StockCV
KeyCorp logo

KeyCorp

National Commercial Banks

$20.02
-0.40%
Market cap $21.4B

With assets of around $190 billion, Ohio-based KeyCorp's bank footprint spans 16 states, but it is predominantly concentrated in its three largest markets: Ohio, New York, and Washington. KeyCorp is primarily focused on serving middle-market commercial clients through a hybrid community/corporate bank model.

It is a $21.4B financial services company. Revenue grew 19.3% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 10.5× earnings — around the middle of its own history.

Website
key.com
Location
Cleveland, OH
Employees
17 883
Sector
Financial Services

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation67Growth38Profitability64Health53Quality54Moat30

Growth and Moat lag behind.

Valuation67
  • P/E vs own history50th pct · 12/25
  • FCF yield5.6% · 20/25
  • P/S1.7x · 25/25
  • EV/EBITDAn/a · 10/25
Growth38
  • Revenue CAGR10.4% · 20/25
  • Net income CAGR-8.6% · 0/25
  • EPS CAGR ~5Y3.7% · 6/25
  • Fwd implied growth5.8% · 12/25
Profitability64
  • ROIC9.1% · 12/25
  • ROE10.1% · 12/25
  • Net margin18.1% · 20/25
  • Operating margin23.3% · 20/25
Health53
  • Altman Z0.14 · 3/25
  • Current ration/a · 0/25
  • Interest coverageno interest expense · 25/25
  • Net cash / debtNet cash · 25/25
Quality54
  • Piotroski F6/9 · 15/25
  • Beneish M-2.07 · 12/25
  • FCF conversion61% · 15/25
  • Margin stabilityσ 10.4% · 12/25
Moat30
  • ROIC >12% years1/10 yrs · 0/25
  • Median gross marginn/a · 0/25
  • FCF-positive years10/10 yrs · 25/25
  • Worst-year net marginworst -1.7% · 5/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

  1. FY2023Financial
    Revenue crossed $10B
    $10.4B for the year
  2. FY2021Financial
    Best year on record
    $2.63B net income
  3. FY2020Financial
    Became debt-free
    cash now exceeds total debt
  4. FY2016Financial
    First recorded profitable year
    $791M net income
  5. FY2016Financial
    Revenue already above $1B
    $5.39B in first reported year
  6. FY2016Financial
    Positive free cash flow every year since
    10-year streak
  7. Jul 29, 2016Acquisition
    KeyCorp acquired First Niagara Bank for $4.1 billion (~$ in ) in cash and stock
  8. 2012Acquisition
    Key acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $110…
  9. 2008Acquisition
    The deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of the crosstown…
  10. 1999Acquisition
    Five years earlier, First Niagara had acquired most of the upstate New York branch network of HSBC Bank USA
  11. 1994Acquisition
    Formed by the 1994 merger of the Society Corporation and KeyCorp, KeyBank is the 27th largest bank in the United States
  12. 1992Acquisition
    Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado
  13. 1990Acquisition
    Society Corporation acquired Toledo, Ohio-based Trustcorp in 1990 and holding company AmeriTrust Corporation, in…
  14. 1979Acquisition
    It went through another growth spurt from 1979 to 1989, as it acquired dozens of small banks and completed four…
  15. 1973Product
    Riley Jr. became president and CEO in 1973, and changed First Commercial's name to Key Bank Inc
  16. 1971Acquisition
    Over a hundred years passed before National Commercial merged with First Trust and Deposit of Syracuse to become…

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$9 718 today — price return only
$11.2B revenue in FY2025
Revenue up 19.3% year over year
Positive free cash flow 10 years in a row
17 883 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

  • Revenue growing 19.3% year over year
  • Net cash position after subtracting debt from cash

Watch-outs

  • Altman Z-Score 0.14 — elevated financial-distress risk
  • Net debt would take ~11.4 years of free cash flow to repay
  • Loss-making in 1 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed
  • Revenue growing+19.3% YoY
  • Profitable$2.03B TTM
  • Profit growing-7.0% YoY
  • Generates cash$1.20B TTM
  • Debt under controlmore cash than debt
  • Established company$21.4B market cap
  • Not printing shares+13.7% shares over ~5y
  • Proven track record9/10 profitable years
  • Financially stableAltman Z 0.1 — distress
  • Pays a dividendyield 4.89%
  • Valuation not extremeP/E 10.5
Peer comparisonKeyCorp vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾
CompanyMarket capP/ERevenue growthNet marginProfile
KEY this company$21.4B10.5+19.3%18.1%Mixed
BRK.A Berkshire Hathaway Inc.$1.1T11.6+3.9%22.3%Mixed
BRK.B Berkshire Hathaway$1.1T11.6+0.0%18.0%Strong
JPM JPMorgan Chase & Co.$886.2B13.6+13.5%32.6%Strained
V VISA Inc.$723.9B31.9+14.4%50.8%Solid
MA Mastercard Incorporated$516.4B31.7+16.0%46.3%Mixed
BAC Bank of America Corporation$380.4B11.3+15.9%27.8%Mixed

Head-to-head: KEY vs BRK.A · KEY vs BRK.B · KEY vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 4Buy 10Hold 10

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of KEY on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $20.02 · market cap $21.4B.