A Business at a Glance
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ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/
ZION
$10.3B
Mkt Cap
$69.29
+0.19%
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a current P/E ratio of 11.5, compared to its historical median P/E of 9.9. The stock is currently considered Fair based on its historical valuation range.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a 5-year average return on invested capital (ROIC) of 11.7%. This indicates solid capital allocation.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a market capitalization of $10.2B. It is classified as a large-cap stock.
Yes, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) pays a dividend with a trailing twelve-month yield of 2.64%. The company also returns capital through share buybacks, with a buyback yield of 0.76%.
Based on historical P/E analysis, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) appears fair. The current P/E of 11.5 is 16% above its historical median of 9.9. The estimated fair value CAGR (P/E method) is 5.4%.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) operates in the National Commercial Banks industry, within the Financials sector.
Zions Bancorporation, N.A. is a bank headquartered in Salt Lake City, Utah, with approximately $89 billion in total assets and annual net revenue of $3.4 billion as of December 31, 2025, serving more than one million customers across 11 Western states through 407 branches and digital channels. The company operates through seven geographically defined affiliate banks—Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington—each with local management and branding, supported by an enterprise-level segment providing governance, risk oversight, and centralized technology infrastructure. The business model emphasizes local authority and accountability with locally informed pricing and product customization across commercial and small business banking (including SBA lending, municipal finance, and cash management), capital markets and investment banking (loan syndication, M&A advisory, securities underwriting, and power/project finance), commercial real estate lending (multifamily, industrial, retail, office, and residential properties), retail banking (mortgages, consumer deposits, and credit cards), and wealth management (investment management, fiduciary services, and estate planning). The company faces competition from commercial banks, credit unions, fintechs, private credit funds, and nontraditional financial institutions, with credit unions being particularly prominent in Utah and Idaho, while many competitors operate under fewer regulatory constraints and possess greater technological capabilities.
【Capital markets and deposit growth】 Management expects net interest income to be moderately increasing in the first quarter of 2027 given uncertain benchmark rate paths, with customer-related fee income also moderately increasing driven by broad-based growth and capital markets contributing in an outsized way. The company continues to invest in consumer and small business franchises, including the rollout of a tiered checking solution branded "Beyond of Business" designed to support clients as they grow from basic banking needs to more complex cash flow capabilities. Management expects positive operating leverage for the full year 2026 in the range of 100–150 basis points, reflecting revenue growth outpacing non-interest expense growth, while continuing to expect net capital generation through earnings and improvement in accumulated other comprehensive income (AOCI), with tangible book value per share having increased 19% versus the prior year. The company anticipates continued decline in classified commercial real estate balances through payoffs and upgrades, and expects to see growth in loans and deposits supported by favorable earning asset and interest-bearing liability remix, with commercial loans expected to lead growth primarily in C&I and owner-occupied categories.
| Metric | Target | Period |
|---|---|---|
| Operating leverage | 100–150 basis points | Full year 2026 |
| Operating leverage | 100–150 basis points | Full year 2026 |
Operating leverage (Full year 2026): “we continue to expect positive operating leverage for a full year 2026 in the range of 100-150 basis points”
Operating leverage (Full year 2026): “We continue to expect positive operating leverage in 2026 that we currently estimate around 100 to 150 basis points.”
