M&T Bank Corporation Financial Ratios — MTB 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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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	0.25	0.28	0.31	0.28	0.23	0.29	0.33	0.3	0.34	0.26	0.26	0.24	0.25	0.28	0.29

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	10,300	13,392	16,046	16,456	16,578	24,537	26,031	19,825	22,816	16,381	19,762	23,674	22,798	31,301	31,801
- 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	8,668	10,619	12,880	8,377	7,341	14,688	17,761	14,899	16,009	-8,026	-22,169	-4,375	-2,230	7,669	8,526
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	0.62	0.3	0.29	0.91	1.46	0.58	0.44	0.82	0.43	-0.55	-0.16	-1.64	-5.92	1.77	1.53
EV/Sales	2.17	2.48	2.83	1.88	1.57	2.77	3.15	2.51	2.59	- -	- -	- -	0.27	0.83	0.89
EV/EBITDA	43.83	51.91	63.22	42.15	41.86	73.22	90.1	83.23	53.13	- -	- -	- -	5.04	15.1	17.12
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	4.89	21.24	13.82	7.62	4.21	12.41	6.38	7.13	6.79	- -	- -	- -	0.64	2.12	2.84
EV/Free Cash Flow to Firm	4.89	21.24	13.82	7.62	4.21	12.41	6.38	7.13	6.79	- -	- -	- -	0.64	2.12	2.84
Diluted Market Cap	10,300	13,392	16,046	16,562	16,666	24,607	26,085	19,825	22,825	16,384	19,783	23,794	22,893	31,458	31,993
Diluted Enterprise Value	14,897	15,358	17,412	17,640	19,672	28,090	28,711	23,582	22,336	-3,200	-18,192	6,494	8,305	26,675	29,069
EV per Share	64.24	78.08	93.45	63.95	53.66	93.64	116.67	107.57	119.11	- -	- -	- -	15.07	46.06	54.02
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
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.81	26.78	17.21	15.07	9.57	20.79	9.38	9.49	9.68	20.76	7.29	5.2	5.86	8.71	10.65
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	8,668	10,619	12,880	8,377	7,341	14,688	17,761	14,899	16,009	-8,026	-22,169	-4,375	-2,230	7,669	8,526
Low Price	66.4	76.82	95.68	109.16	111.5	100.08	141.12	133.78	141.11	85.09	125.45	138.43	108.53	128.31	150.75
EV/Sales	2.17	2.48	2.83	1.88	1.57	2.77	3.15	2.51	2.59	- -	- -	- -	0.27	0.83	0.89
EV/EBITDA	43.83	51.91	63.22	42.15	41.86	73.22	90.1	83.23	53.13	- -	- -	- -	5.04	15.1	17.12
Price/Earnings	12.66	13.72	14.8	16.62	16.6	19.89	19.49	10.74	12.27	12.75	11.06	12.49	8.63	12.76	11.76
Price/Earnings Average	13.51	12.28	13.86	15.98	16.83	15.14	18.31	13.11	11.74	11.72	10.73	14.77	8.22	11.04	10.99
Price/Earnings High	15.1	14.68	15.19	17.06	18.36	20.13	20.13	14.81	12.73	17.43	12.12	16.66	10.2	15.31	12.15
Price/Earnings Low	11.01	10.7	12.16	14.44	15.28	12.72	16.09	10.04	10.2	8.52	9.04	11.92	6.83	8.7	8.8
Price/Book Value	1.74	2.05	2.21	2.09	1.95	2.64	2.54	1.71	1.77	1.21	1.34	1.49	1.29	1.63	1.52
Price/Book Value Average	1.85	1.83	2.07	2.01	1.97	2.01	2.39	2.09	1.69	1.11	1.3	1.77	1.23	1.41	1.42
Price/Book Value High	2.07	2.19	2.27	2.15	2.15	2.67	2.62	2.36	1.83	1.66	1.47	1.99	1.53	1.96	1.57
Price/Book Value Low	1.51	1.6	1.82	1.82	1.79	1.69	2.1	1.6	1.47	0.81	1.1	1.43	1.02	1.11	1.13
Price/Tangible Book Value	2.19	2.35	2.35	2.18	1.62	2.32	2.51	2.07	2.32	1.59	1.71	1.62	1.4	1.73	1.79
Price/Tangible Book Value Average	2.34	2.11	2.2	2.1	1.65	1.77	2.36	2.52	2.22	1.46	1.66	1.92	1.33	1.5	1.67
Price/Tangible Book Value High	2.61	2.52	2.41	2.24	1.8	2.35	2.6	2.85	2.4	2.17	1.87	2.16	1.65	2.08	1.85
Price/Tangible Book Value Low	1.9	1.84	1.93	1.9	1.49	1.49	2.07	1.93	1.93	1.06	1.4	1.55	1.11	1.18	1.34
Price/Sales	2.58	3.12	3.52	3.69	3.55	4.63	4.62	3.34	3.68	2.75	3.31	2.95	2.43	3.39	3.3
Price/Sales Average	2.75	2.79	3.3	3.55	3.6	3.53	4.34	4.08	3.52	2.53	3.21	3.49	2.31	2.93	3.09
Price/Sales High	3.07	3.34	3.62	3.79	3.93	4.69	4.77	4.61	3.82	3.76	3.63	3.94	2.87	4.07	3.41
Price/Sales Low	2.24	2.44	2.9	3.21	3.27	2.96	3.81	3.13	3.06	1.84	2.71	2.82	1.92	2.31	2.47
Price/Cash Flow	5.81	26.78	17.21	14.97	9.51	20.73	9.36	9.49	9.68	20.76	7.28	5.18	5.84	8.67	10.59
Price/Cash Flow Average	6.2	23.97	16.12	14.4	9.64	15.78	8.79	11.58	9.26	19.08	7.06	6.12	5.56	7.5	9.9
Price/Cash Flow High	6.93	28.65	17.67	15.37	10.52	20.99	9.67	13.08	10.04	28.37	7.97	6.9	6.9	10.41	10.95
Price/Cash Flow Low	5.06	20.9	14.14	13.01	8.75	13.27	7.72	8.87	8.05	13.87	5.95	4.94	4.62	5.92	7.92
Price/Free Cash Flow Average	6.2	23.97	16.12	14.5	9.69	15.83	8.81	11.58	9.26	19.08	7.07	6.15	5.58	7.54	9.96
Price/Free Cash Flow High	6.93	28.65	17.67	15.47	10.58	21.05	9.69	13.08	10.04	28.38	7.98	6.94	6.93	10.46	11.01
Price/Free Cash Flow Low	5.06	20.9	14.14	13.1	8.8	13.3	7.74	8.87	8.05	13.88	5.95	4.96	4.64	5.95	7.97
EV/Sales Average	3.9	3.25	3.6	3.79	4.24	4.18	4.81	4.71	3.45	- -	- -	1.33	0.76	2.42	2.78
EV/Sales High	4.22	3.8	3.92	4.03	4.57	5.35	5.24	5.25	3.74	0.47	- -	1.78	1.31	3.55	3.11
EV/Sales Low	3.39	2.9	3.2	3.45	3.91	3.62	4.28	3.76	2.98	- -	- -	0.66	0.37	1.8	2.17
EV/EBITDA Average	78.82	68.19	80.48	85.07	112.95	110.49	137.4	156.15	70.81	-14.14	-58.06	24.56	14.33	43.89	53.85
EV/EBITDA High	85.35	79.64	87.58	90.43	121.68	141.19	149.73	173.71	76.94	8.76	-50.38	32.8	24.85	64.55	60.13
EV/EBITDA Low	68.54	60.69	71.43	77.38	104.13	95.62	122.31	124.5	61.33	-26.96	-67.38	12.16	6.96	32.64	41.91
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	76.34	98.47	116.42	125.62	121.18	156.43	170.99	143.13	169.75	127.3	153.58	145.06	137.08	188.01	201.48
High Price	91.05	105.33	119.54	128.96	134	158.35	176.62	197.37	176.11	174	168.27	193.42	161.99	225.7	208.26
Enterprise Value Average	15,588	13,949	16,398	16,907	19,806	22,162	27,085	27,951	21,335	-4,528	-18,810	10,682	7,122	22,297	26,815
Enterprise Value High	16,881	16,291	17,842	17,972	21,337	28,321	29,515	31,094	23,183	2,806	-16,323	14,266	12,352	32,793	29,947
Enterprise Value Low	13,555	12,414	14,553	15,378	18,259	19,181	24,110	22,286	18,478	-8,635	-21,832	5,292	3,462	16,579	20,870

