A Business at a Glance
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WESTERN ALLIANCE BANCORPORATION
WAL
$9.1B
Mkt Cap
$83.11
+0.17%
WESTERN ALLIANCE BANCORPORATION (WAL) has a current P/E ratio of 9.5, compared to its historical median P/E of 10.6. The stock is currently considered Fair based on its historical valuation range.
WESTERN ALLIANCE BANCORPORATION (WAL) has a 5-year average return on invested capital (ROIC) of 13.5%. This indicates solid capital allocation.
WESTERN ALLIANCE BANCORPORATION (WAL) has a market capitalization of $9.1B. It is classified as a mid-cap stock.
Yes, WESTERN ALLIANCE BANCORPORATION (WAL) pays a dividend with a trailing twelve-month yield of 1.88%. The company also returns capital through share buybacks, with a buyback yield of 0.75%.
Based on historical P/E analysis, WESTERN ALLIANCE BANCORPORATION (WAL) appears fair. The current P/E of 9.5 is 10% below its historical median of 10.6. The estimated fair value CAGR (P/E method) is 9.2%.
WESTERN ALLIANCE BANCORPORATION (WAL) operates in the State Commercial Banks industry, within the Financials sector.
Western Alliance Bancorporation (WAL) is a bank holding company headquartered in Phoenix, Arizona, that provides a comprehensive suite of customized loan, deposit, and treasury management services through its wholly-owned subsidiary Western Alliance Bank, which operates across Arizona, Nevada, California, and multiple other U.S. states and cities. The company operates three reportable segments—Commercial (serving small and middle-market businesses and specialized commercial institutions in niche industries), Consumer Related (offering commercial banking to consumer-sector enterprises and consumer banking services including residential mortgage banking), and Corporate & Other—with a diversified loan portfolio comprising 48% commercial and industrial loans, equipment leases, and municipal/non-profit loans, alongside deposit products and digital payment services. WAL generates revenue through net interest income on its variable-rate-weighted loan portfolio, deposit spreads, and non-interest income from commercial banking fees, mortgage banking services (through AmeriHome), digital payments for the legal industry (through Juris Banking), corporate trust services, and levered loan administration; the business model emphasizes relationship-driven commercial banking with specialized expertise in niche verticals, supported by regional banking deposits and specialty escrow services. The company's competitive positioning rests on its deep sector expertise, multi-year investments in large financial institution readiness, and a growing platform of specialized financial services, with a geographic footprint spanning major metropolitan areas and regional markets across the western and central United States.
【Deposit optimization and NIM expansion】 Management expects deposit growth of $8 billion in 2026 to provide flexibility for remixing deposit concentrations toward lower-cost sources, supporting net interest margin expansion despite an outlook assuming no rate cuts this year compared to prior expectations of two cuts. Net interest income is projected to grow 11%–14%, trending toward the upper end of the range, driven by a largely variable-rate loan portfolio, unchanged $6 billion loan growth guidance, and deposit composition optimization that will mitigate interest expense as loan growth accelerates. Non-interest income excluding security sales is expected to grow 13%–17%, reflecting strong momentum in Juris Banking and a return to solid mortgage banking trajectory following March rate volatility, with mortgage revenue expected to grow approximately 15% over 2025 levels. The company expects to cross $100 billion in assets by year-end 2026 without a notable step-up in expenses, and management remains constructive on mortgage fundamentals heading into 2026 due to the current administration's focus on affordable homeownership, potential capital relief on mortgage servicing rights, and continued mortgage rate reductions.
