KeyCorp (KEY)
Market Price (12/29/2025): $21.2 | Market Cap: $23.3 BilSector: Financials | Industry: Regional Banks
KeyCorp (KEY)
Market Price (12/29/2025): $21.2Market Cap: $23.3 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% | Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% | Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 3.2 Bil, FCF LTM is 3.1 Bil | Weak multi-year price returns3Y Excs Rtn is -31% | Key risksKEY key risks include [1] potential for increased loan losses due to its specific portfolio exposure to the energy and healthcare sectors. |
| Attractive yieldFCF Yield is 13% | Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.3% | |
| Low stock price volatilityVol 12M is 31% | ||
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 17% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 52%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 51%, CFO LTM is 3.2 Bil, FCF LTM is 3.1 Bil |
| Attractive yieldFCF Yield is 13% |
| Low stock price volatilityVol 12M is 31% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 17% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments, and AI in Financial Services. Themes include Online Banking & Lending, Digital Payments, Show more. |
| Trading close to highsDist 52W High is -0.1%, Dist 3Y High is -0.1% |
| Weak multi-year price returns3Y Excs Rtn is -31% |
| Moderate capital ratioTier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.3% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.0% |
| Key risksKEY key risks include [1] potential for increased loan losses due to its specific portfolio exposure to the energy and healthcare sectors. |
Why The Stock Moved
Qualitative Assessment
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1. Stronger-than-Expected Q3 2025 Earnings Performance
KeyCorp reported robust financial results for the third quarter of 2025 on October 16, 2025, surpassing analyst expectations for both earnings per share (EPS) and revenue. The company delivered an EPS of $0.41, exceeding forecasts of $0.38 by 7.89%, and revenue reached $1.9 billion, surpassing expectations by 1.06%. Additionally, KeyCorp achieved its year-end target for net interest margin (NIM) of 2.75% ahead of schedule and demonstrated significant year-over-year increases in EPS (37%) and revenue (17%).
2. Positive 2025 Revenue Growth Outlook and Raised Guidance
At the Goldman Sachs Financial Services Conference around December 10, 2025, KeyCorp provided an updated outlook projecting record revenue growth for 2025, with adjusted total revenues (tax equivalent) anticipated to be up 15% from the prior year. The company also raised its full-year 2025 fee growth guidance to "comfortably above 6.5%" from an earlier 5-6% range, and expected net interest income (TE) growth to be better than 22%.
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KeyCorp reported robust financial results for the third quarter of 2025 on October 16, 2025, surpassing analyst expectations for both earnings per share (EPS) and revenue. The company delivered an EPS of $0.41, exceeding forecasts of $0.38 by 7.89%, and revenue reached $1.9 billion, surpassing expectations by 1.06%. Additionally, KeyCorp achieved its year-end target for net interest margin (NIM) of 2.75% ahead of schedule and demonstrated significant year-over-year increases in EPS (37%) and revenue (17%).
2. Positive 2025 Revenue Growth Outlook and Raised Guidance
At the Goldman Sachs Financial Services Conference around December 10, 2025, KeyCorp provided an updated outlook projecting record revenue growth for 2025, with adjusted total revenues (tax equivalent) anticipated to be up 15% from the prior year. The company also raised its full-year 2025 fee growth guidance to "comfortably above 6.5%" from an earlier 5-6% range, and expected net interest income (TE) growth to be better than 22%.
