KeyCorp KEY

FinancialsBanking ServicesUnited States of America

Last close 21.12 USD on Nov 1, 2026, +5.4% year to date

Quant rating

Quant rating B Rank 193 of 799 in Financials

Growth B 311 of 799
Valuation C 490 of 799
Quality C 365 of 799
Revisions A 65 of 799
Momentum C 367 of 799

Wall Street consensus Buy (2.24)Average target 24.25 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: 22.3B
Enterprise value: 39.5B
52-week range: 16.92 – 24.06
3-year range: 10.15 – 24.06
Dividend yield: 3.88%
Beta (5 years): 1.08
Shares outstanding: 1,058M
Next earnings: Jan 20, 2027

About the company

KeyCorp is a bank-based financial services company, which operates through its subsidiary, KeyBank National Association (KeyBank). Through KeyBank and certain other subsidiaries, it provides a range of retail and commercial banking, commercial leasing, investment management, consumer finance, student loan refinancing, commercial mortgage servicing and special servicing, and investment banking products and services to individual, corporate, and institutional clients. Its segment includes Consumer Bank and Commercial Bank. The Consumer Bank serves individuals and small businesses by offering a variety of deposit and investment products, personal finance and financial wellness services, lending, student loan refinancing, mortgage and home equity, credit card, treasury services, and others. The Commercial Bank consists of the Commercial and Institutional operating segments. The Commercial operating segment is focused on serving the borrowing, cash management, and capital markets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,386	8,427	7,927	5,412	4,367	–
Revenue growth	−0.5%	6.3%	46.5%	23.9%	−6.8%	12.3%
EPS (basic, normalized)	1.52	−0.31	1.06	1.94	2.65	–
EPS growth	–	–	−45.6%	−26.7%	109.4%	3.7%
Gross margin	–	–	–	–	–	–
Net margin	20.1%	−3.6%	10.4%	33.1%	57.4%	23.5%
ROE	8.6%	6.8%	7.2%	13.2%	16.0%	10.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.8%
Long-term debt (mil)	11,473
Net debt (mil)	–
Total equity (mil)	17,809
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	8,386	−0.5%	4.7x	16.22	+13.3%	1.3x	1.16	0.0%	18.2x
2026	8,091	−3.5%	4.9x	15.41	−5.0%	1.4x	1.89	+62.9%	11.2x
2027	8,679	+7.3%	4.5x	16.51	+7.1%	1.3x	2.18	+15.5%	9.7x
2028	9,140	+5.3%	4.3x	17.16	+3.9%	1.2x	2.49	+14.0%	8.5x

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	8,091	+0.2%	+0.4%	+0.5%	1.89	+2.7%	+3.3%	+4.2%
2027	8,679	+0.8%	+0.9%	+1.2%	2.18	+1.4%	+1.3%	+1.4%
2028	9,140	+1.2%	+1.3%	+2.6%	2.49	+2.4%	+2.4%	+2.8%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,533	1,526	1,613	1,783	1,773	1,840	1,895	2,005	1,953	1,964
Sales mean (mil)	1,511	1,525	1,270	1,743	1,751	1,803	1,881	1,957	1,939	1,972
Surprise	+1.5%	+0.1%	+27.0%	+2.3%	+1.3%	+2.0%	+0.8%	+2.5%	+0.7%	−0.4%
EPS reported	0.22	0.25	0.30	0.38	0.33	0.35	0.41	0.41	0.44	0.44
EPS mean	0.22	0.24	0.15	0.33	0.32	0.35	0.38	0.39	0.41	0.42
Surprise	−1.8%	+3.3%	+104.8%	+16.8%	+3.7%	+1.4%	+7.1%	+5.9%	+6.8%	+4.1%

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
KEY KeyCorp	22.3B	12.8%	20.1%	1.41x	11.2x	9.7x	1.4x	1.3x
JPM JPMorgan Chase & Co.	895.9B	15.2%	28.8%	1.74x	13.6x	13.2x	2.5x	2.3x
BAC Bank of America Corporation	346.2B	14.0%	21.0%	1.72x	11.3x	9.7x	1.3x	1.2x
WFC Wells Fargo & Company	250.4B	11.4%	23.2%	1.47x	11.4x	10.4x	1.5x	1.4x
AXP American Express Company	214.0B	–	13.8%	–	18.0x	15.8x	6.1x	5.4x
COF Capital One Financial Corp	123.2B	14.8%	3.1%	1.11x	9.4x	8.5x	1.2x	1.1x
Mean		13.6%	18.3%	1.49x	12.5x	11.2x	2.3x	2.1x
Median		14.0%	20.5%	1.47x	11.4x	10.0x	1.4x	1.3x

