KeyCorp· KEY

🇺🇸 US · LargeSP500NYSE

Financial Services Banks - Regional Website

Price: $20.48
Day: -1.87%
Mkt Cap: $22.11B
52W Range: $16.47 – $24.07
Volume: 16.13M
Beta: 1.02

D35D Framework

Valuation Analysis

Intrinsic-value engines paired with peer-anchored multiples.

Valuation: 2.0 / 5 (Above estimate); at $20.81 the price is 32% above the blended estimate of $14
Estimates: sector peers $14 (109 companies), own 10-year history $21
Multiples: P/E 12.0x vs sector median 14.4x; EV/EBITDA 18.6x vs sector median 12.4x

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Valuation Assessment

KEY Valuation Summary

How sector peers and the stock's own history value it (no intrinsic model available for this stock)

Overall valuation

2.0/5

Above estimate

Market only · blended estimate

$14-31.6%

Based on the market evidence from peers and the stock's own history, the price is 32% above the market estimate.Last updated September 22, 2026.

About this estimate

This calculator estimates what a bank or insurer could be worth today as its book equity plus the capitalised value of earning a return on that equity above its cost of equity. It is a general research and education tool. It is not personal financial advice, not a forecast of the share price, and it does not take account of your objectives or circumstances.

The result is highly sensitive to its inputs, especially the normalised return on equity and the gap between the cost of equity and the terminal growth rate. When that gap is narrow a small change moves it substantially. Treat the output as one estimate within a wide range, not a precise figure.

The estimate runs on a set of assumptions: a normalised return on equity, a cost of equity, and a terminal growth rate. Each one is shown in the assumptions panel below, and you can change any of them to test your own scenario.

The default assumptions are a reasonable starting point because they are derived from the company's own reported financials over a through-cycle window together with market-standard inputs, with the cost of equity built from the current government-bond (risk-free) rate, the company's beta, and a published equity-risk premium, and they are refreshed each data cycle. They are defaults for a neutral calculation, not our view of the right values for you.

This calculator is a research and education tool. It is not intended to be relied on for the purpose of making a decision about any financial product, and you should consider obtaining advice from a licensed financial adviser before making any financial decision.

Excess-Return Valuation

Residual-income (justified P/B) model for KEY. This is the standard valuation lens for banks and insurers, whose value is driven by earning a return on book equity above its cost.

Model estimate & assumptions

Excess Return result not meaningful for KEY

The Excess Return engine ran, but the implied value is less than ~15% of the current price, so the model can't meaningfully value this business (e.g. pre-profit, deep-cyclical, or distressed).

The excess-return model relies on a positive normalised ROE and book value. Loss-making or thinly-capitalised banks and insurers, and names with a distorted book, often need a different lens. For a peer-anchored estimate, see the Valuation Multiples section below.

You can still adjust the engine parameters below to see how different assumptions change the projection.

Customize Parameters

Stress-test the ROE, cost-of-equity, and terminal-growth assumptions.

Normalised ROE

Cost of Equity

Terminal Growth

Value breakdown

The value breakdown is hidden because the current inputs do not produce a meaningful intrinsic value (typically a cost-of-equity that is too close to the terminal growth rate, or a normalised ROE at or below the cost of equity). Adjust the parameters above, or see the Valuation Multiples section below for a peer-anchored fair value.

Model details

Valuation Multiples

Per-metric breakdown of how KEY is priced relative to its sector peers, its own 10-year history, and analyst forward estimates.

Valuation context: For financial institutions, FCF Yield and P/B (in the expanded section) carry more weight than standard earnings multiples. Regulatory capital and accounting differences make P/E less directly comparable.

What sector peers imply

Value if it traded at the sector-median multiple

What its own history implies

Value if it traded at its own 10-year median multiple

How the Multiples lens works

Five primary multiples surface the headline call; five additional multiples sit one click deeper for context.

Valuation multiples compare a company's market price to its financial fundamentals. The primary grid covers both the equity perspective (P/E, PEG, FCF Yield) and the enterprise value perspective (EV/EBITDA, EV/FCF) so you see how the market prices the company two ways simultaneously.

Price-based multiples use market cap and reflect what equity investors pay. EV-based multiples include debt and are better for comparing companies with different capital structures. The expanded section below adds P/B, P/S, P/FCF, EV/EBIT, and EV/Sales for additional perspective.

Learn more about the 5D valuation methodology

Valuation Analysis

Intrinsic-value engines paired with peer-anchored multiples.

Valuation: 2.0 / 5 (Above estimate); at $20.81 the price is 32% above the blended estimate of $14

Estimates: sector peers $14 (109 companies), own 10-year history $21

Multiples: P/E 12.0x vs sector median 14.4x; EV/EBITDA 18.6x vs sector median 12.4x

KeyCorp· KEY

Valuation Analysis

Excess-Return Valuation

Model estimate & assumptions

Excess Return result not meaningful for KEY

Value breakdown

Model details

Supporting metrics

Sensitivity analysis (ROE × cost of equity)

Formula reference

How the excess-return model works

Valuation Multiples

Additional valuation multiples5 more metrics: P/B Ratio, P/S Ratio, P/FCF, EV/EBIT, EV/Sales

How implied prices are calculated

Primary multiples primer

Search stocks

Valuation Analysis

Excess-Return Valuation

Model estimate & assumptions

Excess Return result not meaningful for KEY

Value breakdown

Model details

Supporting metrics

Sensitivity analysis (ROE × cost of equity)

Formula reference

How the excess-return model works

Valuation Multiples

Additional valuation multiples5 more metrics: P/B Ratio, P/S Ratio, P/FCF, EV/EBIT, EV/Sales

How implied prices are calculated

Primary multiples primer