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US regional bank based in Memphis offering retail, commercial and fixed-income banking across the Southeast.
US regional bank based in Memphis offering retail, commercial and fixed-income banking across the Southeast.
Earns mostly from the spread between loan interest and deposit costs, in Tennessee and across the Southeast, with fixed-income sales and trading through FHN Financial providing fee income that moves with bond-market activity. A proposed 2022 sale to TD Bank was called off in 2023 after regulatory delays.
Moat: narrow (scale, distribution). Established Southeast deposit franchise plus a niche fixed-income institutional business; core banking is commoditized.
Headquarters: Memphis, Tennessee, United States · Founded: 1864 · Employees: 7,404
Size First Horizon (FHN) is a United States Financials company (Regional Banks) with a market value of $10.9B, the 736th largest of 3,117 United States companies the cockpit tracks. Shares closed at $23.04 on 6 Nov 2026.
Performance Over six months the shares fell 6.4%, against +5.2% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 7.9% over the last twelve months (peer median +7.0%); the operating margin is 30.4% (peer median 41.6%).
Valuation It trades at 1.34× book value against a peer median of 1.21× (9th most expensive of 21).
Price implies The share price implies a return on equity of about 9.7%; First Horizon delivers 8.0%, so the price asks more than the business earns today.
Credit First Horizon has 2 bonds outstanding ($950M), rated Baa3 by the agencies and trading like BBB- at a weighted spread of 132 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.49B | $4.99B | $5.03B | $4.80B | $3.47B |
| Revenue growth | — | -1% | +5% | +38% | — |
| Net income | $711M | $982M | $775M | $897M | $900M |
| Free cash flow | n/a | $955M | $1.18B | $1.21B | $1.58B |
| Capital expenditure | n/a | $33.0M | $44.0M | $37.0M | $28.0M |
| Total debt | $4.12B | $4.95B | $4.93B | $4.04B | $4.47B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| First Horizon FHN | $10.9B | -6% | -8% | 8% | 1.34× | 9.7% |
| Regions Financial RF | $24.1B | +2% | +1% | 12% | 1.46× | 13.2% |
| Truist Financial TFC | $59.2B | +1% | -5% | 8% | 1.06× | 9.6% |
| Pinnacle Financial Partners PNFP | $15.2B | +3% | +100% | 10% | 1.10× | 10.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FHN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +3.6% | 5th lowest of 21 |
| 6-month return | -6.4% | +5.2% | 5th lowest of 21 |
| Return on equity | 8.0% | 9.5% | 3rd lowest of 21 |
| Price / book | 1.34× | 1.21× | 9th most expensive of 21 |
| Trailing P/E | 16.6× | 14.4× | 7th most expensive of 20 |
| ROE the price implies | 9.7% | 8.0% | 8th most demanding of 19 |
| ROE delivered | 8.0% | 9.6% | 4th lowest of 20 |
| Bond spread | 132 bp | 96 bp | 2nd widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| First Horizon FHN | United States | $10.9B | -6% | -8% | 8% | 1.34× | 9.7% | 8.0% |
| Yokohama Financial 7186.T | Japan | $11.1B | +7% | +21% | 8% | 1.21× | 8.1% | 8.0% |
| IBK 024110.KS | South Korea | $11.4B | -14% | +28% | 8% | 0.49× | 4.2% | n/a |
| Chongqing Rural Commercial Bank 3618.HK | Hong Kong | $11.5B | -4% | +4% | 9% | 0.44× | 4.1% | 9.5% |
| Chiba Bank 8331.T | Japan | $10.3B | +9% | +31% | 8% | 1.28× | 6.9% | 8.3% |
| Wintrust Financial WTFC | United States | $10.2B | 0% | +6% | 13% | 1.49× | 12.2% | 12.9% |
| Chang Hwa Commercial Bank 2801.TW | Taiwan | $10.2B | +34% | +3% | 9% | 1.46× | 4.7% | 9.2% |
| Shizuoka Financial 5831.T | Japan | $10.0B | +6% | +18% | 8% | 1.21× | 10.5% | 8.2% |
| Popular BPOP | United States | $9.83B | +5% | +4% | 17% | 1.58× | 11.1% | 16.6% |
| CNPC Capital 000617.SZ | China | $12.3B | -31% | -14% | 5% | 0.76× | 7.9% | 4.6% |
| Cullen/Frost Bankers CFR | United States | $9.65B | +12% | +2% | 16% | 2.52× | 14.2% | 16.2% |
| Bank of Chengdu 601838.SS | China | $12.8B | +5% | +2% | 15% | 0.92× | 3.1% | 15.1% |
| SBI Shinsei Bank 8303.T | Japan | $9.20B | -11% | +27% | 10% | 1.15× | 4.7% | 9.9% |
| Central Bancompany CBC | United States | $9.04B | +38% | +10% | 13% | 2.35× | 10.9% | 12.6% |
| Taiwan Cooperative Financial Hl 5880.TW | Taiwan | $13.6B | +22% | -3% | 9% | 1.55× | 4.8% | 8.9% |
| Columbia Banking System COLB | United States | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% | 11.2% |
| Prosperity Bancshares, Inc.(R) PB | United States | $8.60B | +4% | +19% | 6% | 0.88× | 7.5% | 6.5% |
| Banque Cantonale Vaudoise BCVN.SW | Switzerland | $14.4B | +20% | -8% | 12% | 3.07× | n/a | 11.6% |
| Western Alliance Bancorp WAL | United States | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% | 13.2% |
| Luzerner Kantonalbank LUKN.SW | Switzerland | $7.86B | +28% | -3% | 9% | 1.76× | n/a | 8.9% |
| Pinnacle Financial Partners PNFP | United States | $15.2B | +3% | +100% | 10% | 1.10× | 10.7% | 9.6% |
First Horizon has 2 bonds outstanding with $950M face value. The agencies rate it Baa3; its bonds trade like BBB-. Weighted yield 5.88%, a spread of 132 bp over government bonds.