What is First Horizon Corp worth?
With the base-case assumptions below, a discounted cash flow model on First Horizon Corp's reported free cash flow gives $29.33 per share. The share price was $23.46 on September 25, 2026, 20% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 3.5% | 10.0% | $19.47 | -17% |
| Base | 8.5% | 9.0% | $29.33 | +25% |
| Bull | 13.5% | 8.0% | $48.98 | +109% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $36.70 | $38.96 | $41.73 | $45.19 | $49.63 |
| 8.0% | $31.19 | $32.66 | $34.39 | $36.47 | $39.02 |
| 9.0% | $27.17 | $28.17 | $29.33 | $30.68 | $32.28 |
| 10.0% | $24.11 | $24.82 | $25.63 | $26.55 | $27.62 |
| 11.0% | $21.70 | $22.23 | $22.81 | $23.47 | $24.21 |
Where the presets come from
Base: years 1 to 5 grow at First Horizon Corp's revenue growth rate over the last 7 fiscal years (8.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions