First Horizon Corporation (FHN) vs SouthState Bank Corporation (SSB)

First Horizon Corporation and SouthState Bank Corporation are both Banks Regional companies. First Horizon Corporation is the larger, with a market value of $11.0B against $9.9B — 1.1× the size. SouthState Bank Corporation trades at the lower P/E: 10.7× against 11.1×. SouthState Bank Corporation grew revenue faster over the last twelve months: 23.3% against 1.67%. SouthState Bank Corporation has the higher net margin (25.1% vs 20.6%) and the lower return on invested capital (10.5% vs 13.0%). Both pay a dividend; First Horizon Corporation yields more (4.36% vs 2.62%). Across the 20 metrics below, SouthState Bank Corporation leads on 13 and First Horizon Corporation on 7.

Valuation

Metric FHN SSB Banks Regional median
P/E 11.12 10.71 12.15
P/S 2.23 2.63 2.37
P/B 1.27 1.09 1.21
Price to free cash flow 10.93 9.86 10.80
EV/EBITDA n/m n/m —
EV/Sales 1.65 2.12 2.27
Earnings yield 8.99% 9.34% 8.11%
Free cash flow yield 9.15% 10.14% 8.98%

Profitability

Metric FHN SSB Banks Regional median
Gross margin 70.59% 71.82% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 20.56% 25.09% 18.66%
Free cash flow margin 20.42% 26.69% 21.18%
Return on equity 11.66% 10.60% 10.64%
Return on assets 1.23% 1.41% 1.13%
Return on invested capital 12.99% 10.48% 8.33%

Growth

Metric FHN SSB Banks Regional median
Revenue growth (TTM) 1.67% 23.34% 6.61%
EPS growth (last fiscal year) 37.50% 12.91% —
Revenue growth, 5-year CAGR 8.01% 25.20% 12.30%
Net income growth, 5-year CAGR 3.07% 45.94% 9.71%

Health

Metric FHN SSB Banks Regional median
Debt to equity 0.14 0.06 0.22
Current ratio 0.97 0.94 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FHN SSB Banks Regional median
Dividend yield 4.36% 2.62% 3.75%
Payout ratio 0.32 0.28 0.27

Size

Metric FHN SSB Banks Regional median
Market cap 10.98b 9.88b 921.07m

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