NYSE · Financial Services

KeyCorp

KEY · Banks - Regional

$21.68

▼ -0.2 (-0.89%)

Data cached · refreshes every 10 min

Mr. Market is currently offering KeyCorp at $21.68.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Net Income Margin 25.1%

Fin. Health F

Years to Pay Off Debt 6.0 yrs

Valuation D

Margin of Safety 8.6%

Price-to-Book 1.32x

Cash Flow A

Free Cash Flow $2.1B

CapEx % of Net Income 5.9%

Owner Earnings $2.0B

4/6

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $23.6B

Enterprise Value $41.4B

P/E (TTM) 13.30

Dividend Yield 3.75%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 25.1%

Company Info

Sector Financial Services

Industry Banks - Regional

Employees 17469

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering KeyCorp at $21.68.

The business passes 4 of 6 of Graham's defensive criteria — adequate but not exceptional.

At $21.68, the stock trades below its Graham Number of $23.72 — suggesting a margin of safety exists.

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About KeyCorp

KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits and investment products; personal finance and financial wellness, lending, student loan refinancing, mortgage and home equity, credit card, treasury, and business advisory; commercial leasing, investment management, consumer finance; and wealth management and investment services for institutional, non-profit, and high-net-worth clients. It also provides lending, cash management, equipment financing, and commercial mortgage loans; and capital market products and services, such as syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers and acquisition, other advisory services, and public finance to large corporate and institutional clients. In addition, the company offers personal and institutional trust custody services, personal financial and planning services, access to mutual funds, treasury services, and international banking services. Further, it provides community development financing, securities underwriting, brokerage, and investment banking services, as well as merchant services. The company was founded in 1849 and is headquartered in Cleveland, Ohio.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	N/A •	N/A	N/A	N/A	N/A
Operating Margin %	N/A •	N/A	N/A	N/A	N/A
Net Income %	25.1% ▲	-3.7%	15.6%	27.3%	N/A
Diluted EPS	1.52 ▲	-0.32	0.88	1.93	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$184.4B	$187.2B	$188.3B	$189.8B	N/A
Total Debt	$11.0B ↓	$14.2B	$22.6B	$24.7B	N/A
Working Capital	N/A •	N/A	N/A	N/A	N/A
Years to Pay Debt	6.01	-88.42	23.38	12.88	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.1B ▲	$599M	$2.8B	$4.4B	N/A
Owner Earnings	$2.0B	-$23M	$1.3B	$2.2B	N/A
CapEx % of Net Income	5.9%	N/A	14.7%	5.6%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	1,035	-4,830	-74,022	-543
Tax Rate For Calcs	0	0	0	0
Total Unusual Items	5,000	-23,000	-438,000	-3,000
Total Unusual Items Excluding Goodwill	5,000	-23,000	-438,000	-3,000
Net Income From Continuing Operation Net Minority Interest	1,828,000	-163,000	964,000	1,911,000
Reconciled Depreciation	21,000	73,000	154,000	164,000
Net Interest Income	4,636,000	3,765,000	3,913,000	4,527,000
Interest Expense	3,750,000	4,662,000	4,014,000	885,000
Interest Income	8,386,000	8,427,000	7,927,000	5,412,000
Normalized Income	1,824,035	-144,830	1,327,978	1,913,457
Net Income From Continuing And Discontinued Operation	1,829,000	-161,000	967,000	1,917,000
Rent Expense Supplemental	38,000	63,000	77,000	101,000
Diluted Average Shares	1,107,994	949,561	932,759	933,059
Basic Average Shares	1,098,558	949,561	927,217	924,363
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,686,000	-304,000	824,000	1,799,000
Net Income Common Stockholders	1,686,000	-304,000	824,000	1,799,000
Preferred Stock Dividends	143,000	143,000	143,000	118,000
Net Income	1,829,000	-161,000	967,000	1,917,000
Net Income Including Noncontrolling Interests	1,829,000	-161,000	967,000	1,917,000
