First Horizon Corporation (FHN) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
11.80
+9% vs avg
5yr avg: 10.87
30Y Low5.8·High58.3
P/FCF
↑
19.36
↑+80% vs avg
5yr avg: 10.73
30Y Low0.4·High48.5
P/B Ratio
↑
1.36
+13% 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 13.3x earnings, 7% 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 13.4x. On a free-cash-flow basis, the stock trades at 19.4x P/FCF, 80% above the 5-year average of 10.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.2B | $11.9B | $11.0B | $8.0B | $13.9B | $9.0B | $5.5B | $5.2B | $4.3B | $4.9B | $4.7B |
| Enterprise Value | $15.8B | $15.5B | $13.1B | $9.3B | $15.5B | $-3338234470 | $-151771080 | $9.7B | $4.5B | $7.9B | $5.2B |
| P/E Ratio → | 13.34 | 12.71 | 14.81 | 9.19 | 16.01 | 9.39 | 6.75 | 12.00 | 7.98 | 30.75 | 21.29 |
| P/S Ratio | 2.44 | 2.38 | 2.22 | 1.69 | 4.07 | 2.85 | 1.98 | 2.34 | 1.95 | 3.37 | 3.54 |
| P/B Ratio | 1.36 | 1.30 | 1.20 | 0.86 | 1.62 | 1.06 | 0.67 | 1.03 | 0.90 | 1.07 | 1.74 |
| P/FCF | 19.36 | 18.88 | 8.96 | 6.30 | 6.13 | 13.40 | 48.55 | 6.69 | 23.13 | — | 40.09 |
| P/OCF | 19.36 | 18.88 | 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 11.8x EBITDA, 9% above its 5-year average of 10.9x. This is roughly in line with the Financial Services sector median of 11.5x.
| 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 | 11.80 | 11.57 | 11.86 | 7.57 | 12.48 | -2.51 | -0.15 | 14.86 | 5.83 | 20.84 | 12.73 |
| EV / EBIT | 12.31 | 12.07 | 13.05 | 8.26 | 13.40 | -2.60 | -0.16 | 16.53 | 6.32 | 25.63 | 15.12 |
| EV / FCF | — | 24.63 | 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 21.4%. 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 5.7%.
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 (17% below the sector average of 4.1x). 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 | — | 5.75 | 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 10.1% to shareholders annually — split between a 2.5% dividend yield and 7.5% buyback yield. The earnings yield of 7.5% (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 | 2.5% | 2.6% | 3.0% | 4.2% | 2.3% | 3.7% | 4.0% | 3.3% | 3.2% | 1.6% | 1.3% |
| Payout Ratio | — | — | 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 | 7.5% | 7.9% | 6.8% | 10.9% | 6.2% | 10.7% | 14.8% | 8.3% | 12.5% | 3.3% | 4.7% |
| FCF Yield | 5.2% | 5.3% | 11.2% | 15.9% | 16.3% | 7.5% | 2.1% | 14.9% | 4.3% | — | 2.5% |
| Buyback Yield | 7.5% | 7.7% | 5.7% | 0.1% | 0.1% | 4.6% | 0.2% | 2.6% | 2.4% | 0.1% | 2.1% |
| Total Shareholder Yield | 10.1% | 10.4% | 8.7% | 4.3% | 2.4% | 8.3% | 4.2% | 5.8% | 5.7% | 1.7% | 3.4% |
| 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 | 13.3 | 11.8 | 19.4 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 ZION | $9B | 12.9 | 9.1 | 9.0 | 61.2% | 20.3% | 13.3% | 7.3% | 3.8 |
 CFG | $28B | 21.7 | 12.4 | 15.1 | 57.6% | 15.3% | 6.2% | 3.8% | 5.2 |
 HBAN | $26B | 12.0 | 16.0 | 11.6 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 RF | $24B | 12.3 | 6.6 | 11.2 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 FITB | $34B | 16.2 | 14.7 | 14.1 | 59.2% | 22.3% | 11.9% | 5.7% | 5.6 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 KEY | $25B | 14.6 | 14.7 | — | 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 | 11.0 | 8.6 | 9.1 | 78.3% | 49.4% | 13.6% | 10.5% | 1.3 |
 UMBF | $10B | 14.7 | 12.3 | 10.4 | 54.4% | 20.3% | 12.6% | 7.5% | 3.6 |
| Financial Services Median | — | 13.4 | 11.5 | 10.7 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full FHN Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
See FHN's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs FHN Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare FHN vs ZION
Side-by-side business, growth, and profitability comparison vs Zions Bancorporation, National Association.
Start ComparisonFHN — 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 13.3x. 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 11.8x. 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 13.3x. 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 2.53%.
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.