A Business at a Glance
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KEYCORP /NEW/
KEY
$25.1B
Mkt Cap
$22.65
-0.31%
KEYCORP /NEW/ (KEY) has a current P/E ratio of 14.9, 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 $28.5B. It is classified as a large-cap stock.
Yes, KEYCORP /NEW/ (KEY) pays a dividend with a trailing twelve-month yield of 3.68%. The company also returns capital through share buybacks, with a buyback yield of 0.16%.
Based on historical P/E analysis, KEYCORP /NEW/ (KEY) appears expensive. The current P/E of 14.9 is 48% above its historical median of 10.1. The estimated fair value CAGR (P/E method) is -12.0%.
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 is a bank holding company headquartered in Cleveland, Ohio, with consolidated total assets of approximately $184.4 billion, operating as one of the nation's largest bank-based financial services companies through its principal subsidiary, KeyBank National Association. The company operates two major business segments—Consumer Bank and Commercial Bank—delivering retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing, and investment banking products and services to individual, corporate, and institutional clients across a 15-state branch footprint comprising 940 full-service retail banking branches and 1,120 ATMs, supplemented by digital and telephone banking capabilities. The Consumer Bank serves individuals and small businesses with deposit and investment products, personal finance services, lending, mortgage and home equity, credit card, and wealth management offerings, while the Commercial Bank—comprising Commercial and Institutional operating segments—provides full-service commercial banking, equipment financing, and capital markets services to middle-market and large corporate clients, with particular expertise in Consumer, Energy, Healthcare, Industrial, Public Sector, Real Estate, and Technology sectors, alongside significant commercial real estate lending and mortgage servicing operations. KeyCorp derives the majority of its revenues from United States customers and competes in a highly competitive market by offering quality products and innovative services, maintaining strong technology infrastructure, and attracting and retaining talented employees through competitive compensation and career development opportunities.
【Strong organic revenue momentum】 Management expects to deliver another year of outsized organic revenue and earnings growth in 2026, with net interest income benefiting from substantial tailwinds including $17 billion of low-yielding swaps, securities, and consumer mortgages expected to mature or prepay, and commercial loan pipelines remaining healthy with backlogs at historically high levels. The company anticipates continued growth in priority fee-based businesses at mid-to-high single-digit rates, with investment banking pipelines elevated and M&A activity expected to improve as middle-market transactional activity resumes and financial sponsors become more active. Management remains focused on managing deposit costs effectively while supporting loan growth, with the balance sheet positioned to be fairly neutral to additional Federal Reserve rate cuts, and capital generation supporting both increased share repurchases and continued investments in people and technology to drive future growth.
| Metric | Target | Period |
|---|---|---|
| Share repurchases | at least $1.3 billion | FY2026 |
| Net interest income growth | 9%-10% | FY2026 |
| Average commercial loans growth | 6%-8% | FY2026 |
| Commercial mortgage servicing fees | $50 million-$60 million per quarter | FY2026 |
| Non-interest expense growth | 3%-4% | FY2026 |
Share repurchases (FY2026): “Subject to market conditions, we expect to buy back at least $1.3 billion of our shares in 2026, up from the $1.2 billion we previously communicated.”
Net interest income growth (FY2026): “We now expect full year net interest income growth of 9%-10%, compared to our prior guide of 8%-10%.”
Average commercial loans growth (FY2026): “average commercial loans are now expected to grow 6%-8% this year.”
Commercial mortgage servicing fees (FY2026): “We continue to expect commercial mortgage servicing fees to run about $50 million-$60 million per quarter for the remainder of the year.”
Non-interest expense growth (FY2026): “We continue to feel very comfortable with our full-year expense growth guide of 3%-4%.”
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
| 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 | 7.7B | 11.2B | 9.2B | 10.4B | 8.1B | 7.6B |
| Net Income | 1.8B | 1.7B | -304M | 824M | 1.8B | 2.5B |
| EPS | $1.43 | $1.52 | $-0.32 | $0.88 | $1.93 | $2.63 |
| Free Cash Flow | 2.2B | 2.1B | 599M | 2.8B | 4.4B | 1.1B |
| ROIC | 0.0% | 5.6% | -0.9% | 2.5% | 5.8% | 8.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.85 | 0.54 | 0.78 | 1.36 | 1.44 | 0.69 |
| Dividends/Share | $0.83 | $0.82 | $0.82 | $0.82 | $0.79 | $0.75 |
| Operating Income | 0 | 2.3B | -306M | 1.2B | 2.3B | 3.3B |
| Operating Margin | 0.0% | 20.5% | -3.3% | 11.2% | 28.7% | 43.0% |
| ROE | 9.0% | 8.7% | -1.9% | 5.9% | 11.7% | 14.2% |
| Shares Outstanding | 1,257M | 1,109M | 950M | 936M | 932M | 958M |
KEYCORP /NEW/ passes 3 of 9 quality checks, indicating weak fundamentals.
KEYCORP /NEW/ trades at 14.9x 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 11.7x vs a median of 7.7x. The company's 5-year average ROIC is 4.2%. Total shareholder yield (dividends + buybacks) is 3.8%. At current prices, the estimated annualized return to fair value is -6.2%.
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.
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.
Based on recent SEC filings and earnings disclosures, Management expects to deliver another year of outsized organic revenue and earnings growth in 2026, with net interest income benefiting from substantial tailwinds including $17 billion of low-yielding swaps, securities, and consumer mortgages expected to mature or prepay, and commercial loan pipelines remaining healthy with backlogs at historically high levels. The company anticipates continued growth in priority fee-based businesses at mid-to-high single-digit rates, with investment banking pipelines elevated and M&A activity expected to improve as middle-market transactional activity resumes and financial sponsors become more active. Management remains focused on managing deposit costs effectively while supporting loan growth, with the balance sheet positioned to be fairly neutral to additional Federal Reserve rate cuts, and capital generation supporting both increased share repurchases and continued investments in people and technology to drive future growth.
Based on recent SEC filings and earnings calls, KEYCORP /NEW/ (KEY) has provided the following forward guidance: Share repurchases: at least $1.3 billion (FY2026); Net interest income growth: 9%-10% (FY2026); Average commercial loans growth: 6%-8% (FY2026); Commercial mortgage servicing fees: $50 million-$60 million per quarter (FY2026); Non-interest expense growth: 3%-4% (FY2026).
No recent press releases.