The equity-to-assets ratio has improved to 0.11 in 2026Q1, reflecting a defensive rebuilding of the capital base from the 0.08 levels observed in 2024.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash & Short Term Investments | 111.06B | 11.45B | 22.51B | 48.94B | 42.44B | 57.29B | 44.84B | 23.85B | 22.67B | 23.26B | 23.66B | 17.53B | 18.28B | 18.55B | 16.62B | 20.23B | 23.55B | 18.86B | 14.71B | 10.19B | 10.59B | 11.97B | 2.45B | 2.71B | 3.36B | 2.89B | 3.19B | 2.82B | 3.3B | 3.65B | 3.44B |
| Cash & Due from Banks | 1.13B | 1.29B | 1.74B | 941M | 887M | 913M | 1.09B | 732M | 678M | 671M | 677M | 607M | 653M | 617M | 584M | 694M | 278M | 471M | 1.25B | 1.81B | 2.26B | 3.11B | 2.45B | 2.71B | 3.36B | 2.89B | 3.19B | 2.82B | 3.3B | 3.65B | 3.44B |
| Short Term Investments | 60.62B | 10.16B | 20.76B | 48B | 41.55B | 56.37B | 43.75B | 23.11B | 21.99B | 22.59B | 22.99B | 16.93B | 17.63B | 17.94B | 16.03B | 19.53B | 23.28B | 18.38B | 13.47B | 8.38B | 8.32B | 8.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Investments | 168.36B | 59.33B | 164.87B | 166.26B | 167.13B | 164.62B | 149.47B | 125.15B | 120.63B | 119.02B | 118B | 80.69B | 79.46B | 78.37B | 74.69B | 73.31B | 74.9B | 74.72B | 84.27B | 75.13B | 69.2B | 70.05B | 77B | 71.74B | 72.18B | 70B | 76.31B | 72.8B | 69.34B | 63.35B | 58.39B |
| Investments Growth % | -60.58% | -64.01% | -0.84% | -0.52% | 1.53% | 10.13% | 19.44% | 3.75% | 1.35% | 0.86% | 46.24% | 1.55% | 1.39% | 4.94% | 1.88% | -2.12% | 0.24% | -11.33% | 12.16% | 8.56% | -1.2% | -9.03% | 7.34% | -0.62% | 3.13% | -8.28% | 4.82% | 4.99% | 9.46% | 8.49% | 2% |
| Long-Term Investments | 459.9B | 49.17B | 144.1B | 118.26B | 125.58B | 108.24B | 105.72B | 102.03B | 98.64B | 96.43B | 95.02B | 63.77B | 61.84B | 60.44B | 58.65B | 53.78B | 51.62B | 56.34B | 70.8B | 66.75B | 60.88B | 61.19B | 77B | 71.74B | 72.18B | 70B | 76.31B | 72.8B | 69.34B | 63.35B | 58.39B |
| Accounts Receivables | 0 | 105.11B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill & Intangibles | 2.76B | 2.76B | 2.78B | 2.81B | 2.85B | 2.82B | 2.85B | 2.92B | 2.83B | 2.95B | 2.83B | 1.13B | 1.16B | 1.11B | 1.15B | 934M | 938M | 967M | 1.23B | 1.38B | 1.32B | 1.48B | 1.59B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 2.75B | 2.75B | 2.75B | 2.75B | 2.75B | 2.69B | 2.66B | 2.66B | 2.52B | 2.54B | 2.45B | 1.06B | 1.06B | 979M | 979M | 917M | 917M | 917M | 1.11B | 1.25B | 1.2B | 1.35B | 1.36B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 5M | 8M | 27M | 55M | 94M | 130M | 188M | 253M | 316M | 416M | 384M | 65M | 101M | 127M | 171M | 17M | 21M | 50M | 116M | 123M | 120M | 125M | 231M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PP&E (Net) | 618M | 628M | 614M | 661M | 636M | 681M | 753M | 814M | 882M | 930M | 978M | 779M | 841M | 885M | 965M | 944M | 908M | 880M | 840M | 681M | 595M | 656M | 603M | 606M | 644M | 687M | 717M | 797M | 902M | 985M | 1.08B |
| Other Assets | 13.53B | 13.12B | 14.46B | 14.12B | 14.41B | 13.28B | 11.81B | 10.72B | 10.03B | 9.34B | 9.32B | 7.95B | 7.51B | 7.46B | 6.99B | 7.31B | 8.53B | 9.07B | 8.06B | 9.18B | 8.83B | 7.67B | 9.1B | 8.24B | 7.83B | 6.23B | 5.68B | 5.53B | 4.97B | 4.54B | 3.74B |
| Total Current Assets | 64.01B | 118.7B | 25.22B | 52.43B | 46.34B | 61.33B | 49.19B | 28.5B | 27.24B | 28.04B | 28.31B | 21.5B | 22.48B | 23.04B | 21.48B | 25.82B | 29.85B | 26.04B | 23.6B | 20.24B | 20.71B | 22.14B | 2.45B | 2.71B | 3.36B | 2.89B | 3.19B | 2.82B | 3.3B | 3.65B | 3.44B |
