KeyCorp (KEY)

NYSE: KEY · USD

$21.2

+0.04 (+0.2%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-10

Our latest published analysis: KEY rated Buy

KeyCorp's published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$22.8 / share

Potential value

$35.6 / share

Upside to FV

+13.9%

from $21.2

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$21.3B
Revenue (ttm)	7.6B
Net income (ttm)	2B
EPS (ttm)	$1.82
Shares out	1.1B
P/E (trailing)	11.6x
P/E (forward)	9.9x
Dividend	$0.82 (3.86%)
Volume	15,679,438
Beta	1.09

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 7.6B
Net income (ttm): 2B
EPS (ttm): $1.82
P/E (trailing): 11.6x
P/E (forward): 9.9x
Market cap: $21.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1.82B	$1.59B	$1.44B	$1.64B	$1.75B	-1.0%
Gross profit	$7.46B	$7.03B	$5.73B	$4.06B	$6.97B	-1.7%
Operating income	$3.25B	$3.22B	$1.16B	$-306.0M	$2.30B	-8.3%
Net income	$2.63B	$1.92B	$967.0M	$-161.0M	$1.83B	-8.6%
EPS (diluted)	$2.63	$1.93	$0.88	$-0.32	$1.52	-12.8%
EBITDA	$3.29B	$3.36B	$1.31B	$-233.0M	$2.33B	-8.3%
R&D	—	—	—	—	—	—
SG&A	$2.69B	$2.66B	$2.66B	$2.78B	$3.20B	+4.4%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	적극 매수
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	적극 매수
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	보유
AJG	Arthur J. Gallagher & Co.	66.7B	43.2x	4.4x	6.6%	+15.3%	-5.7%	매수
ALL	The Allstate Corporation	63.2B	5.0x	0.9x	32.6%	+8.5%	+31.8%	적극 매수
AMP	Ameriprise Financial, Inc.	43.1B	11.8x	2.2x	43.0%	+8.9%	+1.1%	매수

Base and Bull scenarios

Base55%

Price target

$22.75

+13.9% from spot

The Base scenario reflects the modal expected operating path. Structural fixed-rate repricing across the asset pipeline steadily lifts net interest margin into the guided range by late FY2026. Controlled overhead expansion generates positive operating leverage, advancing diluted EPS toward consensus targets in FY2026 and FY2027. Capital generation funds the planned share repurchase program while maintaining robust regulatory capital ratios.

Taxable-equivalent NIM expands from 2.89% in Q2 2026 to 3.00%–3.05% exit 2026 and reaches 3.25% in Q4 2027,.
FY2026 revenue grows 7% to 8% and net interest income grows 9% to 11%,.
Non-interest expense growth is held to 3% to 4%, delivering approximately 100-200 bps of positive operating leverage.
At least $1.3B in common share repurchases executed in FY2026 while maintaining CET1 above 11.0%,.

Bull20%

Price target

$35.57

+78.1% from spot

In the Bull scenario, KeyCorp accelerates fixed-rate asset reinvestment at premium yields while deposit costs fall faster than expected due to disciplined beta management. Commercial borrowing surges across KeyBanc Capital Markets verticals, lifting C&I loan growth and investment banking fees. Operating efficiency improves rapidly, driving ROTCE expansion and supporting enhanced capital return, propelling valuation toward $35.57.

Taxable-equivalent NIM expands beyond 3.10% by exit 2026 and exceeds 3.35% in FY2027 due to accelerated swap and securities reinvestment.
Commercial and industrial loan growth sustains a double-digit pace year-over-year without credit degradation.
Non-interest expense growth is contained below 3.0%, widening operating leverage beyond 200 bps against >8% revenue growth.
Annual share repurchases exceed $1.5B as AOCI unrealized losses diminish rapidly with declining long-term interest rates.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($22.75). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	1.5%	2.0%	2.5%	3.0%	3.5%
7.2%	$25.0	$26.2	$27.6	$29.4	$31.6
8.0%	$22.9	$23.8	$24.9	$26.2	$27.7
8.7%	$21.2	$21.9	$22.8	$23.7	$24.8
9.5%	$19.8	$20.4	$21.0	$21.7	$22.6
10.2%	$18.6	$19.1	$19.6	$20.1	$20.8

