FHN
FIRST HORIZON CORP
Financials • CIK: 0000036966
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Market Cap
$12.07B
P/E (TTM)
12.6x
Rev Growth (TTM)
+7.2%
Net Margin (TTM)
28.0%
FCF Yield (TTM)
4.9%
FCF Margin (TTM)
17.4%
Cash Flow Health
Free Cash Flow6/8 positive
TTM$595M
Q4 '25
$389M+287%
Q3 '25
$-208M-381%
FCF Margin
TTM17.4%
Q4 '2543.8%+287%
Sector: 22.2%Below Avg
OCF Margin18.4%
OCF/NI0.66x
CapEx Coverage19.0x
FCF Yield4.9%
FCF Growth (2Y)-36%
Cash Conversion Cycle
0 days
DSO: 0+DIO: 0−DPO: 0
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM10.4%
Div Yield2.8%
+Buyback (TTM)7.6%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)2.8%
FCF Payout Ratio57.1%
Free Cash Flow (TTM)$595.0M
Stock Repurchases (TTM)$918.0M
Capital Return / FCF211.4%
Est. Dividends Paid (TTM)$340.0M
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.04x
8Q: 0.04x
Leverage (1+D/E)
1.37x
D/E: 0.37x
Asset & CapEx Efficiency
Fixed Asset Turn
6.10x
8Q:5.70x
+95.4%
CapEx/Depreciation
0.52x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $3.4B | $888.0M↓0.1% | $889.0M↑7.1% | $830.0M↑2.2% | $812.0M↑11.5% | $728.0M↓12.0% | $827.0M↑1.5% | $815.0M↓0.5% | $819.0M |
Operating Income | $1.3B | $343.0M↑1.2% | $339.0M↓0.0% | $339.0M↑4.3% | $325.0M↑47.7% | $220.0M↓30.4% | $316.0M↑0.3% | $315.0M↑3.6% | $304.0M |
Net Income | $957.0M | $257.0M↑1.2% | $254.0M↑9.0% | $233.0M↑9.4% | $213.0M↑35.7% | $157.0M↓26.3% | $213.0M↑15.8% | $184.0M↓0.0% | $184.0M |
Operating Cash Flow | $628.0M | $396.0M↑298.0% | $-200.0M↓341.0% | $83.0M↓76.2% | $349.0M↑82.7% | $191.0M↓50.9% | $389.0M↑359.3% | $-150.0M↓117.9% | $838.0M |
Free Cash Flow | $595.0M | $389.0M↑287.0% | $-208.0M↓381.1% | $74.0M↓78.2% | $340.0M↑95.4% | $174.0M↓54.6% | $383.0M↑337.9% | $-161.0M↓119.4% | $828.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
12.6x
Volatile
8Q: 46.2x-73%
Valuation Lenses
Earnings
12.6x
vs – sector
Cash Flow
23.8x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
2.8%
Buyback
7.6%
Total Yield
10.4%
Market Cap$12.07B
EV$14.18B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
59/100
Average
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
10.8%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
0.66x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle0 days
Growth Quality & Momentum
Low Quality
Growth Quality Score
47/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
7.2%
OpInc Growth YoY
55.9%
EPS Growth YoY
36.5%
FCF 3Y CAGR
-36.2%
Growth Quality Analysis
⚠Working Capital Drag: FCF growth lagging revenue by 43.4%
⚠Sustainability Index: 3.0/10 - Growth sustainability concerns
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
28.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-10.6 pts
FCF: 17.4% | Net: 28.0%
FCF margin lags net margin by 10.6 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $1.66B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.37x
Balance sheet risk & solvency analysis