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

Zions Bancorporation, N.A.

ZION Financial Banks Regional

Zions Bancorporation, N.A.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, down 1.02% from fiscal 2024.

Revenue
−0.80%
EPS
+20.3%
Free cash flow
+518.3%
Total debt
+64.0%

Quarter to September 2026, against a year earlier

65.13 1.50 −2.25%
Market cap
$9.5B
P/E
8.0×
Fwd P/E
8.2×
Dividend yield
2.81%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
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Zions Bancorporation, N.A. (ZION) valuation and DCF model

What the price implies · reverse DCF

At $65.13 the price implies 32.0% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 13.1% a year over the last ten years, 3.0% over the last five. The price asks for about twice its ten-year rate. Return on equity averaged 11.5% over ten years; the price implies 10.5% for good.

In December 2017 the price assumed 26.0% a year; Zions Bancorporation, N.A. went on to grow the dividend a share 2.8% a year to FY2025.

Price implies
32.0%
Last 5 years, reported
3.0%
Last 10 years, reported
13.1%

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
32.0% a year for ten years
$65.13
today’s price
Its base case
13.1% a year for five years, then 7.9%
$13.66
79.0% 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 Zions Bancorporation, N.A.’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 32.0% 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 Zions Bancorporation, N.A.’s own cost of capital: risk-free 4.3% + beta 0.84 × equity premium 4.5% = 8.1% cost of equity; weighted, 8.1%.

Use 8.1%
Base case value per share $13.66 ten years discounted, and what follows
Current price $65.13 market price per share
Below today’s price 79.0% downside at the base case’s assumptions

How we got there$5.30 10 years of dividends+$8.35 terminal value=$13.66 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 7.99× 9.44× 11.06× 28% below 12.02× 33% below
P/FCF 5.62× 7.28× 10.99× 49% below 10.60× 47% below
P/B 1.24× 1.33× 1.30× 4% below 1.23× 0% above
EV/Sales — 1.87× 2.71× — 3.90× —
P/E P/FCF P/B EV/Sales
1.00×1.20×1.41×1.61×10Y avg 1.30×2017201820192020202120222023202420252026

ZION trades at 1.24× P/B, against a 10-year average of 1.30× (range 0.97×–1.63×). That is cheaper than 67% of the last 9 year-end readings; re-rating to the average implies $68.08 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.