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E9.9

P25 n/aP50 n/aP75 n/a

Trailing P/E11.7

P25 n/aP50 n/aP75 n/a

ROE11.2

P25 n/aP50 n/aP75 n/a

ROICn/a

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All KEY indicators

Market & fundamental data

Available fields

244

Groups with data

Currency

USD

Showing 244 of 244 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0000091576
Company name	KeyCorp
Country	United States
Country code	US
CUSIP number	493267108
Earnings date	2026-10-20
Earnings time	bmo
Employees	17,883
Employees change	1,130
Employees growth	6.75%
Enterprise value	$36.7B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1825
In index	SP500
Industry	Banks - Regional
Is primary listing	Yes
Is SPAC	No
ISIN number	US4932671088
Last 10-K release date	2026-02-23
Last earnings date	2026-10-20
Last refreshed	2026-10-28
Last stock split date	1998-03-09
Last stock split type	Forward
Market cap	$22.4B
Market cap category	Large-Cap
Next earnings date	2027-01-19
Options	Yes
Price	$21.20
Price currency	USD
Sector	Financials
SIC code	6021
Stock price date	2026-10-28
Symbol	KEY
U.S. state	Ohio
Website	https://www.key.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	11.78x
Average P/E ratio (10Y)	109.05x
Average P/E ratio (3Y)	381.42x
Average P/E ratio (5Y)	215.4x
Earnings yield	8.59%
EV/Earnings	18.58x
EV/FCF	30.54x
EV/Sales	4.83x
FCF / EV yield	3.27%
FCF yield	5.36%
Forward EV/Sales	4.28x
Forward P/E	10.18x
Forward P/S	2.62x
Graham number	24.76271
Graham upside	17.11%
Industry forward P/E	9.97x
Industry P/E	11.81x
Lynch fair value	$9.11
Lynch upside	-56.93%
P/B ratio	1.41x
P/E ratio	11.64x
P/FCF ratio	18.66x
P/OCF ratio	17.07x
P/S ratio	2.95x
PEG ratio	0.58x
Price / tangible book value	1.72x
Sector forward P/E	13.61x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
Effective tax rate	21.29%
FCF margin	16.27%
Operating margin	35.51%
Pretax margin	35.52%
Profit margin	27.99%
Profit per employee	$110,216
Profitable quarters	6
Profitable years	1
Revenue per employee	$423,587
ROA	1.11%
ROA (5Y)	0.78%
ROE	11.17%
ROE (5Y)	8.5%
Tax / revenue	7.56%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	109.35%
EPS growth (Q)	24.43%
EPS growth (QoQ)	15.45%
EPS growth 10Y	7.69%
EPS growth 3Y	13.87%
EPS growth 5Y	-6.64%
EPS growth quarters	6
EPS growth years	1
FCF growth	-22.29%
FCF growth 3Y	-37.19%
FCF growth 5Y	-7.26%
Net income growth	97.21%
Net income growth (Q)	18.41%
Net income growth (QoQ)	13.53%
Net income growth 3Y	19.67%
Net income growth 5Y	-4.43%
Net income growth quarters	6
Net income growth years	1
OCF growth	-18.87%
OCF growth 10Y	-3.1%
OCF growth 3Y	-35.85%
OCF growth 5Y	-6.31%
Revenue growth	27.65%
Revenue growth (Q)	11.47%
Revenue growth (QoQ)	6.38%
Revenue growth 10Y	5.86%
Revenue growth 3Y	7.54%
Revenue growth 5Y	0.03%
Revenue growth quarters	6
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-112M
EPS	$1.82
FCF per share	$1.13
Financing cash flow	$4B
Free cash flow	$1.2B
Gross profit	$7.6B
Income taxes	$573M
Investing cash flow	$-5.4B
Net borrowing	$-147M
Net cash flow	$-55M
Net income	$2B
Operating income	$2.7B
Revenue	$7.6B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$14.96
Debt / equity	0.94
Debt / FCF	13.93
Goodwill	$2.8B
Net cash (debt)	$-14.2B
Net cash / market cap	-63.65%
Net debt / equity	0.8
Net debt / FCF	11.88
Piotroski F-Score	3
Property, plant and equipment	$636M
Shareholders' equity	$17.8B
Tangible book value	$13B
Tangible book value per share	$12.30
Total assets	$193.1B
Total cash	$2.5B
Total debt	$16.7B
Total liabilities	$175.3B
WACC	5.86%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Working capital	$-159.2B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.83%
