stockrow
Friday 6 November 2026
Export WAL’s income statement to Excel — free account
Western Alliance Bancorporation
Western Alliance Bancorporation’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, up 5.64% from fiscal 2024.
- Revenue
- +3.58%
- EPS
- +6.52%
- Free cash flow
- +218.5%
- Total debt
- +46.7%
Quarter to September 2026, against a year earlier
75.77
0.11
−0.14%
Follow WAL
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 743 | 891 | 1,077 | 1,290 | 1,333 | 2,063 | 3,016 | 4,316 | 5,084 | 5,371 | 5,768 | +24.6% | 3,991 | 4,166 | 4,436 | (6.2%) | |
| Gross margin, % | 94.18 | 93.17 | 89.08 | 85.69 | 92.88 | 94.67 | 84.24 | 60.70 | 62.19 | 65.96 | 69.52 | (28.2) pt | ||||||
| EBT | 361 | 452 | 510 | 604 | 623 | 1,123 | 1,316 | 934 | 991 | 1,207 | 1,258 | +14.3% | ||||||
| EBT margin, % | 48.58 | 50.72 | 47.40 | 46.83 | 46.71 | 54.44 | 43.63 | 21.63 | 19.50 | 22.48 | 21.81 | (26.1) pt | ||||||
| Net income | 260 | 325 | 436 | 499 | 507 | 899 | 1,057 | 722 | 788 | 991 | 1,028 | +16.0% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 7.21 | 8.55 | 10.28 | 12.56 | 13.30 | 20.09 | 28.14 | 39.85 | 46.82 | 49.37 | 53.70 | +23.8% | |||||
| Earnings | 2.50 | 3.10 | 4.16 | 4.86 | 5.04 | 8.72 | 9.74 | 6.54 | 7.14 | 8.79 | 9.07 | +15.0% | ||||||
| Cash flow | 2.72 | 3.68 | 5.17 | 6.99 | 6.69 | (25.84) | 20.95 | (3.03) | (25.25) | (24.62) | (1.52) | n/m | ||||||
| Capex | (0.10) | 0.12 | (0.02) | (0.33) | (0.27) | (0.68) | (1.32) | (1.06) | (0.77) | (1.05) | (1.12) | +29.5% | ||||||
| Free cash flow | 2.62 | 3.80 | 5.15 | 6.66 | 6.42 | (26.52) | 19.63 | (4.09) | (26.02) | (25.67) | (2.64) | n/m | ||||||
| Book value | 18.36 | 21.40 | 24.96 | 29.37 | 34.07 | 48.33 | 49.96 | 56.12 | 61.76 | 73.03 | 73.99 | +16.6% | ||||||
| Shares, m | 103 | 104 | 105 | 103 | 100 | 103 | 107 | 108 | 109 | 109 | 108 | +0.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 19.65 | 18.29 | 9.52 | 11.75 | 11.87 | 12.39 | 6.01 | 9.89 | 11.75 | 9.58 | 8.37 | 12.1 | |||||
| P/S | 6.84 | 6.65 | 3.84 | 4.54 | 4.51 | 5.36 | 2.08 | 1.62 | 1.78 | 1.70 | 1.41 | 3.9 | ||||||
| P/B | 2.69 | 2.66 | 1.58 | 1.94 | 1.76 | 2.37 | 1.24 | 1.21 | 1.41 | 1.20 | 1.07 | 1.8 | ||||||
| EV/Sales | 7.06 | 7.04 | 4.17 | 4.51 | 2.93 | 6.27 | 4.12 | 3.14 | 2.25 | 2.21 | — | 4.4 | ||||||
| EV/FCF | 19.43 | 15.84 | 8.32 | 8.50 | 6.07 | (4.75) | 5.90 | (30.60) | (4.05) | (4.25) | — | 2.0 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 281 | 384 | 541 | 718 | 670 | (2,654) | 2,245 | (329) | (2,742) | (2,679) | (163) | n/m | |||||
| Capex | (11) | 12 | (2) | (34) | (27) | (69) | (141) | (114) | (84) | (114) | (121) | +30.3% | ||||||
| Free cash flow | 270 | 396 | 539 | 684 | 643 | (2,723) | 2,104 | (443) | (2,826) | (2,793) | (284) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (1,223) | (1,628) | (1,143) | (1,423) | (2,485) | (2,638) | 135 | (2,395) | (6,657) | (11,849) | (11,440) | +28.7% | |||||
| Net debt | 163 | 350 | 353 | (41) | (2,102) | 1,882 | 6,149 | 6,549 | 2,376 | 2,720 | 1,338 | +36.7% | ||||||
| Shareholders’ equity | 1,892 | 2,230 | 2,614 | 3,017 | 3,414 | 4,963 | 5,356 | 6,078 | 6,707 | 7,946 | 7,947 | +17.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.65 | 1.73 | 2.01 | 2.00 | 1.60 | 1.94 | 1.69 | 1.02 | 1.02 | 1.10 | 1.04 | (0.6) pt | |||||
| ROIC | 11.36 | 10.94 | 10.75 | 12.77 | 29.59 | 10.39 | 7.15 | 4.62 | 6.82 | 7.07 | 8.47 | (4.3) pt | ||||||
| ROE | 14.92 | 15.80 | 18.00 | 17.73 | 15.76 | 22.17 | 21.47 | 13.09 | 12.71 | 13.60 | 13.03 | (1.3) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 1,557 | 1,725 | 1,787 | 1,835 | 1,915 | 3,139 | 3,365 | 3,260 | 3,524 | 3,769 | — | +10.3% | |||||
| Revenue/emp, $m | 0.48 | 0.52 | 0.60 | 0.70 | 0.70 | 0.66 | 0.90 | 1.32 | 1.44 | 1.43 | — | +12.9% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 3 Nov 2026
Business profile
Western Alliance Bancorporation vs peers in Banks Regional (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ZION Zions Bancorporation, N.A. | $9.5B | 8.0× | 8.2× | −0.80% (below 0%: shrinking) | +20.27% (above 0%: growing) | +518.28% (above 0%: growing) | 70.88% | 0.00% | Compare |