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Stock Movement Drivers
Fundamental Drivers
The 13.4% change in KEY stock from 9/28/2025 to 12/28/2025 was primarily driven by a 391.5% change in the company's Net Income Margin (%).| 9282025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 18.68 | 21.19 | 13.42% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4942.00 | 6142.00 | 24.28% |
| Net Income Margin (%) | 3.56% | 17.50% | 391.46% |
| P/E Multiple | 116.77 | 21.70 | -81.42% |
| Shares Outstanding (Mil) | 1100.03 | 1100.83 | -0.07% |
| Cumulative Contribution | 13.42% |
Market Drivers
9/28/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| KEY | 13.4% | |
| Market (SPY) | 4.3% | 44.6% |
| Sector (XLF) | 3.3% | 70.4% |
Fundamental Drivers
The 25.8% change in KEY stock from 6/29/2025 to 12/28/2025 was primarily driven by a 3145.7% change in the company's Net Income Margin (%).| 6292025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 16.85 | 21.19 | 25.76% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 4636.00 | 6142.00 | 32.48% |
| Net Income Margin (%) | 0.54% | 17.50% | 3145.65% |
| P/E Multiple | 739.15 | 21.70 | -97.06% |
| Shares Outstanding (Mil) | 1096.65 | 1100.83 | -0.38% |
| Cumulative Contribution | 25.75% |
Market Drivers
6/29/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| KEY | 25.8% | |
| Market (SPY) | 12.6% | 46.6% |
| Sector (XLF) | 7.4% | 67.2% |
Fundamental Drivers
The 29.1% change in KEY stock from 12/28/2024 to 12/28/2025 was primarily driven by a 501.6% change in the company's Net Income Margin (%).| 12282024 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 16.41 | 21.19 | 29.13% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 5087.00 | 6142.00 | 20.74% |
| Net Income Margin (%) | 2.91% | 17.50% | 501.59% |
| P/E Multiple | 105.22 | 21.70 | -79.38% |
| Shares Outstanding (Mil) | 948.98 | 1100.83 | -16.00% |
| Cumulative Contribution | 25.83% |
Market Drivers
12/28/2024 to 12/28/2025| Return | Correlation | |
|---|---|---|
| KEY | 29.1% | |
| Market (SPY) | 17.0% | 72.7% |
| Sector (XLF) | 15.3% | 78.4% |
Fundamental Drivers
The 43.6% change in KEY stock from 12/29/2022 to 12/28/2025 was primarily driven by a 242.3% change in the company's P/E Multiple.| 12292022 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 14.75 | 21.19 | 43.62% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 7074.00 | 6142.00 | -13.18% |
| Net Income Margin (%) | 30.42% | 17.50% | -42.47% |
| P/E Multiple | 6.34 | 21.70 | 242.32% |
| Shares Outstanding (Mil) | 924.59 | 1100.83 | -19.06% |
| Cumulative Contribution | 38.41% |
Market Drivers
12/29/2023 to 12/28/2025| Return | Correlation | |
|---|---|---|
| KEY | 62.4% | |
| Market (SPY) | 48.4% | 59.6% |
| Sector (XLF) | 51.8% | 75.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| KEY Return | -15% | 46% | -22% | -12% | 25% | 29% | 40% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| KEY Win Rate | 58% | 75% | 50% | 33% | 58% | 58% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| KEY Max Drawdown | -59% | -1% | -31% | -48% | -8% | -22% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See KEY Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | KEY | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -66.9% | -25.4% |
| % Gain to Breakeven | 202.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -59.7% | -33.9% |
| % Gain to Breakeven | 148.3% | 51.3% |
| Time to Breakeven | 341 days | 148 days |
| 2018 Correction | ||
| % Loss | -37.6% | -19.8% |
| % Gain to Breakeven | 60.3% | 24.7% |
| Time to Breakeven | 862 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -88.4% | -56.8% |
| % Gain to Breakeven | 765.0% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
KeyCorp's stock fell -66.9% during the 2022 Inflation Shock from a high on 1/14/2022. A -66.9% loss requires a 202.5% gain to breakeven.
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KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits, investment products and services; and personal finance and financial wellness, student loan refinancing, mortgage and home equity, lending, credit card, treasury, business advisory, wealth management, asset management, investment, cash management, portfolio management, and trust and related services to individuals and small and medium-sized businesses. It also provides a suite of banking and capital market products, such as syndicated finance, debt and equity capital market products, commercial payments, equipment finance, commercial mortgage banking, derivatives, foreign exchange, financial advisory, and public finance, as well as commercial mortgage loans comprising consumer, energy, healthcare, industrial, public sector, real estate, and technology loans for middle market clients. In addition, the company offers community development financing, securities underwriting, brokerage, and investment banking services. As of December 31, 2021, it operated through a network of approximately 999 branches and 1,317 ATMs in 15 states, as well as additional offices, online and mobile banking capabilities, and a telephone banking call center. KeyCorp was founded in 1849 and is headquartered in Cleveland, Ohio.
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1. A major regional bank, much like PNC Financial Services.
2. Similar to US Bancorp, but with a stronger focus on the Northeast and Midwest U.S.
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KeyCorp (KEY) provides a range of financial products and services, primarily categorized as follows:
- Deposit Accounts: Offers checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
- Lending Services: Provides various loan products including mortgages, auto loans, personal loans, small business loans, and commercial real estate and business loans.
