First Horizon Corporation (FHN) Key Metrics
FHN valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $10.84B
- Enterprise value
- $10.24B
- P/E (TTM)
- 16.6 10-yr median 12.0
- Forward P/E
- 10.0
- PEG ratio
- 1.76
- Price / sales
- 3.6 10-yr median 2.4
- Price / book
- 1.3 10-yr median 1.1
- EV / EBITDA
- — 10-yr median 6.0
- Dividend yield
- 2.97% $0.68 a year
- Beta
- 0.63
FHN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFHN valuation Price multiples at each fiscal year-end price.
FHN returns How much profit the business earns on the capital it uses.
FHN per-share figures Results divided by the shares outstanding at year-end.
FHN financial health Debt, liquidity and how easily interest is covered.
FHN efficiency & capital use Working capital cycle and where the cash goes.
FHN valuation history
FHN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FHN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FHN cash returned to shareholders
FHN price vs earnings per share
FHN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $11.85B | $10.96B | $7.95B | $13.87B | $9.00B | $5.54B | $5.23B | $4.31B | $4.89B | $4.71B |
| Enterprise value | $11.80B | $6.62B | $922.1M | $15.86B | −$12.05B | −$7.84B | $3.28B | −$621.4M | $2.46B | $1.15B |
| P/E ratio | 12.1 | 14.1 | 8.9 | 15.4 | 9.0 | 6.6 | 11.9 | 7.9 | 29.5 | 20.7 |
| Price / sales | 2.4 | 2.2 | 1.7 | 4.1 | 2.9 | 2.0 | 2.3 | 1.9 | 3.4 | 3.5 |
| Price / book | 1.3 | 1.2 | 0.9 | 1.6 | 1.1 | 0.7 | 1.0 | 0.9 | 1.1 | 1.7 |
| Price / free cash flow | 12.4 | 9.0 | 6.3 | 6.1 | 13.1 | 48.6 | 6.7 | 23.1 | — | 40.1 |
| Price / operating cash flow | 12.0 | 8.6 | 6.1 | 6.0 | 12.1 | 32.2 | 6.3 | 18.4 | — | 26.2 |
| EV / sales | 2.4 | 1.3 | 0.2 | 4.6 | -3.8 | -2.8 | 1.5 | -0.3 | 1.7 | 0.9 |
| EV / EBITDA | 8.8 | 6.0 | 0.7 | 12.7 | — | — | 5.0 | — | 6.5 | 2.8 |
| EV / free cash flow | 12.4 | 5.4 | 0.7 | 6.9 | — | — | 4.2 | — | — | 9.8 |
| Earnings yield | 8.3% | 7.1% | 11.3% | 6.5% | 11.1% | 15.3% | 8.4% | 12.6% | 3.4% | 4.8% |
| Free cash flow yield | 8.1% | 11.2% | 15.9% | 16.5% | 7.6% | 2.1% | 14.9% | 4.3% | −1.7% | 2.5% |
| Dividend yield | 2.9% | 3.3% | 4.6% | 2.6% | 4.1% | 4.3% | 3.4% | 3.4% | 1.8% | 1.5% |
| Shareholder yield (dividends + buybacks) | 10.6% | 9.0% | 4.7% | 2.7% | 8.7% | 4.5% | 6.0% | 5.8% | 1.9% | 3.5% |
| Share price at fiscal year-end | $23.90 | $20.14 | $14.16 | $24.50 | $16.33 | $12.76 | $16.56 | $13.16 | $19.99 | $20.01 |
| Per share | ||||||||||
| Revenue per share | $10.05 | $9.07 | $8.39 | $6.03 | $5.72 | $6.45 | $7.07 | $6.76 | $5.93 | $5.65 |
| Earnings per share | $1.98 | $1.42 | $1.60 | $1.59 | $1.81 | $1.95 | $1.40 | $1.66 | $0.68 | $0.96 |
| Operating cash flow per share | $1.99 | $2.33 | $2.31 | $4.08 | $1.34 | $0.40 | $2.63 | $0.72 | −$0.12 | $0.76 |
| Free cash flow per share | $1.93 | $2.25 | $2.25 | $4.03 | $1.25 | $0.26 | $2.47 | $0.57 | −$0.33 | $0.50 |
| Cash per share | $9.32 | $16.42 | $19.10 | $4.32 | $44.92 | $40.56 | $17.62 | $20.42 | $28.61 | $22.85 |
| Book value per share | $17.84 | $16.20 | $16.01 | $15.10 | $14.87 | $19.14 | $16.08 | $14.59 | $18.74 | $11.50 |
| Tangible book value per share | $11.32 | $13.16 | $13.00 | $12.02 | $11.59 | $14.84 | $11.13 | $9.76 | $12.31 | $10.59 |
| Dividends per share | $0.69 | $0.66 | $0.65 | $0.63 | $0.66 | $0.55 | $0.56 | $0.44 | $0.35 | $0.30 |
| Capex per share | $0.07 | $0.08 | $0.07 | $0.05 | $0.10 | $0.13 | $0.16 | $0.15 | $0.22 | $0.27 |
| Debt per share | $9.22 | $8.44 | $6.58 | $7.84 | $6.74 | $9.73 | $11.46 | $5.36 | $18.69 | $7.74 |
| Shares outstanding | 496.0M | 544.3M | 561.7M | 566.0M | 551.2M | 434.0M | 315.7M | 327.4M | 244.5M | 235.3M |
| Change in shares outstanding | −8.9% | −3.1% | −0.8% | +2.7% | +27.0% | +37.5% | −3.6% | +34.0% | +3.9% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.1% | 8.7% | 10.2% | 10.7% | 12.1% | 12.6% | 9.0% | 11.6% | 4.5% | 8.5% |
| Return on invested capital (ROIC) | 15.1% | 24.7% | 14.7% | — | — | — | 30.4% | — | 27.2% | — |
| Return on assets (ROA) | 1.2% | 0.9% | 1.1% | 1.1% | 1.2% | 1.3% | 1.0% | 1.3% | 0.5% | 0.8% |
| Return on tangible assets | 1.2% | 1.0% | 1.1% | 1.2% | 1.1% | 1.0% | 1.1% | 1.4% | 0.4% | 0.8% |
| Free cash flow margin | 19.2% | 24.8% | 26.8% | 66.9% | 21.8% | 4.1% | 35.0% | 8.4% | −5.6% | 8.8% |
| Income quality (OCF / net income) | 1.01 | 1.64 | 1.45 | 2.57 | 0.74 | 0.20 | 1.88 | 0.43 | −0.17 | 0.79 |
| Financial health | ||||||||||
| Total debt | $4.57B | $4.59B | $3.70B | $4.44B | $3.71B | $4.22B | $3.62B | $1.75B | $4.57B | $1.82B |
| Cash & short-term investments | $4.62B | $8.94B | $10.73B | $2.44B | $24.76B | $17.60B | $5.56B | $6.69B | $6.99B | $5.38B |
| Net debt | −$50.0M | −$4.34B | −$7.03B | $1.99B | −$21.05B | −$13.38B | −$1.94B | −$4.93B | −$2.43B | −$3.56B |
| Debt / equity | 0.52 | 0.52 | 0.41 | 0.52 | 0.45 | 0.51 | 0.71 | 0.37 | 1.00 | 0.67 |
| Debt / assets | 0.05 | 0.06 | 0.05 | 0.06 | 0.04 | 0.05 | 0.08 | 0.04 | 0.11 | 0.06 |
| Net debt / EBITDA | −0.04 | −3.93 | −5.72 | 1.60 | −15.84 | −13.45 | −2.98 | −6.38 | −6.39 | −8.67 |
| Current ratio | 0.96 | 0.13 | 0.16 | 0.98 | 0.32 | 8.01 | 2.49 | 58.59 | 12.46 | 278.91 |
| Quick ratio | 0.96 | 0.13 | 0.16 | 0.97 | 0.32 | 8.00 | 3.89 | 95.15 | 12.44 | 278.71 |
| Interest coverage | 0.8 | 0.5 | 0.7 | 4.0 | 7.8 | 4.0 | 1.4 | 2.2 | 2.1 | 3.9 |
| Working capital | −$2.89B | −$60.59B | −$58.11B | −$61.0M | −$52.68B | $15.40B | $3.35B | $6.61B | $30.10B | $23.12B |
| Invested capital | $8.80B | $4.47B | $1.96B | $10.54B | −$12.85B | −$5.07B | $3.13B | −$153.7M | $2.15B | −$850.1M |
| Tangible asset value | $5.91B | $7.46B | $7.59B | $6.80B | $6.68B | $6.44B | $3.51B | $3.20B | $3.01B | $2.49B |
| Net current asset value | −$6.29B | −$64.10B | −$61.64B | −$67.96B | −$55.84B | −$58.30B | −$32.63B | −$29.33B | −$4.12B | −$2.65B |
| Graham number | $28.20 | $22.78 | $23.99 | $23.24 | $24.63 | $28.96 | $22.48 | $23.37 | $16.90 | $15.80 |
| Graham net-net per share | −$45.46 | −$117.78 | −$109.73 | −$120.06 | −$101.28 | −$35.35 | −$108.41 | −$96.01 | −$121.80 | −$86.79 |
| Capital allocation | ||||||||||
| Dividends paid | $340.0M | $361.0M | $367.0M | $356.0M | $366.0M | $239.0M | $177.3M | $145.0M | $86.1M | $69.7M |
| Share buybacks (net) | $918.0M | $626.0M | $10.0M | $12.0M | $416.0M | $11.0M | $134.8M | $105.0M | $5.6M | $97.4M |
| Dividend payout ratio | 34.6% | 46.6% | 40.9% | 39.6% | 36.6% | 28.3% | 40.2% | 26.6% | 52.0% | 30.7% |
| Dividends + buybacks / free cash flow | 131.7% | 80.6% | 29.9% | 16.1% | 113.7% | 219.3% | 40.0% | 134.2% | — | 142.3% |
| Capex / revenue | 0.7% | 0.9% | 0.8% | 0.8% | 1.7% | 2.1% | 2.2% | 2.2% | 3.7% | 4.7% |
| Capex / operating cash flow | 3.3% | 3.5% | 2.8% | 1.2% | 7.2% | 33.7% | 5.9% | 20.5% | — | 34.8% |
| Capex / depreciation | 0.52 | 0.44 | 0.36 | 0.28 | 1.06 | 0.94 | 0.75 | 0.81 | 0.75 | 0.97 |
| Stock-based compensation / revenue | 1.2% | 1.2% | 0.8% | 2.2% | 1.4% | 1.1% | 1.0% | 1.0% | 1.4% | 1.3% |
| SG&A / revenue | 30.4% | 26.3% | 28.5% | 36.3% | 42.4% | 38.4% | 33.2% | 30.9% | 47.2% | 49.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 4,643.4 | — | — | — | — | 3,734.0 | 6.5 | 8.9 | 15.9 | 16.6 |
| Days of inventory on hand | — | — | — | 9.9 | -37.5 | -773.8 | -2,921.9 | -2,268.6 | 73.7 | 90.1 |
| Days payables outstanding | 15,119.2 | — | — | 65,427.2 | -181,095.0 | 17,294.7 | 23.5 | 32.0 | 86.5 | 80.6 |
| Cash conversion cycle (days) | -10,475.7 | — | — | — | — | -14,334.5 | -2,938.9 | -2,291.7 | 3.0 | 26.2 |
| Receivables turnover | 0.08 | — | — | — | — | 0.10 | 56.52 | 41.15 | 23.01 | 21.95 |
| Payables turnover | 0.02 | — | — | 0.01 | −0.00 | 0.02 | 15.53 | 11.41 | 4.22 | 4.53 |
| Inventory turnover | — | — | — | 36.76 | −9.73 | — | — | — | 4.95 | 4.05 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.05 |
| Average receivables | $63.42B | — | — | — | — | $28.65B | $39.5M | $53.8M | $63.1M | $60.5M |
| Average payables | $67.48B | — | — | $69.19B | $72.44B | $35.02B | $29.6M | $29.3M | $35.0M | $22.0M |
| Average inventory | — | — | — | $10.5M | $15.0M | −$1.57B | −$3.67B | −$2.08B | $29.8M | $24.6M |
| Intangibles / total assets | 3.9% | 2.0% | 2.1% | 2.2% | 2.0% | 2.2% | 3.6% | 3.9% | 3.8% | 0.7% |
Computed from FHN's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FHN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Horizon traded at 12.1 times earnings, against a 10-year median of 12.0. Based on the latest twelve months, the trailing P/E is 16.6 and the forward P/E is 10.0. First Horizon earned a return on equity of 11.1% and a return on invested capital of 15.1% in fiscal 2025. It ended the year with $4.6 billion of debt and $4.6 billion in cash and short-term investments, a net cash position of $50.0 million. It returned $1.3 billion to shareholders: $340.0 million in dividends and $918.0 million in share buybacks, 132% of free cash flow. The share count rose 110.8% from 235.3M to 496.0M over 9 years.
See the FHN income statement, the FHN chart for price history, or the FHN stock overview for the latest quote and news.
FHN key metrics FAQ
What is First Horizon's P/E ratio?
First Horizon's trailing P/E ratio is 16.6 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 10.0. At the end of fiscal 2025 it was 12.1, compared with a 10-year median of 12.0.
What is First Horizon's EV/EBITDA?
First Horizon's enterprise value was 8.8 times EBITDA at the end of fiscal 2025 (enterprise value $11.8 billion, EBITDA $1.3 billion).
What is First Horizon's return on equity?
First Horizon's return on equity (ROE) was 11.1% in fiscal 2025: net income of $983.0 million on average shareholders' equity of $8.8 billion.
What is First Horizon's ROIC?
First Horizon's return on invested capital was 15.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Horizon have?
First Horizon had total debt of $4.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.52 and more cash than debt.
What is First Horizon's dividend yield?
First Horizon's forward dividend yield is 2.97%. First Horizon paid $340.0 million in dividends in fiscal 2025 ($0.69 per share), a payout ratio of 34.6%.
Does First Horizon buy back its shares?
Yes. First Horizon spent $918.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −8.9% over the year, to 496.0M..
What is First Horizon's free cash flow yield?
First Horizon generated $955.0 million of free cash flow in fiscal 2025, a free cash flow yield of 8.1% on its market value at year-end ($11.9 billion).
What is First Horizon's current ratio?
First Horizon's current ratio was 0.96 at the end of fiscal 2025: current assets were 0.96 times current liabilities.