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First Horizon Corp

FHNAbove value

Held by 2 superinvestors.

Price$25.47
Holders2
Total value$81.9M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31
Revenue growth
+7.2%
Net margin
28.7%
ROE
11.1%
FCF margin
17.4%
Revenue $3.21B → $3.42B · 4y
What makes a business high quality

Valuation · value band

Above fair value

$17/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$25
cheaperpricier

Zero-growth floor

$16

Central IV

$17

Optimistic top

$20

First Horizon Corp (FHN): A conservative value band $16–$20 / sh (zero-growth floor to growth-capped optimistic top); central read about $17. Today’s price sits above that band (price $25 as of 2026-07-20).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 10.5% · Zero-growth downside $16

Price as of 2026-07-20 · yahoo · DGS10 4.5% @ 2026-07-17.

Method & numbers

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $15.05 – $19.96 · Greenwald zero-growth $20.07 · zero-growth base $20.07 · reproduction $14.15

Moat Commodity-like · terminal value 37% of present value · owner-earnings yield 7% vs 10Y 4.5%.

Graham earnings-power value (normalized NOPAT)

Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.

Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).

Years: 2025, 2024, 2023, 2022, 2021

Buffett owner-earnings value$16.42 – $20.07 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: 2025, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.

Reproduction value = tangible net assets $7.23B = $14.15 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.05%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-17). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

What the price is betting

Today's price pencils in about 7.6% a year in owner-earnings for the next few years. Revenue actually grew 1.1% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

2 holders · $81.9M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 1 → 2 · last 8q
  • Jim Cullen
    Value$44.7MWeight (prev→now)0.5% → 0.5% ▼
  • Ray Dalio
    Value$37.1MWeight (prev→now)0.1% → 0.2% ▲

SEC 13F · notes

Written summary

First Horizon Corp (FHN) is held by 2 of the superinvestors tracked on Compounder, with a combined $81.9M in reported 13F value. The largest position belongs to Jim Cullen, where it makes up 0.5% of the portfolio.

Other notable holders by value include Ray Dalio (0.2% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in FHN, 1 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-03-31. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-03-31 · filed 2026-05-15

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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