회사 개요
First Horizon Corporation operates as the bank holding company for First Horizon Bank, delivering a comprehensive suite of financial services across regional banking, specialty banking, and corporate segments. The firm's business model encompasses commercial banking, business banking, consumer banking, and private client services, catering to diverse client needs within its operating markets. This regional financial institution is categorized under the Financial Services sector and specifically within the Banks - Regional industry, reflecting its focus on localized lending and deposit-taking activities rather than large-scale national or global operations. The company maintains a substantial scale with a market capitalization of $11.80B, annual revenue of $3.35B, and an employee base of 7277, positioning it as a significant player in the regional banking landscape. These valuation and revenue figures indicate that First Horizon possesses a robust asset base capable of supporting its lending operations while maintaining a workforce large enough to support specialized banking functions, distinguishing it from smaller community banks yet operating below the scale of the largest national institutions.
재무 건전성
First Horizon Corporation reported a trailing twelve-month revenue of $3.35B and a net income of $956.00M, while specific EBITDA figures are not disclosed in the available data. The substantial gap between the total revenue of $3.35B and the net income of $956.00M reveals a cost structure heavily influenced by the high operating expenses typical of the banking sector, where gross margins are effectively zero due to the nature of financial intermediation, necessitating that income generation comes primarily from net interest margins and fee income. The company's financial flexibility is assessed through its liquidity position, holding $4.95B in cash against $5.35B in debt, which suggests a balance sheet that is moderately leveraged but maintains a significant cash buffer to meet short-term obligations. Analyzing the margins shows a gross margin of 0.0%, which is standard for banks as they do not manufacture goods, an operating margin of 43.2% indicating efficient cost management relative to revenue, and a profit margin of 29.3% demonstrating strong profitability after all expenses. Regarding short-term liquidity, the current ratio is not available in the provided facts, so a specific assessment of this metric cannot be made based on the available data. Return on Equity stands at 10.9% and Return on Assets at 1.2%, metrics that reveal management's effectiveness in generating profits from shareholders' equity and the total asset base, respectively, with the ROA reflecting the lower yield environment typical of regional banking. The debt-to-equity ratio is not available in the provided facts, so a direct comparison of leverage using that specific metric is omitted.
밸류에이션 평가
The valuation of First Horizon Corporation is indicated by a trailing twelve-month P/E ratio of 13.06 and a forward P/E of 10.40. The difference between the trailing P/E of 13.06 and the forward P/E of 10.40 implies that the market expects earnings growth to occur in the future, as investors are willing to pay a lower multiple for anticipated future earnings compared to current historical earnings. The price-to-book ratio is 1.39, indicating that the market values the company at a 39% premium over its book value, suggesting confidence in the quality of its assets and future earnings potential relative to its tangible equity. Alternative valuation metrics include a price-to-sales ratio of 3.52, while the EV/EBITDA ratio is not available in the provided facts, meaning this specific multiple cannot be cited for valuation comparison. The stock has traded within a range defined by a 52-week high of $26.56 and a 52-week low of $15.86, and without a specific current share price provided in the facts, the exact percentage deviation from this range cannot be calculated, but the wide range indicates volatility over the past year. The beta value is 0.63, which signifies that the stock's price volatility is significantly lower than the broader market, offering a more stable investment profile relative to the overall equity market movements.
Growth & Income
First Horizon Corporation demonstrated a revenue growth of 23.7% year-over-year and an earnings growth of 72.3% year-over-year. The earnings growth of 72.3% is growing significantly faster than the revenue growth of 23.7%, which implies improved operational efficiency, cost containment, or favorable net interest margin expansion that has amplified profitability faster than top-line expansion. As a dividend payer, the company offers a dividend yield of 2.8% with a payout ratio of 32.1%, indicating that the dividend is highly sustainable given that the payout ratio is well below the earnings growth rate. This low payout ratio suggests that the company retains a majority of its earnings, allowing for reinvestment in the business or future dividend increases rather than distributing all profits to shareholders. Overall, the growth and income profile reflects a regional bank that is expanding its earnings at a rapid pace while maintaining a conservative and sustainable approach to dividend distribution.