NYSE · Financial Services

KeyCorp

KEY · Banks - Regional

$22.59

▼ -0.01 (-0.04%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Net Income Margin 27.3%

Fin. Health

F⤢

Years to Pay Off Debt 32.6 yrs

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 1.39x

Cash Flow

C⤢

Free Cash Flow -$74M

CapEx % of Net Income 2.3%

Owner Earnings $529M

Cash Flow

Free Cash Flow -$74M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 2.3%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $529M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $24.4B

Enterprise Value $42.5B

P/E (TTM) 13.86

Dividend Yield 3.63%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin 27.3%

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 $22.59.

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

At $22.59, the stock trades at a 78% premium to its Graham Number of $12.66. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

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

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	N/A•	N/A
Operating Margin %	N/A•	N/A•	N/A
Net Income %	27.3%▲	26.3%•	N/A
Diluted EPS	0.44▲	0.43•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$188.7B	$184.4B	N/A
Total Debt	$17.0B▲	$11.0B•	N/A
Working Capital	N/A•	N/A•	N/A
Years to Pay Debt	32.62	21.55	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$74M▼	$673M•	N/A
Owner Earnings	$529M	$558M	N/A
CapEx % of Net Income	2.3%	8.8%	N/A

Income Statement

	2026	2025	2024
Tax Rate For Calcs	0	0
Net Income From Continuing Operation Net Minority Interest	522,000	509,000
Reconciled Depreciation	-5,000	3,000
Net Interest Income	1,222,000	1,215,000
Interest Expense	783,000	863,000
Interest Income	2,005,000	2,078,000
Normalized Income	522,000	509,000
Net Income From Continuing And Discontinued Operation	522,000	510,000
Rent Expense Supplemental	7,000	8,000
Diluted Average Shares	1,094,368	1,106,323
Basic Average Shares	1,084,277	1,095,171
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	486,000	475,000
Net Income Common Stockholders	486,000	475,000
Preferred Stock Dividends	36,000	35,000
Net Income	522,000	510,000
Net Income Including Noncontrolling Interests	522,000	510,000
Net Income Discontinuous Operations	0	1,000
Net Income Continuous Operations	522,000	509,000
Tax Provision	136,000	139,000
Pretax Income	658,000	648,000
Gain On Sale Of Security		0	-908,000
Selling General And Administration	768,000	805,000
Selling And Marketing Expense	18,000	28,000
General And Administrative Expense	750,000	777,000
Rent And Landing Fees	7,000	8,000
Salaries And Wages	743,000	769,000
Total Revenue	1,909,000	1,936,000
Operating Revenue	1,909,000	1,936,000
Occupancy And Equipment	87,000	91,000
Other Non Interest Expense	290,000	289,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	169,409	154,301
Preferred Shares Number	59,000	61,000
Ordinary Shares Number	1,087,293	1,102,401
Share Issued	1,256,702	1,256,702
Net Debt	15,896,000	9,701,000
Total Debt	17,026,000	10,988,000
Tangible Book Value	14,730,000	15,121,000
Invested Capital	34,513,000	28,869,000
Net Tangible Assets	17,230,000	17,621,000
Capital Lease Obligations			3,000
Common Stock Equity	17,487,000	17,881,000
Preferred Stock Equity	2,500,000	2,500,000
Total Capitalization	30,864,000	30,298,000
Total Equity Gross Minority Interest	19,987,000	20,381,000
Stockholders Equity	19,987,000	20,381,000
Gains Losses Not Affecting Retained Earnings	-2,221,000	-1,960,000
Other Equity Adjustments	-2,221,000	-1,960,000
Treasury Stock	3,152,000	2,810,000
Retained Earnings	15,622,000	15,359,000
Additional Paid In Capital	5,981,000	6,035,000
Capital Stock	3,757,000	3,757,000
Common Stock	1,257,000	1,257,000
Preferred Stock	2,500,000	2,500,000
Total Liabilities Net Minority Interest	168,676,000	164,000,000
Long Term Debt And Capital Lease Obligation	10,877,000	9,917,000
Long Term Capital Lease Obligation			3,000
Long Term Debt	10,877,000	9,917,000
Current Debt And Capital Lease Obligation	6,149,000	1,071,000
Current Debt	6,149,000	1,071,000
Current Notes Payable	6,149,000	1,071,000
Total Assets	188,663,000	184,381,000
Investments And Advances	61,799,000	60,386,000
Held To Maturity Securities	8,800,000	8,150,000
Available For Sale Securities	36,702,000	37,460,000
Trading Securities	779,000	1,056,000
Goodwill And Other Intangible Assets	2,757,000	2,760,000
Other Intangible Assets	5,000	8,000
Goodwill	2,752,000	2,752,000
Net PPE	618,000	628,000
Accumulated Depreciation		-1,530,000	-1,526,000
Gross PPE		2,158,000	2,140,000
Leases		575,000	556,000
Construction In Progress		42,000	24,000
Machinery Furniture Equipment		757,000	787,000
Buildings And Improvements		673,000	662,000
Land And Improvements		111,000	111,000
Receivables	2,174,000	2,244,000
Other Receivables	2,174,000	2,244,000
Other Short Term Investments	15,518,000	13,720,000
Cash And Cash Equivalents	1,130,000	1,287,000
Cash Cash Equivalents And Federal Funds Sold	1,130,000	1,287,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-74,000	673,000
Repurchase Of Capital Stock	-389,000		0
Repayment Of Debt	-74,000	-1,071,000
Issuance Of Debt	1,059,000	72,000
Issuance Of Capital Stock	5,000	4,000
Capital Expenditure	-12,000	-45,000
Interest Paid Supplemental Data	754,000	871,000
Income Tax Paid Supplemental Data	43,000	43,000	-1,000
End Cash Position	1,130,000	1,287,000
Beginning Cash Position	1,287,000	1,938,000
Changes In Cash	-157,000	-651,000
Financing Cash Flow	4,497,000	-3,774,000
Cash Flow From Continuing Financing Activities	4,497,000	-3,774,000
Proceeds From Stock Option Exercised	-46,000	0
Cash Dividends Paid	-259,000	-262,000
Net Common Stock Issuance	-384,000	-196,000
Common Stock Payments	-389,000		0
Common Stock Issuance	5,000	4,000
Net Issuance Payments Of Debt	6,084,000	-1,264,000
Net Short Term Debt Issuance	5,099,000	-265,000
Net Long Term Debt Issuance	985,000	-999,000
Long Term Debt Payments	-74,000	-1,071,000
Long Term Debt Issuance	1,059,000	72,000
Investing Cash Flow	-4,592,000	2,405,000
Cash Flow From Continuing Investing Activities	-4,592,000	2,405,000
Net Other Investing Changes	23,000	30,000
Net Investment Purchase And Sale	-1,893,000	3,099,000
Sale Of Investment	2,228,000	5,800,000
Purchase Of Investment	-4,121,000	-2,701,000
Net PPE Purchase And Sale	-12,000	-44,000
Sale Of PPE		1,000	12,000
Purchase Of PPE	-12,000	-45,000
Operating Cash Flow	-62,000	718,000
Cash Flow From Continuing Operating Activities	-62,000	718,000
Change In Working Capital	-885,000	180,000
Change In Other Working Capital	278,000	-89,000
Change In Payables And Accrued Expense	-520,000	-29,000
Change In Accrued Expense	-520,000	-29,000
Change In Receivables	-643,000	298,000
Other Non Cash Items	151,000	-81,000
Stock Based Compensation	31,000	33,000
Deferred Tax	53,000	19,000
Deferred Income Tax	53,000	19,000
Depreciation Amortization Depletion	-5,000	3,000
Depreciation And Amortization	-5,000	3,000
Depreciation		3,000	5,000
Operating Gains Losses	-35,000	-54,000
Gain Loss On Investment Securities		0	908,000
Gain Loss On Sale Of PPE	1,000	0
Net Income From Continuing Operations	522,000	510,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $1.7B ▲ $1.9B +10.7%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Net Margin