Net Income Discontinuous Operations	1,000	2,000	3,000	6,000
Net Income Continuous Operations	1,828,000	-163,000	964,000	1,911,000
Tax Provision	476,000	-143,000	196,000	422,000
Pretax Income	2,304,000	-306,000	1,160,000	2,333,000
Special Income Charges	5,000	-23,000	-438,000	-3,000
Other Special Charges	-26,000	21,000	226,000	-7,000
Restructuring And Mergern Acquisition	21,000	2,000	212,000	10,000
Gain On Sale Of Security	-6,000	-1,856,000	-11,000	9,000
Depreciation Amortization Depletion Income Statement					58,000
Depreciation And Amortization In Income Statement					58,000
Amortization					58,000
Amortization Of Intangibles Income Statement					58,000
Selling General And Administration					2,813,000
Selling And Marketing Expense	95,000	94,000	109,000	123,000
General And Administrative Expense	2,934,000	2,775,000	2,656,000	2,657,000
Rent And Landing Fees	38,000	63,000	77,000	101,000
Salaries And Wages	2,896,000	2,712,000	2,579,000	2,556,000
Total Revenue	7,285,000	4,396,000	6,215,000	7,026,000
Operating Revenue	7,285,000	4,396,000	6,215,000	7,026,000
Occupancy And Equipment	353,000	346,000	355,000	387,000
Other Non Interest Expense	1,133,000	1,129,000	1,008,000	1,021,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	154,301	149,916	320,138	323,378
Preferred Shares Number	61,000	79,000	79,000	79,000
Ordinary Shares Number	1,102,401	1,106,786	936,564	933,325
Share Issued	1,256,702	1,256,702	1,256,702	1,256,702
Net Debt	9,701,000	12,492,000	21,661,000	23,801,000
Total Debt	10,988,000	14,235,000	22,607,000	24,693,000
Tangible Book Value	15,121,000	12,897,000	9,330,000	8,108,000
Invested Capital	28,869,000	29,911,000	34,739,000	35,642,000
Net Tangible Assets	17,621,000	15,397,000	11,830,000	10,608,000
Capital Lease Obligations		3,000	5,000	5,000	8,000
Common Stock Equity	17,881,000	15,676,000	12,137,000	10,954,000
Preferred Stock Equity	2,500,000	2,500,000	2,500,000	2,500,000
Total Capitalization	30,298,000	30,281,000	34,186,000	32,756,000
Total Equity Gross Minority Interest	20,381,000	18,176,000	14,637,000	13,454,000
Stockholders Equity	20,381,000	18,176,000	14,637,000	13,454,000
Gains Losses Not Affecting Retained Earnings	-1,960,000	-3,470,000	-5,229,000	-6,295,000
Other Equity Adjustments	-1,960,000	-3,470,000	-5,229,000	-6,295,000
Treasury Stock	2,810,000	2,733,000	5,844,000	5,910,000
Retained Earnings	15,359,000	14,584,000	15,672,000	15,616,000
Additional Paid In Capital	6,035,000	6,038,000	6,281,000	6,286,000
Capital Stock	3,757,000	3,757,000	3,757,000	3,757,000
Common Stock	1,257,000	1,257,000	1,257,000	1,257,000
Preferred Stock	2,500,000	2,500,000	2,500,000	2,500,000
Total Liabilities Net Minority Interest	164,000,000	168,992,000	173,644,000	176,359,000
Long Term Debt And Capital Lease Obligation	9,917,000	12,105,000	19,554,000	19,307,000
Long Term Capital Lease Obligation		3,000	5,000	5,000	8,000
Long Term Debt	9,917,000	12,105,000	19,549,000	19,302,000
Current Debt And Capital Lease Obligation	1,071,000	2,130,000	3,053,000	5,386,000
Current Debt	1,071,000	2,130,000	3,053,000	5,386,000
Current Notes Payable	1,071,000	2,130,000	3,053,000	5,386,000
Payables And Accrued Expenses				4,994,000	3,548,000
Current Accrued Expenses				4,994,000	3,548,000
Total Assets	184,381,000	187,168,000	188,281,000	189,813,000
Investments And Advances	60,386,000	64,912,000	58,960,000	52,382,000
Held To Maturity Securities	8,150,000	7,395,000	8,575,000	8,710,000
Available For Sale Securities	37,460,000	1,041,000	1,244,000	1,308,000
Trading Securities	1,056,000	1,265,000	1,139,000	815,000
Goodwill And Other Intangible Assets	2,760,000	2,779,000	2,807,000	2,846,000
Other Intangible Assets	8,000	27,000	55,000	94,000
Goodwill	2,752,000	2,752,000	2,752,000	2,752,000
Net PPE	628,000	614,000	661,000	636,000
Accumulated Depreciation	-1,530,000	-1,526,000	-1,544,000	-1,672,000
Gross PPE	2,158,000	2,140,000	2,205,000	2,308,000
Leases	575,000	556,000	535,000	615,000
Construction In Progress	42,000	24,000	61,000	41,000