| Total Non-Current Assets | 124.65B | 65.68B | 161.95B | 135.85B | 143.47B | 125.02B | 121.14B | 116.49B | 112.38B | 109.66B | 108.15B | 73.63B | 71.34B | 69.89B | 67.76B | 62.96B | 61.99B | 67.25B | 80.93B | 77.99B | 71.63B | 70.99B | 88.29B | 81.78B | 81.84B | 78.05B | 84.08B | 80.58B | 76.72B | 70.05B | 64.18B |
| Total Assets | 188.66B | 184.38B | 187.17B | 188.28B | 189.81B | 186.35B | 170.34B | 144.99B | 139.61B | 137.7B | 136.45B | 95.13B | 93.82B | 92.93B | 89.24B | 88.78B | 91.84B | 93.29B | 104.53B | 98.23B | 92.34B | 93.13B | 90.75B | 84.49B | 85.2B | 80.94B | 87.27B | 83.39B | 80.02B | 73.7B | 67.62B |
| Asset Growth % | -3.79% | -1.49% | -0.59% | -0.81% | 1.86% | 9.4% | 17.48% | 3.85% | 1.39% | 0.91% | 43.44% | 1.4% | 0.95% | 4.14% | 0.51% | -3.33% | -1.55% | -10.76% | 6.42% | 6.38% | -0.85% | 2.62% | 7.41% | -0.84% | 5.27% | -7.26% | 4.65% | 4.22% | 8.58% | 8.99% | 1.93% |
| Return on Assets (ROA) | 1.04% | 0.98% | -0.09% | 0.51% | 1.02% | 1.47% | 0.85% | 1.21% | 1.35% | 0.95% | 0.68% | 0.97% | 0.96% | 1% | 0.96% | 1.02% | 0.6% | -1.35% | -1.45% | 0.96% | 1.14% | 1.23% | 1.09% | 1.06% | 1.17% | 0.16% | 1.17% | 1.35% | 1.3% | 1.3% | 1.17% |
| Accounts Payable | 0 | 148.71B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt | 17.06B | 11B | 14.25B | 22.64B | 28.77B | 12.8B | 14.69B | 13.54B | 14.6B | 15.34B | 14.69B | 11.09B | 8.87B | 9.53B | 8.74B | 11.57B | 13.79B | 13.64B | 25.03B | 21.75B | 19.37B | 20.55B | 19.51B | 20.91B | 23.55B | 25.13B | 26.05B | 28.5B | 27.16B | 21.14B | 15.61B |
| Net Debt | 15.93B | 9.71B | 12.51B | 21.7B | 27.88B | 11.89B | 13.6B | 12.81B | 13.92B | 14.67B | 14.02B | 10.48B | 8.22B | 8.91B | 8.16B | 10.87B | 13.51B | 13.17B | 23.79B | 19.93B | 17.1B | 17.45B | 17.05B | 18.2B | 20.19B | 22.23B | 22.86B | 25.68B | 23.87B | 17.49B | 12.16B |
| Long-Term Debt | 10.88B | 9.92B | 12.1B | 19.55B | 19.3B | 12.03B | 13.7B | 12.44B | 13.72B | 14.32B | 12.36B | 10.18B | 7.88B | 7.64B | 6.81B | 8.92B | 9.44B | 10.03B | 12.21B | 8.79B | 10.78B | 11.04B | 14.85B | 15.29B | 16.86B | 15.84B | 14.16B | 15.88B | 12.97B | 8.2B | 4.71B |
| Short-Term Debt | 6.18B | 1.08B | 2.14B | 3.09B | 9.46B | 761M | 979M | 1.09B | 863M | 1.01B | 2.31B | 905M | 998M | 1.88B | 1.92B | 2.63B | 4.31B | 3.56B | 12.4B | 12.44B | 8.04B | 9.17B | 4.66B | 5.61B | 6.68B | 9.28B | 11.89B | 12.62B | 14.2B | 12.95B | 10.89B |
| Other Liabilities | 3.8B | 0 | 4.98B | 5.41B | 0 | 0 | -11.84B | -12.74B | -12.16B | -12.04B | 636M | 632M | 787M | 2.27B | 2.8B | 3.58B | 4.14B | 1.14B | 1.21B | 252M | 922M | 1.06B | 6.28B | 5.75B | 5.47B | 4.86B | 4.7B | 4.03B | 3.11B | 2.3B | 1.82B |
| Total Current Liabilities | 154B | 154.08B | 151.9B | 148.68B | 157.05B | 156.88B | 138.65B | 115.5B | 110.28B | 108.34B | 108.19B | 73.56B | 74.62B | 72.7B | 69.3B | 66.35B | 66.86B | 71.14B | 80B | 80.93B | 72.38B | 73.08B | 62.5B | 56.47B | 56.03B | 54.08B | 60.54B | 55.85B | 56.78B | 58.02B | 56.21B |
| Total Non-Current Liabilities | 14.68B | 9.92B | 17.09B | 24.97B | 19.31B | 12.04B | 13.71B | 12.45B | 13.73B | 14.33B | 13.02B | 10.82B | 8.66B | 9.92B | 9.63B | 12.52B | 13.61B | 11.21B | 13.85B | 9.56B | 12.25B | 12.45B | 21.13B | 21.05B | 22.34B | 20.7B | 18.86B | 19.91B | 16.08B | 10.5B | 6.53B |
