Latest Ratios: P/E Ratio 11.8x · EV/EBITDA 9.2x · ROE 13.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.4B | $8.6B | $8.0B | $6.5B | $7.4B | $10.1B | $7.2B | $9.7B | $8.4B | $10.7B | $8.8B |
| Enterprise Value | $11.9B | $10.1B | $8.9B | $8.8B | $16.5B | $1.2B | $8.5B | $12.0B | $13.6B | $14.7B | $8.0B |
| P/E Ratio → | 11.76 | 9.74 | 10.96 | 10.09 | 8.49 | 9.30 | 14.34 | 12.48 | 9.99 | 19.55 | 21.63 |
| P/S Ratio | 2.10 | 1.74 | 1.60 | 1.40 | 2.21 | 3.41 | 2.45 | 2.98 | 2.77 | 3.89 | 3.56 |
| P/B Ratio | 1.45 | 1.20 | 1.30 | 1.14 | 1.51 | 1.36 | 0.91 | 1.32 | 1.11 | 1.39 | 1.15 |
| P/FCF | 10.60 | 8.78 | 7.60 | 8.40 | 5.77 | 23.93 | 13.13 | 16.70 | 8.04 | 14.04 | 21.96 |
| P/OCF | 9.44 | 7.82 | 6.96 | 7.32 | 5.03 | 16.09 | 10.01 | 13.89 | 7.15 | 11.48 | 14.75 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.04 | 1.77 | 1.91 | 4.93 | 0.39 | 2.88 | 3.70 | 4.47 | 5.37 | 3.24 |
| EV / EBITDA | 9.18 | 7.80 | 7.79 | 8.60 | 13.04 | 0.81 | 11.19 | 9.68 | 10.15 | 13.17 | 9.67 |
| EV / EBIT | 10.09 | 8.57 | 8.75 | 9.96 | 14.29 | 0.80 | 12.63 | 11.41 | 11.86 | 15.69 | 11.36 |
| EV / FCF | — | 10.27 | 8.42 | 11.43 | 12.86 | 2.74 | 15.48 | 20.71 | 12.95 | 19.35 | 19.99 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 67.1% | 67.1% | 61.2% | 64.5% | 90.8% | 107.3% | 80.8% | 86.1% | 93.0% | 94.7% | 92.7% |
| Operating Margin | 23.8% | 23.8% | 20.3% | 19.2% | 34.5% | 48.7% | 22.8% | 32.4% | 37.7% | 34.2% | 28.5% |
| Net Profit Margin | 18.2% | 18.2% | 15.7% | 14.7% | 27.2% | 38.0% | 18.3% | 25.1% | 29.1% | 21.6% | 19.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.5% | 13.5% | 13.3% | 12.8% | 14.7% | 14.7% | 7.1% | 10.9% | 11.6% | 7.7% | 6.2% |
| ROA | 1.0% | 1.0% | 0.9% | 0.8% | 1.0% | 1.3% | 0.7% | 1.2% | 1.3% | 0.9% | 0.8% |
| ROIC | 8.0% | 8.0% | 7.3% | 5.1% | 6.8% | 10.8% | 4.6% | 6.3% | 6.4% | 6.4% | 6.0% |
| ROCE | 12.0% | 12.0% | 11.6% | 11.3% | 13.6% | 14.6% | 6.6% | 11.1% | 12.9% | 10.5% | 7.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.61 | 0.61 | 0.71 | 0.80 | 2.26 | 0.26 | 0.37 | 0.51 | 0.84 | 0.70 | 0.18 |
| Debt / EBITDA | 3.36 | 3.36 | 3.84 | 4.43 | 8.77 | 1.34 | 3.84 | 3.04 | 4.77 | 4.81 | 1.64 |
| Net Debt / Equity | — | 0.20 | 0.14 | 0.41 | 1.85 | -1.20 | 0.16 | 0.32 | 0.68 | 0.52 | -0.10 |
| Net Debt / EBITDA | 1.13 | 1.13 | 0.76 | 2.28 | 7.19 | -6.26 | 1.70 | 1.88 | 3.85 | 3.61 | -0.95 |
| Debt / FCF | — | 1.49 | 0.82 | 3.03 | 7.09 | -21.19 | 2.36 | 4.01 | 4.91 | 5.31 | -1.96 |
| Interest Coverage | 0.75 | 0.75 | 0.54 | 0.59 | 6.23 | 24.51 | 4.42 | 2.56 | 4.55 | 7.37 | 8.10 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 |
| Quick Ratio | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.03 | 0.02 | 0.13 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 3.1% | 3.1% | 4.4% | 3.6% | 2.6% | 3.6% | 2.7% | 2.8% | 1.2% | 1.2% |
| Payout Ratio | 29.3% | 29.3% | 31.6% | 41.5% | 29.7% | 23.1% | 48.1% | 31.9% | 26.7% | 21.8% | 23.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.5% | 10.3% | 9.1% | 9.9% | 11.8% | 10.8% | 7.0% | 8.0% | 10.0% | 5.1% | 4.6% |
| FCF Yield | 9.4% | 11.4% | 13.2% | 11.9% | 17.3% | 4.2% | 7.6% | 6.0% | 12.4% | 7.1% | 4.6% |
| Buyback Yield | 0.4% | 0.5% | 5.1% | 0.8% | 2.7% | 9.1% | 1.1% | 11.4% | 8.0% | 4.4% | 2.5% |
| Total Shareholder Yield | 2.9% | 3.5% | 8.2% | 5.1% | 6.4% | 11.7% | 4.7% | 14.1% | 10.8% | 5.6% | 3.8% |
| Shares Outstanding | — | $147M | $147M | $148M | $150M | $160M | $166M | $187M | $207M | $210M | $204M |
CRE office portfolio exposure
Based on current market data, Zions trades at a P/B of 1.42, which suggests that investors are pricing the bank as a commodity balance sheet rather than a premium franchise, likely due to concerns regarding its concentrated Western US commercial real estate exposure and limited fee-income diversification.
