a broader range of competitors, including many that are not located within the geographic footprint of the Company’s banking office network.
The opening of the company’s “Competition” section in its 10-K, quoted word for word, not summarized or edited. It is the company’s own description, not Valerius’s view, and may include the company’s expectations. Open the filing.
Return on capital = operating income / (total assets − current liabilities), the ROIC row’s definition; 15% is the framework’s return threshold. Gross margin = gross profit / revenue. Both from each year’s 10-K via SEC EDGAR. Moat analysis commonly looks at whether returns and margins held up over many years. These figures don’t say whether the company has an advantage, what it is, or whether it will last.
Capital Allocation
4/5Capital allocation, 2022-2025: dividends or buybacks paid in every year (pass); $9.70B paid out against $9.68B of net income (fail: paid out more than net income); debt not tested for banks and broker-dealers; shares outstanding 0.17B to 0.15B, down 10.3% (pass). 2 of 3 tests passed; the framework scores that as 4.
Filings
Company notices to the SEC
Not scoredThree kinds of event the company reported to the SEC in the last 5 years, from its filings on SEC EDGAR.
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These are events the company reported to the SEC. An auditor change or a late filing can have many causes; each date links to the filing, where the company explains it. Valerius does not score these.
How the Graham and DCF values were calculated
Graham Formula:
IV = EPS x (8.5 + 2g) x (4.4 / Y)
EPS = $18.92, g = 3.8%, Y = 4.5
IV = $297.84
Current price $215.28 vs Graham value $297.84 — price is 27.7% below the model value.
DCF:
Free cash flow or share count not available from the data source — no value computed.Data from yfinance summary figures and financial statements, and from the company’s 10-K filings via SEC EDGAR; computed at a price of $215.28. Every score is calculated from the figures by the framework’s fixed rules, and the explanation beside it is generated from the same figures: Graham value, DCF value, margin of safety, return on assets, efficiency ratio, equity to assets, profit margins, price-to-book, EPS trend, ROE trend, retained earnings and capital allocation (the bank version). No AI is involved in this scorecard. The moat is shown as evidence, without a score. Read each score with the figures beside it. A check that cannot be scored from the available data is shown as not scored and left out of the composite score. Intrinsic value calculations are model outputs based on stated assumptions, not predictions.
Recent headlines · third-party publishers · not investment advice
In the news
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The 8 newest headlines whose title names the company, shown automatically and never chosen by Valerius. From third-party publishers via Yahoo Finance, linked to the source. Valerius doesn't write or endorse them. Not investment advice.