KeyCorp (KEY) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
14.74
↓-14% vs avg
5yr avg: 17.17
30Y Low10.4·High41.4
P/FCF
↑
N/A
—
5yr avg: 14.03
30Y Low1.9·High176.6
P/B Ratio
↓
1.19
+11% vs avg
5yr avg: 1.08
30Y Low0.4·High3.0
ROE
↓
9.5%
↓+11% vs avg
5yr avg: 8.5%
30Y Low-16%·High18%
Debt/EBITDA
↑
4.74
↓-49% vs avg
5yr avg: 9.35
30Y Low3.9·High31.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
KEY Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
KeyCorp trades at 14.6x earnings, 22% above its 5-year average of 11.9x, sitting at the 67th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.4x, the stock trades at a premium of 9%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.5B | $22.6B | $16.3B | $13.4B | $16.3B | $22.1B | $16.0B | $20.3B | $15.6B | $22.0B | $17.1B |
| Enterprise Value | $34.2B | $32.3B | $28.8B | $35.1B | $44.1B | $34.0B | $29.6B | $33.1B | $29.5B | $36.6B | $31.2B |
| P/E Ratio → | 14.63 | 13.58 | — | 16.36 | 9.03 | 8.79 | 12.92 | 12.49 | 8.64 | 17.85 | 22.84 |
| P/S Ratio | 2.19 | 2.02 | 1.80 | 1.31 | 2.05 | 3.02 | 2.24 | 2.70 | 2.19 | 3.29 | 3.33 |
| P/B Ratio | 1.19 | 1.11 | 0.90 | 0.92 | 1.21 | 1.27 | 0.89 | 1.19 | 1.00 | 1.46 | 1.13 |
| P/FCF | — | — | 27.17 | 4.86 | 3.73 | 20.37 | 9.94 | 7.19 | 6.48 | 12.89 | 11.11 |
| P/OCF | — | — | 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
KEY EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
KeyCorp's enterprise value stands at 14.7x EBITDA, 14% below its 5-year average of 17.2x. The Financial Services sector median is 11.4x, placing the stock at a 29% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.89 | 3.18 | 3.43 | 5.58 | 4.64 | 4.14 | 4.41 | 4.14 | 5.49 | 6.05 |
| EV / EBITDA | 14.74 | 13.92 | — | 26.74 | 17.68 | 10.36 | 17.75 | 14.62 | 11.41 | 15.69 | 24.31 |
| EV / EBIT | 14.85 | 14.03 | — | 30.29 | 18.92 | 10.46 | 19.02 | 16.37 | 13.39 | 19.00 | 32.19 |
| EV / FCF | — | — | 48.05 | 12.73 | 10.12 | 31.31 | 18.38 | 11.73 | 12.26 | 21.51 | 20.18 |
KEY Profitability
Margins and return-on-capital ratios measuring operating efficiency
KeyCorp earns an operating margin of 20.6%, roughly in line with the Financial Services sector average. Operating margins have expanded from 11.3% to 20.6% over the past 3 years, signaling improving operational efficiency. ROE of 9.5% is modest. ROIC of 5.4% 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 | 62.3% | 62.3% | 44.8% | 56.0% | 82.5% | 101.7% | 76.6% | 76.4% | 82.9% | 87.4% | 87.1% |
| Operating Margin | 20.6% | 20.6% | -3.4% | 11.3% | 29.5% | 44.4% | 21.8% | 26.9% | 30.9% | 28.9% | 18.8% |
| Net Profit Margin | 16.3% | 16.3% | -1.8% | 9.5% | 24.2% | 35.8% | 18.8% | 22.9% | 26.2% | 19.4% | 15.3% |
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 | 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% |
KEY Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
KeyCorp carries a Debt/EBITDA ratio of 4.7x, which is highly leveraged (15% above the sector average of 4.1x). Net debt stands at $9.7B ($11.0B total debt minus $1.3B cash). Interest coverage of just 0.6x 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 | 0.54 | 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 | — | — | 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 |
KEY Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.77x is below 1.0, meaning current liabilities exceed current assets — though the company's $1.3B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.35x to 0.77x 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 | 0.77 | 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 | — | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
KEY Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
KeyCorp does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 6.8% (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 | — | — | 5.7% | 6.8% | 5.3% | 3.7% | 5.2% | 4.0% | 4.2% | 2.2% | 2.0% |
| Payout Ratio | — | — | — | 94.2% | 44.5% | 31.4% | 61.7% | 46.8% | 35.2% | 37.0% | 42.4% |
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 | 6.8% | 7.4% | — | 6.1% | 11.1% | 11.4% | 7.7% | 8.0% | 11.6% | 5.6% | 4.4% |
| FCF Yield | — | — | 3.7% | 20.6% | 26.8% | 4.9% | 10.1% | 13.9% | 15.4% | 7.8% | 9.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.3% | 0.0% | 5.2% | 0.8% | 4.1% | 7.0% | 4.9% | 0.8% |
| Total Shareholder Yield | 0.0% | 0.0% | 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 |
Peer Comparison
Compare KEY 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 |
|---|---|---|---|---|---|---|---|---|---|
 KEYYou | $25B | 14.6 | 14.7 | — | 62.3% | 20.6% | 9.5% | 5.4% | 4.7 |
 RF | $24B | 12.3 | 6.6 | 11.2 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 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 |
 FITB | $34B | 16.2 | 14.7 | 14.1 | 59.2% | 22.3% | 11.9% | 5.7% | 5.6 |
 MTB | $33B | 14.9 | 6.9 | 9.8 | 64.3% | 24.7% | 9.2% | 6.0% | 3.6 |
 ZION | $9B | 12.9 | 9.1 | 9.0 | 61.2% | 20.3% | 13.3% | 7.3% | 3.8 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 USB | $87B | 12.2 | 11.5 | — | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 PNC | $90B | 16.2 | 14.0 | 11.4 | 59.4% | 21.5% | 11.2% | 4.5% | 8.2 |
 TFC | $67B | 15.1 | 236.4 | 30.9 | 47.0% | -2.5% | 7.8% | -0.4% | 164.7 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
Full KEY Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
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Start ComparisonKEY — Frequently Asked Questions
Quick answers to the most common questions about buying KEY stock.
What is KeyCorp's P/E ratio?
KeyCorp's current P/E ratio is 14.6x. The historical average is 15.7x. This places it at the 67th percentile of its historical range.
What is KeyCorp's EV/EBITDA?
KeyCorp's current EV/EBITDA is 14.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.0x.
What is KeyCorp's ROE?
KeyCorp's return on equity (ROE) is 9.5%. The historical average is 9.0%.
Is KEY stock overvalued?
Based on historical data, KeyCorp is trading at a P/E of 14.6x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are KeyCorp's profit margins?
KeyCorp has 62.3% gross margin and 20.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does KeyCorp have?
KeyCorp's Debt/EBITDA ratio is 4.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.