Latest Ratios: P/E Ratio 15.4x · EV/EBITDA 15.1x · ROE 9.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $25.3B | $22.6B | $16.3B | $13.4B | $16.3B | $22.1B | $16.0B | $20.3B | $15.6B | $22.0B | $17.1B |
| Enterprise Value | $35.1B | $32.3B | $28.8B | $35.1B | $44.1B | $34.0B | $29.6B | $33.1B | $29.5B | $36.6B | $31.2B |
| P/E Ratio → | 15.38 | 13.58 | — | 16.36 | 9.03 | 8.79 | 12.92 | 12.49 | 8.64 | 17.85 | 22.84 |
| P/S Ratio | 2.26 | 2.02 | 1.80 | 1.31 | 2.05 | 3.02 | 2.24 | 2.70 | 2.19 | 3.29 | 3.33 |
| P/B Ratio | 1.26 | 1.11 | 0.90 | 0.92 | 1.21 | 1.27 | 0.89 | 1.19 | 1.00 | 1.46 | 1.13 |
| P/FCF | 12.06 | 10.76 | 27.17 | 4.86 | 3.73 | 20.37 | 9.94 | 7.19 | 6.48 | 12.89 | 11.11 |
| P/OCF | 11.48 | 10.24 | 24.51 | 4.63 | 3.64 | 19.21 | 9.56 | 6.98 | 6.22 | 12.10 | 10.15 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.89 | 3.18 | 3.43 | 5.58 | 4.64 | 4.14 | 4.41 | 4.14 | 5.49 | 6.05 |
| EV / EBITDA | 15.10 | 13.92 | — | 26.74 | 17.68 | 10.36 | 17.75 | 14.62 | 11.41 | 15.69 | 24.31 |
| EV / EBIT | 15.21 | 14.03 | — | 30.29 | 18.92 | 10.46 | 19.02 | 16.37 | 13.39 | 19.00 | 32.19 |
| EV / FCF | — | 15.38 | 48.05 | 12.73 | 10.12 | 31.31 | 18.38 | 11.73 | 12.26 | 21.51 | 20.18 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.3% | 62.3% | 44.8% | 56.0% | 82.5% | 101.7% | 76.6% | 76.4% | 82.9% | 87.4% | 87.1% |
| Operating Margin | 20.6% | 20.6% | -3.4% | 11.3% | 29.5% | 44.4% | 21.8% | 26.9% | 30.9% | 28.9% | 18.8% |
| Net Profit Margin | 16.3% | 16.3% | -1.8% | 9.5% | 24.2% | 35.8% | 18.8% | 22.9% | 26.2% | 19.4% | 15.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 9.5% | -1.0% | 6.9% | 12.4% | 14.8% | 7.7% | 10.5% | 12.2% | 8.6% | 6.1% |
| ROA | 1.0% | 1.0% | -0.1% | 0.5% | 1.0% | 1.5% | 0.9% | 1.2% | 1.3% | 0.9% | 0.7% |
| ROIC | 5.4% | 5.4% | -0.7% | 2.2% | 4.8% | 7.8% | 3.7% | 5.0% | 5.5% | 4.8% | 2.8% |
| ROCE | 7.0% | 7.0% | -0.8% | 3.2% | 7.5% | 10.6% | 5.1% | 6.9% | 7.5% | 6.7% | 3.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.54 | 0.54 | 0.78 | 1.55 | 2.14 | 0.73 | 0.82 | 0.79 | 0.94 | 1.02 | 0.96 |
| Debt / EBITDA | 4.74 | 4.74 | — | 17.23 | 11.52 | 3.90 | 8.81 | 5.98 | 5.65 | 6.57 | 11.46 |
| Net Debt / Equity | — | 0.48 | 0.69 | 1.48 | 2.07 | 0.68 | 0.76 | 0.75 | 0.89 | 0.98 | 0.92 |
| Net Debt / EBITDA | 4.18 | 4.18 | — | 16.52 | 11.17 | 3.62 | 8.16 | 5.66 | 5.38 | 6.28 | 10.93 |
| Debt / FCF | — | 4.62 | 20.88 | 7.86 | 6.39 | 10.94 | 8.45 | 4.54 | 5.78 | 8.62 | 9.08 |
| Interest Coverage | 0.61 | 0.61 | -0.07 | 0.29 | 2.64 | 10.99 | 2.39 | 1.52 | 2.27 | 3.15 | 2.42 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.17 | 0.35 | 0.30 | 0.39 | 0.35 | 0.25 | 0.25 | 0.26 | 0.26 |
| Quick Ratio | 0.77 | 0.77 | 0.17 | 0.35 | 0.30 | 0.39 | 0.35 | 0.25 | 0.25 | 0.26 | 0.26 |
| Cash Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 4.7% | 5.7% | 6.8% | 5.3% | 3.7% | 5.2% | 4.0% | 4.2% | 2.2% | 2.0% |
| Payout Ratio | 57.6% | 57.6% | — | 94.2% | 44.5% | 31.4% | 61.7% | 46.8% | 35.2% | 37.0% | 42.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.5% | 7.4% | — | 6.1% | 11.1% | 11.4% | 7.7% | 8.0% | 11.6% | 5.6% | 4.4% |
| FCF Yield | 8.3% | 9.3% | 3.7% | 20.6% | 26.8% | 4.9% | 10.1% | 13.9% | 15.4% | 7.8% | 9.0% |
| Buyback Yield | 0.9% | 1.0% | 0.0% | 0.3% | 0.0% | 5.2% | 0.8% | 4.1% | 7.0% | 4.9% | 0.8% |
| Total Shareholder Yield | 5.0% | 5.7% | 5.7% | 7.1% | 5.3% | 8.9% | 6.0% | 8.1% | 11.3% | 7.1% | 2.8% |
| Shares Outstanding | — | $1.1B | $950M | $933M | $933M | $957M | $975M | $1.0B | $1.1B | $1.1B | $939M |
Net Interest Margin Compression
