First Horizon CorporationFHN
NYSE•Financial Services•Banks - Regional
First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. It operates through Regional Banking, Specialty Banking, and Corporate segments. The company offers commercial banking, business banking, consumer banking, private client investment, wealth management, financial planning, trust and asset management services, asset-based lending, commercial real estate, equipment finance/leasing, energy finance, international banking, healthcare finance, transportation and logistics finance, treasury management solutions, and loan syndications services. It also provides fixed income securities sales, trading, underwriting, and strategies for institutional clients; loan sales; portfolio advisory services; derivative sales; mortgage warehouse lending; franchise finance; corporate and correspondent banking; and mortgage origination services. Further, it provides transaction processing services, credit card products, and sale of mutual funds. First Horizon Corporation was formerly known as First Horizon National Corporation and changed its name to First Horizon Corporation in April 2004. The company was founded in 1864 and is headquartered in Memphis, Tennessee.
First Horizon Corporation (FHN) reported trailing twelve months revenue of $3.47B as of March 2026, a 1.2% increase year-over-year. Quarterly revenue reached $862.00M, reflecting continued top-line momentum.
First Horizon Corporation generated $1.03B in TTM net income, with quarterly EBITDA of $364.00M. The operating margin expanded from 35.1% to 39.7%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (39.7%) and net margin (30.4%) indicates moderate non-operating costs. Net margin has improved from 26.8% a year ago, signaling stronger bottom-line efficiency.
FHN trades at a P/E of 10.3x (below the broader market average) and a P/S of 3.1x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company generated $270.00M in free cash flow over the trailing twelve months, a 20.6% decrease year-over-year, indicating cash generation ability. The balance sheet shows $84.13B in total assets with $1.32B in long-term debt against $9.17B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~392.0% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.6% on average, adequate but below the threshold typically associated with wide moats.
6 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~110.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 94.8% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
FCF turned negative in 2 of the last 8 quarters — occasional cash consumption.
Shares decreased 11.7% — net buybacks are reducing shares outstanding and boosting per-share value.