KeyCorpKEY
NYSE•Financial Services•Banks - Regional
KeyCorp operates as the holding company for KeyBank National Association that provides various retail and commercial banking products and services in the United States. It operates in two segments, Consumer Bank and Commercial Bank. The company offers various deposits and investment products; personal finance and financial wellness, lending, student loan refinancing, mortgage and home equity, credit card, treasury, and business advisory; commercial leasing, investment management, consumer finance; and wealth management and investment services for institutional, non-profit, and high-net-worth clients. It also provides lending, cash management, equipment financing, and commercial mortgage loans; and capital market products and services, such as syndicated finance, debt and equity underwriting, fixed income and equity sales and trading, derivatives, foreign exchange, mergers and acquisition, other advisory services, and public finance to large corporate and institutional clients. In addition, the company offers personal and institutional trust custody services, personal financial and planning services, access to mutual funds, treasury services, and international banking services. Further, it provides community development financing, securities underwriting, brokerage, and investment banking services, as well as merchant services. The company was founded in 1849 and is headquartered in Cleveland, Ohio.
KeyCorp (KEY) reported trailing twelve months revenue of $11.22B as of March 2026, a 20.7% increase year-over-year. Quarterly revenue reached $2.73B, reflecting continued top-line momentum.
KeyCorp generated $1.95B in TTM net income, with quarterly EBITDA of $653.00M. The operating margin expanded from 18.8% to 24.1%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (24.1%) and net margin (19.1%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 14.8% a year ago, signaling stronger bottom-line efficiency.
KEY trades at a P/E of 12.6x (below the broader market average) and a P/S of 2.2x. The price-to-book ratio of 1.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-74.00M, indicating cash consumption over the period. The balance sheet shows $188.66B in total assets with $10.88B in long-term debt against $19.99B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 8.8%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 16.4% — significant dilution, likely from stock compensation or capital raises.