MTB vs SHG: M&T Bank and Shinhan Financial Group Co compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Shinhan Financial Group Co is the larger company, worth $35.0B, close to M&T Bank's $32.2B.
- Shinhan Financial Group Co grew revenue faster over the last year (+20.8% vs +6.0%).
- On earnings, Shinhan Financial Group Co is the cheaper stock (10.9x vs 12.4x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | MTB | SHG |
|---|---|---|
| Market cap | $32.2B | $35.0B |
| Share price | $217.49 | $75.52 |
| Revenue (last fiscal year) | $1.7B | $74.06T |
| Free cash flow (last fiscal year) | — | $3.85T |
| Revenue growth, last year | +6.0% | +20.8% |
| Revenue growth per year, last 5 fiscal years | -27.5% | — |
| Operating margin | — | 8.7% |
| Net margin | 178.1% | 6.0% |
| Return on equity | 10.8% | 7.9% |
| P/E (trailing) | 12.4x | 10.9x |
| Price / free cash flow | 11.3x | 8.13x |
| EV / EBITDA | 8.84x | — |
| FCF growth the price implies | — | — |
| Dividend yield | 2.7% | 2.4% |
| Debt / equity | 6.85x | 12.1x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 4 |
| Insider purchases, last 12 months | 6 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
M&T Bank
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.0B | $2.6B | — |
| 2022 | $1.5B | $4.4B | — |
| 2023 | $1.5B | $3.6B | — |
| 2024 | $1.5B | — | — |
| 2025 | $1.7B | — | — |
Shinhan Financial Group Co
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | — | -$1.68T | — |
| 2021 | — | $3.31T | — |
| 2022 | $58.82T | $6.25T | 10.0% |
| 2023 | $61.33T | -$186.4B | 9.9% |
| 2024 | $74.06T | $3.85T | 8.7% |
Where the revenue comes from
M&T Bank · by segments, 2025
Institutional Services and Wealth Management$854M52%
Retail Bank$501M30%
Commercial Bank$302M18%
Shinhan Financial Group Co
No segment breakdown reported.
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open MTB in InvestinglyQuestions
Which is bigger, M&T Bank or Shinhan Financial Group Co?
Shinhan Financial Group Co (SHG), at $35.0B against $32.2B.
Is MTB or SHG cheaper?
By trailing P/E, Shinhan Financial Group Co (10.9x) is cheaper than M&T Bank (12.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, MTB or SHG?
Shinhan Financial Group Co: revenue grew +20.8% over the last year, against +6.0%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.