# KeyCorp (KEY) — Stock CV

KeyCorp 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.

> 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.

## Identity

- **Ticker**: KEY
- **Sector**: Financial Services
- **Industry**: National Commercial Banks
- **Headquarters**: CLEVELAND, OH
- **Employees**: 17 883
- **Website**: https://www.key.com
- **Market cap**: $21.4B
- **Last price**: $20.02
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $11.2B
- **Net income**: $2.03B
- **Free cash flow**: $1.20B
- **Net cash**: $246M
- **P/E**: 10.5
- **Revenue growth (YoY)**: 19.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 67 |
| Growth | 38 |
| Profitability | 64 |
| Health | 53 |
| Quality | 54 |
| Moat | 30 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +19.3% YoY
- [x] Profitable — $2.03B TTM
- [ ] Profit growing — -7.0% YoY
- [x] Generates cash — $1.20B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $21.4B market cap
- [ ] Not printing shares — +13.7% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 4.89%
- [x] Valuation not extreme — P/E 10.5

## Experience (career milestones)

- **FY2023** — Revenue crossed $10B: $10.4B for the year
- **FY2021** — Best year on record: $2.63B net income
- **FY2020** — Became debt-free: cash now exceeds total debt
- **FY2016** — First recorded profitable year: $791M net income
- **FY2016** — Revenue already above $1B: $5.39B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **Jul 29, 2016** — KeyCorp acquired First Niagara Bank for $4.1 billion (~$ in ) in cash and stock
- **2012** — Key acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $110…
- **2008** — The deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of the crosstown…
- **1999** — Five years earlier, First Niagara had acquired most of the upstate New York branch network of HSBC Bank USA
- **1994** — Formed by the 1994 merger of the Society Corporation and KeyCorp, KeyBank is the 27th largest bank in the United States
- **1992** — Also in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado
- **1990** — Society Corporation acquired Toledo, Ohio-based Trustcorp in 1990 and holding company AmeriTrust Corporation, in…
- **1979** — It went through another growth spurt from 1979 to 1989, as it acquired dozens of small banks and completed four…
- **1973** — Riley Jr. became president and CEO in 1973, and changed First Commercial's name to Key Bank Inc
- **1971** — Over a hundred years passed before National Commercial merged with First Trust and Deposit of Syracuse to become…

## 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

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.56B | $2.63B | $1.09B |
| FY2022 | $8.13B | $1.92B | $4.37B |
| FY2023 | $10.4B | $967M | $2.76B |
| FY2024 | $9.24B | -$161M | $599M |
| FY2025 | $11.2B | $1.83B | $2.10B |

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