Keycorp (KEY)
Financials · Regional Banks · US stock · S&P 500 component
$21.21
▲ +0.18 (0.86%)
Fair valueData under review
No reliable estimate yet
Too few of our valuation models give a usable value for this company, so we show no number rather than a misleading one. How fair value works
Day's range
$20.85 – $21.27
52-week range
$16.91 – $24.07
Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution
About Keycorp
KeyCorp is a regional bank holding company whose main subsidiary, KeyBank, provides consumer and commercial banking services, mostly in the northern and western United States. It takes deposits, makes business and consumer loans, and offers investment banking, wealth management and payments services. Net interest income, the gap between loan interest and deposit costs, is its largest source of revenue, supplemented by fee income.
Shareholders receive a dividend, yielding 3.9%. Looking at the numbers, trailing revenue is $7.8 billion, and it grew 1.1% a year over the past three years. Operating margin is 32.7%, while return on invested capital is 12%. Taken together, these figures give an X-Ray Score of 51 out of 100.
Price chart
52-wk range $16.91 – $24.07Volume 19,320,586Daily, split-adjusted
Vitals
Market cap$22.9B
52-week range$16.91 – $24.07
Volume (last day)19,320,586
P/E (TTM)11.5
EBIT / EV yield12.9%
Free-cash-flow yield5.2%
Dividend yield3.9%
Revenue (TTM)$7.8B
Net income (TTM)$2.0B
Operating margin32.7%
Return on capital12.2%
Debt incl. leases$11.0B
Cash & securities$14.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
Data under review
Only 2 valuation models give a usable value for this company, which is too few for a fair value we would stand behind
What this means
Read the lenses below
A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
62/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield12.9%
Free-cash-flow yield5.2%
Growth
Weak
27/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)1.1%
EPS growth (3y)-7.7%
Growth consistency60%
Profitability
Weak
36/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital12.2%
Operating margin32.7%
Financial health
Strong
77/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-1.2×
Interest coverNo interest cost
Dividends
Fair
58/100
Dividend is typical for its sector.
See the numbers →
Dividend yield3.9%
Dividends vs free cash flow74%
Dividend growth7.3%
Quarterly results: last 6 quarters
+15.7%
Mar '25
+20.6%
Jun '25
+172.7%
Sep '25
+131.8%
Dec '25
+10.2%
Mar '26
+6.7%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.0B, diluted EPS $0.44.
Compare with peers
RF Regions Financial Corp58 MTB M&T Bank Corp58 CFG Citizens Financial Gro...49 HBAN Huntington Bancshares...39Other Regional Banks companies by X-Ray Score.
SWOT analysis: Keycorp
Strengthsinside the company
- Return on invested capital is 12.2%, against a median of 7.1% for industry peers.
- Free cash flow equals 5.2% of the market value, which funds dividends, buybacks or debt paydown.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 50x, so debt costs are a small drag.
Weaknessesinside the company
- Operating margin of 32.7% is thin against 194.7% for industry peers.
- Earnings per share have declined 7.7% a year over three years.
Opportunitiesvaluation and setting
- Revenue growth picked up to 62.7% last year from 1.1% a year over three years.
- Our Market Compass rates the backdrop for Financials as favourable.
Threatsvaluation and setting
- Too few of our valuation models give a usable value for this company to state a fair value; treat price comparisons with caution.
- Our checks raised: Heavy dilution; Heavy dilution.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare KEY with peers and sector
Medians of 5 Regional Banks peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): FITB 36, MTB 58, HBAN 39, CFG 49, RF 58.
| Metric | KEY | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 51 | 49 | 50 |
| Valuation | 62 | 61 | 52 |
| Growth | 27 | 20 | 54 |
| Profitability | 36 | 34 | 49 |
| Financial health | 77 | 74 | 50 |
| Dividends | 58 | 60 | 54 |
Sector leaders: highest X-Ray Score in Financials
KEY ranks #33 of 71 in Financials and #3 of 6 in Regional Banks by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for KEY
Each factor is rated by where KEY stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 2 Average · 3 Bad of 8
Growth: 1 · 0 · 2
Profitability: 0 · 1 · 1
Valuation: 2 · 1 · 0
| Factor | KEY | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +1.1% | Bad beats 10% | +8.3% | – | – |
| Revenue growth, last year | +62.7% | Good beats 99% | +6.9% | −0.3% | ▲ Better |
| EPS growth, 3 years a year | −7.7% | Bad beats 10% | +12.7% | – | – |
| Profitability | |||||
| Net margin | 26.0% | Average beats 65% | 21.8% | 24.3% | ≈ In line |
| Return on equity | 10.3% | Bad beats 25% | 15.7% | 9.0% | ≈ In line |
| Valuation | |||||
| P/E ratio | 11.3x | Good beats 73% | 13.8x | 10.5x | ≈ In line |
| Price / book | 1.2x | Good beats 84% | 2.2x | 1.1x | ≈ In line |
| Price / sales | 2.9x | Average beats 55% | 3.1x | 3.0x | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings), and banks and insurers are rated only on the factors that apply to them. A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 3 Average · ● 5 BadCash quality
Earnings backed by cashBad
Free-cash-flow yieldAverage
Risk models
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Net debt / EBITDAGood
Interest coverGood
Valuation
EBIT / EV yieldGood
Profitability
Return on invested capitalAverage
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 51/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.3B | $7.3B | $6.4B | $4.6B | $7.5B |
| Operating income | $3.6B | $3.2B | $5.2B | −$306M | $2.3B |
| Net income | $2.6B | $1.9B | $967M | −$161M | $1.8B |
| Operating cash flow | $1.2B | $4.5B | $2.9B | $664M | $2.2B |
| Operating margin | 48.7% | 44.3% | 80.7% | -6.6% | 30.7% |
| Free cash flow | $1.1B | $4.4B | $2.8B | $599M | $2.1B |
| Diluted EPS | $2.63 | $1.93 | $0.88 | $-0.32 | $1.52 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 1 neutral · 6 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 20.27 | Bullish |
| EMA 10 | 20.47 | Bullish |
| SMA 20 | 20.21 | Bullish |
| EMA 20 | 20.44 | Bullish |
| SMA 50 | 21.06 | Bullish |
| EMA 50 | 20.91 | Bullish |
| SMA 100 | 21.81 | Bearish |
| EMA 100 | 21.20 | Bullish |
| SMA 200 | 21.24 | Bearish |
| EMA 200 | 20.79 | Bullish |
Oscillators (daily)
| RSI (14) | 62.25 | Neutral |
| MACD (12, 26) | -0.09 | Bearish |
| Momentum (12) | 5.31 | Bullish |
| Stochastic %K (14) | 96.70 | Bearish |
| Williams %R (14) | -3.30 | Bearish |
| CCI (20) | 223.7 | Bearish |
Pivot points (classic, last session)
S3 20.53 | S2 20.69 | S1 20.95 | Pivot 21.11 | R1 21.37 | R2 21.53 | R3 21.79 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.82 USD
Yield on today's price
3.87%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 | |
| 0.2050 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold KEY
| ETF | Share of the fund |
|---|---|
| KBWB Invesco KBW Bank | 2.78% |
| DVY iShares Select Dividend | 1.34% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.27% |
| CGMM Capital Group U.S. Small and Mid Cap | 1.20% |
| KBE SPDR S&P Bank | 0.98% |
| TMSL T. Rowe Price Small-Mid Cap | 0.60% |
| RPV Invesco S&P 500 Pure Value | 0.55% |
| FDL First Trust Morningstar Dividend Leade... | 0.52% |
The eight funds with the largest weight in KEY among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
KEY stock splits
KEY has split its stock 2 times since 1992. The latest was a 2-for-1 split on 9 Mar 1998.
Full KEY stock split history →KEY SEC filings
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.