The business behind the dividend
| Measure | MTB | Median | Formula |
|---|---|---|---|
| Return on equity | 9.8% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $3.03bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.86bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | — | — | Operating income ÷ revenue |
| Net margin | — | — | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 9.8% | 8.9% | 10.2% | 7.9% | 10.4% | 8.4% | 12.3% | 12.4% | 8.7% | 8.0% | 8.9% |
| Operating margin | — | — | — | — | 41.0% | 29.7% | 41.1% | 42.3% | 41.3% | 38.9% | 41.0% |
| Net margin | — | — | — | — | 31.0% | 22.7% | 31.2% | 32.4% | 25.0% | 24.8% | 25.0% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, M&T Bank pays out less than 24 of them. The median for that group is 34.0%, against this company’s 33.5%.
Closest on GAAP earnings
- American International Group (AIG) 32.2%
- State Street (STT) 34.0%
- Aflac (AFL) 34.2%
- Northern Trust (NTRS) 35.5%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →