Question 1

What is KeyCorp's EV/EBITDA ratio?

Accepted Answer

KeyCorp (KEY) EV/EBITDA ratio is -8.4× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for KeyCorp?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For KeyCorp specifically, the relevant sector benchmark is the current sector median of 9.3×.

Question 5

Is KeyCorp's EV/EBITDA ratio high or low?

Accepted Answer

KeyCorp's EV/EBITDA ratio of -8.4× is below its own 5-year average of 11.4× and below the sector median of 9.3×. That places the current reading at the 6th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is KeyCorp's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, KeyCorp (KEY) EV/EBITDA ratio has ranged from a low of -10.3× in 2024 to a high of 181.5× in 2010. The 5-year average is 11.4× and the 5-year median is 10.9×.

Question 7

What was KeyCorp's EV/EBITDA ratio in 2025?

Accepted Answer

KeyCorp (KEY) EV/EBITDA ratio at the end of 2025 was 9.5×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does KeyCorp's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$22.60B	$2.32B	9.5×	—	Dec 31, 2025
2024	$16.91B	−$233.00M	—	—	Dec 31, 2024
2023	$13.36B	$1.31B	-9.9×	-10.9×	Dec 31, 2023
2022	$16.11B	$2.47B	1.0×	+8.0×	Dec 31, 2022
2021	$21.35B	$3.29B	-7.0×	+1.5×	Dec 31, 2021
2020	$15.88B	$1.67B	-8.6×	-12.7×	Dec 31, 2020
2019	$19.70B	$2.26B	4.2×	+1.5×	Dec 31, 2019
2018	$15.06B	$2.58B	2.7×	-3.1×	Dec 31, 2018
2017	$21.43B	$2.33B	5.8×	-2.4×	Dec 31, 2017
2016	$19.51B	$1.28B	8.2×	+5.2×	Dec 31, 2016
2015	$10.92B	$1.47B	3.1×	+1.4×	Dec 31, 2015
2014	$11.94B	$1.51B	1.7×	-0.5×	Dec 31, 2014
2013	$11.95B	$1.35B	2.2×	+2.2×	Dec 31, 2013
2012	$7.79B	$1.30B	-0.1×	+0.8×	Dec 31, 2012
2011	$7.30B	$1.61B	-0.8×	+1.0×	Dec 31, 2011
2010	$7.75B	$1.12B	-1.8×	—	Dec 31, 2010
2009	$4.85B	−$1.91B	—	—	Dec 31, 2009
2008	$4.19B	−$640.00M	—	—	Dec 31, 2008
2007	$9.12B	$1.65B	12.6×	+0.5×	Dec 31, 2007
2006	$15.30B	$2.00B	12.0×	+0.7×	Dec 31, 2006
2005	$13.45B	$1.95B	11.3×	-7.3×	Dec 31, 2005
2004	$13.84B	$1.66B	18.6×	-2.4×	Dec 31, 2004
2003	$12.31B	$1.45B	21.0×	+0.9×	Dec 31, 2003
2002	$10.67B	$1.54B	20.1×	-21.2×	Dec 31, 2002
2001	$10.31B	$789.00M	41.2×	—	Dec 31, 2001


Mercury General (MCY)	3.2×
Wells Fargo (WFC)	2.9×
Farmers & Merchants Bancorp (FMCB)	2.8×
JPMorgan Chase (JPM)	2.3×
AXIS Capital Holdings (AXS)	2.2×
American International Group (AIG)	1.9×
Ally Financial (ALLY)	1.7×
United Bankshares (UBSI)	1.6×
Commerce Bancshares (CBSH)	0.7×
W. R. Berkley (WRB)	-0.0×
Morgan Stanley (MS)	-0.3×
M&T Bank (MTB)	-0.6×
Capital One Financial (COF)	-0.6×
Everest Re Group (EG)	-0.7×
Travelers Companies (TRV)	-2.5×
Globe Life (GL-PD)	-2.6×
RenaissanceRe Holdings (RNR)	-3.5×
PNC Financial Services Group (PNC)	-3.8×
BancFirst (BANF)	-5.5×
U.S. Bancorp (USB)	-5.5×
Bank of New York Mellon (BNY)	-13.3×
Bank of New York Mellon (BK)	-13.3×
Ames National (ATLO)	-14.6×
State Street (STT)	-17.7×
MetLife (MET)	-46.3×

EV/EBITDA for KeyCorp (KEY)

EV/EBITDA daily chart for KeyCorp (KEY)

Historical EV/EBITDA for KeyCorp (KEY) from 2001 to 2025

About EV/EBITDA at KeyCorp (KEY)

KeyCorp EV/EBITDA by Year

KeyCorp EV/EBITDA 2025: 9.5×

KeyCorp EV/EBITDA 2023: -9.9×

KeyCorp EV/EBITDA 2022: 1.0×

KeyCorp EV/EBITDA 2021: -7.0×

KeyCorp EV/EBITDA 2020: -8.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

KeyCorp (KEY) Key Financials

EV/EBITDA daily chart for KeyCorp (KEY)

Historical EV/EBITDA for KeyCorp (KEY) from 2001 to 2025

About EV/EBITDA at KeyCorp (KEY)

KeyCorp EV/EBITDA by Year

KeyCorp EV/EBITDA 2025: 9.5×

KeyCorp EV/EBITDA 2023: -9.9×

KeyCorp EV/EBITDA 2022: 1.0×

KeyCorp EV/EBITDA 2021: -7.0×

KeyCorp EV/EBITDA 2020: -8.6×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is KeyCorp's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for KeyCorp?

+Is KeyCorp's EV/EBITDA ratio high or low?

+What is KeyCorp's historical EV/EBITDA ratio range?

+What was KeyCorp's EV/EBITDA ratio in 2025?

+Why does KeyCorp's EV/EBITDA ratio change over time?

KeyCorp (KEY) Key Financials