M&T Bank
Financial ratios & Valuation

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
15.4315.3518.6518.4810.3311.8212.1010.6211.888.3113.1910.33
Price/Sales ratio
3.673.544.634.623.343.682.753.292.942.532.773.68
Price/Book Value ratio
1.331.021.481.601.281.451.011.100.930.841.091.45
Price/Cash Flow ratio
14.979.5120.739.359.489.6720.747.275.175.8312.079.48
Price/Free Cash Flow ratio
16.049.9822.809.639.9510.4626.547.705.426.2413.129.95
Price/Earnings Growth ratio
-1.61-4.582.321.560.17-18.20-0.430.27-0.730.22-96.62-18.20
Dividend Yield
2.68%2.75%2.13%2.03%2.94%2.71%3.88%3.28%3.72%4.24%2.82%2.71%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%100%100%100%
Operating Profit Margin
45.48%45.96%49.89%51.07%51.18%41.13%29.71%40.97%37.75%50.26%28.10%41.13%
Pretax Profit Margin
35.52%35.76%38.86%41.26%42.30%41.13%29.71%40.97%32.46%40.22%26.99%41.13%
Net Profit Margin
23.84%23.06%24.83%25.00%32.35%31.15%22.72%31.02%24.76%30.46%21.12%31.15%
Effective Tax Rate
32.89%35.53%36.10%39.39%23.52%24.26%23.53%24.29%23.72%24.26%21.75%24.26%
Return on Assets
1.10%0.87%1.06%1.18%1.59%1.60%0.94%1.19%0.99%1.31%1.12%1.60%
Return On Equity
8.64%6.67%7.97%8.66%12.40%12.27%8.35%10.38%7.86%10.16%8.57%12.27%
Return on Capital Employed
2.14%1.78%2.17%2.42%2.65%2.16%1.26%1.60%1.53%2.22%1.51%2.16%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A13.26N/A
Quick Ratio
8.118.5910.44119.144.8310.6926.9044.1024.375.3813.264.83
Cash ratio
4.404.523.2037.121.663.5911.3219.867.445.600.853.59
Days of Sales Outstanding
N/AN/AN/AN/AN/AN/AN/A498.60N/AN/AN/AN/A
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.090.090.070.070.100.040.030.020.010.060.060.06
Debt Equity Ratio
0.730.720.580.510.830.310.270.190.150.480.490.49
Long-term Debt to Capitalization
0.420.370.260.330.350.230.210.160.130.230.280.28
Total Debt to Capitalization
0.420.410.360.330.450.230.210.160.130.320.320.32
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.75N/A
Cash Flow to Debt Ratio
0.120.140.120.330.160.470.170.761.150.290.180.16
Company Equity Multiplier
7.837.597.487.297.767.628.808.667.927.727.337.62
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.240.370.220.490.350.380.130.450.560.430.230.38
Free Cash Flow / Operating Cash Flow Ratio
0.930.950.900.970.950.920.780.940.950.930.910.92
Cash Flow Coverage Ratio
0.120.140.120.330.160.470.170.761.150.290.180.16
Short Term Coverage Ratio
N/A0.810.3215.880.4737.8013.2657.70N/A0.781.000.47
Dividend Payout Ratio
41.40%42.26%39.78%37.64%30.38%32.11%47.02%34.88%44.22%35.31%42.27%30.38%