Valuation, from the filing
| Public float | $19.38B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $17.78 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 10.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 2.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
10.6× earnings today, against a median of 10.4× across 9 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $19.38B | 10.6× | |
| 2023-06-30 | $8.65B | 8.9× | |
| 2022-06-30 | $16.07B | 8.4× | |
| 2021-06-30 | $19.83B | 7.6× | |
| 2020-06-30 | $11.89B | 8.9× | |
| 2019-06-28 | $17.81B | 10.4× | |
| 2018-06-30 | $20.69B | 11.1× | |
| 2017-06-30 | $20.48B | 15.8× | |
| 2016-06-30 | $9.31B | 11.8× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Revenue YoY growth | 62.7% | 100th | |
| Net margin | 24.3% | 16th | |
| SBC / revenue | 1.8% | 27th | |
| Long-term debt / equity | 0.49x | 69th | |
| Effective tax rate | 20.7% | 61th |
KEYCORP /NEW/ (KEY) reported revenue of $7.51B and net income of $1.83B for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from KEYCORP /NEW/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.51B | $4.62B | $6.41B | $7.27B | $7.29B | $6.72B | $6.40B | $6.46B | $6.31B | $5.02B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $1.83B | -$161.00M | $967.00M | $1.92B | $2.62B | $1.34B | $1.72B | $1.87B | $1.30B | $791.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 1.11B | shares 949.56M | shares 932.76M | shares 933.06M | shares 957.41M | shares 974.81M | shares 1.00B | shares 1.05B | shares 1.09B | shares 938.54M |
| Pretax income | $2.30B | -$306.00M | $1.16B | $2.33B | $3.25B | $1.56B | $2.02B | $2.20B | $1.93B | $968.00M |
| Income tax expense | $476.00M | -$143.00M | $196.00M | $422.00M | $642.00M | $227.00M | $314.00M | $344.00M | $637.00M | $179.00M |
| Diluted EPS | $1.52 | $-0.32 | $0.88 | $1.93 | $2.63 | $1.27 | $1.62 | $1.71 | $1.13 | $0.80 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $184.38B | $187.17B | $188.28B | $189.81B | $186.35B | $170.34B | $144.99B | $139.61B | $137.70B | $136.45B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $164.00B | $168.99B | $173.64B | $176.36B | $168.92B | $152.36B | $127.95B | $124.02B | $122.67B | $121.21B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $20.38B | $18.18B | $14.64B | $13.45B | $17.42B | $17.98B | $17.04B | $15.60B | $15.02B | $15.24B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $2.75B | $2.75B | $2.75B | $2.75B | $2.69B | $2.66B | $2.66B | $2.52B | $2.54B | $2.45B |
| Long-term debt | $9.92B | $12.10B | $19.55B | $19.31B | $12.04B | $13.71B | $12.45B | $13.73B | $14.33B | $12.38B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.21B | $664.00M | $2.90B | $4.47B | $1.15B | $1.67B | $2.91B | $2.51B | $1.82B | $1.69B |
| Capital expenditures | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Investing cash flow | $3.22B | $2.50B | $1.42B | -$10.93B | -$15.07B | -$24.72B | -$4.92B | -$2.48B | -$2.24B | -$6.46B |
| Financing cash flow | -$5.88B | -$2.36B | -$4.27B | $6.44B | $13.74B | $23.41B | $2.07B | -$17.00M | $418.00M | $4.84B |
| Net change in cash | -$456.00M | $802.00M | $54.00M | -$26.00M | -$178.00M | $359.00M | $54.00M | $7.00M | -$6.00M | $70.00M |
| Stock-based compensation | $132.00M | $104.00M | $121.00M | $120.00M | $104.00M | $101.00M | $96.00M | $99.00M | $100.00M | $99.00M |
| Common dividends paid | $1.05B | $927.00M | $911.00M | $854.00M | $823.00M | $829.00M | $804.00M | $656.00M | $480.00M | $335.00M |
| Common share repurchases | Unavailable | Unavailable | $0 | $0 | $585.00M | $134.00M | $835.00M | $1.10B | $664.00M | $140.00M |
| Depreciation & amortization | $87.00M | $91.00M | $89.00M | $96.00M | $107.00M | $115.00M | $118.00M | $131.00M | $138.00M | $123.00M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | 1.8% | 2.3% | 1.9% | 1.7% | 1.4% | 1.5% | 1.5% | 1.5% | 1.6% | 2.0% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 62.7% | -28.0% | -11.8% | -0.3% | 8.6% | 4.9% | -0.9% | 2.3% | 25.6% | Unavailable |
| Net margin | 24.3% | -3.5% | 15.1% | 26.4% | 36.0% | 20.0% | 26.8% | 28.9% | 20.5% | 15.7% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | 0.49x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | 0.95x | 0.81x |
| Effective tax rate | 20.7% | Unavailable | 16.9% | 18.1% | 19.7% | 14.6% | 15.5% | 15.6% | 33.0% | 18.5% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open KEY in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.