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 | 3.4B | 4.9B | 5.0B | 4.6B | 3.3B | 3.0B |
| Net Income | 958M | 895M | 737M | 648M | 878M | 1.1B |
| EPS | $6.50 | $6.01 | $4.95 | $4.35 | $5.79 | $6.79 |
| Free Cash Flow | 1.2B | 952M | 1.1B | 772M | 1.3B | 423M |
| ROIC | 10.3% | 11.4% | 11.1% | 11.0% | 12.5% | 12.4% |
| Gross Margin | - | 68.5% | 62.7% | 67.0% | 93.8% | 97.4% |
| Debt/Equity | 0.27 | 0.64 | 0.78 | 0.86 | 2.26 | 0.26 |
| Dividends/Share | $1.83 | $1.76 | $1.66 | $1.64 | $1.58 | $1.44 |
| Operating Income | 98M | 96M | 61M | 61M | 1.2B | 128M |
| Operating Margin | 2.8% | 1.9% | 1.2% | 1.3% | 34.5% | 4.3% |
| ROE | 13.1% | 13.5% | 12.5% | 12.2% | 14.2% | 14.3% |
| Shares Outstanding | 147M | 149M | 149M | 149M | 152M | 162M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.3B | 2.2B | 2.5B | 2.7B | 3.0B | 3.2B | 2.9B | 3.0B | 3.3B | 4.6B | 5.0B | 4.9B | 3.4B |
| Gross Margin | 88.4% | 92.8% | 92.7% | 94.5% | 90.4% | 86.2% | 93.8% | 97.4% | 93.8% | 67.0% | 62.7% | 68.5% | N/A |
| 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 | 956M | 973M | 978M | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B | 1.4B | 1.4B |
| EBIT | 621M | 451M | 705M | 936M | 44M | 1.1B | 672M | 128M | 1.2B | 61M | 61M | 96M | 98M |
| Op. Margin | 26.5% | 20.6% | 28.5% | 34.2% | 1.5% | 32.4% | 22.8% | 4.3% | 34.5% | 1.3% | 1.2% | 1.9% | 2.8% |
| Net Income | 327M | 247M | 411M | 550M | 850M | 782M | 505M | 1.1B | 878M | 648M | 737M | 895M | 958M |
| Net Margin | 13.9% | 11.3% | 16.6% | 20.1% | 28.0% | 24.1% | 17.2% | 37.0% | 26.3% | 14.0% | 14.8% | 18.1% | 27.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 3.8% | 2.9% | 5.0% | 6.8% | 10.4% | 9.0% | 5.5% | 12.4% | 12.5% | 11.0% | 11.1% | 11.4% | 10.3% |
| ROE | 4.7% | 3.3% | 5.4% | 7.2% | 11.1% | 10.5% | 6.6% | 14.3% | 14.2% | 12.2% | 12.5% | 13.5% | 13.1% |
| ROA | 0.6% | 0.4% | 0.7% | 0.8% | 1.3% | 1.1% | 0.7% | 1.3% | 1.0% | 0.7% | 0.8% | 1.0% | 1.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 380M | 464M | 596M | 928M | 1.2B | 697M | 719M | 629M | 1.5B | 885M | 1.1B | 1.1B | 1.3B |
| Free Cash Flow | 205M | 307M | 400M | 759M | 1.0B | 580M | 548M | 423M | 1.3B | 772M | 1.1B | 952M | 1.2B |
| Owner Earnings | 294M | 353M | 447M | 724M | 957M | 482M | 607M | 587M | 1.3B | 712M | 991M | 922M | 1.2B |
| CapEx | 176M | 157M | 196M | 169M | 129M | 117M | 171M | 206M | 190M | 113M | 97M | 121M | 119M |
| Maint. CapEx | 58M | 86M | 123M | 179M | 193M | 188M | 86M | 14M | 110M | 140M | 124M | 116M | 118M |
| Growth CapEx | 118M | 71M | 73M | 0 | 0 | 0 | 85M | 192M | 80M | 0 | 0 | 5.0M | 1.0M |
| D&A | 58M | 86M | 123M | 179M | 193M | 188M | 86M | 14M | 110M | 140M | 124M | 116M | 118M |
| CapEx/OCF | 38.7% | 33.9% | 32.9% | 18.2% | 11.0% | 16.8% | 23.8% | 32.8% | 12.9% | 12.8% | 8.4% | 11.3% | 9.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 43K | 56K | 65K | 129M | 236M | 260M | 259M | 261M | 269M | 282M | 289M | 267M | 269M |
| Dividend Yield | 0.0% | 0.0% | 0.0% | 1.8% | 2.8% | 3.8% | 5.3% | 3.4% | 3.5% | 5.8% | 4.4% | 3.5% | 2.6% |
