Financials · Regional Banks · US stock · price as of 16 Oct 2026
Key indicators
Price
$19.99
52-week range
$15.82 – $23.84
Market cap
$21.6B
P/E (trailing)
10.8×
Dividend yield
4.1%
Revenue (last 12 months)
$7.8B
Revenue growth (3y a year)
1.1%
Price / book
1.1×
Return on equity
10.3%
Fair value
Blended fair value$23.05 book-value models
Versus priceFair+15% to fair value
Excess-return model (banks, insurers)
$19.14
Price / book vs return on equity
$28.92
Model uncertainty
High
X-Ray Score
53/ 100 · Medium confidence · ahead of 63% of sector peers
Valuation70
Growth27
Profitability36
Financial health77
Dividends58
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
KeyCorp is a regional bank holding company whose main subsidiary, KeyBank, provides consumer and commercial banking services, mostly in the northern and western United States. It takes deposits, makes business and consumer loans, and offers investment banking, wealth management and payments services. Net interest income, the gap between loan interest and deposit costs, is its largest source of revenue, supplemented by fee income.
Shareholders receive a dividend, yielding 4.1%. Looking at the numbers, trailing revenue is $7.8 billion, and it grew 1.1% a year over the past three years. Operating margin is 32.7%, while return on invested capital is 12%.
StocksXray gives Keycorp an X-Ray Score of 53 out of 100 (medium confidence), ahead of 63% of the S&P 500 stocks in its sector. Its strongest lens is financial health (77) and its weakest is growth (27).
Our fair value blend is $23.05. At $19.99 the stock trades 13% below that blend, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Keycorp (KEY)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$18.28
$14.32
$12.67
$15.88
$20.05
$19.99
Market cap
$17.5B
$13.4B
$11.8B
$15.1B
$22.2B
$21.6B
P/E
7.0×
7.4×
14.4×
–
13.2×
10.8×
Price / book
1.0×
1.0×
0.8×
0.8×
1.1×
1.1×
Dividend yield
4.10%
5.52%
6.47%
5.16%
4.09%
4.10%
Fundamentals checklist ● 2 Good · ● 2 Average · ● 3 Bad · each check graded against the sector
Risk models
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−7.7%Bad
Revenue growth (3y)1.1%Bad
Growth consistency60%Bad
Valuation
Fair value vs price1.2×Good
Profitability
Return on invested capital12.2%Average
Operating margin32.7%Average
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Keycorp (KEY)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,292
7,272
6,413
4,619
7,513
7,817
Net income
2,625
1,917
967
-161
1,829
2,030
Diluted EPS ($)
2.63
1.93
0.88
-0.32
1.52
1.85
Net margin
36.0%
26.4%
15.1%
−3.5%
24.3%
26.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
186,346
189,813
188,281
187,168
184,381
191,317
Cash
913
887
941
1,743
1,287
1,711
Total debt
12,042
19,307
19,554
12,105
9,917
10,967
Equity
17,423
13,454
14,637
18,176
20,381
19,798
Dividend per share ($)
0.75
0.79
0.82
0.82
0.82
0.82
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.