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First Horizon Corporation

FHN Financial Banks Regional

First Horizon Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.0 billion, down 0.95% from fiscal 2024.

Revenue
−39.6%
EPS
−140.0%
Free cash flow
+664.9%
Total debt
−0.68%

Quarter to September 2026, against a year earlier

23.19 0.55 −2.32%
Market cap
$11.0B
P/E
16.4×
Fwd P/E
16.5×
Dividend yield
2.85%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Insider Decisions last twelve months

Sold, $m 2.65
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — 2 — — — — — — 1 — — —
Insider Ownership 1.38%

Capital & Financial Ratios $m

Size
Market Cap 10,950.00
Revenue ttm 4,484.00
Net income ttm 1,072.00
Free cash flow ttm 1,020.00
Net debt Q (4,389.00)
Valuation
P/E 16.45
Forward P/E 16.50
Price / sales 2.45
Forward P/S Powerpack
Price / FCF 10.78
Price / book 1.30
Financial health
Current ratio Q 0.97
Debt / equity Q 0.14
Interest coverage Q —
Growth
Revenue growth Q −39.55% (below 0%: shrinking)
Operating income growth Q −127.33% (below 0%: shrinking)
EPS, this year +13.41%
EPS, next year A +8.33%
Revenue, next year A −29.20% (below 0%: weak)
EPS, past 5 yrs −0.21% (below 0%: weak)
EPS, next 5 yrs A +10.76%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 81.59%
10-year low 10-year high
P/S against its own 10 years 57.21%
10-year low 10-year high
P/B against its own 10 years 62.93%
10-year low 10-year high

Dividends

Yield
2.85%
Annual rate
0.66
Payout ratio
47.5%
Growth, 2017–25
+6.59%/yr
  1. 0.36 ’17
  2. 0.48 ’18 +33
  3. 0.56 ’19 +17
  4. 0.60 ’20 +7
  5. 0.60 ’21 +0
  6. 0.60 ’22 +0
  7. 0.60 ’23 +0
  8. 0.60 ’24 +0
  9. 0.60 ’25 +0
  10. 0.68 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,471 4,462 4,624 5,708
Receivables — — — —
Inventory — — — —
Other — — — —
65,492 66,763 68,448 69,240
2023 2024 2025 Q'26
Payables 65,780 65,581 67,476 67,700
ST’ Debt — — — —
Other 509 550 607 997
68,838 69,531 71,337 71,501

Compound Annual Growth %

10y 5y 3y
Sales 14.80% 8.01% 12.52%
Cash Flow 5.51% 29.56% (35.04%)
Earnings 28.21% 3.07% 3.27%
Book Value 13.23% 1.93% 2.27%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.53 Actual 0.53

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.46 0.52 Beat by 0.06
Q1 FY26 0.49 0.53 Beat by 0.04
Q2 FY26 0.52 0.54 Beat by 0.02
Q3 FY26 0.53 0.53 Met by 0.00
Q4 FY26 0.54 — Reports 21 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.53 0.54 (0.20) — —
’25 0.41 0.45 0.50 0.52 1.87
’24 0.33 0.34 0.40 0.29 1.36
’23 0.43 0.56 0.23 0.31 1.54
’22 0.34 0.29 0.45 0.45 1.53
’21 0.40 0.53 0.41 0.40 1.74
’20 0.04 0.17 0.95 0.42 1.89
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,199 1,241 781 — —
’25 1,195 1,233 1,292 1,263 4,983
’24 1,267 1,279 1,319 1,166 5,031
’23 1,091 1,415 1,253 1,268 5,027
’22 739 784 946 1,029 3,498
’21 850 827 780 777 3,234
’20 552 552 1,421 865 3,390
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 278 585 — — —
’25 349 83 (200) 396 628
’24 838 (150) 389 191 1,268
’23 (69) 305 698 365 1,299
’22 694 824 768 5 2,291
’21 1,064 (49) (447) 157 725
’20 (1,400) 897 230 445 172
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 270 566 — — —
’25 340 74 (205) 389 598
’24 828 (161) 391 174 1,232
’23 (74) 296 689 352 1,263
’22 688 826 767 0 2,281
’21 1,055 (62) (449) 170 714
’20 (1,406) 884 223 425 126
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 32.9% a year for ten years. It grew 10.4% a year over the last ten.

