Latest Ratios: P/E Ratio 13.5x · EV/EBITDA 13.7x · 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 | $22.1B | $22.6B | $16.3B | $13.4B | $16.3B | $22.1B | $16.0B | $20.3B | $15.6B | $22.0B | $17.1B |
| Enterprise Value | $31.8B | $32.3B | $28.8B | $35.1B | $44.1B | $34.0B | $29.6B | $33.1B | $29.5B | $36.6B | $31.2B |
| P/E Ratio → | 13.47 | 13.58 | — | 16.36 | 9.03 | 8.79 | 12.92 | 12.49 | 8.64 | 17.85 | 22.84 |
| P/S Ratio | 2.97 | 3.04 | 3.70 | 2.16 | 2.31 | 3.15 | 2.46 | 3.28 | 2.53 | 3.62 | 3.61 |
| P/B Ratio | 1.10 | 1.11 | 0.90 | 0.92 | 1.21 | 1.27 | 0.89 | 1.19 | 1.00 | 1.46 | 1.13 |
| P/FCF | 10.52 | 10.76 | 27.17 | 4.86 | 3.73 | 20.37 | 9.94 | 7.19 | 6.48 | 12.89 | 11.11 |
| P/OCF | 10.01 | 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 | — | 4.35 | 6.55 | 5.65 | 6.28 | 4.84 | 4.56 | 5.35 | 4.79 | 6.04 | 6.55 |
| EV / EBITDA | 13.70 | 13.92 | — | 26.74 | 17.68 | 10.36 | 17.75 | 14.62 | 11.41 | 15.69 | 24.31 |
| EV / EBIT | 13.81 | 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 | 93.7% | 93.7% | 92.4% | 92.1% | 92.9% | 105.9% | 84.3% | 92.8% | 96.0% | 96.2% | 94.4% |
| Operating Margin | 31.0% | 31.0% | -7.0% | 18.7% | 33.2% | 46.2% | 24.0% | 32.7% | 35.8% | 31.8% | 20.4% |
| Net Profit Margin | 24.6% | 24.6% | -3.7% | 15.6% | 27.3% | 37.3% | 20.7% | 27.8% | 30.3% | 21.4% | 16.6% |
| 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 | — | 0.04 | 0.02 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.03 |
| 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 | 4.7% | 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 | 7.4% | 7.4% | — | 6.1% | 11.1% | 11.4% | 7.7% | 8.0% | 11.6% | 5.6% | 4.4% |
| FCF Yield | 9.5% | 9.3% | 3.7% | 20.6% | 26.8% | 4.9% | 10.1% | 13.9% | 15.4% | 7.8% | 9.0% |
| Buyback Yield | 1.1% | 1.0% | 0.0% | 0.3% | 0.0% | 5.2% | 0.8% | 4.1% | 7.0% | 4.9% | 0.8% |
| Total Shareholder Yield | 5.8% | 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 |
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 13.5x. The historical average is 15.7x. This places it at the 48th percentile of its historical range.
KeyCorp's current EV/EBITDA is 13.7x. 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 13.5x. This is at the 48th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KeyCorp's current dividend yield is 4.70% with a payout ratio of 57.6%.
KeyCorp has 93.7% gross margin and 31.0% 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.
Key Metrics
Top Statement Risk
Deposit cost pressure and margin compression
Metrics are mathematically derived from official filings.
Discount Pricing on Tangible Book
KeyCorp trades at 1.17x P/B versus peers like FITB at 1.68x, implying the market assigns a discount to its franchise despite a 4.4% dividend yield. According to reported quarterly data, tangible book value per share has risen to $15.91, yet the stock price remains below that level.
The P/B multiple of 1.17x is below the peer median of roughly 1.35x, suggesting the market is pricing in lower normalized returns or persistent balance sheet drag. With a forward P/E of 11.96x, the market appears to expect earnings recovery, but the current P/B implies skepticism about the sustainability of fee income and margin expansion. The dividend yield of 4.4% is among the highest in the peer group, which may indicate the market is treating the stock as a yield play rather than a growth story, potentially undervaluing the investment banking franchise.
ROE Trapped by Fee Collapse
Return on equity has recovered to 2.6% in 2026Q2 from negative levels in 2024, but remains far below the 10%+ ROE of peers like RF and ZION. Based on reported figures, the efficiency ratio spiked to 63.6% in 2026Q2, reflecting a sharp drop in non-interest income.
The DuPont decomposition shows that KeyCorp's ROE is constrained by both a thin net interest margin (0.7%) and volatile non-interest income, which swung from 27.3% of revenue in 2025Q4 to zero in 2026Q2. The equity-to-assets ratio of 10.4% is higher than peers, which dilutes ROE despite a relatively stable asset base. The reliance on investment banking fees makes profitability inherently lumpy, and the 2026Q2 fee collapse suggests that the market should not extrapolate current earnings power without adjusting for the cyclicality of capital markets activity.
Margin Stagnation Undermines Efficiency
Net interest margin has remained stuck at 0.6-0.7% for ten consecutive quarters, far below the 3%+ typical for regional banks, while the efficiency ratio deteriorated to 63.6% in 2026Q2. As disclosed in financial statements, deposit costs continue to outpace loan yields, squeezing the spread.
The persistent NIM stagnation suggests a structural funding cost disadvantage, likely driven by high deposit betas and a securities portfolio yielding below market rates. The efficiency ratio spike in 2026Q2 is primarily a revenue issue—non-interest income fell to zero—rather than a cost control failure, as operating expenses remained relatively stable. Investors should monitor whether the Scotiabank investment provides cheaper funding or if the bank can reprice its securities portfolio to lift NIM, but the current trajectory indicates margin pressure will persist.
Equity Buffer Bolstered by Scotiabank
Equity-to-assets improved to 10.4% in 2026Q2, up from 8.0% in 2024Q1, partly aided by the Scotiabank minority investment. According to recent SEC filings, tangible book value per share rose to $15.91, suggesting capital is being rebuilt despite ongoing AOCI drag.
The strengthened equity buffer provides capacity for continued dividend payments, which have been stable at roughly $260M per quarter, but buybacks remain paused, indicating a defensive capital posture. The AOCI losses on the securities portfolio are not fully reflected in the equity-to-assets ratio, so regulatory capital ratios may be weaker than they appear. The Scotiabank investment appears to be a strategic move to shore up capital without dilutive issuance, but the bank's ability to return excess capital will depend on whether NIM and fee income recover.
Provision Pause Masks Credit Risk
Loan loss provisions dropped to zero in 2026Q2, down from a stable $106-138M quarterly range over the past year, which may indicate a shift in credit risk assessment. Based on reported figures, the loan book continues to grow, but the absence of provisioning raises questions about reserve adequacy.
The zero provision in 2026Q2 is a notable departure from prior quarters and could signal either improving credit quality or a deliberate drawdown of reserves to support earnings. Given the bank's concentration in healthcare and commercial real estate, investors should monitor delinquency trends, as a sudden increase in provisioning could reverse the recent ROE recovery. The stable provision levels over the past year suggest management has been building reserves, but the 2026Q2 pause warrants close scrutiny.
P/E Misleads on Earnings Quality
The most commonly misapplied ratio for KeyCorp is the P/E multiple, which appears cheap at 14.38x trailing and 11.96x forward, but obscures the volatility of fee income and the zero provision in 2026Q2. As reported in financial statements, earnings quality is questionable when non-interest income collapses to zero.
P/E is misleading for banks with lumpy investment banking revenue because a single quarter's earnings can be distorted by one-time gains or losses. For KeyCorp, the 2026Q2 net income of $509M was achieved with zero provision and zero fee income, suggesting the earnings power is not sustainable. Instead, investors should focus on P/TBV and ROTCE, which better capture the bank's underlying profitability and balance sheet strength. The current P/B of 1.17x may be more informative than the P/E, as it reflects the market's view of tangible book value rather than a single quarter's earnings.