Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

KeyCorp

KEY stock analysis · Financials · Regional Banks

FY 2025-12-31ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$23.05HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$25B

Price × SEC outstanding shares. Shares measured 2026-05-01. Approximate; share and price dates can differ.

View share-count filing ↗
Valuation

DCF value

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Reverse DCF

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Relative valuation

16.2%

5 industry peers · median 17.2×

How this is calculated ↗
Valuation

Historical multiples

12.4×

6 annual observations · snapshot P/E 14.8× · 20.0% versus history

How this is calculated ↗
Valuation

Free cash flow yield

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Quality

ROIC / quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

Split and corporate-action verification is incomplete for these fund observations. Verified adjusted endpoints are required for 12–1 momentum.

How this is calculated ↗
Investment

Asset growth

-1.5%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

Generic cash-flow and operating-capital models are not suitable for this sector; specialist bank/insurance or REIT analysis is required.

How this is calculated ↗
Momentum

Fundamental momentum

Requires two adjacent years of revenue, operating income and cash flow.

Requires two adjacent years of revenue, operating income and cash flow.

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 4.5B2020-12-31: cfo $1,673,000,000.002020-12-31: capex $63,000,000.0020202021-12-31: cfo $1,153,000,000.002021-12-31: capex $66,000,000.0020212022-12-31: cfo $4,469,000,000.002022-12-31: capex $96,000,000.0020222023-12-31: cfo $2,903,000,000.002023-12-31: capex $142,000,000.0020232024-12-31: cfo $664,000,000.002024-12-31: capex $65,000,000.0020242025-12-31: cfo $2,208,000,000.002025-12-31: capex $107,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%
10.0%
12.0%

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-311.7B1.8B2.2B107M184.4B
2024-12-311.6B-161M664M65M187.2B
2023-12-311.4B967M2.9B142M188.3B
2022-12-311.6B1.9B4.5B96M189.8B
2021-12-311.8B2.6B1.2B66M186.3B
2020-12-311.4B1.3B1.7B63M170.3B
2019-12-311.3B1.7B2.9B85M145B
2018-12-311.3B1.9B2.5B99M139.6B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue1.7BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-23
netIncome1.8BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-23
Parent/common earnings proxy1.7BNetIncomeLossAvailableToCommonStockholdersBasic2026-02-23
cfo2.2BNetCashProvidedByUsedInOperatingActivities2026-02-23
capex107MPaymentsToAcquireProductiveAssets2026-02-23
operatingIncomeNot reported under a supported tag
assets184.4BAssets2026-02-23
equity20.4BStockholdersEquity
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-23
Parent book equity proxy20.4BStockholdersEquity2026-02-23
debt9.9BLongTermDebt2026-02-23
shortDebtNot reported under a supported tag
cash1.3BCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents2026-02-23
shares1.1BWeightedAverageNumberOfDilutedSharesOutstanding2026-02-23
dividends1.1BPaymentsOfDividends2026-02-23
buybacksNot reported under a supported tag
issuance9MProceedsFromIssuanceOfCommonStock2026-02-23