United Bankshares, Inc. (UBSI) Balance Sheet
UBSI balance sheet, 2025
December 31, 2025 · U.S. dollars$33.66B assets = $28.16B liabilities + $5.50B equity
Both columns are drawn to the same scale: what UBSI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
UBSI financial health
Descriptive bands, not a rating. Fiscal 2025.
UBSI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $14.51B2016 | $33.66B2025 | +9.8%/yr | |
| Total liabilities | $12.27B2016 | $28.16B2025 | +9.7%/yr | |
| Shareholders’ equity | $2.24B2016 | $5.50B2025 | +10.5%/yr | |
| Cash & short-term investments | $2.69B2016 | $5.60B2025 | +8.5%/yr | |
| Total debt | $1.38B2016 | $921.2M2025 | −4.4%/yr | |
| Net cash (debt) | $1.31B2016 | $4.68B2025 | +$3.4B | |
| Working capital | −$8.42B2016 | $5.40B2025 | +$13.8B | |
| Book value per share | $30.262016 | $38.982025 | +2.9%/yr | |
| Debt / equity | 0.622016 | 0.172025 | −0.45 | |
| Shares outstanding | 73.9M2016 | 141.0M2025 | +7.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UBSI assets
UBSI liabilities and equity
UBSI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
UBSI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.60B | $2.55B | $5.38B | $5.72B | $7.80B | $5.16B | $3.27B | $3.36B | $3.55B | $2.69B |
| Cash & equivalents | $2.54B | $2.29B | $1.60B | $1.18B | $3.76B | $2.21B | $836.7M | $1.02B | $1.67B | $1.43B |
| Short-term investments | $3.06B | $261.5M | $3.79B | $4.54B | $4.04B | $2.95B | $2.44B | $2.34B | $1.89B | $1.26B |
| Receivables | $109.2M | $102.4M | $111.4M | $94.9M | $64.5M | $66.8M | $58.1M | $60.6M | $52.8M | $39.4M |
| Inventory | $0 | $0 | $1.49B | $2.1M | −$3.84B | −$2.30B | −$911.1M | $16.9M | $24.3M | $31.5M |
| Other current assets | $0 | $0 | $0 | $0 | $3.84B | $2.30B | $911.9M | $0 | $0 | $0 |
| Total current assets | $5.60B | $2.65B | $5.50B | $5.81B | $7.86B | $5.23B | $3.33B | $3.42B | $3.61B | $2.73B |
| Property, plant & equipment (net) | $89.3M | $267.9M | $277.5M | $270.3M | $279.2M | $245.3M | $154.4M | $95.2M | $104.9M | $75.9M |
| Goodwill & intangible assets | $2.05B | $1.90B | $1.89B | $1.91B | $1.91B | $1.82B | $1.51B | $1.51B | $1.52B | $886.7M |
| Long-term investments | $3.40B | $3.26B | $4.13B | $4.87B | $4.30B | $18.30B | $14.25B | $13.79B | $13.38B | $10.42B |
| Other non-current assets | $22.52B | $21.94B | $18.13B | $16.62B | $14.98B | $596.0M | $420.9M | $430.7M | $440.1M | $392.6M |
| Total assets | $33.66B | $30.02B | $29.93B | $29.49B | $29.33B | $26.18B | $19.66B | $19.25B | $19.06B | $14.51B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $189.7M | $23.35B | $202.3M | $170.3M | $152.3M | $145.6M | $93.7M |
| Short-term debt | $198.6M | $176.1M | $196.1M | $160.7M | $128.8M | $142.3M | $124.7M | $176.3M | $327.6M | $259.6M |
| Total current liabilities | $198.6M | $24.14B | $23.23B | $22.65B | $23.67B | $20.93B | $14.15B | $14.32B | $14.30B | $11.15B |
| Long-term debt | $531.8M | $540.4M | $1.79B | $286.9M | $285.2M | $279.8M | $236.2M | $234.9M | $242.4M | $224.3M |
| Lease obligations | $95.4M | $86.8M | $92.9M | $75.7M | $86.7M | $73.2M | $61.3M | — | — | — |
| Other long-term liabilities | $27.43B | $352.0M | $137.6M | $2.03B | $650.3M | $677.0M | $1.91B | $1.44B | $1.27B | $897.7M |
| Total liabilities | $28.16B | $25.03B | $25.16B | $24.97B | $24.61B | $21.89B | $16.30B | $16.00B | $15.82B | $12.27B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $377.1M | $356.7M | $355.6M | $355.0M | $353.4M | $334.5M | $263.7M | $263.1M | $262.7M | $202.7M |
| Retained earnings (deficit) | $2.17B | $1.92B | $1.75B | $1.58B | $1.39B | $1.21B | $1.13B | $1.01B | $891.8M | $873.0M |
| Treasury stock | — | — | — | −$250.4M | −$170.6M | −$159.1M | −$137.8M | −$102.0M | −$1.0M | −$975,000 |
| Accumulated other comprehensive income | −$138.9M | −$223.9M | −$259.7M | −$332.7M | −$4.9M | $22.4M | −$34.9M | −$57.0M | −$42.0M | −$44.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $5.50B | $4.99B | $4.77B | $4.52B | $4.72B | $4.30B | $3.36B | $3.25B | $3.24B | $2.24B |
| Key figures | ||||||||||
| Total debt | $921.2M | $803.3M | $2.08B | $2.43B | $1.03B | $1.08B | $2.27B | $1.85B | $1.84B | $1.38B |
| Net cash (debt) | $4.68B | $1.75B | $3.31B | $3.28B | $6.77B | $4.08B | $999.9M | $1.51B | $1.71B | $1.31B |
| Working capital | $5.40B | −$21.48B | −$17.73B | −$16.84B | −$15.81B | −$15.70B | −$10.81B | −$10.91B | −$10.70B | −$8.42B |
| Tangible book value | $3.44B | $3.10B | $2.88B | $2.61B | $2.81B | $2.48B | $1.86B | $1.74B | $1.72B | $1.35B |
| Book value per share | $38.98 | $36.85 | $35.41 | $33.42 | $36.43 | $35.79 | $33.03 | $31.18 | $33.10 | $30.26 |
| Shares outstanding | 141.0M | 135.5M | 134.8M | 135.1M | 129.5M | 120.1M | 101.9M | 104.3M | 97.9M | 73.9M |
| Current ratio | 28.21 | 0.11 | 0.24 | 0.26 | 0.33 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 |
| Quick ratio | 28.76 | 0.11 | 0.24 | 0.26 | 0.33 | 0.25 | 0.24 | 0.24 | 0.25 | 0.25 |
| Debt / equity | 0.17 | 0.16 | 0.44 | 0.54 | 0.22 | 0.25 | 0.68 | 0.57 | 0.57 | 0.62 |
| Equity / assets | 16.3% | 16.6% | 15.9% | 15.3% | 16.1% | 16.4% | 17.1% | 16.9% | 17.0% | 15.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.40B | $5.52B | $5.60B | $2.82B | $2.61B | $2.86B | $2.55B | $5.15B | $5.17B | $5.35B | $5.38B | $4.93B |
| Cash & equivalents | $2.08B | $2.31B | $2.54B | $2.52B | $2.31B | $2.61B | $2.29B | $1.91B | $1.86B | $1.73B | $1.60B | $1.18B |
| Short-term investments | $3.32B | $3.21B | $3.06B | $299.9M | $294.0M | $254.9M | $261.5M | $3.24B | $3.32B | $3.61B | $3.79B | $3.75B |
| Receivables | $99.7M | $109.5M | $109.2M | $112.1M | $107.5M | $110.5M | $102.4M | $107.0M | $110.0M | $113.8M | $111.4M | $106.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$3.62B | −$1.97B | −$1.85B | $1.49B | −$1.40B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.62B | $1.97B | $1.85B | $0 | $1.40B |
| Total current assets | $5.40B | $5.52B | $5.60B | $2.82B | $2.71B | $2.97B | $2.65B | $5.25B | $5.28B | $5.46B | $5.50B | $5.04B |
| Property, plant & equipment (net) | $192.5M | $181.8M | $184.7M | $185.9M | $188.0M | $296.8M | $267.9M | $269.4M | $272.9M | $277.1M | $277.5M | $271.9M |
| Goodwill & intangible assets | $2.05B | $2.05B | $2.05B | $2.05B | $2.05B | $2.06B | $1.90B | $1.90B | $1.89B | $1.89B | $1.89B | $1.91B |
| Long-term investments | $3.66B | $3.53B | $3.40B | $3.36B | $3.40B | $3.31B | $3.26B | $3.54B | $3.65B | $3.95B | $4.13B | $4.07B |
| Other non-current assets | $22.45B | $22.43B | $22.42B | $24.99B | $24.43B | $24.14B | $21.94B | $18.90B | $18.86B | $18.44B | $18.19B | $17.94B |
| Total assets | $33.75B | $33.71B | $33.66B | $33.41B | $32.78B | $32.79B | $30.02B | $29.86B | $29.96B | $30.03B | $29.98B | $29.22B |
| Liabilities | ||||||||||||
| Short-term debt | $167.0M | $166.2M | $198.6M | $169.0M | $160.8M | $176.0M | $176.1M | $182.0M | $203.5M | $207.7M | $196.1M | $188.3M |
| Total current liabilities | $167.0M | $166.2M | $198.6M | $27.05B | $26.50B | $26.54B | $24.14B | $24.01B | $23.48B | $23.35B | $23.23B | $23.06B |
| Long-term debt | $532.6M | $532.2M | $531.8M | $531.4M | $551.0M | $550.6M | $540.4M | $540.1M | $1.49B | $1.74B | $1.79B | $1.39B |
| Lease obligations | $99.8M | $93.9M | $95.4M | $95.9M | $96.9M | $91.9M | $86.8M | $88.5M | $89.3M | $92.3M | $92.9M | $84.6M |
| Other long-term liabilities | $27.54B | $27.52B | $27.43B | $377.5M | $371.1M | $382.8M | $352.0M | $345.0M | $130.0M | $135.2M | $137.6M | $128.3M |
| Total liabilities | $28.24B | $28.22B | $28.16B | $27.96B | $27.42B | $27.47B | $25.03B | $24.90B | $25.10B | $25.22B | $25.21B | $24.58B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $378.0M | $377.9M | $377.1M | $377.1M | $377.1M | $377.1M | $356.7M | $356.4M | $356.4M | $356.3M | $355.6M | $355.6M |
| Retained earnings (deficit) | $2.32B | $2.24B | $2.17B | $2.09B | $2.02B | $1.95B | $1.92B | $1.87B | $1.83B | $1.78B | $1.75B | $1.72B |
| Accumulated other comprehensive income | −$143.4M | −$149.1M | −$138.9M | −$157.8M | −$183.7M | −$195.0M | −$223.9M | −$198.9M | −$261.2M | −$261.0M | −$259.7M | −$349.5M |
| Total shareholders' equity | $5.51B | $5.49B | $5.50B | $5.45B | $5.36B | $5.31B | $4.99B | $4.97B | $4.86B | $4.81B | $4.77B | $4.65B |
| Key figures | ||||||||||||
| Total debt | $799.4M | $792.3M | $921.2M | $796.3M | $808.7M | $818.6M | $803.3M | $810.5M | $1.78B | $2.04B | $2.08B | $1.66B |
| Net cash (debt) | $4.60B | $4.72B | $4.68B | $2.02B | $1.80B | $2.05B | $1.75B | $4.34B | $3.39B | $3.31B | $3.31B | $3.27B |
| Working capital | $5.23B | $5.35B | $5.40B | −$24.23B | −$23.78B | −$23.57B | −$21.48B | −$18.76B | −$18.20B | −$17.89B | −$17.73B | −$18.02B |
| Tangible book value | $3.46B | $3.44B | $3.44B | $3.39B | $3.32B | $3.25B | $3.10B | $3.07B | $2.96B | $2.91B | $2.88B | $2.74B |
| Book value per share | $39.34 | $39.18 | $38.98 | $38.23 | $37.66 | $37.24 | $36.79 | $36.66 | $35.89 | $35.58 | $35.35 | $34.46 |
| Shares outstanding | 140.1M | 140.1M | 141.0M | 142.4M | 142.4M | 142.7M | 135.7M | 135.5M | 135.3M | 135.1M | 135.0M | 134.9M |
| Current ratio | 32.34 | 33.20 | 28.21 | 0.10 | 0.10 | 0.11 | 0.11 | 0.22 | 0.23 | 0.23 | 0.24 | 0.22 |
| Quick ratio | 32.94 | 33.86 | 28.76 | 0.11 | 0.10 | 0.11 | 0.11 | 0.22 | 0.23 | 0.23 | 0.24 | 0.22 |
| Debt / equity | 0.15 | 0.14 | 0.17 | 0.15 | 0.15 | 0.15 | 0.16 | 0.16 | 0.37 | 0.42 | 0.44 | 0.36 |
| Equity / assets | 16.3% | 16.3% | 16.3% | 16.3% | 16.4% | 16.2% | 16.6% | 16.6% | 16.2% | 16.0% | 15.9% | 15.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
UBSI financial position
At the end of fiscal 2025 (December 31, 2025), United Bankshares had total assets of $33.7 billion (up 12.1% from a year earlier), total liabilities of $28.2 billion and shareholders' equity of $5.5 billion. It held $5.6 billion in cash and short-term investments against $921.2 million of debt, a net cash position of $4.7 billion. Its current ratio was 28.21. In the latest quarter (ended June 30, 2026) total assets were $33.8 billion and equity $5.5 billion.
Related: UBSI income statement, UBSI cash flow statement, UBSI key metrics. See the UBSI stock overview for the latest quote and news.
UBSI balance sheet FAQ
What are United Bankshares's total assets?
United Bankshares reported total assets of $33.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $30.0 billion a year earlier.
How much debt does United Bankshares have?
United Bankshares had $921.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.17.
How much cash does United Bankshares have?
United Bankshares held $5.6 billion in cash and short-term investments at the end of fiscal 2025; with $921.2 million of debt that is net cash of $4.7 billion.
What is United Bankshares's book value?
United Bankshares's shareholders' equity (book value) was $5.5 billion at the end of fiscal 2025, or $38.98 per share.
What is United Bankshares's current ratio?
United Bankshares had current assets of $5.6 billion and current liabilities of $198.6 million, a current ratio of 28.21 (it can cover its short-term obligations).
How much goodwill does United Bankshares have?
United Bankshares carried $2.1 billion of goodwill and intangible assets, 6.1% of total assets, at the end of fiscal 2025.