- Credit Cards: Issues consumer and business credit cards with different reward programs and features.
- Wealth Management & Investment Services: Delivers financial planning, investment advisory, trust, and estate management services for high-net-worth clients.
- Treasury Management Services: Offers businesses solutions for cash management, payment processing, fraud prevention, and liquidity management.
- Capital Markets & Investment Banking: Provides advisory services for mergers and acquisitions, debt and equity underwriting, and institutional sales and trading.
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KeyCorp (NYSE: KEY) is a financial services company that primarily sells banking and financial products and services to a broad base of individuals, small businesses, and large corporations, rather than having a few major customer companies that it sells products or services to. As a bank holding company, its customers are those who utilize its financial offerings.
Its customer base can be broadly categorized into the following three groups:
- Individuals and Consumers: This category includes everyday individuals who utilize KeyCorp for personal banking needs such as checking and savings accounts, credit cards, mortgages, auto loans, student loans, and wealth management services through Key Private Bank and Key Investment Services.
- Small Businesses: KeyCorp provides financial solutions for small businesses, including business loans, lines of credit, treasury management services, payment processing, and payroll services. These services help small enterprises manage their finances and grow their operations.
- Middle Market and Large Corporate Clients / Institutional Clients: This segment encompasses larger businesses, corporations, government entities, and institutional clients. KeyCorp offers a comprehensive suite of services including corporate banking, commercial real estate financing, equipment leasing, and investment banking services through KeyBanc Capital Markets, which provides capital raising, M&A advisory, and other strategic financial solutions.
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Christopher M. Gorman, Chairman and Chief Executive Officer
Christopher M. Gorman assumed the role of Chairman and Chief Executive Officer of KeyCorp in May 2020. He brings over 30 years of experience in financial services to his position. Prior to his current role, Gorman served as KeyCorp's Chief Operating Officer and President of Banking. He was instrumental in leading Key's integration of First Niagara Financial Group, which marked the largest acquisition in Key's history. Earlier in his career, Gorman led KeyBanc Capital Markets and held various leadership roles at McDonald Investments, a registered broker-dealer that KeyCorp acquired in 1998. He was involved with McDonald Investments when it was acquired by KeyCorp.
Clark H.I. Khayat, Chief Financial Officer
Clark H.I. Khayat was appointed Chief Financial Officer of KeyCorp in May 2023, succeeding Don Kimble upon his retirement. Before becoming CFO, he served as Executive Vice President and Chief Strategy Officer at KeyCorp. In this capacity, he was responsible for leading corporate strategy and heading commercial payments, establishing Key's enterprise payments and fintech partnership strategies. Khayat also played a role in overseeing niche acquisitions such as Laurel Road, Cain Brothers, and Pacific Crest Securities. Earlier in his career, he was a Managing Director and Co-founder of Occom Ridge Partners, LLC. He also held senior leadership positions in strategy and finance at National City Corporation (now PNC) and served as an Engagement Manager at McKinsey & Company.
Amy G. Brady, Chief Information Officer
Amy G. Brady has served as KeyCorp's Chief Information Officer since 2012. In her role, she leads the company's Technology, Operations, and Services organization, overseeing all shared services for technology, operations, data, servicing, cyber, and physical security, as well as procurement. Prior to joining KeyCorp, Brady was the Chief Information Officer, Enterprise Technology and Operations, at Bank of America, where she had a 25-year career holding various leadership roles in consumer-commercial and global technology & operations.
Mohit Ramani, Chief Risk Officer
Mohit Ramani assumed the role of Chief Risk Officer at KeyCorp in January 2025. Prior to joining KeyCorp, Ramani held several positions at Truist Financial Corporation, including Deputy Chief Risk Officer, Chief Business Unit Risk Officer, and Chief Credit Officer.
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The key risks to KeyCorp's business operations primarily revolve around interest rate fluctuations, credit quality and potential loan losses, and regulatory changes.
- Interest Rate Fluctuations and Net Interest Margin (NIM) Compression: A significant risk for KeyCorp is the impact of interest rate changes, particularly in a declining rate environment. Federal Reserve rate cuts are anticipated to compress the bank's net interest margin, directly affecting its earnings.
