# First Horizon Corporation (FHN) — Stock CV

First Horizon Corporation is a $10.9B financial services company. Revenue grew 10.3% over the last year, and it keeps 30¢ of every dollar of sales as profit. It trades at 10.4× earnings — in the cheapest third of its own history.

> First Horizon Corp is the parent company of First Tennessee Bank, a prominent regional bank with about 200 branches around Tennessee. The company's reportable segments are: Commercial, Consumer & Wealth, Wholesale, and Corporate.

## Identity

- **Ticker**: FHN
- **Sector**: Financial Services
- **Industry**: National Commercial Banks
- **Headquarters**: MEMPHIS, TN
- **Employees**: 7 400
- **Website**: https://www.firsthorizon.com
- **Market cap**: $10.9B
- **Last price**: $23.08
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $3.53B
- **Net income**: $1.06B
- **Free cash flow**: $1.02B
- **Net debt**: $2.27B
- **P/E**: 10.4
- **Revenue growth (YoY)**: 10.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 80 |
| Growth | 11 |
| Profitability | 74 |
| Health | 48 |
| Quality | 69 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +10.3% YoY
- [x] Profitable — $1.06B TTM
- [x] Profit growing — +6.5% YoY
- [x] Generates cash — $1.02B TTM
- [x] Debt under control — ~2.2y of cash flow to repay
- [x] Established company — $10.9B market cap
- [ ] Not printing shares — +17.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 3.06%
- [x] Valuation not extreme — P/E 10.4

## Experience (career milestones)

- **2023** — The bank gained national attention during the 2023 banking crisis, in which multiple regional banks across the…
- **FY2021** — Best year on record: $999M net income
- **Oct 25, 2019** — The change encompassing First Tennessee Bank, Capital Bank, FTB Advisors and FTN Financial became effective at the…
- **2019** — First Horizon merged with IberiaBank to create a bank with $79 billion in assets and $58 billion in loans
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.27B in first reported year
- **2015** — First Horizon acquired TrustAtlantic in 2015 and Capital Bank Financial in 2017
- **2013** — Across the 2010s, First Horizon acquired three regional banks, starting in 2013
- **1999** — To reflect its diversification, the bank adopted the slogan, "All Things Financial." In 2004, the company…
- **1981** — First Express became the first national check-clearing service
- **1972** — The corporation acquired five banks in 1972 and changed their names to First Tennessee Bank
- **1969** — A holding company, First National Holding Corporation, was created in 1969
- **1864** — First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864

## Strengths

- Strongly profitable — 30.0% net margin
- Revenue growing 10.3% year over year
- Strong cash conversion — FCF is 28.8% of revenue

## Watch-outs

- Altman Z-Score 0.11 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.07B | $999M | $688M |
| FY2022 | $3.21B | $900M | $2.28B |
| FY2023 | $3.47B | $897M | $1.26B |
| FY2024 | $3.19B | $775M | $1.22B |
| FY2025 | $3.42B | $982M | $595M |

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Source: https://stockcv.com/FHN — derived from company filings; may be delayed or incomplete. Information, not investment advice.