| Metric | Target | Period |
|---|---|---|
| HFI Loan Growth | $6 billion | FY2026 |
| Deposit Growth | $8 billion | FY2026 |
| Net Interest Income Growth | 11%-14% | FY2026 |
| Non-Interest Income Growth (excluding security sales) | 13%-17% | FY2026 |
| Total Non-Interest Expense Growth | 7%-11% | FY2026 |
| Deposit Costs | $650 million-$700 million | FY2026 |
| Operating Expenses (excluding deposit costs) | $1.6 billion-$1.65 billion | FY2026 |
| Net Charge-Offs | 25-35 basis points | FY2026 |
| Effective Tax Rate | approximately 19% | FY2026 |
| Mortgage Banking Revenue Growth | approximately 15% | FY2026 |
“We reiterate our expectation for $6 billion of HFI loan growth as our business pipelines remain robust.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.4B | 5.4B | 5.1B | 4.3B | 3.0B | 2.1B |
| Net Income | 956M | 956M | 775M | 710M | 1.0B | 896M |
| EPS | $8.73 | $8.73 | $7.09 | $6.54 | $9.70 | $8.67 |
| Free Cash Flow | -2.8B | -2.8B | -2.8B | -443M | 2.1B | 2.6B |
| ROIC | 10.6% | 10.5% | 9.9% | 10.8% | 16.8% | 19.6% |
| Gross Margin | 67.2% | 67.2% | 65.7% | 59.2% | 82.3% | 93.7% |
| Debt/Equity | 0.68 | 0.68 | 0.83 | 1.19 | 1.18 | 0.30 |
| Dividends/Share | $0.00 | $1.56 | $1.49 | $1.45 | $1.42 | $1.20 |
| Operating Income | 1.2B | 1.2B | 991M | 934M | 1.3B | 1.1B |
| Operating Margin | 22.5% | 22.5% | 19.5% | 21.6% | 43.6% | 54.4% |
| ROE | 12.5% | 13.3% | 12.1% | 12.4% | 20.2% | 21.4% |
| Shares Outstanding | 110M | 110M | 109M | 109M | 108M | 103M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 441M | 555M | 743M | 891M | 1.1B | 1.3B | 1.3B | 2.1B | 3.0B | 4.3B | 5.1B | 5.4B | 5.4B |
| Gross Margin | 91.8% | 93.6% | 93.1% | 91.2% | 86.8% | 84.3% | 84.9% | 93.7% | 82.3% | 59.2% | 65.7% | 67.2% | 67.2% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 127M | 150M | 189M | 214M | 253M | 279M | 304M | 467M | 540M | 566M | 631M | 758M | 758M |
| EBIT | 197M | 259M | 361M | 452M | 510M | 604M | 623M | 1.1B | 1.3B | 934M | 991M | 1.2B | 1.2B |
| Op. Margin | 44.8% | 46.6% | 48.6% | 50.7% | 47.4% | 46.8% | 46.7% | 54.4% | 43.6% | 21.6% | 19.5% | 22.5% | 22.5% |
| Net Income | 147M | 193M | 260M | 325M | 436M | 499M | 507M | 896M | 1.0B | 710M | 775M | 956M | 956M |
| Net Margin | 33.2% | 34.9% | 34.9% | 36.5% | 40.5% | 38.7% | 38.0% | 43.4% | 34.6% | 16.4% | 15.2% | 17.8% | 17.8% |
| Non-Recurring | 2.8M | -376K | -21K | -28K | 44K | -278K | 0 | 8.4M | 6.8M | -41M | 17M | 29M | 29M |
| Returns on Capital | |||||||||||||
| ROIC | 12.3% | 13.8% | 14.2% | 15.2% | 18.0% | 17.7% | 15.8% | 19.6% | 16.8% | 10.8% | 9.9% | 10.5% | 10.6% |
| ROE | 15.8% | 14.9% | 14.9% | 15.8% | 18.0% | 17.7% | 15.8% | 21.4% | 20.2% | 12.4% | 12.1% | 13.3% | 12.5% |
| ROA | 1.5% | 1.6% | 1.7% | 1.7% | 2.0% | 2.0% | 1.6% | 1.9% | 1.7% | 1.0% | 1.0% | 1.1% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 167M | 220M | 281M | 384M | 541M | 718M | 670M | 2.7B | 2.2B | -329M | -2.7B | -2.7B | -2.7B |
| Free Cash Flow | 153M | 210M | 270M | 375M | 539M | 684M | 643M | 2.6B | 2.1B | -443M | -2.8B | -2.8B | -2.8B |
| Owner Earnings | 145M | 186M | 248M | 347M | 501M | 673M | 619M | 2.6B | 2.0B | -426M | -3.1B | -2.8B | -2.8B |
| CapEx | 14M | 11M | 11M | 8.9M | 1.9M | 34M | 27M | 69M | 141M | 114M | 84M | 114M | 114M |
| Maint. CapEx | 6.2M | 8.5M | 12M | 13M | 14M | 19M | 23M | 34M | 157M | 63M | 277M | 107M | 107M |
| Growth CapEx | 7.8M | 2.4M | 0 | 0 | 0 | 15M | 3.9M | 36M | 0 | 51M | 0 | 7.7M | 7.7M |
| D&A | 6.2M | 8.5M | 12M | 13M | 14M | 19M | 23M | 34M | 157M | 63M | 277M | 107M | 107M |
