Zions Bancorporation, National Association (ZION) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+13.9%

$76.02

vs $66.76 price

Levered DCF

$87.42

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.43

Distress zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	9.63×	10.96×	10.09×	8.48×	9.29×	14.2×	11.77×	9.34×
P/B	1.2×	1.3×	1.14×	1.51×	1.35×	0.9×	1.24×	1.04×
P/S	1.74×	1.6×	1.4×	2.21×	3.4×	2.42×	2.82×	2.6×
EV / EBITDA	7.8×	7.79×	8.6×	13.03×	0.79×	11.09×	9.24×	9.75×
Gross margin	67.1%	61.2%	64.5%	90.8%	107.3%	80.8%	86.1%	93.0%
Operating margin	23.8%	20.3%	19.2%	34.5%	48.7%	22.8%	32.4%	37.7%
Net margin	18.2%	15.7%	14.7%	27.2%	38.0%	18.3%	25.1%	29.1%
Current ratio	0.16×	0.16×	0.16×	0.17×	0.42×	0.25×	0.26×	0.27×
Debt / equity	0.61×	0.71×	0.8×	2.26×	0.26×	0.37×	0.51×	0.84×
Interest coverage	0.75×	0.54×	0.59×	6.23×	24.51×	4.42×	2.56×	4.55×
Dividend yield	3.1%	3.6%	4.4%	3.6%	2.6%	3.6%	2.8%	3.0%
Payout ratio	29.7%	36.9%	41.5%	29.7%	23.1%	48.1%	31.9%	26.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.5%	12.8%	11.9%	18.5%	15.1%	6.8%	11.1%	11.7%
Return on invested capital	6.7%	6.2%	5.6%	5.1%	10.8%	4.6%	6.8%	6.0%
Return on assets	1.0%	0.9%	0.8%	1.0%	1.2%	0.7%	1.2%	1.3%
Free cash flow yield	11.4%	13.2%	11.9%	17.4%	4.2%	7.7%	6.3%	13.3%
Earnings yield	10.4%	9.8%	10.5%	12.3%	11.2%	7.6%	8.9%	11.2%
Enterprise value	$10.1B	$8.9B	$8.8B	$16.4B	$1.1B	$8.4B	$11.5B	$13B
Net debt / EBITDA	1.13×	0.76×	2.28×	7.19×	-6.26×	1.7×	1.88×	3.85×
Cash conversion cycle (days)	0	28	30	42	40	40	38	39