Machinery Furniture Equipment	757,000	787,000	812,000	824,000
Buildings And Improvements	673,000	662,000	683,000	714,000
Land And Improvements	111,000	111,000	114,000	114,000
Receivables	2,244,000	2,709,000	3,490,000	3,904,000
Other Receivables	2,244,000	2,709,000	3,490,000	3,904,000
Other Short Term Investments	13,720,000	55,211,000	48,002,000	41,549,000
Cash And Cash Equivalents	1,287,000	1,743,000	941,000	887,000
Cash Cash Equivalents And Federal Funds Sold	1,287,000	1,743,000	941,000	887,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,101,000	599,000	2,761,000	4,361,000
Repurchase Of Capital Stock	-200,000	0	-38,000	0
Repayment Of Debt	-4,052,000	-9,057,000	-5,144,000	-8,580,000
Issuance Of Debt	1,556,000	1,646,000	5,240,000	16,596,000
Issuance Of Capital Stock	9,000	10,000	1,000	596,000
Capital Expenditure	-107,000	-65,000	-142,000	-108,000
Interest Paid Supplemental Data	3,710,000	4,160,000	3,109,000	601,000
Income Tax Paid Supplemental Data	71,000	68,000	156,000	292,000
End Cash Position	1,287,000	1,743,000	941,000	887,000
Beginning Cash Position	1,743,000	941,000	887,000	913,000
Changes In Cash	-456,000	802,000	54,000	-26,000
Financing Cash Flow	-5,883,000	-2,359,000	-4,266,000	6,439,000
Cash Flow From Continuing Financing Activities	-5,883,000	-2,359,000	-4,266,000	6,439,000
Net Other Financing Charges		2,771,000
Proceeds From Stock Option Exercised	-35,000	-28,000	-34,000	-44,000
Cash Dividends Paid	-1,054,000	-927,000	-911,000	-854,000
Common Stock Dividend Paid	-1,054,000	-927,000	-911,000	-854,000
Net Preferred Stock Issuance		0	0	590,000	0
Preferred Stock Issuance		0	0	590,000	0
Net Common Stock Issuance	-191,000	10,000	-37,000	6,000
Common Stock Payments	-200,000	0	-38,000	0
Common Stock Issuance	9,000	10,000	1,000	6,000
Net Issuance Payments Of Debt	-3,556,000	-8,358,000	-6,276,000	16,718,000
Net Short Term Debt Issuance	-1,060,000	-947,000	-6,372,000	8,702,000
Net Long Term Debt Issuance	-2,496,000	-7,411,000	96,000	8,016,000
Long Term Debt Payments	-4,052,000	-9,057,000	-5,144,000	-8,580,000
Long Term Debt Issuance	1,556,000	1,646,000	5,240,000	16,596,000
Investing Cash Flow	3,219,000	2,497,000	1,417,000	-10,934,000
Cash Flow From Continuing Investing Activities	3,219,000	2,497,000	1,417,000	-10,934,000
Net Other Investing Changes	86,000	107,000	96,000	72,000
Net Investment Purchase And Sale	5,744,000	-5,683,000	-5,361,000	6,636,000
Sale Of Investment	15,830,000	22,082,000	6,378,000	15,414,000
Purchase Of Investment	-10,086,000	-27,765,000	-11,739,000	-8,778,000
Net Business Purchase And Sale		0	0	-58,000	-29,000
Purchase Of Business		0	0	-58,000	-29,000
Net Intangibles Purchase And Sale		0	0	-12,000	0
Purchase Of Intangibles		0	0	-12,000	0
Net PPE Purchase And Sale	-103,000	-41,000	-137,000	-80,000
Sale Of PPE	4,000	24,000	5,000	16,000
Purchase Of PPE	-107,000	-65,000	-142,000	-96,000
Operating Cash Flow	2,208,000	664,000	2,903,000	4,469,000
Cash Flow From Continuing Operating Activities	2,208,000	664,000	2,903,000	4,469,000
Change In Working Capital	-280,000	-483,000	691,000	237,000
Change In Other Working Capital	222,000	-141,000	-313,000	-128,000
Change In Payables And Accrued Expense	-723,000	-72,000	450,000	1,409,000
Change In Accrued Expense	-723,000	-72,000	450,000	1,409,000
Change In Receivables	221,000	-270,000	554,000	-1,044,000
Other Non Cash Items	172,000	-573,000	704,000	1,716,000
Stock Based Compensation	132,000	104,000	121,000	120,000
Deferred Tax	4,000	-351,000	-108,000	-27,000
Deferred Income Tax	4,000	-351,000	-108,000	-27,000
Depreciation Amortization Depletion	21,000	73,000	154,000	164,000
Depreciation And Amortization	21,000	73,000	154,000	164,000
Depreciation	21,000	73,000	154,000	164,000
Operating Gains Losses	-141,000	1,720,000	-115,000	-160,000
Gain Loss On Investment Securities	6,000	1,856,000	11,000	-9,000
Gain Loss On Sale Of PPE	0	-16,000	9,000	0
Net Income From Continuing Operations	1,829,000	-161,000	967,000	1,917,000

