FHNFIRST HORIZON CORP

National Commercial Banks

Revenue: $3.4B; 7.2% YoY
Operating margin: —
EBITDA: —
Market cap: $5.4B
Employees: 7,404; $462K revenue each
Net debt / EBITDA: —; $2.3B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
64% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowYes
196% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$462K · 85th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 17th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$3.2B	$3.5B	$3.2B	$3.4B	7.2%
Net income	$999M	$900M	$897M	$775M	$982M	27%
Operating cash flow	$725M	$2.3B	$1.3B	$1.3B	$628M	50%
Capex	$37M	$28M	$37M	$44M	$33M	25%
Stock-based comp	$43M	$75M	$36M	$59M	$61M	3.4%
Buybacks	$416M	$12M	$10M	$626M	$918M	47%
Dividends	$333M	$324M	$335M	$332M	$314M	5.4%

Deal filings

Filed	Form	Acquirer	Price	Premium
Apr 22, 2022	DEFM14A	The Toronto-Dominion Bank	$25.00	37%
Apr 12, 2022	PREM14A	The Toronto-Dominion Bank	$25.00	37%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $6M · 21
Net: −$6M

Pay vs performance

No pay-versus-performance disclosure yet.