| Share Buybacks | 5.6M | 7.0M | 97M | 321M | 672M | 1.1B | 76M | 800M | 202M | 51M | 36M | 41M | 77M |
| Buyback Yield | N/A | 0.2% | 1.4% | 4.0% | 10.2% | 14.1% | 1.3% | 9.1% | 3.1% | 0.8% | 0.5% | 0.5% | 0.8% |
| Stock-Based Comp | 29M | 25M | 26M | 25M | 26M | 27M | 26M | 28M | 30M | 33M | 33M | 35M | 36M |
| Debt Repayment | 1.2B | 288M | 280M | 153M | 162M | 0 | 429M | 286M | 290M | 128M | 88M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -2.4B | -7.4B | 5.0B | -13.1B | -9.0B | -10.7B | -3.2B | -23.5B | 19.1B | -16.5B | 2.3B | 4.6B | 2.2B |
| Cash & Equiv. | -331M | 798M | 737M | 548M | 614M | 705M | 543M | 595M | 657M | 716M | 651M | 683M | -213M |
| Long-Term Debt | 1.1B | 812M | 535M | 383M | 724M | 1.7B | 1.3B | 1.0B | 651M | 542M | 950M | 1.5B | 2.0B |
| Debt/Equity | 0.14 | 0.12 | 0.13 | 0.33 | 0.84 | 0.51 | 0.37 | 0.26 | 2.26 | 0.86 | 0.78 | 0.64 | 0.27 |
| 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 | 0.3 |
| Equity | 7.4B | 7.5B | 7.6B | 7.7B | 7.6B | 7.4B | 7.9B | 7.5B | 4.9B | 5.7B | 6.1B | 7.2B | 7.3B |
| Total Assets | 57.2B | 59.7B | 63.2B | 66.3B | 68.7B | 69.2B | 81.5B | 93.2B | 89.5B | 87.2B | 88.8B | 89.0B | 88.0B |
| Total Liabilities | 49.8B | 52.2B | 55.6B | 58.6B | 61.2B | 61.8B | 73.6B | 85.7B | 84.7B | 81.5B | 82.7B | 81.8B | 80.7B |
| Intangibles | 26M | 16M | 8.0M | 2.0M | 1.0M | 0 | 2.0M | 1.0M | 38M | 32M | 25M | 31M | 0 |
| Retained Earnings | 1.8B | 2.0B | 2.3B | 2.8B | 3.5B | 4.0B | 4.3B | 5.2B | 5.8B | 6.2B | 6.7B | 7.3B | 7.5B |
| 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 | 1.68 | 1.20 | 1.99 | 2.60 | 4.08 | 4.16 | 3.02 | 6.79 | 5.79 | 4.35 | 4.95 | 6.01 | 6.50 |
| Owner EPS | 1.51 | 1.71 | 2.16 | 3.42 | 4.59 | 2.56 | 3.63 | 3.62 | 8.77 | 4.78 | 6.66 | 6.19 | 7.91 |
| Book Value | 37.91 | 36.47 | 36.96 | 36.30 | 36.37 | 39.12 | 47.16 | 46.07 | 32.27 | 38.20 | 41.13 | 48.21 | 49.61 |
| Cash Flow/Share | 1.96 | 2.25 | 2.89 | 4.39 | 5.64 | 3.71 | 4.30 | 3.88 | 9.69 | 5.94 | 7.71 | 7.21 | 7.32 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.61 | 1.04 | 1.28 | 1.36 | 1.44 | 1.58 | 1.64 | 1.66 | 1.76 | 1.83 |
| Shares Out. | 194.4M | 205.8M | 206.5M | 211.5M | 208.3M | 188.0M | 167.2M | 162.0M | 151.6M | 149.0M | 148.9M | 148.9M | 147.1M |
| Valuation | |||||||||||||
| P/E Ratio | 12.7 | 17.4 | 16.6 | 15.2 | 7.8 | 10.0 | 12.0 | 8.0 | 7.3 | 9.5 | 10.6 | 9.8 | 10.7 |
| P/FCF | 20.3 | 14.0 | 17.0 | 11.0 | 6.3 | 13.5 | 11.1 | 20.7 | 5.0 | 8.0 | 7.4 | 9.2 | 8.5 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.0 | 4.5 | 5.0 | 126.2 |
| Price/Book | 0.6 | 0.6 | 0.9 | 1.1 | 0.9 | 1.1 | 0.8 | 1.2 | 1.3 | 1.1 | 1.3 | 1.2 | 1.4 |
| Price/Sales | 1.9 | 2.1 | 1.9 | 2.7 | 3.0 | 2.4 | 1.7 | 2.7 | 2.4 | 1.6 | 2.1 | 2.3 | 3.0 |
| FCF Yield | 4.9% | 7.2% | 5.9% | 9.1% | 15.8% | 7.4% | 9.0% | 4.8% | 19.9% | 12.5% | 13.4% | 10.8% | 11.8% |
| Market Cap | 4.2B | 4.3B | 6.8B | 8.4B | 6.6B | 7.8B | 6.1B | 8.8B | 6.4B | 6.2B | 7.8B | 8.8B | 10.2B |
