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M&T Bank（MTB）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
美国合众银行的季度营收约是M&T Bank的3.0倍（$7.4B vs $2.5B），M&T Bank净利率更高（30.7% vs 27.8%，领先2.9%），美国合众银行同比增速更快（5.1% vs 3.8%），过去两年美国合众银行的营收复合增速更高（4.7% vs 4.6%）
M&T银行是总部位于美国纽约州布法罗的银行控股企业，业务覆盖美国东部从缅因州到弗吉尼亚州的12个州及华盛顿特区，运营超过950家线下网点。其控股主体1998年5月前名为第一帝国州公司，之后更为现名。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
MTB vs USB — 直观对比
营收规模更大
USB
是对方的3.0倍
$2.5B
营收增速更快
USB
高出1.3%
3.8%
净利率更高
MTB
高出2.9%
27.8%
两年增速更快
USB
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $7.4B |
| 净利润 | $759.0M | $2.0B |
| 毛利率 | — | — |
| 营业利润率 | 39.2% | 34.4% |
| 净利率 | 30.7% | 27.8% |
| 营收同比 | 3.8% | 5.1% |
| 净利润同比 | 11.5% | 23.0% |
| 每股收益（稀释后） | $4.62 | $1.26 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MTBUSB
| Q4 25 | $2.5B | $7.4B | ||
| Q3 25 | $2.5B | $7.3B | ||
| Q2 25 | $2.4B | $7.0B | ||
| Q1 25 | $2.3B | $7.0B | ||
| Q4 24 | $2.4B | $7.0B | ||
| Q3 24 | $2.3B | $6.9B | ||
| Q2 24 | $2.3B | $6.9B | ||
| Q1 24 | $2.3B | $6.7B |
净利润MTBUSB
| Q4 25 | $759.0M | $2.0B | ||
| Q3 25 | $792.0M | $2.0B | ||
| Q2 25 | $716.0M | $1.8B | ||
| Q1 25 | $584.0M | $1.7B | ||
| Q4 24 | $681.0M | $1.7B | ||
| Q3 24 | $721.0M | $1.7B | ||
| Q2 24 | $655.0M | $1.6B | ||
| Q1 24 | $531.0M | $1.3B |
营业利润率MTBUSB
| Q4 25 | 39.2% | 34.4% | ||
| Q3 25 | 40.8% | 34.5% | ||
| Q2 25 | 39.0% | 32.7% | ||
| Q1 25 | 33.0% | 31.0% | ||
| Q4 24 | 37.0% | 30.1% | ||
| Q3 24 | 39.0% | 30.2% | ||
| Q2 24 | 37.1% | 29.9% | ||
| Q1 24 | 29.4% | 24.9% |
净利率MTBUSB
| Q4 25 | 30.7% | 27.8% | ||
| Q3 25 | 31.5% | 27.3% | ||
| Q2 25 | 29.9% | 25.9% | ||
| Q1 25 | 25.3% | 24.6% | ||
| Q4 24 | 28.6% | 23.7% | ||
| Q3 24 | 30.9% | 25.0% | ||
| Q2 24 | 28.5% | 23.3% | ||
| Q1 24 | 23.5% | 19.6% |
每股收益（稀释后）MTBUSB
| Q4 25 | $4.62 | $1.26 | ||
| Q3 25 | $4.82 | $1.22 | ||
| Q2 25 | $4.24 | $1.11 | ||
| Q1 25 | $3.32 | $1.03 | ||
| Q4 24 | $3.87 | $1.01 | ||
| Q3 24 | $4.02 | $1.03 | ||
| Q2 24 | $3.73 | $0.97 | ||
| Q1 24 | $3.02 | $0.78 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | — |
| 总债务越低越好 | $10.9B | — |
| 股东权益账面价值 | $29.2B | $65.2B |
| 总资产 | $213.5B | $692.3B |
| 负债/权益比越低杠杆越低 | 0.37× | — |
8季度趋势，按日历期对齐
总债务MTBUSB
| Q4 25 | $10.9B | — | ||
| Q3 25 | $12.9B | — | ||
| Q2 25 | $12.4B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $12.6B | — | ||
| Q3 24 | $11.6B | — | ||
| Q2 24 | $11.3B | — | ||
| Q1 24 | $11.4B | — |
股东权益MTBUSB
| Q4 25 | $29.2B | $65.2B | ||
| Q3 25 | $28.7B | $63.3B | ||
| Q2 25 | $28.5B | $61.4B | ||
| Q1 25 | $29.0B | $60.1B | ||
| Q4 24 | $29.0B | $58.6B | ||
| Q3 24 | $28.9B | $58.9B | ||
| Q2 24 | $28.4B | $56.4B | ||
| Q1 24 | $27.2B | $55.6B |
总资产MTBUSB
| Q4 25 | $213.5B | $692.3B | ||
| Q3 25 | $211.3B | $695.4B | ||
| Q2 25 | $211.6B | $686.4B | ||
| Q1 25 | $210.3B | $676.5B | ||
| Q4 24 | $208.1B | $678.3B | ||
| Q3 24 | $211.8B | $686.5B | ||
| Q2 24 | $208.9B | $680.1B | ||
| Q1 24 | $215.1B | $683.6B |
负债/权益比MTBUSB
| Q4 25 | 0.37× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.43× | — | ||
| Q1 25 | 0.36× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.40× | — | ||
| Q2 24 | 0.40× | — | ||
| Q1 24 | 0.42× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $3.0B | $2.8B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 3.96× | 1.39× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MTBUSB
| Q4 25 | $3.0B | $2.8B | ||
| Q3 25 | $1.0B | $3.4B | ||
| Q2 25 | $844.0M | $2.0B | ||
| Q1 25 | $635.0M | $-285.0M | ||
| Q4 24 | $3.6B | $4.8B | ||
| Q3 24 | $-28.0M | $972.0M | ||
| Q2 24 | $1.4B | $2.9B | ||
| Q1 24 | $608.0M | $2.7B |
现金转化率MTBUSB
| Q4 25 | 3.96× | 1.39× | ||
| Q3 25 | 1.26× | 1.69× | ||
| Q2 25 | 1.18× | 1.12× | ||
| Q1 25 | 1.09× | -0.17× | ||
| Q4 24 | 5.30× | 2.87× | ||
| Q3 24 | -0.04× | 0.57× | ||
| Q2 24 | 2.07× | 1.79× | ||
| Q1 24 | 1.15× | 2.02× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
