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.
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
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2023FinancialRevenue crossed $10B$10.4B for the year
- FY2021FinancialBest year on record$2.63B net income
- FY2020FinancialBecame debt-freecash now exceeds total debt
- FY2016FinancialFirst recorded profitable year$791M net income
- FY2016FinancialRevenue already above $1B$5.39B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- Jul 29, 2016AcquisitionKeyCorp acquired First Niagara Bank for $4.1 billion (~$ in ) in cash and stock
- 2012AcquisitionKey acquired 37 former HSBC Bank USA branches in Upstate New York from First Niagara Bank for $110…
- 2008AcquisitionThe deal made Key one of the largest banks in Pittsburgh, and gave it branches that were once part of the crosstown…
- 1999AcquisitionFive years earlier, First Niagara had acquired most of the upstate New York branch network of HSBC Bank USA
- 1994AcquisitionFormed by the 1994 merger of the Society Corporation and KeyCorp, KeyBank is the 27th largest bank in the United States
- 1992AcquisitionAlso in 1992, Key acquired Home Federal Savings of Fort Collins, its first move into Colorado
- 1990AcquisitionSociety Corporation acquired Toledo, Ohio-based Trustcorp in 1990 and holding company AmeriTrust Corporation, in…
- 1979AcquisitionIt went through another growth spurt from 1979 to 1989, as it acquired dozens of small banks and completed four…
- 1973ProductRiley Jr. became president and CEO in 1973, and changed First Commercial's name to Key Bank Inc
- 1971AcquisitionOver 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.
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.
- Revenue growing — the company sells more than a year ago+19.3% YoY
- Profitable — makes more than it spends$2.03B TTM
- Profit growing — earnings are higher than last year-7.0% YoY
- Generates cash — cash left after running and investing$1.20B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$21.4B market cap
- Not printing shares — share count not ballooning — you keep your slice+13.7% shares over ~5y
- Proven track record — years of profitability behind it9/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.1 — distress
- Pays a dividend — returns cash to shareholdersyield 4.89%
- Valuation not extreme — price not wildly above earningsP/E 10.5
Peer comparisonKeyCorp vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| KEY this company | $21.4B | 10.5 | +19.3% | 18.1% | Mixed |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +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.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/KEY
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of KEY on PreMarketPriceFigures 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.