Zions Bancorporation N.A. (ZION) Stock Fundamentals, Analysis & Risk Signals

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

Zions Bancorporation N.A.

NasdaqGS•Financial Services•Banks - Regional

$65.23-0.47(-0.01%)Market closed

Market Cap

$9.53B

P/E

8.1x

P/S

1.8x

P/B

1.2x

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments. It offers commercial and small business banking services to small- and medium-sized businesses, such as commercial, industrial, and owner-occupied lending and leasing; municipal and public finance services; depository account and cash management services; commercial and small business cards; merchant processing services; corporate trust services; and correspondent banking and international lending services. The company also provides capital markets and investment banking services, including loan syndications, foreign exchange services, interest rate derivatives, fixed income securities underwriting, mergers and acquisitions advisory services, advisory and capital raising, commercial mortgage-backed security conduit lending, and power and project financing; and commercial real estate lending services consisting of term and construction/land development financing for commercial and residential purposes. In addition, it offers retail banking services comprising residential mortgages lending, home equity lines of credit, personal lines of credit, installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management services consisting of investment management, fiduciary and estate, and advanced business succession and estate planning services. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability25/25

Growth17/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality24/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

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

P/E · 8.1x5y range 4.6x – 10.2x

Currently near its 20-quarter median.

P/S · 1.8x5y range 1.0x – 3.5x

Currently near its 20-quarter median.

P/B · 1.2x5y range 0.8x – 1.6x

Watch items

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

Some Concerns

Leverage Risk

Watch

Debt-to-equity has risen 73.2% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $9.53B

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $5.16B
Q. Revenue: $1.48B
TTM EBITDA: $1.62B
TTM Op. Income: $1.50B
Q. Op. Income: $583.00M
TTM Net Income: $1.17B
Q. Net Income: $453.00M
EPS: $3.05
Shares Out.: $146.12M

$5.16B in TTM revenue grew 3.9% YoY, reaching $1.48B last quarter. TTM EBITDA of $1.62B and TTM operating income of $1.50B show growth is flowing through to the bottom line. TTM net income of $1.17B means revenue is converting into profit. Over the past year, TTM revenue is up 4% — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 76.9%
EBITDA Margin: 41.2%
Op. Margin: 39.4%
Net Margin: 30.6%

Op. margin of 39.4% is up 14.3% YoY — cost efficiency is improving. Net margin at 30.6% and gross margin of 76.9% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 57% — an improving trend.

Price Ratios

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

P/E Ratio: 8.1x
P/S Ratio: 1.8x
P/B Ratio: 1.2x

At 8.1x P/E, the stock trades below typical market levels. P/S of 1.8x and P/B of 1.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 3 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $89.04B
Cash: $793.00M
Long-Term Debt: $1.96B
Book Value: $7.68B
D/E Ratio: 0.3
Debt/EBITDA: 3.2

With $89.04B in assets and $1.96B in long-term debt, D/E is 0.3and book value is $7.68B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 73% — an improving trend.

Cash Flow

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

Op. Cash Flow: $422.00M
TTM Free Cash Flow: $1.68B
FCF Margin: 32.5%
FCF / Net Income: 1.4

TTM FCF of $1.68B on $422.00M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.