| Avg. Price | 21.83 | 21.43 | 21.69 | 33.83 | 40.46 | 36.84 | 29.18 | 47.80 | 50.01 | 32.69 | 43.86 | 51.44 | 69.29 |
| Year-End Price | 21.37 | 20.84 | 32.97 | 39.50 | 31.72 | 41.54 | 36.29 | 54.17 | 42.31 | 41.36 | 52.50 | 59.08 | 69.29 |
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ trades at 11.5x trailing earnings, compared to its 15-year median P/E of 9.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.8x vs a median of 10.1x. The company's 5-year average ROIC is 11.7% with a gross margin of 77.9%. Total shareholder yield (dividends + buybacks) is 3.4%. At current prices, the estimated annualized return to fair value is +9.7%.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) reported annual revenue of $4.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a net profit margin of 18.1%. This is a healthy margin.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) generated $952 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a debt-to-equity ratio of 0.64. This indicates moderate leverage.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) reported earnings per share (EPS) of $6.01 in its most recent fiscal year.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a return on equity (ROE) of 13.5%. This indicates moderate shareholder returns.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a 5-year average gross margin of 77.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has a book value per share of $48.21, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects net interest income to be moderately increasing in the first quarter of 2027 given uncertain benchmark rate paths, with customer-related fee income also moderately increasing driven by broad-based growth and capital markets contributing in an outsized way. The company continues to invest in consumer and small business franchises, including the rollout of a tiered checking solution branded "Beyond of Business" designed to support clients as they grow from basic banking needs to more complex cash flow capabilities. Management expects positive operating leverage for the full year 2026 in the range of 100–150 basis points, reflecting revenue growth outpacing non-interest expense growth, while continuing to expect net capital generation through earnings and improvement in accumulated other comprehensive income (AOCI), with tangible book value per share having increased 19% versus the prior year. The company anticipates continued decline in classified commercial real estate balances through payoffs and upgrades, and expects to see growth in loans and deposits supported by favorable earning asset and interest-bearing liability remix, with commercial loans expected to lead growth primarily in C&I and owner-occupied categories.
Based on recent SEC filings and earnings calls, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) has provided the following forward guidance: Operating leverage: 100–150 basis points (Full year 2026); Operating leverage: 100–150 basis points (Full year 2026).
No recent press releases.