- Credit Quality and Loan Losses: While KeyCorp has maintained stable credit quality, there remains a risk of deterioration in its loan portfolio performance, especially during a corporate recession. The company's exposure to certain sectors, such as energy and healthcare, also presents sector-specific risks that could lead to increased loan losses.
- Regulatory Changes and Compliance Costs: KeyCorp faces risks associated with potential changes in banking regulations, particularly those focused on safety and soundness. Such regulatory shifts could impact the company's operations and lead to increased compliance-related costs.
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The following are clear emerging threats for KeyCorp:
The growing market penetration of digital-first neobanks and fintech companies. These agile competitors offer streamlined user experiences, often with lower fees and innovative digital services, directly challenging KeyCorp's consumer banking division for deposits, loans, and primary customer relationships, particularly among younger, digitally-native demographics.
The expansion of Big Tech companies into traditional financial services. Giants like Apple, Amazon, and Google are leveraging their massive user bases, technological capabilities, and ecosystem integration to offer banking-like products such as high-yield savings accounts (e.g., Apple Savings) and credit solutions. These initiatives represent a clear threat by potentially siphoning off KeyCorp's high-value customers and disintermediating traditional banks from core financial interactions.
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KeyCorp (symbol: KEY) operates as a financial services company primarily through its subsidiary, KeyBank National Association, offering a diverse range of retail and commercial banking products and services. The addressable markets for KeyCorp's main products and services in the U.S. are substantial:
Consumer Bank Segment (U.S. Market)
- Retail Banking (Deposits and Accounts, Personal Loans, General Consumer Lending): The United States retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
- Residential Mortgages: The U.S. home loan market was valued at USD 2.29 trillion in 2025 and is forecasted to grow to USD 3.02 trillion by 2030. Americans collectively owe $12.94 trillion on mortgages as of Q2 2025.
- Home Equity Loans (HELOC): Outstanding HELOC balances in the U.S. totaled $411 billion in the second quarter of 2025.
- Credit Cards: The U.S. credit card market size was USD 190 billion in 2024 and is expected to grow to USD 388.4 billion by 2032. Total revolving credit card debt in the U.S. exceeded $1.18 trillion in 2025.
- Student Loans (including refinancing): Student loan debt in the United States totals $1.814 trillion as of 2025, with federal student loan debt at $1.661 trillion. The broader student loan market, including both federal and private loans, was valued at $3,933.18 billion in 2021 and is estimated to reach $8,750.75 billion by 2031.
- Digital Banking: The U.S. digital banking market valuation is estimated at USD 235.94 billion in 2024 and is projected to reach USD 541.32 billion by 2035. The North America digital banking market size was valued at USD 8.67 billion in 2024 and is anticipated to reach USD 8.92 billion in 2025.
- Wealth Management: The U.S. wealth management market had the largest assets under management (AUM) globally, with $64.4 trillion in 2024, expected to reach $87.35 trillion by 2028. In 2025, the United States holds 54.2% of global AUM, which reached $162 trillion.
Commercial Bank Segment (U.S. Market)
- Commercial Lending (including Real Estate Capital): Total commercial real estate (CRE) mortgage borrowing and lending in the U.S. is estimated to have totaled $498 billion in 2024. The U.S. commercial real estate market size is valued at USD 1.70 trillion in 2025 and is forecast to reach USD 1.94 trillion by 2030. The U.S. real estate loan market was valued at USD 3.5 trillion in 2024.
- Commercial Leasing: The market size of the Commercial Leasing industry in the United States was an estimated $265.2 billion in 2025.
- Treasury and Payment Solutions (Cash Management, Payment Processing, Merchant Services, Commercial Card): The cash management system market in the U.S. is valued at USD 20.35 billion in 2025 and is forecast to grow to USD 28.67 billion by 2030. The U.S. Cash Management Services Market size was valued at around USD 388.19 million in 2024 and is projected to reach USD 629.22 million in 2030.
- Capital Markets / Investment Banking: The U.S. investment banking market is valued at USD 54.74 billion in 2025 and is forecasted to reach USD 66.15 billion by 2030. The United States investment banking market had a market share of USD 42,644.25 million in 2024. The United States contributed over 45% of global investment banking revenues in 2025.
