First Horizon Corporation (FHN) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
11.91
+10% vs avg
5yr avg: 10.87
30Y Low5.8·High58.3
P/FCF
↓
12.89
↑+37% vs avg
5yr avg: 9.44
30Y Low0.4·High48.5
P/B Ratio
↑
1.35
+11% vs avg
5yr avg: 1.21
30Y Low0.5·High4.6
ROE
↓
10.8%
↓+4% vs avg
5yr avg: 10.3%
30Y Low-8%·High26%
Debt/EBITDA
↑
3.42
+3% vs avg
5yr avg: 3.34
30Y Low2.8·High41.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FHN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Horizon Corporation trades at 13.2x earnings, 6% above its 5-year average of 12.4x, sitting at the 44th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.6x. On a free-cash-flow basis, the stock trades at 12.9x P/FCF, 37% above the 5-year average of 9.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.3B | $11.9B | $11.0B | $8.0B | $13.9B | $9.0B | $5.5B | $5.2B | $4.3B | $4.9B | $4.7B |
| Enterprise Value | $15.9B | $15.5B | $13.1B | $9.3B | $15.5B | $-3338234470 | $-151771080 | $9.7B | $4.5B | $7.9B | $5.2B |
| P/E Ratio → | 13.20 | 12.71 | 14.81 | 9.19 | 16.01 | 9.39 | 6.75 | 12.00 | 7.98 | 30.75 | 21.29 |
| P/S Ratio | 2.47 | 2.38 | 2.22 | 1.69 | 4.07 | 2.85 | 1.98 | 2.34 | 1.95 | 3.37 | 3.54 |
| P/B Ratio | 1.35 | 1.30 | 1.20 | 0.86 | 1.62 | 1.06 | 0.67 | 1.03 | 0.90 | 1.07 | 1.74 |
| P/FCF | 12.89 | 12.41 | 8.96 | 6.30 | 6.13 | 13.40 | 48.55 | 6.69 | 23.13 | — | 40.09 |
| P/OCF | 12.46 | 12.00 | 8.65 | 6.12 | 6.05 | 12.42 | 32.18 | 6.30 | 18.42 | — | 26.16 |
P/E links to full P/E history page with 30-year chart
FHN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Horizon Corporation's enterprise value stands at 11.9x EBITDA, 10% above its 5-year average of 10.9x. This is roughly in line with the Financial Services sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.10 | 2.66 | 1.98 | 4.55 | -1.06 | -0.05 | 4.34 | 2.04 | 5.46 | 3.93 |
| EV / EBITDA | 11.91 | 11.57 | 11.86 | 7.57 | 12.48 | -2.51 | -0.15 | 14.86 | 5.83 | 20.84 | 12.73 |
| EV / EBIT | 12.43 | 12.07 | 13.05 | 8.26 | 13.40 | -2.60 | -0.16 | 16.53 | 6.32 | 25.63 | 15.12 |
| EV / FCF | — | 16.20 | 10.71 | 7.38 | 6.86 | -4.97 | -1.33 | 12.40 | 24.20 | — | 44.45 |
FHN Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Horizon Corporation earns an operating margin of 25.7%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 23.9% to 25.7% over the past 3 years, signaling improving operational efficiency. ROE of 10.8% is modest. ROIC of 7.0% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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 | 67.3% | 67.3% | 59.7% | 61.4% | 88.7% | 104.6% | 73.6% | 79.4% | 84.9% | 89.8% | 92.5% |
| Operating Margin | 25.7% | 25.7% | 20.4% | 23.9% | 34.0% | 40.7% | 33.3% | 26.3% | 32.3% | 21.3% | 26.0% |
| Net Profit Margin | 19.7% | 19.7% | 15.7% | 19.0% | 26.4% | 31.7% | 30.2% | 19.8% | 24.6% | 11.4% | 17.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.8% | 10.8% | 8.4% | 10.1% | 10.6% | 11.9% | 12.6% | 8.9% | 11.6% | 4.5% | 8.5% |
| ROA | 1.2% | 1.2% | 0.9% | 1.1% | 1.1% | 1.2% | 1.3% | 1.0% | 1.3% | 0.5% | 0.8% |
| ROIC | 7.0% | 7.0% | 5.6% | 6.6% | 7.0% | 7.9% | 6.1% | 5.0% | 6.5% | 3.3% | 5.5% |
| ROCE | 10.2% | 10.2% | 7.9% | 8.9% | 9.6% | 11.0% | 10.8% | 9.9% | 11.5% | 5.9% | 7.6% |
FHN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Horizon Corporation carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (20% below the sector average of 4.3x). Net debt stands at $3.6B ($4.6B total debt minus $961M cash). Interest coverage of just 0.8x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.50 | 0.50 | 0.50 | 0.40 | 0.48 | 0.44 | 0.47 | 1.10 | 0.47 | 1.06 | 0.72 |
| Debt / EBITDA | 3.42 | 3.42 | 4.15 | 3.01 | 3.30 | 2.79 | 3.89 | 8.55 | 2.92 | 12.78 | 4.74 |