| CapEx/OCF | 8.3% | 4.9% | 3.8% | 2.3% | 2.1% | 4.7% | 4.0% | N/A | 6.3% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.4M | 750K | 0 | 0 | 0 | 51M | 101M | 128M | 166M | 172M | 177M | 0 | 0 |
| Dividend Yield | 0.1% | 0.0% | N/A | N/A | N/A | 1.2% | 2.7% | 1.4% | 2.1% | 3.5% | 2.3% | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 36M | 120M | 72M | 0 | 0 | 0 | 0 | 68M | 68M |
| Buyback Yield | N/A | N/A | N/A | N/A | 1.0% | 2.3% | 1.3% | N/A | N/A | N/A | N/A | 0.7% | 0.7% |
| Stock-Based Comp | 17M | 26M | 20M | 24M | 26M | 26M | 29M | 35M | 40M | 34M | 48M | 51M | 51M |
| Debt Repayment | 40M | 200M | 66M | 294M | 97M | 0 | 75M | 476M | 31M | 818M | 1.0B | 8.5B | 8.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 284M | -75M | -35M | -29M | 0 | -438M | -7.4B | -5.2B | -1.8B | 5.7B | 1.5B | 1.6B | 1.6B |
| Cash & Equiv. | 164M | 225M | 284M | 417M | 499M | 435M | 2.7B | 516M | 1.0B | 1.6B | 4.1B | 3.6B | 3.6B |
| Long-Term Debt | 210M | 0 | 169M | 0 | 0 | 0 | 0 | 775M | 1.3B | 446M | 2.4B | 1.4B | 1.4B |
| Debt/Equity | 0.45 | 0.09 | 0.13 | 0.17 | 0.19 | 0.00 | 0.01 | 0.30 | 1.18 | 1.19 | 0.83 | 0.68 | 0.68 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.8 |
| Equity | 1.0B | 1.6B | 1.9B | 2.2B | 2.6B | 3.0B | 3.4B | 5.0B | 5.4B | 6.1B | 6.7B | 7.7B | 7.7B |
| Total Assets | 10.6B | 14.3B | 17.2B | 20.3B | 23.1B | 26.8B | 36.5B | 56.0B | 67.7B | 70.9B | 80.9B | 92.8B | 92.8B |
| Total Liabilities | 9.6B | 12.7B | 15.3B | 18.1B | 20.5B | 23.8B | 33.0B | 51.0B | 62.4B | 64.8B | 74.2B | 84.8B | 84.8B |
| Intangibles | 2.7M | 16M | 13M | 11M | 9.3M | 7.7M | 8.2M | 143M | 153M | 142M | 132M | 122M | 122M |
| Retained Earnings | 85M | 263M | 522M | 848M | 1.3B | 1.7B | 2.0B | 2.8B | 3.7B | 4.2B | 4.8B | 5.6B | 5.6B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.67 | 2.03 | 2.50 | 3.10 | 4.14 | 4.84 | 5.04 | 8.67 | 9.70 | 6.54 | 7.09 | 8.73 | 8.73 |
| Owner EPS | 1.65 | 1.96 | 2.38 | 3.30 | 4.76 | 6.53 | 6.15 | 25.02 | 19.02 | -3.93 | -28.06 | -25.90 | -25.90 |
| Book Value | 11.40 | 16.70 | 18.20 | 21.24 | 24.83 | 29.25 | 33.96 | 48.04 | 49.74 | 56.02 | 61.37 | 69.87 | 69.87 |
| Cash Flow/Share | 1.91 | 2.31 | 2.70 | 3.66 | 5.14 | 6.96 | 6.67 | 25.69 | 20.85 | -3.03 | -25.09 | -24.46 | 9.70 |
| Dividends/Share | 0.02 | 0.01 | 0.00 | 0.00 | 0.00 | 0.50 | 1.01 | 1.20 | 1.42 | 1.45 | 1.49 | 1.56 | 0.00 |
| Shares Out. | 87.8M | 95.3M | 103.9M | 105.0M | 105.3M | 103.1M | 100.5M | 103.3M | 107.7M | 108.5M | 109.3M | 109.5M | 109.5M |
| Valuation | |||||||||||||
| P/E Ratio | 14.5 | 15.6 | 17.1 | 16.0 | 8.3 | 10.3 | 10.8 | 11.3 | 5.4 | 9.8 | 11.5 | 9.9 | 9.5 |
| P/FCF | 13.8 | 14.4 | 16.4 | 13.9 | 6.7 | 7.5 | 8.5 | 3.9 | 2.7 | N/A | N/A | N/A | N/A |
| EV/EBIT | 10.6 | 10.1 | 10.3 | 10.2 | 6.0 | 6.1 | 0.8 | 4.3 | 6.4 | 6.6 | 5.4 | 5.0 | 8.9 |
| Price/Book | 2.1 | 1.9 | 2.3 | 2.3 | 1.4 | 1.7 | 1.6 | 2.0 | 1.1 | 1.1 | 1.3 | 1.2 | 1.2 |
| Price/Sales | 4.5 | 5.1 | 4.7 | 5.6 | 5.3 | 3.7 | 3.0 | 4.7 | 3.1 | 1.9 | 2.4 | 2.5 | 1.7 |
| FCF Yield | 7.2% | 7.0% | 6.1% | 7.2% | 15.0% | 13.3% | 11.8% | 25.6% | 37.2% | -6.4% | -31.6% | -29.6% | -30.7% |
| Market Cap | 2.1B | 3.0B | 4.4B | 5.2B | 3.6B | 5.2B | 5.5B | 10.1B | 5.7B | 7.0B | 8.9B | 9.4B | 9.1B |
| Avg. Price | 20.81 | 27.77 | 31.40 | 43.88 | 48.66 | 40.16 | 36.99 | 88.10 | 72.64 | 45.58 | 69.47 | 79.30 | 83.11 |
| Year-End Price | 24.15 | 31.58 | 42.71 | 49.67 | 34.25 | 50.01 | 54.29 | 97.89 | 52.48 | 64.28 | 81.74 | 86.16 | 83.11 |
WESTERN ALLIANCE BANCORPORATION passes 6 of 9 quality checks, suggesting mixed fundamentals.
