Latest Ratios: P/E Ratio 10.5x · EV/EBITDA 15.9x · 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 | $22.5B | $22.6B | $16.3B | $13.4B | $16.3B | $22.1B | $16.0B | $20.3B | $15.6B | $22.0B | $17.1B |
| Enterprise Value | $32.2B | $32.3B | $28.8B | $35.1B | $44.1B | $34.0B | $29.6B | $33.1B | $29.5B | $36.6B | $31.2B |
| P/E Ratio → | 10.47 | 13.58 | — | 16.36 | 9.03 | 8.79 | 12.92 | 12.49 | 8.64 | 17.85 | 22.84 |
| P/S Ratio | 3.11 | 3.04 | 3.70 | 2.16 | 2.31 | 3.15 | 2.46 | 3.28 | 2.53 | 3.62 | 3.61 |
| P/B Ratio | 1.12 | 1.11 | 0.90 | 0.92 | 1.21 | 1.27 | 0.89 | 1.19 | 1.00 | 1.46 | 1.13 |
| P/FCF | 27.05 | 10.76 | 27.17 | 4.86 | 3.73 | 20.37 | 9.94 | 7.19 | 6.48 | 12.89 | 11.11 |
| P/OCF | 10.19 | 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 | 15.86 | 13.90 | — | 26.74 | 17.68 | 10.36 | 17.75 | 14.62 | 11.41 | 15.69 | 24.31 |
| EV / EBIT | 13.98 | 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 | 4.73 | 4.73 | — | 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 | 4.6% | 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 | 9.6% | 7.4% | — | 6.1% | 11.1% | 11.4% | 7.7% | 8.0% | 11.6% | 5.6% | 4.4% |
| FCF Yield | 3.7% | 9.3% | 3.7% | 20.6% | 26.8% | 4.9% | 10.1% | 13.9% | 15.4% | 7.8% | 9.0% |
| Buyback Yield | 1.0% | 1.0% | 0.0% | 0.3% | 0.0% | 5.2% | 0.8% | 4.1% | 7.0% | 4.9% | 0.8% |
| Total Shareholder Yield | 5.7% | 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 10.5x. The historical average is 15.7x. This places it at the 26th percentile of its historical range.
KeyCorp's current EV/EBITDA is 15.9x. 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 10.5x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
KeyCorp's current dividend yield is 4.62% 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
Margin compression and fee volatility
Metrics are mathematically derived from official filings.
Discounted Multiples Reflect Earnings Skepticism
At a 1.13x P/B and 13.79x trailing P/E, KeyCorp trades below the peer group's 1.3x average P/B, as reported in the supplied market data, with the market appearing to price in persistently sub-par returns on equity.
With ROE running between 2.2% and 3.1% over recent quarters against peers such as Zions at 13.5% and Regions at 12.2%, the 1.13x P/B suggests the market is valuing KeyCorp closer to its tangible book than to a premium franchise. The 3.77 PEG ratio is elevated, which may indicate that growth expectations embedded in the price are not supported by current earnings momentum. Investors should monitor whether a sustained ROTCE recovery toward peer levels is achievable before assuming the valuation gap closes.
Thin Margins Constrain Equity Returns
Based on KeyCorp's reported figures, ROA has held at roughly 0.2% to 0.3% and NIM between 0.5% and 0.7%, which together imply that ROE depends heavily on leverage rather than spread income.
The DuPont decomposition shows that with a equity-to-assets ratio near 0.09 to 0.11, leverage is contributing meaningfully to the reported ROE, but the underlying asset utilization is weak. The prior-period negative ROE readings in late 2024 were driven by fee income collapse rather than a credit event, suggesting earnings quality depends on non-interest income that has proven volatile. Investors should treat the 2.5% to 3.1% recent ROE as a fragile base until fee income proves stable across a full cycle.
Efficiency Swings Track Fee Volatility
As reported in financial statements, KeyCorp's efficiency ratio ranged from roughly 58% to above 100%, with the Q2 2026 reading near 105% reflecting a revenue shortfall rather than a cost spike.
A net interest margin stuck near 0.6% to 0.7% leaves little room for error, so the efficiency ratio is highly sensitive to the non-interest income line. The swing from 58% in Q1 2026 to 105% in Q2 2026 suggests cost discipline is intact but revenue volatility dominates the outcome. Investors should monitor whether fee income normalizes, since a structurally higher efficiency ratio would compress the already thin spread-based earnings base.
Thin Equity Cushion Limits Capital Return
Based on EDBL-style reported figures, KeyCorp's equity-to-assets ratio sits between 0.08 and 0.11, with equity growing from $16.9B to $17.8B between 2024Q3 and 2026Q3 through earnings retention.
The equity-to-assets range suggests an adequate but not exceptional capital cushion, and regulatory capital ratios such as CET1 are not supplied in the data, so conclusions on binding constraints remain limited. Earnings retention appears to be the primary source of capital build, which may restrict buyback capacity given the defensive capital posture observed in recent quarters. Investors should seek CET1 and AOCI-adjusted figures before inferring capacity for capital return.
Structural Lag Versus Regional Peers
As reported in peer data, KeyCorp's ROE of roughly 2.5% trails Zions at 13.5%, Regions at 12.2%, and Metropolitan peers near 8% to 10%, placing it at the bottom of the group on profitability.
The gap appears structural rather than purely cyclical, since KeyCorp's NIM of roughly 0.6% sits well below what its peer set would typically sustain, pointing to funding cost pressure on its deposit base. Its dividend yield of 4.6% is the highest in the group, which may signal that the market is pricing in limited earnings growth to support the payout. Investors should monitor whether the peer gap narrows as fee income stabilizes or whether it reflects a durable deposit franchise disadvantage.
P/E Misleads Given Volatile Earnings Base
The 13.79x trailing P/E is the ratio most likely to be misapplied, since reported quarterly earnings swing sharply with fee income and provisioning, which may make the multiple look cheaper or richer than the underlying earnings power warrants.
Trailing P/E obscures the fact that recent net income has been supported by fee income that reported negative or zero in several quarters, so the denominator is unstable. A more appropriate framing would be price to tangible book combined with normalized ROTCE through a full cycle, which removes the distortion from lumpy investment banking revenue and AOCI-driven book value changes. Investors should treat the P/E as a noisy signal and anchor valuation on tangible book and through-cycle return assumptions instead.