| ONB Old National Bancorp | $9.5B | 10.2× | 9.8× | −0.23% (below 0%: shrinking) | +43.48% (above 0%: growing) | +11.48% (above 0%: growing) | 68.19% | 0.00% | Compare |
| CBC Central Bancompany | $9.0B | 20.6× | 18.2× | +10.36% (above 0%: growing) | +9.05% (above 0%: growing) | −5.17% (below 0%: shrinking) | 85.56% | 0.00% | Compare |
| PB Prosperity Bancshares, Inc. | $8.6B | 13.1× | 12.8× | +50.23% (above 0%: growing) | −18.63% (below 0%: shrinking) | +70.11% (above 0%: growing) | 75.10% | 0.00% | Compare |
| COLB Columbia Banking System, Inc. | $8.6B | 10.6× | 10.4× | +11.63% (above 0%: growing) | +95.00% (above 0%: growing) | +238.82% (above 0%: growing) | 76.21% | 0.00% | Compare |
| WAL Western Alliance Bancorporation | $8.2B | 8.4× | 8.5× | +3.58% (above 0%: growing) | +6.52% (above 0%: growing) | +218.45% (above 0%: growing) | 69.28% | 0.00% | |
| BOKF BOK Financial Corporation | $7.9B | 11.8× | 12.2× | +0.31% (above 0%: growing) | +19.82% (above 0%: growing) | −68.48% (below 0%: shrinking) | 65.45% | 0.00% | Compare |
| CBSH Commerce Bancshares, Inc. | $7.8B | 13.3× | 13.0× | +8.97% (above 0%: growing) | +1.89% (above 0%: growing) | +68.33% (above 0%: growing) | 84.16% | 0.00% | Compare |
| VLY Valley National Bancorp | $7.7B | 11.0× | 11.0× | +4.94% (above 0%: growing) | +28.57% (above 0%: growing) | +2.65% (above 0%: growing) | 62.42% | 0.00% | Compare |
| Median of peers | $8.6B | 11.4× | 11.6× | +6.96% | +20.05% | +39.91% | 72.99% | 0.00% |
From the latest earnings call
- CEO Kenneth Vecchione said Western Alliance transitioned $3 billion of higher-cost deposits in the third quarter while commercial banking deposit growth kept total deposits essentially flat.
- Vecchione said nonaccrual loans fell to $485 million in the third quarter and that two remaining identified credits were on a path to resolution before year-end.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
89.83%
Held by the ten largest
54.61%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 11.28m | 10.34% | +297.56k |
| Vanguard | 10.98m | 10.06% | +268.36k |
| T. Rowe Price | 7.92m | 7.26% | −1.63m |
| Invesco | 5.87m | 5.38% | +652.09k |
| AQR Capital Management | 5.14m | 4.71% | +4.23m |
| Wellington Management | 4.39m | 4.02% | −311.57k |
| State Street | 4.27m | 3.91% | +70.61k |
| Dimensional Fund Advisors | 4.02m | 3.69% | +210.19k |
| Davis Asset Management, L.P. | 3.34m | 3.06% | +253.00k |
| Fidelity (FMR) | 2.37m | 2.18% | −3.89k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 22 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 10.97m | 11.03m | 155.00 |
| 2024 | 10.28m | 15.08m | 151.00 |
| 2023 | 8.75m | 3.87m | 117.00 |
| 2022 | 8.20m | 2.25m | 102.00 |
| 2021 | 7.32m | 21.61m | 182.00 |
Ownership
Directors and executive officers, together
2.76%
Blackrock, Inc.
9.34%
The Vanguard Group
9.24%
T. Rowe Price Associates Inc.
7.33%
Barrow Hanley Global Investors
5.94%
Invesco Ltd.
5.28%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Western Alliance Bancorporation (WAL) Latest News
21 Oct
20 Oct
19 Oct
22 Sep
22 Jul
21 Jul
20 Jul
WAL metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Western Alliance Bancorporation is a bank holding company headquartered in Phoenix, Arizona. Its banking subsidiary, Western Alliance Bank, provides loans, deposit accounts, treasury management and payment services. Kenneth A. Vecchione is chairman, president and chief executive officer.
The bank serves small and middle-market businesses, commercial institutions and investors, including customers in specialized industries. It also provides financial services to the real estate industry and banking services to businesses in consumer-related sectors. Treasury management includes services that help customers move and manage money, such as funds transfers, cash management and digital payments.