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Earnings transcript
Read the complete earnings call transcript.
FHN
First Horizon Corporation
$23.35
-0.29
(-1.23%)
| Exchange: | NYSE |
| Market Cap: | 11.063B |
| Shares Outstanding: | 98.639M |
Delayed data
About The Company
| Sector: | Financial ServicesView sector performance | |||||
| Industry: | Banks – RegionalView industry performance | |||||
| CEO: | D. Bryan Jordan | |||||
| Full Time Employees: | 7375 | |||||
| Address: |
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| Website: | https://www.firsthorizon.com |
First Horizon Corporation functions as the parent company of First Horizon Bank, offering a diverse range of financial services. Its operations are segmented into three core divisions: Regional Banking, Specialty Banking, and Corporate. The company provides standard banking services to consumers, businesses, financial institutions, and governmental bodies. Beyond core banking, it also underwrites eligible securities, such as fixed-income instruments, via its financial subsidiaries; engages in the sale of loans and derivatives; and provides advisory services. Its broad service portfolio further encompasses mortgage banking, title insurance and loan-closing, brokerage, correspondent banking, nationwide check clearing and remittance, trust and fiduciary functions, equipment financing, and both investment and financial advisory. Additionally, First Horizon markets mutual funds, retail insurance products, and credit cards. Across the United States, the corporation maintains a significant presence, with roughly 500 First Horizon Bank branches across 22 states and about 400 FHN Financial centers in 12 states. Formerly known as First Horizon National Corporation, the company adopted its current name, First Horizon Corporation, in November 2020. Established in 1864, its corporate headquarters are located in Memphis, Tennessee.
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Revenue Segmentation
Revenue by type
Revenue by region
FHN full analysis
Welcome back to MarketSnap. First Horizon just reported a loss — a real, headline loss per share of about twenty cents. And yet, if you listened to the earnings call, management sounded almost pleased with themselves. Meanwhile the stock is down mid-single digits over the past month, about eight percent over three months. Regional banks as a group? Up nearly thirty percent over a year, though down modestly over the past month. So here's the question I want to work…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| FHN | First Horizon Corporation | 11.1B | 16.5 | 10.9 | 0.9% |
 WTFC | Wintrust Financial Corporation | 10.5B | 11.5 | 11.7 | 6.9% |
 UMBF | UMB Financial Corporation | 10.3B | 10.1 | 10.1 | 7.3% |
 SSB | SouthState Bank Corp. | 10.3B | 11.1 | 11.3 | 4.9% |
 CFR | Cullen/Frost Bankers, Inc. | 9.9B | 14.6 | 14.3 | 6.7% |
 BPOP | Popular, Inc. | 9.9B | 9.9 | 9.7 | 1.3% |
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4,715,000 | 4,937,000 | 4,985,000 |
| Gross Profit | 2,895,000 | 2,946,000 | 3,356,000 |
| EBITDA | 1,230,000 | 1,106,000 | 1,345,000 |
| Operating Income | 1,128,000 | 1,005,000 | 1,281,000 |
| Net Income | 897,000 | 775,000 | 983,000 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 81,661,000 | 82,152,000 | 83,876,000 |
| Total Liabilities | 72,370,000 | 73,041,000 | 74,734,000 |
| Total Stockholders Equity | 8,996,000 | 8,816,000 | 8,847,000 |
| Total Debt | 3,699,000 | 4,595,000 | 4,574,000 |
| Cash and Cash Equivalents | 2,340,000 | 2,444,000 | 961,000 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,299,000 | 1,268,000 | 628,000 |
| Capital Expenditure | -37,000 | -44,000 | 0 |
| Free Cash Flow | 1,262,000 | 1,224,000 | 628,000 |
| Net Income | 916,000 | 794,000 | 983,000 |
| Net Change in Cash | 188,000 | -194,000 | 0 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2028 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 3,782,711.244 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 4,078,013.458 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 3,882,428.923 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 1,482,942.355 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 1,773,459.189 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 1,502,906.693 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 1,114,035.842 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 1,339,958.882 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 1,129,561.290 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 1,234,302.366 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 1,330,659.766 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 1,266,840.342 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 2.570 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 2.700 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 2.250 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 7 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 12 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Earnings Performance: First Horizon reported earnings per share of $0.52 in Q4 2025, surpassing market expectations, as highlighted in the earnings call transcript. This demonstrates strong operational execution and profitability amidst competitive pressures.
- Robust Revenue Growth: Historical income statements indicate consistent revenue increases over recent years, supported by diversified product segments as shown in revenue product segment data. This reflects a resilient business model within the financial services sector.
- Strong Liquidity Position: Balance sheet data reveals a healthy level of cash and cash equivalents alongside a favorable current ratio (TTM), indicating the company’s ability to meet short-term obligations effectively.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MarketSnap estimates FHN intrinsic value between $8.73 – $19.08 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about FHN valuation
Is First Horizon Corporation (FHN) overvalued or undervalued right now?
MarketSnap estimates intrinsic value for First Horizon Corporation (FHN) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is FHN a buy, hold, or sell for long-term investors?
MarketSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FHN trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is FHN’s P/E ratio?
You can see FHN’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for FHN?
MarketSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MarketSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is FHN a good long-term investment?
Whether FHN fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MarketSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
FHN
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Daily snapshot
-1.23
Trading Metrics:
| Open: | 23.58 | Previous Close: | 23.64 | |
| Day Low: | 23.3 | Day High: | 23.76 | |
| Year Low: | 20.4 | Year High: | 26.56 | |
| Price Avg 50: | 23.68 | Price Avg 200: | 24.29 | |
| Volume: | 5.606M | Average Volume: | 5.582M |
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