Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.17, read 2026-11-07
Ethical does not pass the values gate
Price23.04 USD
Fair value30.45
Ethical score30.0/100
Value readUndervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-10-29Read Accumulation23.44-1.7% to today Markdown gives way to Accumulation after a 7% slide in 17 weeks
2026-07-02Read Markdown25.14-8.4% to today ✓First review on file: Markdown
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
First Horizon Corp holds its Markdown at $23.04. Consolidating, no directional conviction, held for 216 days.
As held on the ledger · 2026-11-06
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 216 days
Price at the screen
$23.04
Valuation
16.86 trailing · 10.00 forward price to earnings
Values screen
FAIL· score 30.0
Beta
0.63
The Workings
Five Screens, Shown in Full
Does not pass. Excluded industry: Banks - Regional
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Excluded industry: Banks - Regional
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
First Horizon does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-11-07. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when FHN's ethical verdict changes
Today FHN does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
The quantitative screen above is arithmetic. Separately, community boycott lists cite this company: Documented on AFSC Investigate. The desk records that flag here without folding it into the verdict: the screen measures the balance sheet, the overlay informs the conscience, and they are different judgements that belong to different owners. The second one is yours.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Undervalued vs our fair value, as of 6 Nov 2026: it trades at roughly a 24% discount to our $30.45 fair value, narrow competitive moat.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. A 24.3% discount to the base estimate.
Where our models see it going: fair-value estimate $30.45, with a range of $26.17 to $43.62, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Regional Banks Hit Our Ethical Wall
Picture a Memphis branch where local firms borrow for payroll and families take out mortgages. First Horizon handles that everyday banking across the south. The numbers look steady, with revenue up 10 percent, a 30 percent profit margin and an 11 percent return on equity at a forward multiple of 11.2 times.
We pass outright. The ethical screen rules out regional banks on principle, regardless of the narrow moat or the analyst consensus buy rating and 28 dollar median target. Our own fair value sits at 30 dollars, yet the industry exclusion overrides any margin of safety.
Valuations this low often mask cyclical earnings that can fall fast when rates turn or credit losses rise. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
FHN trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-05Accumulation$23.74+1.3%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27.
2026-10-22Markdown$22.88-0.9%Entry 13
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.9% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27.
2026-10-15Markdown$23.08+0.0%Entry 12
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-14Markdown$23.08+0.0%Entry 11
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-13Markdown$23.08+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-12Markdown$23.08-0.1%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-11Markdown$23.10+0.0%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-10Markdown$23.10+0.0%Entry 7
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-02Markdown$23.10-5.8%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 5% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 25%. Our forward projection puts the odds of a 10% gain over the next month near 26%. The street (19 analysts) rates it buy, with a mean price target of $27.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
