A Business at a Glance
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ITEM 1. BUSINESS KeyCorp, organized in 1958 under the laws of the State of Ohio, is headquartered in Cleveland, Ohio. We are a BHC under the BHCA and one of the nation’s largest bank-based financial services companies, with consolidated total assets of approximately $184.4 billion at December 31, 2025. KeyCorp is the parent holding company for KeyBank National Association, its principal subsidiary, through which most of our banking services are provided. Through KeyBank and certain other subsidiaries, we provide a wide range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients through two major business segments: Consumer Bank and Commercial Bank.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Trust and investment services income | $484M | $472M | $478M | $518M | $558M | 24% |
Operating Segments | $586M | $430M | $410M | $521M | $551M | 24% |
Investment banking and debt placement fees | $586M | $430M | $344M | $521M | $551M | 24% |
Cards and payments income | $407M | $331M | $332M | $331M | $337M | 15% |
Services charges on deposit accounts | $337M | $350M | $269M | $261M | $295M | 13% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 11.2B | 11.2B | 9.2B | 10.4B | 8.1B | 7.6B |
| Net Income | 1.7B | 1.7B | -304M | 824M | 1.8B | 2.5B |
| EPS | $1.52 | $1.52 | $-0.32 | $0.88 | $1.93 | $2.63 |
| Free Cash Flow | 2.1B | 2.1B | 599M | 2.8B | 4.4B | 1.1B |
| ROIC | 6.0% | 5.6% | -1.0% | 2.4% | 5.5% | 8.5% |
| Gross Margin | 69.8% | 69.8% | 60.6% | 73.0% | 82.9% | 90.6% |
| Debt/Equity | 0.54 | 0.54 | 0.78 | 1.54 | 1.84 | 0.72 |
| Dividends/Share | $0.95 | $0.82 | $0.82 | $0.82 | $0.79 | $0.75 |
| Operating Income | 2.3B | 2.3B | -306M | 1.2B | 2.3B | 3.3B |
| Operating Margin | 20.5% | 20.5% | -3.3% | 11.2% | 28.7% | 43.0% |
| ROE | 8.3% | 8.7% | -1.7% | 5.6% | 13.4% | 14.5% |
| Shares Outstanding | 1,109M | 1,109M | 950M | 936M | 932M | 958M |
KEYCORP /NEW/ passes 4 of 9 quality checks, suggesting mixed fundamentals.
KEYCORP /NEW/ trades at 14.3x trailing earnings, compared to its 15-year median P/E of 10.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.3x vs a median of 7.7x. The company's 5-year average ROIC is 4.2% with a gross margin of 75.4%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is -6.7%.
KEYCORP /NEW/ (KEY) has a current P/E ratio of 14.3, compared to its historical median P/E of 10.1. The stock is currently considered Expensive based on its historical valuation range.
KEYCORP /NEW/ (KEY) has a 5-year average return on invested capital (ROIC) of 4.2%. This is below average and may indicate limited pricing power.
KEYCORP /NEW/ (KEY) has a market capitalization of $24.1B. It is classified as a large-cap stock.
Yes, KEYCORP /NEW/ (KEY) pays a dividend with a trailing twelve-month yield of 4.37%. The company also returns capital through share buybacks, with a buyback yield of 0.83%.
Based on historical P/E analysis, KEYCORP /NEW/ (KEY) appears expensive. The current P/E of 14.3 is 42% above its historical median of 10.1. The estimated fair value CAGR (P/E method) is -11.5%.
KEYCORP /NEW/ (KEY) operates in the National Commercial Banks industry, within the Financials sector.
KEYCORP /NEW/ (KEY) reported annual revenue of $11.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
KEYCORP /NEW/ (KEY) has a net profit margin of 15.0%. This is a healthy margin.
KEYCORP /NEW/ (KEY) generated $2.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
KEYCORP /NEW/ (KEY) has a debt-to-equity ratio of 0.54. This indicates moderate leverage.
KEYCORP /NEW/ (KEY) reported earnings per share (EPS) of $1.52 in its most recent fiscal year.
KEYCORP /NEW/ (KEY) has a return on equity (ROE) of 8.7%. This indicates moderate shareholder returns.
KEYCORP /NEW/ (KEY) has a 5-year average gross margin of 75.4%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for KEYCORP /NEW/ (KEY), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
KEYCORP /NEW/ (KEY) has a book value per share of $18.37, based on its most recent annual SEC filing.
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