M&T Bank Corporation (MTB)
M&T Bank is a regional bank serving customers across the eastern United States.
MTB vs STT: how the two businesses compare
- Bigger business: STT, with $13.9B of yearly revenue, about 8.4× MTB's $1.7B.
- More profitable: MTB keeps 172 cents of each sales dollar as profit, against 21 cents at STT.
- More cash from each sale: MTB turns 181 cents of each sales dollar into operating cash flow, against 85 cents at STT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
State Street (STT) is the larger business by reported revenue: $13.9B in its fiscal year ended Dec 2025, about 8.4× MTB's $1.7B (fiscal year ended Dec 2025). MTB's net margin was 172.1% and STT's 21.1%. Both file with the SEC under the same industry code, SIC 6022 (State Commercial Banks).
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Financials
- State Commercial Banks
- Same classification
- December 31
- Same calendar
- Feb 19, 2026
MTB vs STT: quick comparison
| Company fact | MTB | STT |
|---|---|---|
| Company | M&T Bank Corporation | State Street Corporation |
| Exchange | NYSE | NYSE |
| SEC industry | State Commercial Banks | State Commercial Banks |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-18 | 10-K · 2026-02-19 |
MTB vs STT: audited financials
- Scale: STT's $13.9B of revenue is about 8.4× MTB's $1.7B.
- Net margin: MTB kept 172.1% of revenue as net income versus 21.1% at STT.
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | MTB | STT |
|---|---|---|
| Revenue | $1.7B2025-01-01 to 2025-12-31 · SEC filing | $13.9B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $2.9B2025-01-01 to 2025-12-31 · SEC filing | $2.9B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $3.0B2025-01-01 to 2025-12-31 · SEC filing | $11.9B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $17.002025-01-01 to 2025-12-31 · SEC filing | $9.402025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 172.1%2025-01-01 to 2025-12-31 · SEC filing | 21.1%2025-01-01 to 2025-12-31 · SEC filing |
MTB: FY ending 2025-12-31 · STT: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where MTB and STT overlap, and where they don't
Overlap
- Same SEC industry: both report under SIC 6022, State Commercial Banks.
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Scale: STT reported about 8.4× the annual revenue of MTB.
- Profitability: net margin of 172.1% for MTB versus 21.1% for STT.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
State Street Corporation (STT)
State Street provides investment servicing and management, including the SPDR ETF family.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves MTB
We have not yet published a company-specific driver list for MTB. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-18.
What moves STT
We have not yet published a company-specific driver list for STT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know STT reports about 8.4× MTB's revenue, and MTB keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 3 matched transaction rows for MTB and 10 matched transaction rows for STT. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
MTB primary filings
STT primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving MTB or STT
MTB vs STT FAQs
Are MTB and STT direct competitors?
M&T Bank and State Street share the SEC industry classification “State Commercial Banks.” That makes the operating comparison relevant, but it does not prove that every product, customer, or revenue stream competes directly.
Is MTB or STT the bigger company by revenue?
State Street (STT) is the larger business by reported revenue: $13.9B in its fiscal year ended Dec 2025, about 8.4× MTB's $1.7B (fiscal year ended Dec 2025). MTB's net margin was 172.1% and STT's 21.1%. Both file with the SEC under the same industry code, SIC 6022 (State Commercial Banks). Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, MTB or STT?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this MTB vs STT comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers M&T Bank Corporation and State Street Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
MTB vs STT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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