KeyCorp (KEY)
Financials · $21.9B market cap · SEC CIK 0000091576
fundamentals score out of 100
Next reports on Oct 20, 2026, with analysts expecting $0.46 in earnings per share.
The case for KEY
- Cheap on earnings at 10.8×, well under the market's usual 20×.
- Earnings per share up 2512.2%.
- Pays a 6.8% dividend while you wait.
- Trades at 1.26× book value, close to what the balance sheet says it owns.
The case against
- Weakest against its peers: return on equity of 10% is lower than 78% of Financials companies.
- Its weakest area is profitability (48/100): return on equity 10%, net margin 19.2%.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 82 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 53 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 48 |
| Momentumhow the price has behaved lately | 49 |
| Stabilityhow violently it moves, what it owes and what it pays you | 55 |
- Its one-year revenue change (+57%) is far out of line with its five-year trend (+4% a year). In the Financials sector that is usually interest income swinging with rates rather than growth, so only the five-year figure is used.
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 10.8× |
|---|---|
| Price / book | 1.26× |
| Price / sales | 1.7× |
| Revenue growth (YoY) | +57.1% (not used: out of line with the five-year +4.3% a year) |
| EPS growth (YoY) | +2512.2% |
| Gross margin | — |
| Operating margin | 23% |
| Net margin | 19% |
| Return on equity | 10% |
| Debt / equity | 0.74× |
| Current ratio | n/a |
| Dividend yield | 6.81% |
| Beta | 1.09 |
| 52-week range | $16.47 – $24.07 |
| Position in that range | 53% of the way up |
| 3-month return | -7.6% |
| 1-year return | +9.4% |
Five years of financials, as filed
Pulled from KeyCorp's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $1.7B | $1.6B | $1.4B | $1.6B | $1.8B |
| Net income | $1.8B | -$161M | $967M | $1.9B | $2.6B |
| Operating cash flow | $2.2B | $664M | $2.9B | $4.5B | $1.2B |
| Capital expenditure | $107M | $65.0M | $142M | $96.0M | $66.0M |
| Total assets | $184B | $187B | $188B | $190B | $186B |
| Total liabilities | $164B | $169B | $174B | $176B | $169B |
| Shareholder equity | $20.4B | $18.2B | $14.6B | $13.5B | $17.4B |
| Cash | $1.3B | $1.7B | $941M | $887M | $913M |
| Long-term debt | $9.9B | $12.1B | $19.6B | $19.3B | $12.0B |
| Free cash flow | $2.1B | $599M | $2.8B | $4.4B | $1.1B |
| Net margin | 104.6% | -9.8% | 67.4% | 120.3% | 144.0% |
| Diluted shares | 1.1B | 950M | 933M | 933M | 957M |
Share count is up 15.7% over 4 years. Your slice has been diluted.
What KeyCorp says it does
of this report. The other information required by this item will be set forth in the following sections of KeyCorp’s Definitive Proxy Statement for the 2026 Annual Meeting of Shareholders to be held on May 14, 2026 (the "2026 Proxy Statement"), and these sections are incorporated herein by reference: • "Proposal One: Election of Directors" • "Corporate Governance Documents — Code of Business Conduct and Ethics" • "The Board of Directors and Its Committees — Board and Committee Responsibilities — Audit Committee" • " Ownership of KeyCorp Equity Securities — Insider Trading Policies and Procedures " • "Additional Information — Other Proposals and Director Nominations for the 2027 Annual Meeting of Shareholders" KeyCorp expects to file the 2026 Proxy Statement with the SEC on or about March 27, 2026. Any amendment to, or waiver from a provision of, the Code of Business Conduct and Ethics that applies to…
Risk factors KEY lists in its 10-K
- Information About Our Executive Officers
- Regulatory Capital and Liquidity Requirements
- Minimum Capital Ratios and KeyCorp Ratios Under Regulatory Capital Rules
- Ratios (including stress capital buffer)
- Regulatory Minimum Stress Capital Buffer
- "Well Capitalized" and "Adequately Capitalized" Capital Category Ratios under
- Revised Prompt Corrective Action Framework
- FDIA, Resolution Authority and Financial Stability
- Other Regulatory Requirements and Developments
- I. Credit Risk We have concentrated credit exposure in commercial and industrial loans, commercial real estate loans, and commercial leases
- Should the fundamentals of the commercial real estate market deteriorate, our financial condition and results of operations could be adversely affected
- We are subject to the risk of defaults by our loan clients and counterparties
- Declining asset prices could adversely affect us
- Various factors may cause our allowance for loan and lease losses to increase or to be inadequate