| Net Debt / Equity | — | 0.40 | 0.24 | 0.15 | 0.19 | -1.45 | -0.68 | 0.88 | 0.04 | 0.66 | 0.19 |
| Net Debt / EBITDA | 2.70 | 2.70 | 1.94 | 1.10 | 1.33 | -9.29 | -5.71 | 6.84 | 0.26 | 7.98 | 1.25 |
| Debt / FCF | — | 3.78 | 1.76 | 1.08 | 0.73 | -18.36 | -49.88 | 5.71 | 1.07 | — | 4.36 |
| Interest Coverage | 0.82 | 0.82 | 0.55 | 0.72 | 3.98 | 7.83 | 3.95 | 1.42 | 2.19 | 2.09 | 3.89 |
FHN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.96x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.16x to 0.96x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 0.13 | 0.16 | 0.17 | 0.32 | 0.24 | 0.15 | 0.19 | 0.20 | 0.22 |
| Quick Ratio | 0.96 | 0.96 | 0.13 | 0.16 | 0.17 | 0.32 | 0.24 | 0.15 | 0.19 | 0.20 | 0.22 |
| Cash Ratio | 0.01 | 0.01 | 0.04 | 0.03 | 0.04 | 0.21 | 0.13 | 0.03 | 0.06 | 0.05 | 0.06 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.03 | 0.05 | 0.05 | 0.04 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FHN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Horizon Corporation returns 10.7% to shareholders annually — split between a 2.6% dividend yield and 8.1% buyback yield. The payout ratio of 31.9% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.6% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.6% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 31.9% | 31.9% | 42.8% | 37.3% | 36.0% | 33.3% | 26.3% | 38.8% | 25.5% | 48.3% | 28.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.9% | 6.8% | 10.9% | 6.2% | 10.7% | 14.8% | 8.3% | 12.5% | 3.3% | 4.7% |
| FCF Yield | 7.8% | 8.1% | 11.2% | 15.9% | 16.3% | 7.5% | 2.1% | 14.9% | 4.3% | — | 2.5% |
| Buyback Yield | 8.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 10.7% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $496M | $544M | $562M | $566M | $551M | $434M | $316M | $327M | $244M | $235M |
Peer Comparison
Compare FHN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FHNYou | $12B | 13.2 | 11.9 | 12.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 ZION | $10B | 11.0 | 8.7 | 9.9 | 67.1% | 23.8% | 13.5% | 8.0% | 3.4 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 RF | $25B | 12.5 | 6.8 | 11.5 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 KEY | $25B | 14.9 | 14.8 | 11.8 | 62.3% | 20.6% | 9.5% | 5.4% | 4.7 |
 SNV | $7B | 16.5 | 8.8 | 9.1 | 53.8% | 17.7% | 9.3% | 6.6% | 2.8 |
 IBOC | $5B | 11.1 | 8.7 | 9.2 | 78.3% | 49.4% | 13.6% | 10.5% | 1.3 |
 UMBF | $10B | 14.6 | 12.2 | 10.4 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
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FHN — Frequently Asked Questions
Quick answers to the most common questions about buying FHN stock.
What is First Horizon Corporation's P/E ratio?
First Horizon Corporation's current P/E ratio is 13.2x. The historical average is 19.9x. This places it at the 44th percentile of its historical range.
What is First Horizon Corporation's EV/EBITDA?
First Horizon Corporation's current EV/EBITDA is 11.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.1x.
What is First Horizon Corporation's ROE?
First Horizon Corporation's return on equity (ROE) is 10.8%. The historical average is 10.9%.
Is FHN stock overvalued?
Based on historical data, First Horizon Corporation is trading at a P/E of 13.2x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is First Horizon Corporation's dividend yield?
First Horizon Corporation's current dividend yield is 2.55% with a payout ratio of 31.9%.
What are First Horizon Corporation's profit margins?
First Horizon Corporation has 67.3% gross margin and 25.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does First Horizon Corporation have?
First Horizon Corporation's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.