KEYKEYCORP /NEW/
National Commercial Banks
- Revenue
- $1.7B
- 6.5% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $22.5B
- Employees
- 17,226
- $102K revenue each
- Net debt / EBITDA
- —
- $9.3B net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 0 of 13
Fixable underperformance 0 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 cashNo121% of net incomeCash flow under 80% of net income
- Dilutive SBCNo8% of revenueOver 10% of revenue
- Payouts exceed cash flowNo48% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo92% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$102K · 61st pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 47th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$22.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $1.6B | $1.4B | $1.6B | $1.7B | 6.5% |
| Net income | $2.6B | $1.9B | $967M | −$161M | $1.8B | 1236% |
| Operating cash flow | $1.2B | $4.5B | $2.9B | $664M | $2.2B | 233% |
| Capex | $66M | $96M | $142M | $65M | $107M | 65% |
| Stock-based comp | $104M | $120M | $121M | $104M | $132M | 27% |
| Buybacks | $585M | $0 | $0 | — | — | |
| Dividends | $823M | $854M | $911M | $927M | $1.1B | 14% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 6, 2025 | BANK OF NOVA SCOTIA | SCHEDULE 13D | 14.9% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 7
- Net
- −$6M
Pay vs performance
No pay-versus-performance disclosure yet.