| Total Liabilities | 168.68B | 164B | 168.99B | 173.64B | 176.36B | 168.92B | 152.35B | 127.95B | 124.02B | 122.67B | 121.21B | 84.37B | 83.28B | 82.61B | 78.93B | 78.86B | 80.47B | 82.35B | 93.85B | 90.48B | 84.63B | 85.53B | 83.63B | 77.52B | 78.37B | 74.78B | 79.4B | 75.76B | 72.86B | 68.52B | 62.74B |
| Total Equity | 19.99B | 20.38B | 18.18B | 14.64B | 13.45B | 17.42B | 17.98B | 17.04B | 15.6B | 15.03B | 15.24B | 10.76B | 10.54B | 10.32B | 10.31B | 9.92B | 11.37B | 10.93B | 10.68B | 7.75B | 7.7B | 7.6B | 7.12B | 6.97B | 6.83B | 6.16B | 7.87B | 7.63B | 7.16B | 5.18B | 4.88B |
| Equity Growth % | 68.34% | 12.13% | 24.18% | 8.79% | -22.78% | -3.1% | 5.53% | 9.25% | 3.8% | -1.41% | 41.65% | 2.06% | 2.15% | 0.11% | 3.9% | -12.77% | 4.03% | 2.36% | 37.89% | 0.56% | 1.38% | 6.76% | 2.12% | 1.96% | 11.05% | -21.75% | 3.07% | 6.53% | 38.27% | 6.15% | -5.28% |
| Equity / Assets (Capital Ratio) | 10.59% | 11.05% | 9.71% | 7.77% | 7.09% | 9.35% | 10.56% | 11.75% | 11.17% | 10.91% | 11.17% | 11.31% | 11.24% | 11.1% | 11.55% | 11.18% | 12.38% | 11.72% | 10.22% | 7.89% | 8.34% | 8.16% | 7.84% | 8.25% | 8.02% | 7.6% | 9.01% | 9.15% | 8.95% | 7.03% | 7.22% |
| Return on Equity (ROE) | 9.74% | 9.49% | -0.98% | 6.88% | 12.42% | 14.83% | 7.67% | 10.52% | 12.19% | 8.56% | 6.08% | 8.6% | 8.63% | 8.82% | 8.48% | 8.64% | 4.97% | -12.35% | -15.93% | 11.9% | 13.79% | 15.34% | 13.55% | 13.08% | 15.03% | 1.88% | 12.93% | 14.96% | 16.14% | 18.27% | 15.61% |
| Book Value per Share | 18.43 | 18.61 | 19.14 | 15.69 | 14.42 | 18.20 | 18.45 | 17.00 | 14.79 | 13.80 | 16.24 | 12.74 | 12.00 | 11.31 | 10.93 | 10.60 | 12.95 | 15.68 | 23.73 | 19.57 | 18.78 | 18.35 | 17.13 | 16.35 | 15.87 | 14.33 | 18.06 | 16.87 | 16.01 | 11.67 | 10.48 |
| Tangible BV per Share | 15.89 | 16.09 | 16.21 | 12.68 | 11.37 | 15.25 | 15.52 | 14.09 | 12.10 | 11.09 | 13.22 | 11.41 | 10.69 | 10.10 | 9.71 | 9.60 | 11.88 | 14.30 | 21.00 | 16.10 | 15.55 | 14.78 | 13.30 | 16.35 | 15.87 | 14.33 | 18.06 | 16.87 | 16.01 | 11.67 | 10.48 |
| Common Stock | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.26B | 1.02B | 1.02B | 1.02B | 1.02B | 1.02B | 946M | 946M | 584M | 492M | 492M | 492M | 492M | 492M | 492M | 492M | 492M | 492M | 0 | 0 | 0 |
| Additional Paid-in Capital | 5.98B | 6.04B | 6.04B | 6.28B | 6.29B | 6.28B | 6.28B | 6.29B | 6.33B | 6.33B | 6.38B | 3.92B | 3.99B | 4.02B | 4.13B | 4.19B | 3.71B | 3.73B | 2.55B | 1.62B | 1.6B | 1.53B | 1.49B | 1.45B | 1.45B | 1.39B | 1.4B | 1.41B | 0 | 0 | 0 |
| Retained Earnings | 15.62B | 15.36B | 14.58B | 15.67B | 15.62B | 14.55B | 12.75B | 12.47B | 11.56B | 10.34B | 9.38B | 8.92B | 8.27B | 7.61B | 6.91B | 6.25B | 5.56B | 5.16B | 6.73B | 8.52B | 8.38B | 7.88B | 7.28B | 6.84B | 6.45B | 5.86B | 6.35B | 5.83B | 5.19B | 4.61B | 4.06B |
| Accumulated OCI | -2.22B | -1.96B | -3.47B | -5.23B | -6.29B | -586M | 738M | 26M | -818M | -779M | -541M | -405M | -356M | -352M | -124M | -28M | -17M | -3M | 65M | 130M | -184M | -106M | -22M | -8M | 39M | 2M | -23M | -151M | 0 | 11M | -6M |
| Treasury Stock | -3.15B | -2.81B | -2.73B | -5.84B | -5.91B | -5.98B | -4.95B | -4.91B | -4.18B | -3.15B | -2.9B | -3B | -2.68B | -2.28B | -1.95B | -1.81B | -1.9B | -1.98B | -2.61B | -3.02B | -2.58B | -2.2B | -2.13B | -1.8B | -1.59B | -1.58B | -1.6B | -1.2B | 0 | 0 | 0 |
