Western Alliance Bancorporation (WAL) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Western Alliance Bancorporation

NYSE•Financial Services•Banks - Regional

$76.12-0.55(-0.01%)Pre-market

Market Cap

$8.25B

P/E

8.2x

P/S

1.4x

P/B

1.1x

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including demand deposit, checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors; and residential mortgage products and services. It also provides commercial and industrial loan products, such as working capital lines of credit, loans to technology companies, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans; commercial real estate loans, which are secured by multifamily residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties; construction and land development loans for single family and multifamily residential projects, industrial/warehouse properties, office buildings, retail centers, medical office facilities, and residential lot developments; and consumer loans. In addition, the company offers other financial services, such as internet banking, wire transfers, electronic bill payment and presentment, funds transfer and other digital payment offerings, lock box services, courier, and cash management services. Further, the company holds certain investment securities, municipal and non-profit loans, and leases; invests primarily in low-income housing tax credits and small business investment corporations; and certain real estate loans and related securities. Western Alliance Bancorporation was founded in 1994 and is headquartered in Phoenix, Arizona.

How this company scores

WeakMetricSide Score: 60/100

Grade capped at D — Interest coverage below 1× (0.8x) — earnings cannot cover interest. Strongest: Profitability (20/25); weakest: Cash & Earnings Quality (3/25).

Profitability20/25

Growth19/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality3/25

Strengths

Strong marginsLow leverageProfit converts from growthImproving leverage

Grade capped at D

Interest coverage below 1× (0.8x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.2x5y range 4.0x – 13.1x

Currently near its 20-quarter median.

P/S · 1.4x5y range 1.1x – 5.4x

Currently near its 20-quarter median.

P/B · 1.1x5y range 0.7x – 2.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 7 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $8.25B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.77B
Q. Revenue: $1.46B
TTM EBITDA: $1.43B
TTM Op. Income: $1.26B
Q. Op. Income: $339.10M
TTM Net Income: $1.00B
Q. Net Income: $270.10M
EPS: $2.45
Shares Out.: $107.40M

$5.77B in TTM revenue grew 9.9% YoY, reaching $1.46B last quarter. TTM EBITDA of $1.43B and TTM operating income of $1.26B show growth is flowing through to the bottom line. TTM net income of $1.00B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 69.3%
EBITDA Margin: 25.2%
Op. Margin: 23.2%
Net Margin: 18.5%

Op. margin of 23.2% is up 1.0% YoY — cost efficiency is improving. Net margin at 18.5% and gross margin of 69.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 4% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 8.2x
P/S Ratio: 1.4x
P/B Ratio: 1.1x

At 8.2x P/E, the stock trades below typical market levels. P/S of 1.4x and P/B of 1.1x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is down 22% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $98.07B
Cash: $5.33B
Long-Term Debt: $1.37B
Book Value: $7.65B
D/E Ratio: 0.2
Debt/EBITDA: 3.7

With $98.07B in assets and $1.37B in long-term debt, D/E is 0.2and book value is $7.65B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is down 54% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $769.90M
TTM Free Cash Flow: $-284.00M
FCF Margin: -4.9%
FCF / Net Income: -0.3

TTM FCF of $-284.00M on $769.90M in operating cash flow. The FCF / Net Income ratio of -0.3x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.