As reported in recent financial filings, KeyCorp trades at a P/B of 1.25, which appears to reflect investor skepticism regarding the bank's ability to sustain fee-based income growth, particularly when compared to the broader regional peer group that often commands higher valuation multiples for similar asset profiles.
The current valuation suggests the market is pricing KeyCorp as a commodity lender rather than a specialized middle-market franchise. Investors should monitor whether the recent stabilization in ROTCE can justify a re-rating toward the higher multiples observed in peers like Fifth Third Bancorp.
Based on the provided quarterly data, KeyCorp's ROE has recovered to 2.6% in 2026Q1 from negative territory in late 2024, yet the profitability remains constrained by a persistent NIM that has struggled to exceed 0.7% throughout the observed ten-quarter period of interest rate volatility.
The decomposition indicates that profitability is currently driven more by expense control than by asset yield expansion. The reliance on fee income to supplement core interest margins suggests that any cyclical downturn in capital markets activity could disproportionately impact the bank's bottom-line performance.
According to recent financial statements, KeyCorp has successfully improved its efficiency ratio to 41.7% in 2026Q1, a notable recovery from the 62.3% peak in 2024Q4, which suggests that management has effectively curtailed operating overhead despite the ongoing pressure on net interest margins.
While the efficiency ratio shows disciplined cost management, the stubbornly low NIM indicates that the bank's funding costs remain elevated relative to asset yields. This dynamic warrants further investigation into whether the bank can maintain these efficiency levels if deposit competition continues to intensify.
Based on reported figures, the equity-to-assets ratio has improved to 0.11 in 2026Q1 from a low of 0.08 in 2024, indicating that the bank is successfully rebuilding its capital buffer to support future lending capacity and absorb potential credit shocks in its specialized commercial portfolios.
The strengthening of the capital base appears to be a defensive necessity given the unrealized losses in the securities portfolio. Investors should monitor whether this improved capital position will lead to more consistent share buybacks or if management will prioritize further balance sheet fortification.
As indicated by the historical data, the P/E ratio is a frequently misapplied metric for KeyCorp, as it fails to account for the inherent lumpiness of investment banking fees and the significant impact of one-time provisioning charges on quarterly net income figures.
Using P/E to value KeyCorp often leads to misleading conclusions because it ignores the underlying tangible book value and the impact of AOCI on capital. Analysts should instead prioritize P/TBV and ROTCE to better assess the bank's normalized earnings power and franchise value.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying KEY stock.
KeyCorp's current P/E ratio is 15.4x. The historical average is 15.7x. This places it at the 78th percentile of its historical range.
KeyCorp's current EV/EBITDA is 15.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
KeyCorp's return on equity (ROE) is 9.5%. The historical average is 9.0%.
Based on historical data, KeyCorp is trading at a P/E of 15.4x. This is at the 78th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KeyCorp's current dividend yield is 4.12% with a payout ratio of 57.6%.
KeyCorp has 62.3% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
KeyCorp's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.