First Horizon Corporation (FHN) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, FHN scores 61 out of 100, a C- grade, with the verdict "Roarable Hold — Cautious Neutral." The five pillars are:

• Fundamental Cash Engine: 8 / 20. This is the weakest pillar and the main reason the overall score sits in the neutral zone. The rating cites ROIC of 3.1% and FCF yield of 5.31%. For a prospective investor, a low ROIC means the business is generating limited return on the capital deployed, which tempers the upside case even though the FCF yield is positive.
• Whale 13F Flow: 12 / 20. The rating reflects institutional accumulation and options positioning. This is a moderate reading: institutional interest is present but not strongly one-sided.
• Insider Conviction: 17 / 20. This is the strongest pillar, based on SEC Form 4 and Congressional PTR cluster flow. A high score here signals that insider and disclosed-trade activity leans constructive, a supportive but not decisive input.
• Macro Regime Fit: 9 / 20. Per the rating, beta is 1 and sector sensitivity is a drag on this pillar. An investor should understand that FHN's price behavior is tied to broader market and sector conditions rather than offering insulation from them.
• Forensic Balance Sheet: 15 / 20. Altman Z of 2.5, Piotroski F of 7/9, and Debt/Equity of 0.5 together form a relatively sound financial-health profile. This is a meaningful offset to the weak cash-engine reading.

Investor implications: The valuation picture is mixed. Trailing P/E of 11.4 and forward P/E of 10.6 suggest the stock is not expensive on earnings, while EV/EBITDA of 26.5 is elevated and warrants scrutiny. The upside case rests on the insider-conviction and balance-sheet pillars; the downside case rests on low ROIC and macro/sector sensitivity. The composite rating places the stock in a neutral, cautious posture rather than a clear buy or avoid signal.

First Horizon Corporation (FHN) is a NYSE-listed issuer classified in the Financials sector and the Major Banks industry, per the profile section. Not available in source data: specific product lines, customer segments, and revenue-generation mechanics beyond the sector and industry classification.

Per the SEC financials, operating margin is 35% and net margin is 28.7%, while gross margin is reported as 0%. Per the market data, ROIC is 3.1%, which is low relative to the margin profile. Per the Roarable RQD rating, the Altman Z-Score is 2.5 and the Piotroski F-Score is 7/9, both supporting the forensic balance sheet pillar. Debt/Equity is 0.5 per the rating. Debt in the SEC financials rises sharply from $1442.7M in FY 2023 to $33630.3M in FY 2025, a shift that the source data does not explain and that a careful investor should examine.

• What drove the increase in reported debt from $1442.7M (FY 2023) to $33630.3M (FY 2025), and is it structural or a reporting change?
• What did the Q3 2026 results and earnings call report, and how did results compare with expectations?
• Why is ROIC at 3.1% despite a 35% operating margin, and what capital base explains the gap?
• Which specific insider and Congressional transactions make up the 17 / 20 insider-conviction score?
• What is the EV/EBITDA of 26.5 driven by, and does it reflect debt, cash, or EBITDA definition differences?