A Business at a Glance
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ITEM 1. BUSINESS DESCRIPTION OF BUSINESS Zions Bancorporation, National Association (“Zions Bancorporation, N.A.,” “the Bank,” “we,” “our,” “us”) is a bank headquartered in Salt Lake City, Utah, with annual net revenue (net interest income and noninterest income) of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. We provide a wide range of banking products and related services, primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. At December 31, 2025, we had more than one million customers, served through 407 branches and various online, mobile, and digital channels, and we had 9,195 full-time equivalent employees.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.4B | 3.4B | 3.1B | 3.1B | 3.2B | 2.9B |
| Net Income | 895M | 895M | 737M | 648M | 878M | 1.1B |
| EPS | $6.01 | $6.01 | $4.95 | $4.35 | $5.79 | $6.79 |
| Free Cash Flow | 952M | 952M | 1.1B | 772M | 1.3B | 423M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.64 | 0.64 | 0.78 | 0.86 | 2.26 | 0.26 |
| Dividends/Share | $1.79 | $1.79 | $1.94 | $1.89 | $1.77 | $1.61 |
| Operating Income | 0 | - | - | - | - | - |
| Operating Margin | 0.0% | - | - | - | - | - |
| ROE | 12.5% | 13.5% | 12.0% | 11.4% | 17.9% | 14.7% |
| Shares Outstanding | 149M | 149M | 149M | 149M | 152M | 162M |
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ passes 3 of 9 quality checks, indicating weak fundamentals.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ trades at 3.2x trailing earnings, compared to its 15-year median P/E of 4.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 3.0x vs a median of 3.9x. Total shareholder yield (dividends + buybacks) is 10.9%. At current prices, the estimated annualized return to fair value is +9.1%.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) has a current P/E ratio of 3.2, compared to its historical median P/E of 4.1. The stock is currently considered Fair based on its historical valuation range.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) has a market capitalization of $2.8B. It is classified as a mid-cap stock.
Yes, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) pays a dividend with a trailing twelve-month yield of 9.41%. The company also returns capital through share buybacks, with a buyback yield of 1.45%.
Based on historical P/E analysis, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) appears fair. The current P/E of 3.2 is 23% below its historical median of 4.1. The estimated fair value CAGR (P/E method) is 6.1%.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) operates in the National Commercial Banks industry, within the Financials sector.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) reported annual revenue of $3.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) has a net profit margin of 26.4%. This is a strong margin indicating high profitability.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) 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/ (ZIONP) has a debt-to-equity ratio of 0.64. This indicates moderate leverage.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) reported earnings per share (EPS) of $6.01 in its most recent fiscal year.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) has a return on equity (ROE) of 13.5%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZIONP) has a book value per share of $48.21, based on its most recent annual SEC filing.
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