Explain this page
Arphra AIPlain-English read on KeyCorp’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BSolid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin62.3%
Operating margin20.6%
Net margin16.3%
ROE9.0%
ROA1.0%
ROIC6.1%
Liquidity & leverage
Current ratio0.77×
Quick ratio0.77×
Debt / equity0.54×
Net debt / EBITDA4.18×
Interest coverage1×
Efficiency & per-share
Asset turnover0.06×
Inventory days0
Days sales out.3429
FCF / share$1.92
Book value / share$18.61
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $16.28B | $22.6B | — | — | — |
| Enterprise value | — | — | — | $28.78B | $32.32B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.18 | 2.89 | — | — | — |
| EV / FCF | — | — | — | 48.05 | 15.38 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | -0.99% | +8.09% | — | — | — |
| Free cash flow yield | — | — | — | +3.68% | +9.29% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +101.66% | +82.47% | +55.98% | +44.82% | +62.27% | +54.42% | +55.40% | +54.43% |
| Operating margin | +44.37% | +29.49% | +11.34% | -3.38% | +20.59% | +9.25% | +9.47% | +9.35% |
| EBITDA margin | +44.81% | +31.56% | +12.85% | -2.57% | +20.75% | +10.65% | +10.47% | +10.14% |
| EBIT margin | +44.37% | +29.49% | +11.34% | -3.38% | +20.59% | +9.67% | +9.38% | +9.44% |
| Pre-tax margin | +44.37% | +29.49% | +11.34% | -3.38% | +20.59% | +9.55% | +9.43% | +9.49% |
| Net margin | +35.79% | +24.23% | +9.45% | -1.78% | +16.35% | +8.01% | +8.17% | +7.80% |
| Cost structure | ||||||||
| Cost of revenue / sales | -1.66% | +17.53% | +44.02% | +55.18% | +37.73% | +46.47% | +45.04% | +46.67% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +38.36% | +35.14% | +27.03% | +31.68% | +29.35% | +29.03% | +29.41% | +28.80% |
| Effective tax rate | +19.73% | +18.09% | +16.90% | — | +20.62% | +18.43% | +19.43% | +18.63% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +15.07% | +14.25% | +6.61% | -0.89% | +8.97% | +4.48% | +4.64% | +4.37% |
| Return on assets (ROA) | +1.41% | +1.01% | +0.51% | -0.09% | +0.99% | +0.45% | +0.43% | +0.41% |
| Return on capital (ROC) | +10.77% | +5.53% | +3.11% | -0.94% | +7.34% | +2.77% | +2.79% | +2.74% |
| Return on invested capital (ROIC) | +8.68% | +4.54% | +2.59% | -0.71% | +5.83% | +2.40% | +2.40% | +2.28% |
| Asset turnover | +3.94% | +4.17% | +5.43% | +4.84% | +6.07% | +5.56% | +5.29% | +5.27% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +35.79% | +24.23% | +9.45% | -1.78% | +16.35% | +8.01% | +8.17% | +7.80% |
| Asset turnover (× revenue / assets) | +3.94% | +4.17% | +5.43% | +4.84% | +6.07% | +5.56% | +5.29% | +5.27% |
| Equity multiplier (× assets / equity) | +1069.54% | +1410.83% | +1286.34% | +1029.75% | +904.67% | +1005.65% | +1072.66% | +1064.29% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.04 | 0.04 | 0.05 | 0.05 | 0.06 | 0.06 | 0.05 | 0.05 |
| Fixed-asset turnover | 10.77 | 12.44 | 15.48 | 14.75 | 17.82 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 1.82 | 2.03 | 2.93 | 3.34 | 0.11 | — | — | — |
| Payables turnover | — | — | — | — | 0.03 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 201.01 | 180.12 | 124.53 | 109.20 | 3429.26 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | — | — | — | — | 12859.57 | — | — | — |
| Cash conversion cycle | 201.01 | 180.12 | 124.53 | 109.20 | -9430.31 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.44 | 2.33 | 3.00 | -4.12 | 1.21 | 2.34 | 2.22 | 2.35 |
| FCF / Net income | 0.41 | 2.27 | 2.86 | -3.72 | 1.15 | 2.17 | 2.20 | 2.25 |
| FCF margin | +14.82% | +55.13% | +26.99% | +6.62% | +18.78% | +17.36% | +17.96% | +17.57% |
| OCF margin | +15.72% | +56.49% | +28.38% | +7.33% | +19.74% | +18.73% | +18.15% | +18.32% |
