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. In the quarter to June 2026, revenue grew 9.83%, EPS grew 13.5%, free cash flow was flat and total debt rose 8.54%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for ten.
Follow WAL
Western Alliance Bancorporation (WAL) Piotroski F-score
Western Alliance Bancorporation's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
Embed this chart
Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | 2.00 |
| FY2023 | 2 | (3.00) |
| FY2022 | 5 | 0.00 |
| FY2021 | 5 | 0.00 |
| FY2020 | 5 | (1.00) |
| FY2019 | 6 | (1.00) |
| FY2018 | 7 | 2.00 |
| FY2017 | 5 | (2.00) |
| FY2016 | 7 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 1.10% | 1.02% | Pass | 1 |
| Positive operating cash flow | (2.68b) | (2.74b) | Fail | 0 |
| Rising return on assets | 1.10% | 1.02% | Pass | 1 |
| Cash flow above net income | (3.64b) | (3.52b) | Fail | 0 |
| Falling long-term leverage | 0.07 | 0.09 | Pass | 1 |
| Rising current ratio | 0.85 | 0.90 | Fail | 0 |
| No new shares issued | 108,800,000 | 108,600,000 | Fail | 0 |
| Rising gross margin | 65.96% | 62.19% | Pass | 1 |
| Rising asset turnover | 0.06 | 0.07 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| PB Prosperity Bancshares, Inc. compare | 8 |
| BOKF BOK Financial Corporation compare | 8 |
| CBSH Commerce Bancshares, Inc. compare | 8 |
| ZION Zions Bancorporation, N.A. compare | 8 |
| BSMX Grupo Financiero Santander Mexico S.A. B. de C.V. compare | 6 |
| VLY Valley National Bancorp compare | 5 |
| COLB Columbia Banking System, Inc. compare | 5 |
| WAL Western Alliance Bancorporation | 4 |
| CBC Central Bancompany compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover