A Business at a Glance
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FIRST HORIZON CORP
FHN
$13.1B
Mkt Cap
$25.53
+0.04%
FIRST HORIZON CORP (FHN) has a current P/E ratio of 13.7, compared to its historical median P/E of 11.3. The stock is currently considered Fair based on its historical valuation range.
FIRST HORIZON CORP (FHN) has a 5-year average return on invested capital (ROIC) of 10.2%. This indicates solid capital allocation.
FIRST HORIZON CORP (FHN) has a market capitalization of $12.1B. It is classified as a large-cap stock.
Yes, FIRST HORIZON CORP (FHN) pays a dividend with a trailing twelve-month yield of 2.53%. The company also returns capital through share buybacks, with a buyback yield of 6.49%.
Based on historical P/E analysis, FIRST HORIZON CORP (FHN) appears fair. The current P/E of 13.7 is 21% above its historical median of 11.3. The estimated fair value CAGR (P/E method) is -0.6%.
FIRST HORIZON CORP (FHN) operates in the National Commercial Banks industry, within the Financials sector.
FIRST HORIZON CORP (FHN) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
First Horizon Corporation is a Tennessee-based bank holding company providing commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services through its wholly-owned subsidiary, First Horizon Bank, founded in 1864. The company operates over 450 business locations across 23 U.S. states, with a concentration in southern states including Tennessee, North Carolina, Florida, and Louisiana. Lending is the primary revenue driver, with a $64 billion loan portfolio comprising 77% commercial loans (dominated by $36 billion in C&I loans and $14 billion in commercial real estate) and 23% consumer loans, primarily secured real estate. The company funds lending through $68 billion in deposits, its lowest-cost funding source, and generates additional revenue through fee-based businesses including wealth management, retail brokerage, capital markets, and fixed income trading. First Horizon's business model emphasizes relationship-focused client activity, tailored solutions, and disciplined underwriting, with a diversified geographic footprint that provides resilience across varying economic scenarios and rate environments.
【Balanced growth with disciplined execution】 Management expects mid-single-digit loan growth in 2026 driven by strong C&I momentum and improving commercial real estate pipelines as construction activity accelerates, with mortgage warehouse lending providing seasonal upside. Revenue is projected to grow 3–7% year-over-year through multiple interest rate scenarios, reflecting the company's ability to trade net interest income for fee income or mortgage warehouse balances depending on rate direction. Expenses are expected to remain flat year-over-year excluding countercyclical commissions, supported by prior technology investments that enable revenue scaling without proportional back-office expansion. The company targets a near-term CET1 ratio of 10.5–10.75% and aims to sustain 15%+ adjusted return on tangible common equity through improved profitability on the existing balance sheet, capital leverage, and execution of over $100 million in pre-tax net revenue opportunities from deepening client relationships and optimizing pricing.
| Metric | Target | Period |
|---|---|---|
| Total Revenue Growth | 3%–7% year-over-year | FY2026 |
| Loan Growth | mid-single-digit | FY2026 |
| Net Charge-Off Ratio | 15–25 basis points | FY2026 |
| Tax Rate | 21%–23% | FY2026 |
| Near-term CET1 Target | 10.5%–10.75% | FY2026 |
Total Revenue Growth (FY2026): “Our total revenue expectations range from 3%- 7% growth year-over-year, which accounts for a variety of interest rate and business mix scenarios.”
Loan Growth (FY2026): “embedded in your revenue growth expectations is mid-single-digit loan growth”
Net Charge-Off Ratio (FY2026): “Our net charge-off expectation of 15 to 25 basis points reflects our continued confidence in our underwriting standards and credit processes.”
Tax Rate (FY2026): “We expect taxes to be between 21% to 23%, similar to 2025.”
Near-term CET1 Target (FY2026): “Lastly, our near-term CET1 target remains at 10.75, with the level fluctuating approximately between 10.5 and 10.75 with loan growth throughout the year.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.5B | 3.4B | 3.2B | 3.5B | 3.2B | 3.1B |
| Net Income | 1.0B | 956M | 738M | 865M | 868M | 962M |
| EPS | $2.03 | $1.87 | $1.36 | $1.54 | $1.53 | $1.74 |
| Free Cash Flow | 525M | 595M | 1.2B | 1.3B | 2.3B | 688M |
| ROIC | 10.9% | 10.7% | 8.2% | 9.9% | 10.5% | 11.8% |
| Gross Margin | - | - | - | - | 99.3% | - |
| Debt/Equity | 0.46 | 0.38 | 0.39 | 0.29 | 0.31 | 0.27 |
| Dividends/Share | $0.65 | $0.60 | $0.60 | $0.60 | $0.60 | $0.60 |
| Operating Income | 87M | 88M | 93M | 103M | 75M | 67M |
| Operating Margin | 2.5% | 2.6% | 2.9% | 3.0% | 2.3% | 2.2% |
| ROE | 10.9% | 10.8% | 8.3% | 10.0% | 10.6% | 11.9% |
| Shares Outstanding | 476M | 511M | 543M | 562M | 567M | 553M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.3B | 1.3B | 1.4B | 1.5B | 2.3B | 2.3B | 3.2B | 3.1B | 3.2B | 3.5B | 3.2B | 3.4B | 3.5B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 99.3% | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 478M | 512M | 564M | 587M | 658M | 695M | 1.0B | 1.2B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B |
| EBIT | 118M | 61M | 64M | 44M | 84M | 78M | 74M | 67M | 75M | 103M | 93M | 88M | 87M |
| Op. Margin | 9.3% | 4.8% | 4.7% | 3.0% | 3.7% | 3.4% | 2.3% | 2.2% | 2.3% | 3.0% | 2.9% | 2.6% | 2.5% |
| Net Income | 216M | 80M | 221M | 159M | 539M | 435M | 822M | 962M | 868M | 865M | 738M | 956M | 1.0B |
| Net Margin | 17.2% | 6.4% | 16.1% | 10.8% | 23.8% | 19.1% | 26.1% | 31.3% | 27.1% | 24.9% | 23.1% | 28.0% | 28.8% |
| Non-Recurring | 321M | -454K | -3.4M | -657K | 4.9M | -9.0M | 12M | 37M | 1.0M | 9.0M | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.5% | 3.4% | 9.2% | 4.7% | 12.2% | 9.3% | 12.7% | 11.8% | 10.5% | 9.9% | 8.2% | 10.7% | 10.9% |
| ROE | 9.6% | 3.4% | 9.3% | 4.8% | 12.3% | 9.4% | 12.9% | 11.9% | 10.6% | 10.0% | 8.3% | 10.8% | 10.9% |
| ROA | 0.9% | 0.3% | 0.8% | 0.5% | 1.3% | 1.0% | 1.3% | 1.1% | 1.0% | 1.1% | 0.9% | 1.2% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 705M | 367M | 180M | -29M | 234M | 830M | 172M | 725M | 2.3B | 1.3B | 1.3B | 628M | 557M |
| Free Cash Flow | 666M | 324M | 117M | -316M | 196M | 781M | -207M | 688M | 2.3B | 1.3B | 1.2B | 595M | 525M |
| Owner Earnings | 636M | 293M | 98M | -120M | 152M | 743M | 94M | 637M | 2.1B | 1.2B | 1.1B | 503M | 436M |
| CapEx | 39M | 44M | 63M | 288M | 38M | 49M | 379M | 37M | 28M | 37M | 44M | 33M | 32M |
| Maint. CapEx | 57M | 61M | 65M | 71M | 59M | 65M | 46M | 45M | 85M | 102M | 101M | 64M | 65M |
| Growth CapEx | 0 | 0 | 0 | 217M | 0 | 0 | 333M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 57M | 61M | 65M | 71M | 59M | 65M | 46M | 45M | 85M | 102M | 101M | 64M | 65M |
| CapEx/OCF | 5.5% | 11.8% | 34.8% | N/A | 16.2% | 5.9% | 220.3% | 7.2% | 1.2% | 2.8% | 3.5% | 5.3% | 5.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 47M | 54M | 64M | 80M | 139M | 171M | 222M | 333M | 324M | 335M | 332M | 314M | 307M |
| Dividend Yield | 1.2% | 1.1% | 1.3% | 1.2% | 1.6% | 2.3% | 5.7% | 4.3% | 2.9% | 4.4% | 4.0% | 3.0% | 2.5% |
| Share Buybacks | 44M | 33M | 97M | 5.6M | 105M | 134M | 4.0M | 416M | 12M | 10M | 626M | 918M | 788M |
| Buyback Yield | 1.9% | 1.3% | 2.8% | 0.2% | 3.2% | 3.2% | 0.1% | 5.3% | 0.1% | 0.1% | 5.9% | 7.3% | 6.5% |
| Stock-Based Comp | 11M | 14M | 18M | 21M | 23M | 22M | 32M | 43M | 75M | 36M | 59M | 61M | 56M |
| Debt Repayment | 24M | 1.0B | 268M | 147M | 69M | 396M | 327M | 108M | 382M | 450M | 6.0M | 366M | 366M |
| Balance Sheet | |||||||||||||
| Net Debt | -322M | -261M | -1.0B | -6.6B | -5.9B | -2.1B | -7.4B | 408M | 1.0B | 890M | 1.9B | 1.7B | 2.5B |
| Cash & Equiv. | 349M | 301M | 1.0B | 1.5B | 1.4B | 1.3B | 1.6B | 1.8B | 1.5B | 1.7B | 1.5B | 1.6B | 1.6B |
| Long-Term Debt | 35M | 38M | 29M | 36M | 53M | 53M | 64M | 72M | 72M | 72M | 67M | 78M | 18M |
| Debt/Equity | 0.02 | 0.02 | 0.01 | 0.01 | 0.02 | 0.75 | 0.28 | 0.27 | 0.31 | 0.29 | 0.39 | 0.38 | 0.46 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 2.3B | 2.3B | 2.4B | 4.3B | 4.5B | 4.8B | 8.0B | 8.2B | 8.3B | 9.0B | 8.8B | 8.8B | 9.2B |
| Total Assets | 25.7B | 26.2B | 28.6B | 41.4B | 40.8B | 43.3B | 84.2B | 89.1B | 79.0B | 81.7B | 82.2B | 83.9B | 84.1B |
| Total Liabilities | 23.1B | 23.6B | 25.9B | 36.8B | 36.0B | 38.2B | 75.9B | 80.6B | 70.4B | 72.4B | 73.0B | 74.7B | 74.7B |
| Intangibles | 30M | 26M | 21M | 184M | 155M | 131M | 354M | 298M | 234M | 186M | 143M | 105M | 97M |
| Retained Earnings | 852M | 874M | 1.0B | 1.2B | 1.5B | 1.8B | 2.3B | 2.9B | 3.4B | 4.0B | 4.4B | 5.0B | 5.2B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 0.46 | 0.17 | 0.47 | 0.33 | 0.83 | 0.69 | 1.89 | 1.74 | 1.53 | 1.54 | 1.36 | 1.87 | 2.03 |
| Owner EPS | 1.34 | 0.62 | 0.21 | -0.25 | 0.23 | 1.18 | 0.22 | 1.15 | 3.76 | 2.07 | 2.04 | 0.98 | 0.92 |
| Book Value | 4.81 | 5.00 | 5.13 | 8.74 | 6.87 | 7.58 | 18.42 | 14.83 | 14.55 | 16.02 | 16.25 | 17.31 | 19.28 |
| Cash Flow/Share | 1.48 | 0.78 | 0.38 | -0.06 | 0.36 | 1.32 | 0.40 | 1.31 | 4.04 | 2.31 | 2.34 | 1.23 | 2.24 |
| Dividends/Share | 0.10 | 0.12 | 0.14 | 0.18 | 0.24 | 0.28 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.65 |
| Shares Out. | 475.4M | 468.7M | 469.9M | 490.2M | 653.3M | 630.4M | 434.9M | 552.9M | 567.3M | 561.7M | 542.6M | 511.2M | 475.7M |
| Valuation | |||||||||||||
| P/E Ratio | 10.6 | 30.9 | 15.7 | 23.1 | 6.0 | 9.5 | 5.6 | 8.2 | 14.3 | 8.7 | 14.4 | 13.1 | 12.6 |
| P/FCF | 6.9 | 15.2 | 59.2 | N/A | 33.2 | 10.6 | N/A | 11.5 | 5.5 | 6.0 | 8.7 | 21.1 | 23.1 |
| EV/EBIT | 19.3 | 40.6 | 38.5 | N/A | N/A | 25.5 | N/A | 136.7 | 191.7 | 89.5 | 144.4 | 172.5 | 168.8 |
| Price/Book | 1.0 | 1.1 | 1.4 | 0.9 | 0.7 | 0.9 | 0.6 | 1.0 | 1.5 | 0.8 | 1.2 | 1.4 | 1.3 |
| Price/Sales | 1.7 | 2.1 | 2.0 | 2.5 | 2.3 | 2.0 | 1.2 | 2.5 | 3.5 | 2.2 | 2.6 | 3.1 | 3.5 |
| FCF Yield | 29.0% | 13.2% | 3.4% | -8.6% | 6.0% | 18.9% | -4.5% | 8.7% | 18.3% | 16.7% | 11.5% | 4.7% | 4.3% |
| Market Cap | 2.3B | 2.5B | 3.5B | 3.7B | 3.3B | 4.1B | 4.6B | 7.9B | 12.4B | 7.5B | 10.6B | 12.5B | 12.1B |
| Avg. Price | 8.42 | 10.32 | 10.65 | 13.68 | 13.59 | 11.90 | 8.97 | 14.15 | 19.59 | 13.71 | 15.28 | 20.70 | 25.53 |
| Year-End Price | 9.67 | 10.51 | 14.79 | 15.04 | 9.97 | 13.10 | 10.64 | 14.25 | 21.86 | 13.43 | 19.62 | 24.51 | 25.53 |
FIRST HORIZON CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
FIRST HORIZON CORP trades at 13.7x trailing earnings, compared to its 15-year median P/E of 11.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.7x vs a median of 11.0x. The company's 5-year average ROIC is 10.2% with a gross margin of 99.3%. Total shareholder yield (dividends + buybacks) is 9.0%. At current prices, the estimated annualized return to fair value is +20.4%.
FIRST HORIZON CORP (FHN) has a net profit margin of 28.0%. This is a strong margin indicating high profitability.
FIRST HORIZON CORP (FHN) generated $595 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FIRST HORIZON CORP (FHN) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
FIRST HORIZON CORP (FHN) reported earnings per share (EPS) of $1.87 in its most recent fiscal year.
FIRST HORIZON CORP (FHN) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
FIRST HORIZON CORP (FHN) has a 5-year average gross margin of 99.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for FIRST HORIZON CORP (FHN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FIRST HORIZON CORP (FHN) has a book value per share of $17.31, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects mid-single-digit loan growth in 2026 driven by strong C&I momentum and improving commercial real estate pipelines as construction activity accelerates, with mortgage warehouse lending providing seasonal upside. Revenue is projected to grow 3–7% year-over-year through multiple interest rate scenarios, reflecting the company's ability to trade net interest income for fee income or mortgage warehouse balances depending on rate direction. Expenses are expected to remain flat year-over-year excluding countercyclical commissions, supported by prior technology investments that enable revenue scaling without proportional back-office expansion. The company targets a near-term CET1 ratio of 10.5–10.75% and aims to sustain 15%+ adjusted return on tangible common equity through improved profitability on the existing balance sheet, capital leverage, and execution of over $100 million in pre-tax net revenue opportunities from deepening client relationships and optimizing pricing.
Based on recent SEC filings and earnings calls, FIRST HORIZON CORP (FHN) has provided the following forward guidance: Total Revenue Growth: 3%–7% year-over-year (FY2026); Loan Growth: mid-single-digit (FY2026); Net Charge-Off Ratio: 15–25 basis points (FY2026); Tax Rate: 21%–23% (FY2026); Near-term CET1 Target: 10.5%–10.75% (FY2026).