Keycorp /NEW/ (KEY) intrinsic value & 10-year financials
Keycorp /NEW/ (KEY) has a Graham intrinsic value of $30.53 per share. At $19.99 on Oct 17, 2026, the stock trades 35% below that value. Over the last 10 fiscal years revenue shrank 11.1% a year to $1.7B, with an average return on invested capital of 4.9%.
- Graham intrinsic value
- $30.53
- Share price (Oct 17, 2026)
- $19.99
- Price vs Graham value
- 35% below
- Market cap
- $22.1B
- Revenue (FY2025)
- $1.7B
- Revenue growth (10-yr CAGR)
- -11.1%
- ROIC (10-yr avg)
- 4.9%
- Free cash flow (FY2025)
- $2.1B
KEY 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.7B | $1.8B | $1.52 | $2.1B | — | 6.4% |
| FY2024 | $1.6B | -$161.0M | -$0.32 | $599.0M | — | -0.5% |
| FY2023 | $1.4B | $967.0M | $0.88 | $2.8B | — | 3.0% |
| FY2022 | $1.6B | $1.9B | $1.93 | $4.4B | — | 6.3% |
| FY2021 | $1.8B | $2.6B | $2.63 | $1.1B | — | 8.9% |
| FY2020 | $1.4B | $1.3B | $1.27 | $1.6B | — | 4.5% |
| FY2019 | $1.3B | $1.7B | $1.62 | $2.8B | — | 6.0% |
| FY2018 | $1.3B | $1.9B | $1.71 | $2.4B | — | 6.5% |
| FY2017 | $6.3B | $1.3B | $1.13 | $1.7B | — | 4.7% |
| FY2016 | $5.0B | $791.0M | $0.80 | $1.5B | — | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
KeyCorp is facing top-line stagnation, with revenue contracting over the decade.
KeyCorp has historically struggled to out-earn its cost of capital, averaging just 4.9% ROIC.
KeyCorp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, KeyCorp is modeled at 7.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $30.53 per share.