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KeyCorp (NYSE: KEY) anticipates several key drivers for its revenue growth over the next two to three years, stemming from strategic initiatives, market positioning, and operational efficiencies:
- Net Interest Income (NII) Growth and Net Interest Margin (NIM) Expansion: KeyCorp expects continued tailwinds for its net interest income, with projections for full-year NII to increase approximately 22% from 2024. The company aims to achieve a net interest margin of 3.25% or higher by 2027. This expansion is driven by disciplined balance sheet management, including remixing low-yielding assets into higher-yielding commercial loans, and proactive management of deposit pricing.
- Growth in Fee-Based Businesses: A significant driver of future revenue is the continued growth in KeyCorp's noninterest income, particularly from its fee-based businesses. The company forecasts adjusted noninterest income to rise by 5%-6% year-over-year from 2024. Key areas of focus include investment banking and debt placement, which maintain near record-level pipelines, as well as wealth management, with a target of $100 billion in assets under management by 2030, and commercial payments.
- Commercial Loan and Relationship Household Growth: KeyCorp emphasizes an organic relationship strategy to drive growth. The bank is focused on growing relationship households, which has contributed to client deposit growth. Furthermore, the company projects an increase in ending loans by approximately 2% by the end of 2025, with commercial loans specifically expected to grow around 5%.
- Benefits from Scotiabank Investment and Securities Portfolio Repositioning: The strategic minority investment from Scotiabank, initiated in late 2024 with the final tranche expected in the first quarter of 2025, along with the related securities portfolio repositioning, is anticipated to continue enhancing future net interest income and overall margins.
- Investments in Technology and Frontline Staff: KeyCorp is strategically investing in technology and expanding its human capital to foster future growth. The company plans to increase its frontline bankers, including investment bankers, middle market relationship managers, payments advisors, and wealth managers, by 10% in 2025, indicating a commitment to bolstering sales and service capabilities.
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Share Repurchases
- KeyCorp temporarily suspended share repurchases through the second quarter of 2020 due to the COVID-19 pandemic.
- In September 2021, KeyCorp entered into an accelerated share repurchase program to repurchase up to $585 million of its common stock.
- The Board of Directors authorized a new share repurchase program of up to $1.0 billion of common shares, intended to commence in the second half of 2025.
Share Issuance
- In August 2024, KeyCorp announced an agreement for Scotiabank to make a strategic minority investment of approximately $2.8 billion, representing around 14.9% pro forma common stock ownership.
- The initial tranche of this investment, totaling approximately $0.8 billion, was completed in August 2024.
- The final tranche of approximately $2.0 billion was completed in December 2024, following Federal Reserve approval.
Inbound Investments
- KeyCorp received a strategic minority investment of approximately $2.8 billion from The Bank of Nova Scotia ("Scotiabank"), which was announced in August 2024 and finalized in two tranches by December 2024.
Outbound Investments
- KeyBank acquired AQN Strategies in March 2021.
- KeyBank acquired XUP Payments in November 2021.
- KeyBank acquired GradFin in May 2022.
Capital Expenditures
- KeyCorp has been making incremental investments in technology and talent.
- Increases in personnel and technology-related investments were noted in the first quarter of 2025.
- The company plans to increase its frontline bankers and client advisers by approximately 10% in 2025.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| KeyCorp Stock Rockets 13% With 7-Day Winning Streak | Notification | |
| Can KeyCorp Stock Hold Up When Markets Turn? | Return | |
| KeyCorp (KEY) Operating Cash Flow Comparison | Financials | |
| KeyCorp (KEY) Debt Comparison | Financials | |
| KeyCorp (KEY) Net Income Comparison | Financials | |
| KeyCorp (KEY) Tax Expense Comparison | Financials | |
| KeyCorp (KEY) EBITDA Comparison | Financials | |
| KeyCorp (KEY) Revenue Comparison | Financials | |
| KeyCorp (KEY) Operating Income Comparison | Financials | |
| KEY Dip Buy Analysis |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to KEY. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 14.5% | 14.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.5% | -1.5% | -1.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.5% | -4.5% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.6% | 7.6% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.1% | -11.1% | -12.1% |