Technical analysis

1M+3.5%
3M−5.8%
1Y+25.0%
3Y+146.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, KeyCorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	8,386	8,427	7,927	5,412	4,367	4,685
Total interest expense	3,750	4,662	4,014	885	296	651
Net interest income	4,636	3,765	3,913	4,527	4,071	4,034
Loan loss provision	471	335	489	502	−418	1,021
Net interest income after loan loss provision	4,165	3,430	3,424	4,025	4,489	3,013
Non-interest income	2,842	809	2,470	2,718	3,194	2,652
Non-interest expense	−4,703	−4,545	−4,734	−4,410	−4,429	−4,109
Net income before taxes	2,304	−306	1,160	2,333	3,254	1,556
Provision for taxes	476	−143	196	422	642	227
Minority interest & equity in affiliates	–	–	0	0	0	0
Other	0	0	0	0	0	0
Net income before extraordinary items	1,828	−163	964	1,911	2,612	1,329
Extraordinary items	1.0	2.0	3.0	6.0	13.0	14.0
Net income	1,829	−161	967	1,917	2,625	1,343
Basic weighted average shares (mil)	1,099	950	927	924	947	968
Diluted weighted average shares (mil)	1,108	950	933	933	957	975
Basic EPS excluding extraordinary items	1.53	−0.32	0.89	1.94	2.65	1.26
Basic EPS, normalized	1.52	−0.31	1.06	1.94	2.65	1.26

Balance sheet in millions of USD, fiscal years

Balance sheet, KeyCorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	1,287	1,743	941	887	913	1,091
Other earning assets	65,900	70,121	63,829	57,728	72,309	58,570
Net loans	105,114	102,851	111,098	118,057	100,793	99,559
Property, plant & equipment	1,072	1,067	1,140	1,161	1,276	1,383
Goodwill	2,752	2,752	2,752	2,752	2,693	2,664
Intangibles	8.0	27.0	55.0	94.0	130	188
Long-term investments	–	–	–	–	–	–
Other long-term assets	211	263	344	436	562	699
Other assets	8,037	8,344	8,122	8,698	7,670	6,182
Total assets	184,381	187,168	188,281	189,813	186,346	170,336
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3,581	4,169	4,531	4,032	2,637	1,121
Total deposits	148,713	149,760	145,587	142,595	152,572	135,282
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	1,084	2,144	3,091	9,463	761	979
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	9,917	12,105	19,554	19,307	12,042	13,709
Minority interest	–	–	–	–	–	0
Other liabilities	705	814	881	962	911	1,264
Total liabilities	164,000	168,992	173,644	176,359	168,923	152,355
Shareholders' equity
Preferred stock	2,500	2,500	2,500	2,500	1,900	1,900
Common stock	1,257	1,257	1,257	1,257	1,257	1,257
Additional paid-in capital	6,035	6,038	6,281	6,286	6,278	6,281
Retained earnings (accumulated deficit)	15,359	14,584	15,672	15,616	14,553	12,751
Treasury stock	−2,810	−2,733	−5,844	−5,910	−5,979	−4,946
Other equity	−1,960	−3,470	−5,229	−6,295	−586	738
Total equity	20,381	18,176	14,637	13,454	17,423	17,981
Total liabilities & shareholders' equity	184,381	187,168	188,281	189,813	186,346	170,336

Cash flow statement in millions of USD, fiscal years

Cash flow statement, KeyCorp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,829	−161	967	1,917	2,625	1,343
Depreciation, depletion & amortization	21.0	73.0	134	137	32.0	111
Deferred taxes	4.0	−351	−108	−27.0	146	−191
Non-cash items	9.0	−30.0	40.0	34.0	21.0	−6.0
Changes in working capital	345	1,133	1,870	2,408	−1,671	416
Cash from operations	2,208	664	2,903	4,469	1,153	1,673
Investing activities
Capital expenditures	−107	−65.0	−142	−108	−66.0	−63.0
Other investing cash flows	3,326	2,562	1,559	−10,826	−15,002	−24,658
Cash from investing	3,219	2,497	1,417	−10,934	−15,068	−24,721
Financing activities
Financing cash flow items	−1,047	6,944	2,992	−9,977	17,290	23,412
Cash dividends paid	−1,054	−927	−911	−854	−823	−829
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,782	−8,376	−6,347	17,270	−2,730	824
Cash from financing	−5,883	−2,359	−4,266	6,439	13,737	23,407
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−456	802	54.0	−26.0	−178	359
Free cash flow	2,101	599	2,761	4,361	1,087	1,610

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 1, 2026 after market close.