Stocks UBSI Financial statements
Financial statementsUNITED BANKSHARES INC/WV financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED BANKSHARES INC/WV files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 240 | 277 | 263 | 331 | 312 | |||||
| Interest expense | 45 | 74.8 | 129 | 185 | 109 | 52.4 | 106 | 481 | ||
| Pre-tax income | 223 | 285 | 327 | 324 | 360 | 463 | 476 | 464 | 465 | 583 |
| Income tax | 75.6 | 134 | 70.8 | 64.3 | 70.7 | 95.1 | 96.2 | 97.5 | 91.6 | 119 |
| Net income | 147 | 151 | 256 | 260 | 289 | 368 | 380 | 366 | 373 | 465 |
| EPS, basic | 2.00 | 1.54 | 2.46 | 2.55 | 2.40 | 2.84 | 2.81 | 2.72 | 2.76 | 3.28 |
| EPS, diluted | 1.99 | 1.54 | 2.45 | 2.55 | 2.40 | 2.83 | 2.80 | 2.71 | 2.75 | 3.27 |
| Shares, basic (weighted) | 73.5 | 97.5 | 104 | 102 | 120 | 129 | 135 | 135 | 135 | 141 |
| Shares, diluted (weighted) | 73.9 | 97.9 | 104 | 102 | 120 | 130 | 135 | 135 | 135 | 142 |
| Dividend per share | 1.32 | 1.33 | 1.36 | 1.37 | 1.40 | 1.41 | 1.44 | 1.45 | 1.48 | 1.49 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,435 | 837 | 2,209 | 3,758 | 1,177 | 1,599 | 2,292 | 2,542 | ||
| Property, plant and equipment | 75.9 | 105 | 95.2 | 96.6 | 176 | 197 | 199 | 191 | 186 | 209 |
| Lease right-of-use assets | 0 | 57.8 | 69.5 | 81.9 | 71.1 | 87 | 81.7 | 89.3 | ||
| Goodwill | 864 | 1,478 | 1,478 | 1,478 | 1,797 | 1,886 | 1,889 | 1,889 | 1,889 | 2,019 |
| Total assets | 14,509 | 19,059 | 19,250 | 19,662 | 26,184 | 29,329 | 29,489 | 29,926 | 30,024 | 33,660 |
| Accrued liabilities | 0 | 0 | 0 | |||||||
| Short-term debt | 210 | 278 | 177 | 125 | 142 | 129 | 161 | 196 | 176 | 199 |
| Total liabilities | 12,273 | 15,818 | 15,999 | 16,298 | 21,887 | 24,610 | 24,973 | 25,155 | 25,030 | 28,164 |
| Total debt | 1,172 | 1,364 | 1,499 | 1,838 | 864 | 817 | 2,198 | 1,789 | 540 | 532 |
| Paid-in capital | 1,206 | 2,129 | 2,134 | 2,140 | 2,894 | 3,150 | 3,169 | 3,182 | 3,196 | 3,469 |
| Retained earnings | 873 | 892 | 1,013 | 1,133 | 1,205 | 1,391 | 1,575 | 1,746 | 1,918 | 2,170 |
| Treasury stock | -0.98 | -1.01 | -102 | -138 | -159 | -171 | -250 | -252 | -253 | -381 |
| Other comprehensive income | -44.7 | -42 | -57 | -34.9 | 22.4 | -4.89 | -333 | -260 | -224 | -139 |
| Shareholders' equity | 2,236 | 3,241 | 3,252 | 3,364 | 4,298 | 4,719 | 4,516 | 4,771 | 4,993 | 5,496 |
| Total equity | 2,236 | 3,241 | 3,252 | 3,364 | 4,298 | 4,719 | 4,516 | 4,771 | 4,993 | 5,496 |
| Total liabilities and equity | 14,509 | 19,059 | 19,250 | 19,662 | 26,184 | 29,329 | 29,489 | 29,926 | 30,024 | 33,660 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 147 | 151 | 256 | 260 | 289 | 368 | 380 | 366 | 373 | 465 |
| Depreciation and amortization | -8.72 | -21.6 | -21.1 | -20.5 | 13.5 | 16.6 | 18.2 | 17.2 | 15.7 | 16.8 |
| Stock-based compensation | 2.82 | 3.56 | 4.07 | 4.91 | 5.98 | 8.02 | 9.88 | 12.5 | 12.1 | 13.1 |
| Deferred income tax | -2.92 | -3.37 | 16.6 | |||||||
| Cash from operations | 171 | 254 | 294 | 152 | 140 | 610 | 761 | 435 | 445 | 499 |
| Capital expenditures | -7.27 | -14.4 | -5.78 | -11.1 | -19 | -15.4 | -16.9 | -11.7 | -12.1 | -17.7 |
| Acquisitions | 29.3 | 44.5 | 0 | 0 | 629 | 39.4 | 0 | 0 | ||
| Purchases of investments | -771 | -597 | -1,522 | -1,572 | -108 | -2,062 | -2,143 | |||
| Sales and maturities of investments | 64.4 | 40.8 | 37.9 | 338 | 516 | 679 | 575 | 770 | 2,459 | 2,260 |
| Cash from investing | 31 | 267 | -873 | -383 | 138 | 15.7 | -3,448 | 39 | 571 | -899 |
| Stock issued | 200 | 0 | 0 | 1.27 | 1.24 | 5.21 | 10.3 | 1.75 | 5.27 | 0.75 |
| Share buybacks | -0 | -0 | -101 | -35.7 | -21.3 | -11.2 | -79.5 | -1.38 | -1.04 | -127 |
| Dividends paid | -96.4 | -121 | -142 | -139 | -163 | -181 | -193 | -195 | -201 | -209 |
| Cash from financing | 375 | -289 | -66.8 | 48.5 | 1,094 | 924 | 105 | -51.9 | -324 | 650 |
| Net change in cash | 577 | 232 | -646 | -183 | 1,372 | 1,549 | -2,582 | 422 | 693 | 250 |
| Free cash flow | 163 | 240 | 288 | 141 | 121 | 594 | 744 | 424 | 433 | 481 |
| Interest paid | 44.6 | 72.7 | 125 | 183 | 115 | 54.6 | 98.2 | 468 | 591 | 582 |
| Income taxes paid | 61.9 | 73.1 | 55.3 | 56.5 | 65.4 | 101 | 93.7 | 105 | 86.2 | 114 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Effective tax rate | 20.1% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 9.3% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.5% | Net income / average total assets. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Net income growth, 1y | 24.6% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 7.0% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 10.0% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 18.9% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 5.3% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 6.4% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | 12.0% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -13.1% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 28.9% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | 11.0% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -13.5% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | 31.7% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 0.7% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 1.1% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 1.3% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 10.1% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 6.8% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 5.0% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 12.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 4.5% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 5.2% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 4.9% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 1.6% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 3.4% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 83.7% | Total liabilities / total assets. |
| Goodwill and intangibles / assets | 6.0% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $3.49B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| FCF conversion | 103.6% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 3.9% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.67 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| FCF per share | $3.86 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $4.01 | Cash from operations / diluted weighted shares. |
| Book value per share | $39.81 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $25.23 | Tangible book value / shares outstanding. |
| Cash per share | $15.04 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 41.1% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 39.7% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 39.4% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $6.38B | Share price x shares outstanding. |
| Enterprise value | $4.30B | Market cap + total debt - cash - short-term investments. |
| P/E | 12.4x | Market cap / net income. Only when net income is positive. |
| P/B | 1.16x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 1.83x | Market cap / tangible book value, when positive. |
| P/FCF | 12.0x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 11.5x | Market cap / cash from operations, when positive. |
| EV/FCF | 8.06x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 8.4% | Free cash flow / market cap. |
| Earnings yield | 8.1% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 3.3% | Dividends paid over the period / market cap. |
| Shareholder yield | 6.6% | (Dividends paid + share buybacks) / market cap. |
| PEG | 2.33x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
Was UNITED BANKSHARES INC/WV profitable in fiscal 2025?
Yes. Net income was $464.6M, a net margin of -.
How much free cash flow did UNITED BANKSHARES INC/WV generate in fiscal 2025?
Cash from operations of $498.9M minus capital expenditures of $17.7M left free cash flow of $481.2M.