Implied
32.9%
10 years, reported
10.4%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,370 1,480 2,269 2,278 3,390 3,234 3,498 5,027 5,031 4,983 4,484 +15.4% 3,528 3,697 3,894 (7.9%)
Gross margin, % 93.52 90.03 85.63 81.83 93.04 94.93 91.68 68.97 63.41 68.61 67.95 (24.9) pt
EBT 345 309 714 586 933 1,284 1,159 1,128 1,005 1,280 927 +15.7%
EBT margin, % 25.20 20.87 31.47 25.72 27.52 39.70 33.13 22.44 19.98 25.69 20.67 +0.5 pt
Net income 239 177 557 452 857 1,010 912 916 794 998 1,072 +17.2%
Per share, $
Per share, $ Revenue 5.89 6.13 7.00 7.26 7.85 5.92 6.54 9.17 9.31 9.86 9.46 +5.9%
Earnings 0.95 0.66 1.66 1.39 1.90 1.76 1.62 1.58 1.37 1.89 1.41 +7.9%
Cash flow 0.77 (0.12) 0.72 2.65 0.40 1.33 4.28 2.37 2.35 1.24 0.00 +5.4%
Capex (0.22) (0.21) (0.06) (0.09) (0.11) (0.02) (0.02) (0.07) (0.07) (0.06) 0.00 (13.5%)
Free cash flow 0.55 (0.32) 0.67 2.55 0.29 1.31 4.26 2.30 2.28 1.18 0.00 +8.8%
Book value 11.62 18.97 14.75 16.18 19.22 15.55 15.97 16.94 16.86 18.10 19.25 +5.0%
Shares, m 233 241 324 314 432 546 535 548 540 505 484 +9.0%
Valuation, ×
Valuation, × P/E 21.28 28.25 7.93 11.91 8.08 9.23 15.10 9.15 14.70 12.65 16.45 13.8
P/S 3.40 3.27 1.88 2.28 1.63 2.76 3.74 1.58 2.16 2.42 2.45 2.5
P/B 1.78 1.08 0.91 1.04 0.70 1.12 1.74 0.90 1.25 1.37 1.30 1.2
EV/Sales 1.97 1.36 0.58 1.27 (1.18) (2.41) 2.97 0.92 1.51 1.76 — 0.9
EV/FCF 20.96 (25.59) 6.06 3.61 (31.68) (10.90) 4.55 3.64 6.18 14.66 — (0.9)
Cash, $m
Cash, $m Operating cash flow 180 (29) 234 830 172 725 2,291 1,299 1,268 628 1,059 +14.9%
Capex (51) (50) (18) (29) (46) (11) (10) (36) (36) (30) (39) (5.8%)
Free cash flow 129 (78) 216 801 126 714 2,281 1,263 1,232 598 1,020 +18.6%
Balance, $m
Balance, $m Working capital (1,634) (2,650) (1,948) (1,904) (3,067) (3,788) (4,021) (3,346) (2,768) (2,889) (2,261) +6.5%
Net debt (1,954) (2,836) (2,960) (2,304) (9,505) (16,706) (2,705) (3,321) (3,267) (3,303) (4,389) +6.0%
Shareholders’ equity 2,705 4,580 4,785 5,076 8,307 8,494 8,547 9,291 9,111 9,142 9,125 +14.5%
Returns, %
Returns, % ROA 0.81 0.46 1.31 1.03 1.29 1.11 1.03 1.08 0.90 1.15 0.81 +0.3 pt
ROIC 28.74 11.07 24.45 13.73 0.00 0.00 12.40 11.81 10.75 13.70 12.27 (15.0) pt
ROE 8.57 4.49 11.75 9.00 12.83 12.17 11.19 10.61 8.46 10.94 7.83 +2.4 pt
People
People Employees 4,288 5,984 5,577 5,017 6,802 7,867 7,542 7,378 7,252 7,404 — +6.3%
Revenue/emp, $m 0.32 0.25 0.41 0.45 0.50 0.41 0.46 0.68 0.69 0.67 — +8.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

First Horizon Corporation is a Memphis, Tennessee-based financial holding company led by chairman, president and chief executive Bryan Jordan. The corporation was incorporated in 1968. Its principal subsidiary, First Horizon Bank, was founded in 1864 as First National Bank of Memphis.

The bank takes deposits and makes loans to businesses and individuals. Business lending includes loans for day-to-day operations, commercial real estate, equipment and specialized activities such as healthcare and transportation. Consumer lending includes mortgages and home equity loans. The company also offers small-business banking, private banking, wealth and trust management, financial planning and retail brokerage.

