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

KeyCorp

KeyCorp’s revenue for fiscal 2025 (year ended December 2025) was $11.2 billion, up 21.6% from fiscal 2024.

Revenue: +1.55%
EPS: +24.4%
Free cash flow: +85.7%
Total debt: +5.09%

Quarter to September 2026, against a year earlier

20.94 0.02 −0.10%

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Market cap: $22.1B
P/E: 11.5×
Fwd P/E: 11.2×
Dividend yield: 3.91%
F-score: 7/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

KeyCorp (KEY) valuation and DCF model

What the price implies · reverse DCF

At $20.94 the price implies 7.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 11.6% a year over the last ten years, 2.3% over the last five. The price asks for less than its ten-year rate. Return on equity averaged 9.1% over ten years; the price implies 10.6% for good.

In December 2017 the price assumed 16.6% a year; KeyCorp went on to grow the dividend a share 2.6% a year to FY2025.

Price implies: 7.0%
Last 5 years, reported: 2.3%
Last 10 years, reported: 11.6%

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: 7.0% a year for ten years; $20.94; today’s price
Its base case: 11.6% a year for five years, then 7.0%; $25.53; 21.9% above 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 KeyCorp’s own growth, carried forward

Its assumptions

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

1 · Dividends

Dividend a share, last twelve months ($)the four quarters to September 2026, from the 10-Q and 10-K filings

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

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

Today’s price implies the dividend a share growing 7.0% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

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

Current price ($)

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

Advanced inputs

Value per share Expected return

Use the analysts’ consensus for years 1–3 (none held for this company)

How the model ends

Margin of safety (%)

Against KeyCorp’s own cost of capital: risk-free 4.3% + beta 1.07 × equity premium 4.5% = 9.1% cost of equity; weighted, 9.1%.

Use 9.1%

Base case value per share $25.53 ten years discounted, and what follows

Current price $20.94 market price per share

Above today’s price 21.9% upside at the base case’s assumptions

How we got there$10.16 10 years of dividends+$15.37 terminal value=$25.53 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
P/E	11.47×	11.83×	13.30×	14% below	12.02×	5% below
P/FCF	14.57×	12.01×	11.62×	25% above	10.60×	37% above
P/B	1.40×	1.26×	1.27×	10% above	1.23×	13% above
EV/Sales	—	2.25×	2.91×	—	3.90×	—

P/E P/FCF P/B EV/Sales

KEY trades at 14.57× P/FCF, against a 10-year average of 11.62× (range 3.71×–26.12×). That is dearer than 78% of the last 9 year-end readings; re-rating to the average implies $16.70 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.