United Bankshares

UBSI · Nasdaq · Financials · Financials, fiscal 2016 to 2025

UBSI · Last close · October 26, 2026

$48.92

United Bankshares' revenue rose 19.6% to $1.2 billion in fiscal 2025. Net income was $465 million, up 24.6%. Its return on equity was 8.9%, up from 7.6% a year earlier. Its efficiency ratio was 48.5%, down from 52.7% a year earlier. It paid out $336 million in dividends and buybacks. The diluted share count rose 4.9%.

UNITED BANKSHARES INC/WV Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001193125-26-081470 Updated October 18, 2026

Revenue

$1.2B

19.6%

Net income

$465M

24.6%

Return on equity

8.9%

1.2 pts

Return on tangible equity

14.1%

1.7 pts

Efficiency ratio

48.5%

4.2 pts

Market cap

$6.8B

Oct 26 close

P/E

13.3x

On $3.67 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.7% a year and net income 13.6% a year, as new shares raised the share count by 92% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value United Bankshares yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from United Bankshares' earnings per share of $3.67 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.3×, the middle of United Bankshares' own P/E today, its peers' median and its sector's median (United Bankshares' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Prosperity Bancshares, Texas Capital Bancshares, Home BancShares, Associated Bank.

Earnings growth in the years ahead (% a year) Starts at United Bankshares' revenue growth over the last 3 years, 58.3% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $48.92
Value at this multiple, against the last close: —
United Bankshares' P/E at the last close: 13.3×

Company	Last close	Earnings per share	P/E today
United BanksharesUBSI	$48.92	$3.67	13.3×
Texas Capital BancsharesTCBI	$101.61	$7.79	13.0×
Home BancSharesHOMB	$30.07	$2.43	12.4×
Prosperity BancsharesPB	$69.74	$5.77	12.1×
Associated BankASB	$30.23	$2.87	10.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	17,808	20,323	21,100	—	—
Deposits	23,350	22,303	22,819	23,962	27,061
Loans to deposits	76.3%	91.1%	92.5%	—	—
Provision for credit losses	—	19	31	25	54
Provision to average loans	—	0.1%	0.1%	—	—
Total assets	29,329	29,489	29,926	30,024	33,660
Shareholders' equity	4,719	4,516	4,771	4,993	5,496

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $4,201 of United Bankshares shares on the open market, and 1 insider sold $148,544.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 1, 2026	Mark R NesselroadDirector	Sold	3,200	$46.42	$148,544	Form 4
Jan 28, 2026	Lacy I Rice IIIDirector	Bought	101	$41.59	$4,201	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put United Bankshares side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
United Bankshares	FY25	19.6%	37.5%	8.9%	14.1%	48.5%
Prosperity Bancshares	FY25	4.8%	43.4%	7.2%	13.5%	44.5%	Compare
Texas Capital Bancshares	FY25	34.7%	26.3%	9.4%	9.8%	61.2%	Compare
Home BancShares	FY25	7.2%	43.6%	11.5%	17.4%	42.0%	Compare
Associated Bank	FY25	43.3%	31.9%	9.9%	12.7%	57.5%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	495	681	240	277	263	331	312	1,055	1,035	1,237
Revenue growth	8.2%	37.4%	−64.8%	15.4%	−4.8%	25.7%	−5.7%	238.2%	−1.9%	19.6%
Net interest income	425	549	589	578	690	743	896	920	911	1,102
Noninterest income	70	132	129	150	355	278	153	135	124	135
Noninterest expense	248	367	368	383	578	582	555	560	545	600
Provision for credit losses	1,676	—	4	2	—	—	19	31	25	54
Net income	147	151	256	260	289	368	380	366	373	465
Diluted EPS (US$)	1.99	1.54	2.45	2.55	2.40	2.83	2.80	2.71	2.75	3.27
Diluted shares (millions)	74	98	104	102	120	130	135	135	135	142
Payouts
Dividends paid	96	121	142	139	163	181	193	195	201	209
Share buybacks	0	0	101	36	21	11	80	1	1	127
Balance sheet at fiscal year end
Loans, net	10,268	12,935	13,346	13,635	17,356	17,808	20,323	21,100	—	—
Deposits	10,797	13,831	13,995	13,852	20,585	23,350	22,303	22,819	23,962	27,061
Total assets	14,509	19,059	19,250	19,662	26,184	29,329	29,489	29,926	30,024	33,660
Shareholders' equity	2,236	3,240	3,252	3,364	4,298	4,719	4,516	4,771	4,993	5,496
Ratios
Return on equity	7.5%	5.5%	7.9%	7.9%	7.5%	8.2%	8.2%	7.9%	7.6%	8.9%
Return on tangible common equity	12.4%	9.6%	14.5%	14.2%	13.1%	13.8%	13.9%	13.3%	12.4%	14.1%
Return on assets	1.1%	0.9%	1.3%	1.3%	1.3%	1.3%	1.3%	1.2%	1.2%	1.5%
Efficiency ratio	50.1%	54.0%	153.6%	138.3%	219.7%	175.8%	177.9%	53.1%	52.7%	48.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: United Bankshares' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with United Bankshares.