These metrics estimate what KeyCorp is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$23.72

Margin of Safety

8.6%

Market Cap ÷ Company Value

1.49

P/B Ratio

1.32

Warren's Owner Earnings

$2.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/6 — Enterprising Investor

✅ Adequate Size

$7.3B

vs > $1.5B revenue

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

3.75%

vs Uninterrupted dividends

❌ Earnings Growth

-21.2% EPS growth

vs > 33% EPS growth

✅ Moderate P/E Ratio

13.3x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

1.32x P/B (P/E×P/B: 17.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

N/A

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	5.9%	N/A	14.7%	5.6%	N/A
Repurchase of Capital Stock	-$200M	$0M	-$38M	$0M	N/A
Free Cash Flow	$2.1B ▲	$599M ▼	$2.8B ▼	$4.4B •	N/A •
Warren's Owner Earnings	$2.0B	-$23M	$1.3B	$2.2B	N/A

Peers & Industry

No auto-detected peers for Banks - Regional. You can manually compare KEY against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.29%

Low — management has little skin in the game

Return on Equity (ROE)

10.2%

Adequate — returns are moderate

Return on Assets (ROA)

1.0%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$200M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-22.8% YoY

Debt is declining — management is deleveraging

Leadership Team

Christopher Marrott Gorman

Chairman, President & CEO

Age 64

Pay: $4,573,031

0.250% of net income

Clark Harold Ibrahim Khayat

Chief Financial Officer

Age 53

Pay: $2,933,500

0.160% of net income

Andrew Jackson Paine III

President of Key Institutional Bank

Age 55

Pay: $3,093,500

0.169% of net income

Top Institutional Holders

Institution	% Owned	Shares
Bank of Nova Scotia	15.11%	162,095,375
Vanguard Group Inc	11.64%	124,811,543
Blackrock Inc.	8.77%	94,095,210
State Street Corporation	4.30%	46,132,204
FMR, LLC	3.96%	42,475,683
Geode Capital Management, LLC	2.24%	23,983,690
Price (T.Rowe) Associates Inc	2.12%	22,721,443
Wellington Management Group, LLP	2.06%	22,112,658

Risk Analysis

Beta (Market Risk)

1.05

Moderate volatility — moves slightly more than market

Short Interest

0.0% of float

Low short interest — market is not heavily bearish

52-Week Price Range

Low: $15.16 Current: $21.68 High: $23.35

Currently at 80% of 52-week range

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