Research & Analysis
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Peer Comparisons for KeyCorp
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 51.32 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 11,544 |
| FCF LTM | 7,493 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.4% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Mgn LTM | 17.7% |
| Op Mgn 3Y Avg | 16.4% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 22.2% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 20.1% |
| FCF/Rev 3Y Avg | 21.6% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Commercial Bank | 3,297 | 3,463 | 3,640 | 3,249 | 3,011 |
| Consumer Bank | 3,157 | 3,404 | 3,426 | 3,402 | 3,288 |
| Other | -41 | 405 | 226 | 64 | 101 |
| Total | 6,413 | 7,272 | 7,292 | 6,715 | 6,400 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Commercial Bank | 885 | 1,144 | 1,642 | 651 | 1,147 |
| Consumer Bank | 202 | 365 | 876 | 653 | 706 |
| Other | -120 | 408 | 107 | 39 | -136 |
| Total | 967 | 1,917 | 2,625 | 1,343 | 1,717 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Commercial Bank | 85,542 | 80,068 | 70,051 | 74,225 | |
| Other | 61,492 | 61,404 | 66,231 | 46,678 | |
| Consumer Bank | 44,593 | 44,414 | 42,637 | 41,152 | |
| Total | 191,627 | 185,886 | 178,919 | 162,055 |
Price Behavior
Price Behavior
| Market Price | $21.19 | |
| Market Cap ($ Bil) | 23.3 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -0.1% | |
| 50 Days | 200 Days | |
| DMA Price | $18.49 | $17.10 |
| DMA Trend | up | up |
| Distance from DMA | 14.6% | 23.9% |
| 3M | 1YR | |
| Volatility | 27.0% | 31.2% |
| Downside Capture | 34.38 | 102.56 |
| Upside Capture | 87.89 | 111.95 |
| Correlation (SPY) | 44.6% | 72.8% |
KEY Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 1.07 | 0.99 | 1.21 | 1.18 | 1.40 |
| Up Beta | 0.55 | 1.10 | 1.06 | 1.47 | 1.07 | 1.43 |
| Down Beta | 0.46 | 1.76 | 1.55 | 1.53 | 1.42 | 1.28 |
| Up Capture | 136% | 63% | 47% | 101% | 106% | 253% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 30 | 66 | 125 | 373 |
| Down Capture | 67% | 88% | 92% | 96% | 112% | 108% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 7 | 19 | 31 | 57 | 118 | 363 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of KEY With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| KEY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 30.0% | 16.3% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 30.9% | 19.0% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | 0.86 | 0.67 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 78.4% | 72.8% | -9.5% | 27.5% | 56.6% | 26.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of KEY With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| KEY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 11.6% | 16.1% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 38.7% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.39 | 0.71 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 76.5% | 54.7% | -3.0% | 19.0% | 45.7% | 20.0% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of KEY With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| KEY | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 9.4% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 39.9% | 22.3% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.36 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 83.1% | 62.8% | -10.6% | 27.5% | 52.6% | 13.9% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/16/2025 | -5.4% | -1.5% | -0.6% |
| 7/22/2025 | 2.4% | 0.9% | -0.7% |
| 4/17/2025 | 1.4% | 5.7% | 18.2% |
| 1/21/2025 | -3.6% | -3.5% | -1.5% |
| 10/17/2024 | -2.5% | -3.5% | 8.1% |
| 7/18/2024 | -4.0% | -2.6% | -0.1% |
| 4/18/2024 | -0.3% | 3.5% | 6.2% |
| 1/18/2024 | -4.6% | 4.3% | 2.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 9 | 15 |
| # Negative | 17 | 15 | 9 |
| Median Positive | 1.4% | 4.7% | 9.3% |
| Median Negative | -3.1% | -3.4% | -1.5% |
| Max Positive | 4.1% | 8.9% | 18.6% |
| Max Negative | -5.5% | -14.7% | -18.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11042025 | 10-Q 9/30/2025 |
| 6302025 | 8052025 | 10-Q 6/30/2025 |
| 3312025 | 5062025 | 10-Q 3/31/2025 |
| 12312024 | 2212025 | 10-K 12/31/2024 |
| 9302024 | 11062024 | 10-Q 9/30/2024 |
| 6302024 | 7262024 | 10-Q 6/30/2024 |
| 3312024 | 5022024 | 10-Q 3/31/2024 |
| 12312023 | 2222024 | 10-K 12/31/2023 |
| 9302023 | 11022023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5042023 | 10-Q 3/31/2023 |
| 12312022 | 2222023 | 10-K 12/31/2022 |
| 9302022 | 11012022 | 10-Q 9/30/2022 |
| 6302022 | 8022022 | 10-Q 6/30/2022 |
| 3312022 | 5042022 | 10-Q 3/31/2022 |
| 12312021 | 2222022 | 10-K 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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