Dividend growth	0%
Dividend growth (10Y)	9.87%
Dividend growth (3Y)	0%
Dividend growth (5Y)	2.07%
Dividend growth years	0
Dividend payment date	2026-09-15
Dividend payment years	55
Dividend payout frequency	Quarterly
Dividend per share	$0.82
Dividend yield	3.86%
Ex-dividend date	2026-09-01
FCF payout ratio	72.37%
Last dividend	$0.21
Payout ratio	45.02%
Shareholder yield	3.05%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	48.53%
10Y return CAGR	8.48%
10Y total return	125.67%
150-day SMA	$21.73
15Y price change	183.36%
15Y return CAGR	11.01%
15Y total return	378.96%
1D price change	0.21%
1M price change	2.84%
1M total return	2.84%
1W price change	0.78%
1W total return	0.78%
1Y price change	20.36%
1Y return CAGR	25.33%
1Y total return	25.31%
20-day SMA	$20.38
200-day SMA	$21.55
20Y price change	-43.07%
20Y return CAGR	0.5%
20Y total return	10.55%
3M price change	-5.84%
3M total return	-4.94%
3Y price change	113.66%
3Y return CAGR	35.17%
3Y total return	147.04%
50-day SMA	$20.97
50-day SMA vs 200-day SMA	50under200
52-week high	$24.07
52-week high date	2026-07-17
52-week low	$16.91
52-week low date	2025-11-18
5Y price change	-9%
5Y return CAGR	3.03%
5Y total return	16.1%
6M price change	-3.26%
6M total return	-1.37%
All-time high	$44.88
All-time high date	1998-04-14
All-time low	$3.56
All-time low date	1984-06-27
Average true range (ATR)	$0.40
Average volume	17.9M
Beta (1Y)	0.48
Beta (2Y)	1.11
Beta (5Y)	1.09
Change from 52-week high	-11.93%
Change from 52-week low	25.34%
Change from all-time high	-52.77%
Change from all-time low	494.86%
Change from open	-0.21%
Day's gap	0.43%
Dollar volume	$332.3M
High price	$21.26
Low price	$21.03
Monthly RSI	56.14
Open price	$21.24
Position in 52-week range	71.74%
Previous close	$21.15
Price vs 150-day SMA	-2.47%
Price vs 20-day SMA	3.98%
Price vs 200-day SMA	-1.65%
Price vs 50-day SMA	1.08%
Relative volume	0.89
RSI	60.38
Sharpe ratio	0.94
Sharpe ratio (3Y)	1
Sharpe ratio (5Y)	0.15
Sortino ratio	1.62
Sortino ratio (3Y)	1.78
Sortino ratio (5Y)	0.37
Volume	15.7M
Weekly RSI	49.29
YTD price change	2.69%
YTD total return	5.74%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	1.1B
Float percentage	99.57%
Shares change (QoQ)	-1.46%
Shares change (YoY)	0.83%
Shares held by insiders	0.34%
Shares held by institutions	89.52%
Shares outstanding	1.1B
Short % of float	3.01%
Short % of shares	3%
Short ratio	2.1 days

Deeper analysis on KEY

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this KEY report

What is the latest published KEY stock rating?

KeyCorp is shown with Buy in the latest published report, analyzed 2026-10-10. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full KEY analysis?

The full latest published report, analyzed 2026-10-10, lives at /stocks/KEY/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for KEY?

The latest published report analyzed 2026-10-10 gives KEY a fair value of USD 23 and a potential value of USD 36. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the KEY page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-10). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyKEY · Fair value $22.8+13.9%

Read full analysis →

KeyCorp (KEY)

Our latest published analysis: KEY rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · KEY

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All KEY indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on KEY

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	7.5
Management	6.5
Balance Sheet	5.0
Profitability	6.5
Revenue Growth	6.0
Risk Assessment	6.0
Competitive Moat	6.5
Earnings Quality	9.0
Capital Efficiency	4.0