The current valuation multiple appears to reflect a market skepticism toward the bank's ability to generate superior returns on tangible equity in a high-rate environment. Investors should monitor whether the P/B ratio expands as the securities portfolio matures, potentially unlocking value that is currently obscured by unrealized losses.
According to recent quarterly filings, Zions' ROE has remained constrained in the 2.7% to 3.8% range, indicating that the bank's profitability is currently strained by a combination of stagnant net interest margins and a reliance on interest-bearing liabilities that have become increasingly expensive to maintain.
The DuPont decomposition suggests that the bank's profitability is heavily sensitive to the spread between loan yields and deposit costs. With non-interest income contributing only a modest portion of total revenue, the bank lacks the diversified earnings buffer necessary to offset the cyclical compression of its core interest-based margins.
As reported in financial statements, the efficiency ratio has trended upward to 47.5% in 2026Q1 from a 39.3% low in 2024Q3, suggesting that the bank is struggling to maintain operating leverage as non-interest expenses rise faster than the revenue generated by its core commercial lending activities.
The stagnation of the NIM at 0.8% indicates that the bank's funding costs are effectively neutralizing the yield benefits of its asset-sensitive balance sheet. This trend warrants further investigation into whether the multi-brand decentralized model is creating unnecessary overhead that limits the bank's ability to scale efficiently.
Based on reported figures, Zions has maintained an equity-to-assets ratio of approximately 0.08, which appears to provide an adequate capital cushion to absorb potential credit losses within its commercial real estate portfolio while maintaining a stable, albeit modest, dividend payout to its shareholders.
The bank's capital position appears to be managed with a focus on regulatory compliance and risk mitigation rather than aggressive capital return. This conservative stance may limit near-term EPS growth but likely serves as a defensive moat against the volatility inherent in its regional commercial loan book.
Investors frequently misapply the P/E ratio to Zions, which obscures the significant volatility introduced by CECL-based provisioning and the impact of unrealized losses on the balance sheet, making the P/B ratio a more reliable metric for assessing the bank's true underlying value and franchise health.
The P/E ratio is often distorted by temporary swings in credit loss provisions that do not reflect the actual cash-flow generating capacity of the bank. Analysts should instead focus on the P/TBV and the trajectory of tangible book value, as these metrics better capture the long-term value of the bank's commercial deposit franchise.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ZION stock.
Zions Bancorporation, National Association's current P/E ratio is 11.8x. The historical average is 17.2x. This places it at the 26th percentile of its historical range.
Zions Bancorporation, National Association's current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
Zions Bancorporation, National Association's return on equity (ROE) is 13.5%. The historical average is 9.2%.
Based on historical data, Zions Bancorporation, National Association is trading at a P/E of 11.8x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Zions Bancorporation, National Association's current dividend yield is 2.53% with a payout ratio of 29.3%.
Zions Bancorporation, National Association has 67.1% gross margin and 23.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Zions Bancorporation, National Association's Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.