IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 54.2GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
7.8%
Sector: 8.5%
Dividend Analysis audit
INCOME
3.98%
Trailing Yield
$3.98
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
55%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
Sign up for free access to institutional-quality research tools.
Based on our 6-factor quantitative model, UNITED BANKSHARES INC/WV (UBSI) receives a "Hold" rating with a composite score of 53.4/100, ranked #756 out of 4446 stocks. Key factor scores: Quality 54/100, Value 71/100, Momentum 55/100. This is quantitative analysis only — not investment advice.
UNITED BANKSHARES INC/WV (UBSI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does UNITED BANKSHARES INC/WV Do?
United Bankshares, Inc., a financial holding company, primarily provides commercial and retail banking products and services in the United States. It operates through two segments, Community Banking and Mortgage Banking. The company accepts checking, savings, and time and money market accounts; individual retirement accounts; and demand deposits, statement and special savings, NOW accounts, and interest-bearing checking accounts. Its loan products include commercial loans and leases; construction and real estate loans; personal, student, credit card, commercial, and floor plan loans; and home equity loans. In addition, the company provides credit cards; safe deposit boxes, wire transfers, and other banking products and services; investment and security services; services to correspondent banks, including buying and selling federal funds; automated teller machine services; and internet and telephone banking services. Further, it offers community banking services, such as asset management, real property title insurance, financial planning, mortgage banking, and brokerage services. As of December 31, 2021, the company operated 250 offices in Virginia, Maryland, Washington, D.C., North Carolina, South Carolina, Georgia, Pennsylvania, West Virginia, and Ohio. United Bankshares, Inc. was incorporated in 1982 and is headquartered in Charleston, West Virginia. UNITED BANKSHARES INC/WV (UBSI) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Richard M. Adams and employs approximately 2,760 people, headquartered in CHARLESTON, West Virginia. With a market capitalization of $5.8B, UBSI is one of the notable companies in the Financials sector.
UNITED BANKSHARES INC/WV (UBSI) Stock Rating — Hold (April 2026)
As of April 2026, UNITED BANKSHARES INC/WV receives a Hold rating with a composite score of 53.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.UBSI ranks #756 out of 4,446 stocks in our coverage universe. Within the Financials sector, UNITED BANKSHARES INC/WV ranks #225 of 891 stocks, placing it in the upper half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
UBSI Stock Price and 52-Week Range
UNITED BANKSHARES INC/WV (UBSI) currently trades at $44.54. The 52-week high for UBSI is $45.92, which means the stock is currently trading -3.0% from its annual peak. The 52-week low is $30.50, putting the stock 46.0% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.
Is UBSI Overvalued or Undervalued? — Valuation Analysis
UNITED BANKSHARES INC/WV (UBSI) carries a value factor score of 71/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 13.74x, compared to the Financials sector average of 14.88x — a discount of 8%. The price-to-book ratio stands at 1.08x, versus the sector average of 1.22x. The price-to-sales ratio is 3.62x, compared to 0.90x for the average Financials stock. On an enterprise value basis, UBSI trades at 11.88x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, UNITED BANKSHARES INC/WV appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
UNITED BANKSHARES INC/WV Profitability — ROE, Margins, and Quality Score
UNITED BANKSHARES INC/WV (UBSI) earns a quality factor score of 54/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 7.8%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 1.3% versus the sector average of 1.2%.
On a margin basis, UNITED BANKSHARES INC/WV reports gross margins of 0.0%. The operating margin is 33.0% (sector: 21.8%). Net profit margin stands at 26.2%, versus 17.7% for the average Financials stock. Revenue growth is running at 15.2% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
UBSI Debt, Balance Sheet, and Financial Health
UNITED BANKSHARES INC/WV has a debt-to-equity ratio of 10.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.20x, suggesting adequate working capital coverage. Total debt on the balance sheet is $532M. Cash and equivalents stand at $268M.
UBSI has a beta of 0.79, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for UNITED BANKSHARES INC/WV is 85/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
UNITED BANKSHARES INC/WV Revenue and Earnings History — Quarterly Trend
In TTM 2026, UNITED BANKSHARES INC/WV reported revenue of $1.64B and earnings per share (EPS) of $3.28. Net income for the quarter was $431M. Gross margin was 0.0%. Operating income came in at $543M.
In FY 2025, UNITED BANKSHARES INC/WV reported revenue of $1.69B and earnings per share (EPS) of $3.28. Net income for the quarter was $465M. Revenue grew 12.2% year-over-year compared to FY 2024. Operating income came in at $583M.
In Q3 2025, UNITED BANKSHARES INC/WV reported revenue of $431M and earnings per share (EPS) of $0.92. Net income for the quarter was $131M. Revenue grew 12.6% year-over-year compared to Q3 2024. Operating income came in at $164M.
In Q2 2025, UNITED BANKSHARES INC/WV reported revenue of $421M and earnings per share (EPS) of $0.85. Net income for the quarter was $121M. Revenue grew 12.6% year-over-year compared to Q2 2024. Operating income came in at $152M.
Over the past 8 quarters, UNITED BANKSHARES INC/WV has demonstrated a growth trajectory, with revenue expanding from $374M to $1.64B. Investors analyzing UBSI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
UBSI Dividend Yield and Income Analysis
UNITED BANKSHARES INC/WV (UBSI) currently pays a dividend yield of 4.0%. At this yield, a $10,000 investment in UBSI stock would generate approximately $$398.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning UBSI offers above-average income for its sector. With a net margin of 26.2%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
UBSI Momentum and Technical Analysis Profile
UNITED BANKSHARES INC/WV (UBSI) has a momentum factor score of 55/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 27/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 15/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
UBSI vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing UBSI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full UBSI vs S&P 500 (SPY) comparison to assess how UNITED BANKSHARES INC/WV stacks up against the broader market across all factor dimensions.
UBSI Next Earnings Date
No upcoming earnings date has been announced for UNITED BANKSHARES INC/WV (UBSI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy UBSI? — Investment Thesis Summary
UNITED BANKSHARES INC/WV presents a balanced picture with arguments on both sides. The value score of 71/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 85/100) reduces downside risk.
In summary, UNITED BANKSHARES INC/WV (UBSI) earns a Hold rating with a composite score of 53.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on UBSI stock.
We'll email you when stocks you follow change their composite rating.
Institutional Research Dossier
UNITED BANKSHARES INC/WV (UBSI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
United Bankshares (UBSI) receives a Hold rating, driven by a balanced assessment of its attractive valuation metrics offset by concerns regarding its relatively low investment score and the inherent cyclicality of the banking sector. While UBSI exhibits strong profitability and stability, its growth prospects appear limited, and its capital allocation strategy warrants closer scrutiny. The bank's impressive operating and net margins compared to the sector suggest efficient operations, but its free cash flow generation is a concern.
The primary takeaway is that UBSI represents a potentially undervalued play within the banking sector, offering a margin of safety due to its lower P/E and EV/EBITDA ratios relative to peers. However, investors should carefully weigh the risks associated with its modest investment score and negative free cash flow, as well as the broader macroeconomic headwinds facing the financial industry. A more favorable rating would require evidence of improved capital allocation, enhanced growth initiatives, and a sustained positive free cash flow trend.
Business Strategy & Overview
United Bankshares operates as a regional bank, primarily serving communities across the Mid-Atlantic and Southeastern United States. Its core business revolves around traditional banking activities, including deposit gathering and loan origination. The bank generates revenue through net interest income (the difference between interest earned on loans and interest paid on deposits) and non-interest income (fees from services like wealth management, mortgage banking, and brokerage services). UBSI's strategic focus appears to be on organic growth supplemented by strategic acquisitions, expanding its footprint and market share within its target regions.
The company's two segments, Community Banking and Mortgage Banking, reflect its diversified approach to revenue generation. The Community Banking segment focuses on providing a comprehensive suite of financial products and services to individuals and businesses, while the Mortgage Banking segment specializes in originating and servicing residential mortgages. This diversification helps to mitigate risk and capitalize on different market opportunities.
UBSI's geographic footprint, spanning multiple states, provides a degree of resilience against regional economic downturns. However, it also exposes the bank to varying regulatory environments and competitive landscapes. The bank's ability to effectively manage these complexities is crucial to its long-term success.
The company's reliance on traditional banking activities makes it susceptible to interest rate fluctuations and changes in the regulatory environment. Furthermore, the increasing prevalence of fintech companies and online banking platforms poses a competitive threat, requiring UBSI to invest in technology and innovation to remain relevant. The bank's investment in internet and telephone banking services is a step in the right direction, but further innovation may be necessary to compete effectively in the evolving financial landscape.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
15.2%
Sector: 9.4%
+62% VS SCTR
Economic Moat Analysis
United Bankshares' economic moat can be classified as Narrow. While the bank benefits from certain advantages, they are not substantial enough to create a wide and enduring competitive edge. The primary source of UBSI's moat stems from its established regional presence and the switching costs associated with banking relationships.
The bank's long-standing presence in its core markets has fostered customer loyalty and brand recognition. This local presence allows UBSI to build relationships with customers and communities, creating a degree of stickiness that is difficult for new entrants to replicate. Furthermore, customers often face switching costs when changing banks, including the hassle of transferring accounts, updating payment information, and establishing new banking relationships. These switching costs provide UBSI with a degree of pricing power and customer retention.
However, these advantages are not insurmountable. The banking industry is highly competitive, with numerous players vying for market share. Larger national banks and fintech companies possess significant resources and technological capabilities, allowing them to compete effectively with regional banks like UBSI. The increasing adoption of online banking and mobile payment platforms has also reduced switching costs, making it easier for customers to switch banks.
UBSI's intangible assets, such as its brand reputation and customer relationships, contribute to its narrow moat. However, these assets are not unique or proprietary, and they can be eroded by negative publicity or poor customer service. The bank's cost advantages, if any, are likely modest and do not provide a significant competitive edge. Efficient scale is not a major factor in the banking industry, as banks can expand their operations without incurring significant diseconomies of scale.
Therefore, while UBSI possesses a narrow moat due to its regional presence and switching costs, its competitive advantages are not strong enough to guarantee long-term outperformance. The bank must continue to invest in technology, innovation, and customer service to maintain its competitive position in the evolving financial landscape.
Financial Health & Profitability
United Bankshares exhibits a mixed financial profile. The company demonstrates strong profitability metrics, with an operating margin of 33.0% and a net margin of 26.2%, significantly exceeding the sector averages of 22.0% and 17.8%, respectively. This suggests efficient operations and effective cost management. The company's ROE of 7.8% is slightly below the sector average of 8.5%, indicating room for improvement in generating returns on equity.
Revenue growth has been robust, with a TTM revenue growth rate of 15.2%, outpacing the sector average of 9.3%. This indicates that UBSI is successfully expanding its business and gaining market share. The quarterly financial history reveals a consistent upward trend in revenue and net income, demonstrating the company's ability to generate sustainable growth. However, the growth rate appears to be slowing slightly in the most recent quarter.
The company's balance sheet is relatively conservative, with a debt-to-equity ratio of 10.00, significantly lower than the sector average of 115.00. This indicates that UBSI is not overly leveraged and has a strong financial foundation. The current ratio of 1.20 suggests that the company has sufficient liquid assets to meet its short-term obligations.
A significant concern is the company's negative free cash flow of $-325.52M. This indicates that UBSI is spending more cash than it is generating, which could strain its financial resources and limit its ability to invest in future growth. The lack of free cash flow data in the quarterly financial history makes it difficult to assess the trend in this metric. The company's total cash balance of $267.51M provides a buffer, but the negative free cash flow trend warrants close monitoring.
Overall, UBSI's financial health is characterized by strong profitability, robust revenue growth, and a conservative balance sheet. However, the negative free cash flow is a significant concern that needs to be addressed. The company's ability to generate positive free cash flow will be crucial to its long-term financial stability and growth prospects.
Valuation Assessment
United Bankshares appears undervalued based on several key valuation metrics. The company's P/E ratio of 12.1x is significantly lower than the sector average of 15.5x, suggesting that the market is undervaluing UBSI's earnings potential. Similarly, the company's EV/EBITDA ratio of 2.6x is substantially below the sector average of 3.5x, further indicating undervaluation.
These lower multiples could be attributed to concerns about the company's growth prospects, its negative free cash flow, or the inherent cyclicality of the banking sector. However, given UBSI's strong profitability and revenue growth, the undervaluation may be unwarranted. The market may be overly pessimistic about the company's ability to sustain its growth and generate positive free cash flow.
The absence of historical P/E and EV/EBITDA data makes it difficult to assess the company's valuation relative to its own history. However, the current multiples suggest that UBSI is trading at a discount to its peers and to the broader market. This discount provides a margin of safety for investors, limiting the downside risk.
The negative free cash flow makes it challenging to assess the company's valuation using traditional free cash flow-based valuation methods. However, the company's strong profitability and revenue growth suggest that it has the potential to generate positive free cash flow in the future. If UBSI can improve its free cash flow generation, its valuation could increase significantly.
Overall, UBSI appears undervalued based on its P/E and EV/EBITDA ratios. The market may be overly pessimistic about the company's growth prospects and free cash flow generation. Investors who are willing to take a contrarian view and believe that UBSI can improve its financial performance may find the stock attractive at its current valuation.
Risk & Uncertainty
United Bankshares faces several risks and uncertainties that could negatively impact its business and financial performance. One of the most significant risks is interest rate risk. As a traditional bank, UBSI's profitability is heavily influenced by interest rate fluctuations. A rapid increase in interest rates could compress the bank's net interest margin, reducing its profitability. Conversely, a prolonged period of low interest rates could also negatively impact the bank's earnings.
Credit risk is another significant concern. UBSI's loan portfolio is exposed to the risk of borrowers defaulting on their loans. An economic downturn or a deterioration in credit quality could lead to increased loan losses, negatively impacting the bank's profitability and capital adequacy. The company's exposure to commercial real estate loans could be particularly risky, as this sector is often vulnerable to economic shocks.
Regulatory risk is also a factor. The banking industry is heavily regulated, and changes in regulations could increase UBSI's compliance costs and limit its business activities. The Dodd-Frank Act and other regulations have imposed significant burdens on banks, and further regulatory changes could add to these costs. Furthermore, the bank's operations are subject to oversight by various regulatory agencies, including the Federal Reserve and the FDIC.
Competition from larger national banks and fintech companies poses a threat to UBSI's market share and profitability. These competitors often have greater resources and technological capabilities, allowing them to offer more competitive products and services. The increasing adoption of online banking and mobile payment platforms has also intensified competition, making it easier for customers to switch banks.
Finally, the company's acquisition strategy carries inherent risks. Integrating acquired banks can be challenging, and there is no guarantee that acquisitions will be successful. Furthermore, acquisitions can dilute the company's earnings and increase its leverage.
Bulls Say / Bears Say
The Bull Case
BULL VIEWUBSI's low P/E and EV/EBITDA ratios relative to the sector indicate significant undervaluation, offering a margin of safety for investors.
BULL VIEWThe company's strong profitability and revenue growth demonstrate its ability to generate sustainable earnings and expand its market share.
BULL VIEWUBSI's conservative balance sheet and low debt-to-equity ratio provide a solid financial foundation and reduce its vulnerability to economic shocks.
The Bear Case
BEAR VIEWUBSI's negative free cash flow is a major concern, indicating that the company is spending more cash than it is generating, which could strain its financial resources.
BEAR VIEWThe company's reliance on traditional banking activities makes it susceptible to interest rate fluctuations and changes in the regulatory environment.
BEAR VIEWIncreasing competition from larger national banks and fintech companies poses a threat to UBSI's market share and profitability.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score UBSI and 4,400+ other equities.
UNITED BANKSHARES INC/WV exhibits a 137% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.3%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
33.0%
Sector: 21.8%
Net Margin
Bottom-line profitability
26.2%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta+60%
Income Projection audit
A $10,000 investment would generate approximately $398 annually in dividends at the current trailing rate.