Shares Outstanding	125	128	131	132	160	156	150	139	131	128	129	169	166	166	152
Diluted Weighted Avg Shares	135	136	138	132	138	157	153	139	134	129	129	164	167	167	159
Basic Weighted Avg Shares	135	136	138	131	137	157	152	139	134	129	129	163	166	166	158
Revenue per Share	29.62	31.52	33.04	34.01	34.12	33.76	37	42.8	46.07	46.28	46.33	49.1	56.51	55.45	61.03
EBITDA per Share	1.47	1.5	1.48	1.52	1.28	1.28	1.29	1.29	2.24	2.49	2.52	2.67	2.99	3.05	3.16
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	6.03	7.18	7.87	7.56	7.3	7.87	8.77	13.32	13.84	9.99	13.88	11.61	15.88	14.74	17.14
Basic EPS from Cont Ops	6.37	7.57	8.26	8.14	7.89	8.38	9.25	13.85	14.35	10.52	14.45	12.21	16.48	15.54	18.06
Diluted EPS, GAAP	6.03	7.18	7.87	7.51	7.26	7.84	8.75	13.32	13.83	9.98	13.87	11.55	15.81	14.67	17.03
Diluted EPS from Cont Ops	6.37	7.57	8.26	8.09	7.85	8.36	9.23	13.85	14.35	10.51	14.43	12.14	16.41	15.47	17.95
Dividend per Share	2.95	3.02	3.04	3.37	3.34	3.34	3.48	4.21	4.61	4.95	5.04	5.4	5.82	6.2	6.62
Cash Flow per Share	13.13	3.68	6.76	8.39	12.74	7.54	18.27	15.09	17.54	6.13	21.1	28.03	23.48	21.68	19.03
Free Cash Flow per Basic Share	13.13	3.68	6.76	8.39	12.74	7.54	18.27	15.09	17.54	6.13	21.1	28.03	23.48	21.68	19.03
Cash & Equivalents per Share	58.05	50.39	56.27	129.14	155	125.29	114.27	132.79	111.16	233.44	366.55	228.1	241.96	238.04	247.85
Book Value per Share	43.98	48.12	52.65	60.12	62.23	59.32	67.31	83.74	95.99	105.11	114.46	97.09	105.92	115.14	132.87
Tangible Book Value per Share	34.88	41.84	49.56	57.59	74.62	67.35	68.02	69.23	73.24	80.28	89.81	89.51	98.21	108.56	112.86

M&T Bank Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)