WESTERN ALLIANCE BANCORPORATION trades at 9.5x trailing earnings, compared to its 15-year median P/E of 10.6x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 13.5% with a gross margin of 73.6%. Total shareholder yield (dividends + buybacks) is 2.6%. At current prices, the estimated annualized return to fair value is +26.0%.
WESTERN ALLIANCE BANCORPORATION (WAL) reported annual revenue of $5.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
WESTERN ALLIANCE BANCORPORATION (WAL) has a net profit margin of 17.8%. This is a healthy margin.
WESTERN ALLIANCE BANCORPORATION (WAL) generated $-2.8 billion in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
WESTERN ALLIANCE BANCORPORATION (WAL) has a debt-to-equity ratio of 0.68. This indicates moderate leverage.
WESTERN ALLIANCE BANCORPORATION (WAL) reported earnings per share (EPS) of $8.73 in its most recent fiscal year.
WESTERN ALLIANCE BANCORPORATION (WAL) has a return on equity (ROE) of 13.3%. This indicates moderate shareholder returns.
WESTERN ALLIANCE BANCORPORATION (WAL) has a 5-year average gross margin of 73.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for WESTERN ALLIANCE BANCORPORATION (WAL), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
WESTERN ALLIANCE BANCORPORATION (WAL) has a book value per share of $69.87, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects deposit growth of $8 billion in 2026 to provide flexibility for remixing deposit concentrations toward lower-cost sources, supporting net interest margin expansion despite an outlook assuming no rate cuts this year compared to prior expectations of two cuts. Net interest income is projected to grow 11%–14%, trending toward the upper end of the range, driven by a largely variable-rate loan portfolio, unchanged $6 billion loan growth guidance, and deposit composition optimization that will mitigate interest expense as loan growth accelerates. Non-interest income excluding security sales is expected to grow 13%–17%, reflecting strong momentum in Juris Banking and a return to solid mortgage banking trajectory following March rate volatility, with mortgage revenue expected to grow approximately 15% over 2025 levels. The company expects to cross $100 billion in assets by year-end 2026 without a notable step-up in expenses, and management remains constructive on mortgage fundamentals heading into 2026 due to the current administration's focus on affordable homeownership, potential capital relief on mortgage servicing rights, and continued mortgage rate reductions.
Based on recent SEC filings and earnings calls, WESTERN ALLIANCE BANCORPORATION (WAL) has provided the following forward guidance: HFI Loan Growth: $6 billion (FY2026); Deposit Growth: $8 billion (FY2026); Net Interest Income Growth: 11%-14% (FY2026); Non-Interest Income Growth (excluding security sales): 13%-17% (FY2026); Total Non-Interest Expense Growth: 7%-11% (FY2026), plus 5 additional metrics.
Deposit Growth (FY2026): “Our $8 billion deposit growth target remains unchanged.”
Net Interest Income Growth (FY2026): “Net interest income growth continues to be projected in the range of 11%-14%.”
Non-Interest Income Growth (excluding security sales) (FY2026): “Non-interest income, excluding the impact of security sales, is projected to grow 13%-17%.”
Total Non-Interest Expense Growth (FY2026): “Total non-interest expense is now expected to increase 7%-11%.”
Deposit Costs (FY2026): “Our deposit cost range of $650 million-$700 million reflects higher average balances from stronger performance in select deposit businesses, as well as the removal of projected rate cuts from our 2026 forecast.”
Operating Expenses (excluding deposit costs) (FY2026): “Operating expenses are now expected to be between $1.6 billion-$1.65 billion, driven by higher variable compensation, incremental costs associated with increased Juris Banking fee revenue, and continued investments in new businesses and technology.”
Net Charge-Offs (FY2026): “With respect to asset quality, we reaffirm our core net charge-off guidance of 25-35 basis points, excluding the two fraud-related charge-offs recognized in Q1.”