Keycorp
Exchange: NYSESector: Financial ServicesIndustry: Banks - Regional
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
Did you know?
Capital expenditures increased by 151% from FY24 to FY25.
Current Price
$21.57
-0.28%GoodMoat Value
$30.97
43.6% undervaluedProfile
Valuation (TTM)
Market Cap$23.57B
P/E13.98
EV$31.19B
P/B1.16
Shares Out1.09B
P/Sales3.36
Revenue$7.01B
EV/EBITDA15.25
Keycorp (KEY) Stock Analysis
GoodMoat Analysis
KeyCorp appears to be a well-capitalized regional bank trading at a significant discount to its estimated fair value, offering a high dividend yield. However, it shows limited evidence of a durable competitive moat, which is a critical first gate for a value investor. The analysis suggests proceeding with caution, as the business may lack the structural advantages required for a high-conviction investment.
Read full analysis
KeyCorp (KEY) is a large regional bank operating in the financial services sector. For a value investor, the initial assessment using the GoodMoat framework focuses on Moat Identification. The provided data does not strongly indicate the presence of durable competitive advantages like network effects, high switching costs, or proprietary data typical of a wide-moat business. While regional banks can benefit from local scale and regulatory barriers, a moat score of 5+ is required to proceed, and the evidence here is not compelling. The company's financials show mixed quality indicators: a strong profit margin of 24.1% and a favourable free cash flow yield of 9.6% are positives, but an ROE of 8.3% falls well below the high-quality threshold of 15-20%. The debt/equity ratio of 0.54 is reasonable. The valuation is the most striking aspect: with a P/E of 13x and a GoodMoat Target of $30.97, the current price of $19.875 implies a margin of safety of approximately 36%, which falls into the 'Favourable' to 'Deeply Undervalued' band per the framework. The high dividend yield of 4.82% adds to the appeal. According to the Decision Framework, a stock must first pass the 'Moat & Quality Gate' (Moat Score ≥ 5 and strong quality) before valuation matters. Here, the moat is questionable and ROE is weak, suggesting the stock may fail Step 1. Therefore, while the price is attractive, the underlying business lacks the clear, durable advantages a value investor typically seeks, making it an opportunity to investigate further only with caution. Analysis based on data as of 2024-05-15.
Market Cap$23.57B
Current Price$21.57
P/E Ratio13.98
Forward P/E—
PEG Ratio-0.06
EPS$1.52
Book Value$18.65
P/B Ratio1.16
KEY Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use -4.9% FCF growth (CAGR)
Cash vs Debt
Net Debt: 9.7B
Revenue
5.9B
FY19
5.7B
FY20
7.7B
FY21
6.7B
FY22
5.9B
FY23
4.2B
FY24
7.0B
FY25
Net Income
1.7B
FY19
1.3B
FY20
2.6B
FY21
1.8B
FY22
824M
FY23
—
FY24
1.7B
FY25
KEY 52-Week Range
$13.19
$22.98
50-Day MA: $20.75200-Day MA: $19.10
Did you know?
Net income compounded at -0.3% annually over 6 years.
Keycorp (KEY) Financial Summary
Keycorp (KEY) is a Financial Services company in the Banks - Regional industry, listed on NYSE. The stock currently trades at $21.57 with a market capitalization of $23.57B.
Key valuation metrics include a P/E ratio of 13.98, price-to-book ratio of 1.16, and EPS of $1.52. The company reports a profit margin of 24.1% and return on equity of 8.3%.
KEY Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $23.57B |
| P/E Ratio | 13.98 |
| EPS | $1.52 |
| P/B Ratio | 1.16 |
| P/S Ratio | 3.36 |
| EV/EBITDA | 15.25 |
| Dividend Yield | 4.47% |
| Profit Margin | 24.1% |
| Return on Equity | 8.3% |
| Debt/Equity | 0.54 |
KEY Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $5.92B | $1.72B |
| FY20 | $5.67B | $1.34B |
| FY21 | $7.68B | $2.63B |
| FY22 | $6.74B | $1.80B |
| FY23 | $5.89B | $824.00M |
| FY24 | $4.24B | $-304.00M |
| FY25 | $7.01B | $1.69B |
Keycorp (KEY) Valuation
Based on GoodMoat's DCF model, Keycorp has a fair value estimate of $30.97. At the current price of $21.57, the stock appears 30.4% undervalued relative to our intrinsic value estimate.
KEY Quality Indicators
Keycorp maintains a profit margin of 24.1% and an operating margin of 32.9%. Return on equity stands at 8.3%. Debt-to-equity ratio is 0.54.
About Keycorp
KeyCorp's roots trace back more than 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $184 billion at December 31, 2025. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 950 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name.
KEY Free Cash Flow
Keycorp generated $2.10B in trailing twelve-month free cash flow, representing an FCF yield of 8.93%. This strong FCF yield suggests the company generates substantial cash relative to its market value.
KEY Shares Outstanding
Keycorp has 1.09 billion shares outstanding at a share price of $21.57, giving it a market capitalization of $23.57B.
KEY Recent Insider Trades
Recent insider transactions at Keycorp include:
| Insider | Type | Shares | Value |
|---|---|---|---|
| Paine Andrew J III (Head of Institutional Bank) | SELL | 65,961 | $1.53M |
| Mago Angela G (Chief Human Resources Officer) | SELL | 62,850 | $1.35M |
| Evans Trina M (Director, Corporate Center) | SELL | 32,695 | $710789.30 |