| CapEx / Revenue | +0.90% | +1.37% | +1.39% | +0.72% | +0.96% | +1.05% | +1.00% | +1.02% |
| CapEx / D&A | 2.06 | 0.66 | 0.92 | 0.89 | 5.10 | — | — | — |
| Stock-based comp / Revenue | +1.42% | +1.52% | +1.18% | +1.15% | +1.18% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.63 | 1.93 | 0.88 | -0.32 | 1.52 | 1.82 | 2.16 | 2.45 |
| EPS · basic | 2.66 | 1.94 | 0.89 | -0.32 | 1.53 | 1.84 | 2.19 | 2.46 |
| Book value / share | 18.20 | 14.42 | 15.69 | 19.14 | 18.61 | 13.26 | 13.70 | 14.63 |
| Tangible BV / share | 15.25 | 11.37 | 12.68 | 16.21 | 16.09 | 13.26 | 13.70 | 14.63 |
| Sales / share | 7.66 | 8.48 | 10.97 | 9.54 | 10.22 | 7.42 | 7.78 | 8.20 |
| Operating CF / share | 1.20 | 4.79 | 3.11 | 0.70 | 2.02 | 1.39 | 1.41 | 1.50 |
| Free cash flow / share | 1.14 | 4.67 | 2.96 | 0.63 | 1.92 | 1.29 | 1.40 | 1.44 |
| Dividends / share | 0.86 | 0.92 | 0.98 | 0.98 | 0.96 | 0.73 | 0.73 | 0.76 |
| Payout ratio | +31.35% | +44.55% | +94.21% | -575.78% | +57.63% | +122.41% | +114.72% | +119.47% |
| Retention ratio | +68.65% | +55.45% | +5.79% | +675.78% | +42.37% | -22.41% | -14.72% | -19.47% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +7.87% | +29.30% | -11.48% | +23.56% | -28.00% | +6.42% | +3.74% | +2.79% |
| Gross profit · YoY | — | -12.50% | -12.23% | -29.13% | +71.69% | -37.08% | +8.34% | +1.92% | -5.98% |
| Profit | |||||||||
| Operating income · YoY | — | -28.30% | -50.28% | -126.38% | +852.94% | -67.66% | +8.91% | +2.48% | -17.71% |
| EBITDA · YoY | — | -24.01% | -47.38% | -117.73% | +1096.57% | -63.04% | +4.62% | +0.40% | -16.87% |
| Net income · YoY | — | -26.97% | -49.56% | -116.65% | +1236.02% | -64.74% | +8.64% | -1.05% | -17.32% |
| Operating | |||||||||
| EBIT · YoY | — | -28.30% | -50.28% | -126.38% | +852.94% | -66.19% | +3.19% | +4.45% | -17.59% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -26.62% | -54.40% | -136.36% | +575.00% | +19.98% | +18.60% | +13.17% | -1.02% |
| EPS · basic · YoY | — | -27.07% | -54.12% | -135.96% | +578.13% | +20.39% | +18.93% | +12.40% | -1.10% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $12.8B | $28.77B | $22.65B | $14.25B | $11B | $12.47B | $14.04B | $14.48B |
| Net debt | $11.89B | $27.88B | $21.7B | $12.51B | $9.71B | $11.37B | $12.91B | $13.32B |
| Net debt / EBITDA | 3.62 | 11.17 | 16.52 | -53.67 | 4.18 | 13.25 | 14.38 | 14.78 |
| Debt / equity | 0.73 | 2.14 | 1.55 | 0.78 | 0.54 | 0.87 | 0.93 | 0.91 |
| Debt / assets | +6.87% | +15.16% | +12.03% | +7.61% | +5.97% | +8.61% | +8.67% | +8.58% |
| Equity / assets | +9.35% | +7.09% | +7.77% | +9.71% | +11.05% | +9.94% | +9.32% | +9.40% |
| Coverage | ||||||||
| EBITDA / interest expense | 11.10 | 2.82 | 0.33 | -0.05 | 0.62 | 0.26 | 0.25 | 0.25 |
| Operating income / interest | 10.99 | 2.64 | 0.29 | -0.07 | 0.61 | 0.23 | 0.22 | 0.23 |
| Interest expense | $296M | $885M | $4.01B | $4.66B | $3.75B | $3.27B | $3.63B | $3.67B |
| Liquidity | ||||||||
| Current ratio | 0.39 | 0.30 | 0.35 | 0.17 | 0.77 | — | — | — |
| Quick ratio | 0.39 | 0.30 | 0.35 | 0.17 | 0.76 | — | — | — |
| Cash ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | — | — | — |
| Working capital | -$95.56B | -$110.71B | -$96.25B | -$126.69B | -$35.38B | — | — | — |
| Working capital / revenue | -1302.90% | -1399.47% | -940.90% | -1399.09% | -316.24% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.89x | 3.18x |
| Earnings yield | 8.1% | -1.0% |
| FCF yield | 9.3% | 3.7% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 9.0% | -0.9% |
| ROA | 1.0% | -0.1% |
| ROIC | 5.8% | -0.4% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 4.18 | -53.67 |
| Interest coverage | — | — |
| Current ratio | 0.77x | 0.17x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).