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Friday 6 November 2026 Export FHN’s income statement to Excel — free account

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

First Horizon Corporation (FHN) valuation and DCF model

What the price implies · reverse DCF

At $23.19 the price implies 32.9% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 10.4% a year over the last ten years, 3.7% over the last five. The price asks for about three times its ten-year rate. Return on equity averaged 10.0% over ten years; the price implies 10.3% for good.

In December 2018 the price assumed 12.5% a year; First Horizon Corporation went on to grow the dividend a share 15.7% a year to FY2025.

Price implies
32.9%
Last 5 years, reported
3.7%
Last 10 years, reported
10.4%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
32.9% a year for ten years
$23.19
today’s price
Its base case
10.4% a year for five years, then 6.2%
$3.88
83.3% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record First Horizon Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 32.9% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against First Horizon Corporation’s own cost of capital: risk-free 4.3% + beta 0.62 × equity premium 4.5% = 7.1% cost of equity; weighted, 7.1%.

Use 7.1%
Base case value per share $3.88 ten years discounted, and what follows
Current price $23.19 market price per share
Below today’s price 83.3% downside at the base case’s assumptions

How we got there$1.58 10 years of dividends+$2.30 terminal value=$3.88 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 16.45× 13.61× 13.34× 23% above 12.02× 37% above
P/FCF 10.78× 10.36× 17.04× 37% below 10.60× 2% above
P/B 1.30× 1.31× 1.14× 14% above 1.23× 6% above
EV/Sales — 1.69× 1.54× — 3.90× —
P/E P/FCF P/B EV/Sales
0.79×1.09×1.38×1.68×10Y avg 1.14×2017201820192020202120222023202420252026

FHN trades at 1.30× P/B, against a 10-year average of 1.14× (range 0.70×–1.74×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $20.35 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.