| Preferred Stock | 2.5B | 2.5B | 2.5B | 2.5B | 2.5B | 1.9B | 1.9B | 1.9B | 1.45B | 1.02B | 1.67B | 290M | 291M | 291M | 291M | 291M | 2.74B | 2.72B | 3.07B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Unrealized Securities Portfolio Losses
According to recent financial statements, KeyCorp's total assets have remained relatively stable, fluctuating within a narrow range near $188 billion, which suggests a strategic pivot toward maintaining balance sheet size while optimizing the composition of its investment securities portfolio to navigate ongoing interest rate volatility.
The bank appears to be prioritizing balance sheet preservation over aggressive expansion, likely to protect capital ratios in a high-rate environment. This stability suggests that management is focused on organic growth within existing commercial verticals rather than pursuing balance sheet-heavy acquisitions that could further strain regulatory capital buffers.
Based on reported figures, KeyCorp's equity-to-assets ratio has shown a modest recovery to 0.11 in 2026Q1 from a low of 0.08 in 2024, indicating that the bank is gradually rebuilding its capital base to support future lending capacity and absorb potential credit shocks.
The improvement in the equity-to-assets ratio suggests that the bank is successfully retaining earnings to bolster its regulatory capital position. Investors should monitor whether this trend continues, as it may provide the necessary flexibility for the bank to resume more consistent capital return programs in the coming quarters.
As reported in quarterly filings, KeyCorp maintains a significant investment securities portfolio of $168.4 billion as of 2026Q1, which represents the vast majority of its total assets and highlights a heavy reliance on fixed-income instruments for liquidity management and interest income generation.
The concentration of assets in the securities portfolio suggests that the bank's liquidity profile is highly sensitive to interest rate movements and the valuation of its bond holdings. This structure may imply that the bank is exposed to duration risk, which warrants further investigation into the maturity profile of these assets.
Based on an analysis of the bank's balance sheet, the persistent presence of unrealized losses within the investment securities portfolio appears to be a primary factor suppressing tangible book value, as evidenced by the historical volatility in equity levels observed since 2024.
While these unrealized losses do not immediately impact regulatory capital, they represent a significant latent risk that could constrain the bank's flexibility if liquidity needs force the sale of these securities. The market may be mispricing the bank's core earnings power by focusing too heavily on this accounting-driven drag on book value.
Quick answers to the most common questions about buying KEY stock.
As of 2025, KeyCorp (KEY) had total assets of $184.38B including $118.70B in current assets.
KeyCorp (KEY) carries total debt of $11.00B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
KeyCorp (KEY) has total shareholders' equity (book value) of $20.38B ($18.61 book value per share). Book value represents the net worth of the company belonging to common stock holders.
KeyCorp (KEY) reported a current ratio of 0.77x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.