Prior year: 23.5% ▲ 27.3% +3.9pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$1.9B/qtr (≈$7.6B ann.)

vs > $1.5B annualised revenue

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$74M

vs Positive

Operating Cash Flow

-$62M

Latest quarter · Buffett's cash reality check

ROIC

N/A

Based on latest annual operating income

Market Cap / Net Assets

1.2x

Net Assets: $20.0B

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)

3.0%

Weak — poor returns on equity

Return on Assets (ROA)

0.3%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$200M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+55.0% YoY

Debt is growing — management is leveraging up

Leadership Team

Christopher Marrott Gorman

Chairman, President & CEO

Age 64

Pay: $4,573,031

0.876% of net income

Clark Harold Ibrahim Khayat

Chief Financial Officer

Age 53

Pay: $2,933,500

0.562% of net income

Andrew Jackson Paine III

Head of Institutional Banking & President of Key Institutional Bank

Age 55

Pay: $3,093,500

0.593% of net income

Top Institutional Holders

Institution	% Owned	Shares
Bank of Nova Scotia	15.03%	162,996,326
Blackrock Inc.	8.18%	88,722,677
Vanguard Capital Management LLC	6.08%	65,881,386
Vanguard Portfolio Management LLC	4.75%	51,485,072
State Street Corporation	4.35%	47,130,435
FMR, LLC	4.31%	46,734,944
Geode Capital Management, LLC	2.35%	25,425,295
Invesco Ltd.	1.77%	19,235,463

Risk Analysis

Beta (Market Risk)

1.04

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: $16.01 Current: $22.59 High: $23.35

Currently at 90% of 52-week range