KeyCorp (KEY) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-250.8%

-$32.46

vs $21.53 price

Levered DCF

$20.41

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.37

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.49×	-53.56×	16.18×	8.98×	8.7×	12.82×	12.42×	8.54×
P/B	1.11×	0.9×	0.91×	1.2×	1.26×	0.88×	1.18×	0.99×
P/S	2.02×	1.8×	1.31×	2.04×	2.99×	2.22×	2.68×	2.16×
EV / EBITDA	13.9×	-123.53×	26.68×	17.62×	10.28×	17.68×	14.53×	11.34×
Gross margin	62.3%	44.8%	56.0%	82.5%	101.7%	76.6%	76.4%	82.9%
Operating margin	20.6%	-3.4%	11.3%	29.5%	44.4%	21.8%	26.9%	30.9%
Net margin	16.3%	-1.8%	9.5%	24.2%	35.8%	18.8%	22.9%	26.2%
Current ratio	0.77×	0.17×	0.35×	0.3×	0.39×	0.35×	0.25×	0.25×
Debt / equity	0.54×	0.78×	1.55×	2.14×	0.73×	0.82×	0.79×	0.94×
Interest coverage	0.61×	-0.07×	0.29×	2.64×	10.99×	2.39×	1.52×	2.27×
Dividend yield	4.7%	5.7%	6.8%	5.3%	3.8%	5.2%	4.0%	4.3%
Payout ratio	57.6%	-575.8%	94.2%	44.5%	31.4%	61.7%	46.8%	35.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	-0.9%	6.6%	14.2%	15.1%	7.5%	10.1%	12.0%
Return on invested capital	5.8%	-0.4%	2.3%	4.5%	8.6%	4.1%	5.6%	6.2%
Return on assets	1.0%	-0.1%	0.5%	1.0%	1.4%	0.8%	1.2%	1.3%
Free cash flow yield	9.3%	3.7%	20.7%	27.1%	5.0%	10.1%	14.0%	15.6%
Earnings yield	8.1%	-1.0%	7.2%	11.9%	12.0%	8.5%	8.6%	12.1%
Enterprise value	$32.3B	$28.8B	$35.1B	$44B	$33.8B	$29.5B	$32.9B	$29.3B
Net debt / EBITDA	4.18×	-53.67×	16.52×	11.17×	3.62×	8.16×	5.66×	5.38×
Cash conversion cycle (days)	-9,430	109	125	180	201	222	226	234