First Horizon Corporation FHN

FinancialsBanking ServicesUnited States of America

Last close 23.64 USD on Nov 2, 2026, +1.1% year to date

Quant rating

Quant rating C Rank 329 of 799 in Financials

Growth C 413 of 799
Valuation C 489 of 799
Quality C 381 of 799
Revisions B 123 of 799
Momentum C 506 of 799

Wall Street consensus Buy (2.45)Average target 27.13 USD +14.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.2B
Enterprise value: 15.5B
52-week range: 20.42 – 26.55
3-year range: 11.11 – 26.55
Dividend yield: 2.92%
Beta (5 years): 0.62
Shares outstanding: 474M
Next earnings: Jan 13, 2027

About the company

First Horizon Corporation is a regional financial services company. The Company is a financial holding company. The Company’s principal subsidiary, and only banking subsidiary, is First Horizon Bank (the Bank). Through the Bank and other subsidiaries, it offers commercial, private banking, consumer, small business, wealth and trust management, retail brokerage, capital markets, fixed income, and mortgage banking services. Its segments include Commercial, Consumer & Wealth; Wholesale; and Corporate. The Commercial, Consumer & Wealth segment offers financial products and services, including traditional lending and deposit taking, to commercial and consumer clients primarily in the southern United States and other selected markets. The Wholesale segment includes mortgage warehouse lending, franchise finance, correspondent banking, and mortgage. Additionally, the Wholesale segment has a line of business focused on fixed-income securities sales, trading, underwriting, and others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,186	4,352	4,100	2,683	2,158	–
Revenue growth	−3.8%	6.1%	52.8%	24.3%	13.7%	17.1%
EPS (basic, normalized)	1.91	1.40	1.42	1.79	1.99	–
EPS growth	36.2%	−1.6%	−20.6%	−10.1%	−12.1%	−3.4%
Gross margin	–	–	–	–	–	–
Net margin	22.8%	17.0%	21.1%	32.4%	44.6%	27.6%
ROE	11.0%	9.5%	9.9%	12.7%	14.1%	11.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.8%
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	8,830
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	4,186	−3.8%	3.7x	17.53	+7.8%	1.3x	1.89	+21.9%	12.5x
2026	3,530	−15.7%	4.4x	17.74	+1.2%	1.3x	2.14	+13.4%	11.0x
2027	3,704	+4.9%	4.2x	19.11	+7.7%	1.2x	2.33	+8.7%	10.1x
2028	3,882	+4.8%	4.0x	20.58	+7.7%	1.1x	2.60	+11.7%	9.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,530	−0.4%	−0.5%	−0.9%	2.14	+0.1%	+0.2%	−0.2%
2027	3,704	−0.2%	+0.2%	−0.2%	2.33	+0.1%	+0.8%	−1.0%
2028	3,882	−0.6%	+0.6%	−0.4%	2.60	−0.3%	+1.7%	−2.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	815	828	659	812	830	889	888	862	887	883
Sales mean (mil)	822	823	821	823	832	847	858	869	879	890
Surprise	−0.9%	+0.6%	−19.7%	−1.4%	−0.2%	+4.9%	+3.5%	−0.8%	+0.9%	−0.8%
EPS reported	0.36	0.42	0.43	0.42	0.45	0.51	0.52	0.53	0.54	0.53
EPS mean	0.37	0.38	0.39	0.40	0.41	0.44	0.46	0.49	0.52	0.53
Surprise	−1.8%	+11.1%	+9.9%	+5.7%	+8.5%	+14.9%	+13.2%	+7.3%	+3.6%	+0.9%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FHN First Horizon Corporation	11.2B	11.8%	22.8%	1.06x	11.0x	10.1x	1.3x	1.2x
JPM JPMorgan Chase & Co.	905.3B	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
BAC Bank of America Corporation	342.0B	14.0%	21.0%	1.72x	11.2x	9.6x	1.2x	1.1x
WFC Wells Fargo & Company	257.8B	11.3%	23.2%	1.47x	11.7x	10.7x	1.6x	1.4x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
Mean		13.4%	18.8%	1.42x	12.6x	11.5x	2.4x	2.1x
Median		14.0%	21.9%	1.47x	11.5x	10.4x	1.4x	1.3x

Technical analysis

1M+0.9%
3M−7.2%
1Y+13.8%
3Y+128.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Horizon Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	4,186	4,352	4,100	2,683	2,158	1,898
Total interest expense	1,564	1,841	1,560	291	164	236
Net interest income	2,622	2,511	2,540	2,392	1,994	1,662
Loan loss provision	65.0	150	260	95.0	−310	–
Net interest income after loan loss provision	2,557	2,361	2,280	2,297	2,304	1,662
Non-interest income	797	679	927	815	1,076	1,492
Non-interest expense	−2,074	−2,035	−2,079	−1,953	−2,096	−2,221
Net income before taxes	1,280	1,005	1,128	1,159	1,284	933
Provision for taxes	282	211	212	247	274	76.0
Minority interest & equity in affiliates	−16.0	−19.0	−19.0	−12.0	−11.0	−12.0
Other	0	0	0	0	0	0
Net income before extraordinary items	982	775	897	900	999	845
Extraordinary items	–	–	–	–	–	–
Net income	982	775	897	900	999	845
Basic weighted average shares (mil)	505	540	548	535	547	432
Diluted weighted average shares (mil)	511	544	562	566	551	434
Basic EPS excluding extraordinary items	1.89	1.37	1.58	1.62	1.76	1.90
Basic EPS, normalized	1.91	1.40	1.42	1.79	1.99	2.26

Balance sheet in millions of USD, fiscal years

Balance sheet, First Horizon Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	961	906	1,012	1,061	1,147	1,203
Other earning assets	13,450	13,273	13,675	14,038	27,740	19,041
Net loans	63,418	61,750	60,519	57,417	54,189	57,269
Property, plant & equipment	867	872	899	946	997	1,112
Goodwill	1,510	1,510	1,510	1,511	1,511	1,511
Intangibles	121	164	204	250	298	354
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	16.0	18.0
Other assets	3,549	3,677	3,842	3,730	3,194	3,701
Total assets	83,876	82,152	81,661	78,953	89,092	84,209
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	368	330	342	367	382	407
Total deposits	67,476	65,581	65,780	63,489	74,895	69,982
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	3,254	3,400	2,549	2,506	2,124	2,198
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	1,323	1,198	1,153	1,601	1,594	1,674
Minority interest	295	295	295	295	295	295
Other liabilities	2,313	2,532	2,546	2,443	1,603	1,641
Total liabilities	75,029	73,336	72,665	70,701	80,893	76,197
Shareholders' equity
Preferred stock	349	426	520	1,014	520	470
Common stock	303	328	349	336	333	347
Additional paid-in capital	3,974	4,808	5,351	4,840	4,743	5,074
Retained earnings (accumulated deficit)	5,031	4,382	3,964	3,430	2,891	2,261
Treasury stock	–	–	–	–	–	–
Other equity	−810	−1,128	−1,188	−1,368	−288	−140
Total equity	8,847	8,816	8,996	8,252	8,199	8,012
Total liabilities & shareholders' equity	83,876	82,152	81,661	78,953	89,092	84,209

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Horizon Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	998	794	916	912	1,010	857
Depreciation, depletion & amortization	94.0	99.0	102	110	117	92.0
Deferred taxes	49.0	−17.0	44.0	91.0	0	−18.0
Non-cash items	566	1,062	869	2,684	2,254	−745
Changes in working capital	−1,079	−670	−632	−1,506	−2,656	−14.0
Cash from operations	628	1,268	1,299	2,291	725	172
Investing activities
Capital expenditures	−33.0	−44.0	−37.0	−28.0	−53.0	−58.0
Other investing cash flows	−1,061	−1,014	−2,568	8,361	−4,548	−4,909
Cash from investing	−1,094	−1,058	−2,605	8,333	−4,601	−4,967
Financing activities
Financing cash flow items	1,878	−220	2,272	−11,417	4,908	7,131
Cash dividends paid	−340	−361	−367	−356	−366	−239
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,014	177	−411	904	−526	−1,716
Cash from financing	524	−404	1,494	−10,869	4,016	5,176
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	58.0	−194	188	−245	140	381
Free cash flow	595	1,224	1,262	2,263	672	114

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.