First Horizon Corporation (FHN) vs Pinnacle Financial Partners, Inc. (PNFP)

First Horizon Corporation and Pinnacle Financial Partners, Inc. are both Banks Regional companies. Pinnacle Financial Partners, Inc. is the larger, with a market value of $14.3B against $11.0B — 1.3× the size. First Horizon Corporation trades at the lower P/E: 11.1× against 13.0×. Pinnacle Financial Partners, Inc. grew revenue faster over the last twelve months: 67.0% against 1.67%. First Horizon Corporation has the higher net margin (20.6% vs 14.7%) and the higher return on invested capital (13.0% vs 4.85%). Both pay a dividend; First Horizon Corporation yields more (4.36% vs 1.18%). Across the 20 metrics below, First Horizon Corporation leads on 13 and Pinnacle Financial Partners, Inc. on 7.

Valuation

Metric FHN PNFP Banks Regional median
P/E 11.12 12.97 12.15
P/S 2.23 2.69 2.37
P/B 1.27 1.02 1.21
Price to free cash flow 10.93 9.85 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.65 3.18 2.27
Earnings yield 8.99% 7.71% 8.11%
Free cash flow yield 9.15% 10.16% 8.98%

Profitability

Metric FHN PNFP Banks Regional median
Gross margin 70.59% 65.82% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 20.56% 14.70% 18.66%
Free cash flow margin 20.42% 27.35% 21.18%
Return on equity 11.66% 7.65% 10.64%
Return on assets 1.23% 0.85% 1.13%
Return on invested capital 12.99% 4.85% 8.33%

Growth

Metric FHN PNFP Banks Regional median
Revenue growth (TTM) 1.67% 66.95% 6.61%
EPS growth (last fiscal year) 37.50% 35.40% —
Revenue growth, 5-year CAGR 8.01% 19.79% 12.30%
Net income growth, 5-year CAGR 3.07% 15.51% 9.71%

Health

Metric FHN PNFP Banks Regional median
Debt to equity 0.14 0.69 0.22
Current ratio 0.97 0.94 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FHN PNFP Banks Regional median
Dividend yield 4.36% 1.18% 3.75%
Payout ratio 0.32 0.11 0.27

Size

Metric FHN PNFP Banks Regional median
Market cap 10.98b 14.27b 921.07m

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