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Friday 6 November 2026 Export WAL’s income statement to Excel — free account

Western Alliance Bancorporation

WAL Financial Banks Regional

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

75.96 3.28 −4.14%
Market cap
$8.2B
P/E
8.4×
Fwd P/E
8.5×
Dividend yield
2.21%
F-score
4/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Western Alliance Bancorporation (WAL) valuation and DCF model

What the price implies · reverse DCF

At $75.96 the price implies 13.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 13.3% a year over the last five years. The price asks for close to its five-year rate. Return on equity averaged 16.5% over ten years; the price implies 9.2% for good.

Price implies
13.6%
Last 5 years, reported
13.3%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
13.6% a year for ten years
$75.96
today’s price
Its base case
13.3% a year for five years, then 8.0%
$61.92
18.5% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Western Alliance Bancorporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 13.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Western Alliance Bancorporation’s own cost of capital: risk-free 4.3% + beta 1.42 × equity premium 4.5% = 10.7% cost of equity; weighted, 10.7%.

Use 10.7%
Base case value per share $61.92 ten years discounted, and what follows
Current price $75.96 market price per share
Below today’s price 18.5% downside at the base case’s assumptions

How we got there$23.94 10 years of dividends+$37.98 terminal value=$61.92 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Banks Regional).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 8.37× 9.12× 10.94× 23% below 12.02× 30% below
P/FCF — 8.70× 10.39× — 10.60× —
P/B 1.07× 1.23× 1.64× 35% below 1.23× 14% below
EV/Sales — 3.60× 4.37× — 3.90× —
P/E P/FCF P/B EV/Sales
1.21×1.66×2.11×2.56×10Y avg 1.64×2017201820192020202120222023202420252026

WAL trades at 1.07× P/B, against a 10-year average of 1.64× (range 1.07×–2.66×). That is cheaper than 100% of the last 9 year-end readings; re-rating to the average implies $117.10 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.