First Horizon Corporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FHN First Horizon Corporation $11.0B 16.4× 16.5× −39.55% (below 0%: shrinking) n/m +664.86% (above 0%: growing) 52.50% 0.00%
WTFC Wintrust Financial Corporation $10.2B 11.5× 11.4× +4.06% (above 0%: growing) +21.28% (above 0%: growing) −23.80% (below 0%: shrinking) 66.53% 0.00% Compare
UMBF UMB Financial Corporation $10.2B 10.1× 9.8× +4.21% (above 0%: growing) +53.84% (above 0%: growing) +39.21% (above 0%: growing) 68.49% 0.00% Compare
SSB SouthState Bank Corporation $10.1B 11.1× 11.3× −2.24% (below 0%: shrinking) −5.33% (below 0%: shrinking) +285.97% (above 0%: growing) 71.49% 0.00% Compare
CIB Grupo Cibest S.A. - Sponsored ADR $10.1B 18.0× — +178.87% (above 0%: growing) +85.47% (above 0%: growing) −187.28% (below 0%: shrinking) 71.39% 0.00% Compare
BPOP Popular, Inc. $9.8B 10.5× 9.7× +4.48% (above 0%: growing) +40.78% (above 0%: growing) +46.43% (above 0%: growing) 75.20% 0.00% Compare
CFR Cullen/Frost Bankers, Inc. $9.7B 14.6× 14.2× +2.95% (above 0%: growing) +6.37% (above 0%: growing) +21.44% (above 0%: growing) 78.65% 0.00% Compare
ONB Old National Bancorp $9.5B 10.2× 9.8× −0.23% (below 0%: shrinking) +43.48% (above 0%: growing) +11.48% (above 0%: growing) 68.19% 0.00% Compare
ZION Zions Bancorporation, N.A. $9.5B 8.0× 8.2× −0.80% (below 0%: shrinking) +20.27% (above 0%: growing) +518.28% (above 0%: growing) 70.88% 0.00% Compare
Median of peers $9.9B 10.8× 9.8× +3.51% +31.03% +30.33% 71.13% 0.00%

All 327 Banks Regional stocks →

From the latest earnings call

Updated

  • On the second-quarter call, CFO Hope Dmuchowski said commercial real estate activity drove growth in new loan commitments, while deposit competition raised funding costs.
  • Dmuchowski said First Horizon expected expenses to remain flat over the next two quarters and prioritized loan growth when allocating capital.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.90%
Held by the ten largest 47.94%
Holder Shares Stake Change
BlackRock 58.71m 12.39% +1.55m
Vanguard 47.74m 10.08% −707.21k
BNY 29.15m 6.15% −293.77k
State Street 18.39m 3.88% +43.80k
UBS 16.62m 3.51% −836.31k
Dimensional Fund Advisors 16.38m 3.46% +787.32k
LSV ASSET MANAGEMENT 13.11m 2.77% +1.05m
North Reef Capital Management LP 9.20m 1.94% −5.25m
Geode Capital Management 9.05m 1.91% −76.80k
AQR Capital Management 8.80m 1.86% +1.29m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 16 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 10.33m 15.31m 222.72
2024 9.43m 15.15m 182.38
2023 13.04m (11.69m) 123.21
2022 7.24m 17.87m 204.16
2021 8.41m 11.82m 132.63

Ownership

Directors and executive officers, together 0.91%
BlackRock 11.50%
The Vanguard Group, Inc. 10.19%
The Bank of New York Mellon Corporation 7.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

First Horizon Corporation (FHN) Latest News

5 Nov

Impact 3 · · MarketBeat

27 Oct

Impact 4 · · PR Newswire

26 Oct

Impact 3 · · PR Newswire

21 Oct

Impact 3 · · PR Newswire

20 Oct

Impact 4 · · PR Newswire

19 Oct

Impact 4 · · The Motley Fool
Impact 3 · · PR Newswire

17 Oct

Impact 4 · · Simply Wall St.

16 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · StockStory
Impact 3 · · MT Newswires
Impact 3 · · Simply Wall St.

15 Oct

Impact 4 · · Moby transcript
Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · InvestorsHub
Impact 4 · · PR Newswire
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks

12 Oct

Impact 3 · · Zacks

9 Oct

Impact 3 · · PR Newswire

8 Oct

Impact 3 · · Zacks

29 Sep

Impact 3 · · Zacks

26 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 3 ·

21 Sep

Impact 3 · · wealthmanagement.com

3 Sep

Impact 3 ·

24 Aug

Impact 3 ·

FHN metrics, ten years each

stockrow.com/FHN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com