Zions Bancorporation National Association (ZION) AI Stock Analysis

• Market Cap: $7.99B
• Dividend Yield: 2.97%
• Average Volume (3M): 1.77M
• Price to Earnings (P/E): 9.6
• Beta (1Y): 1.27
• Revenue Growth: 0.12%
• EPS Growth: 27.30%
• Country: US
• Employees: 9,392
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 1.76
• Shares Outstanding: 147,888,820
• 10 Day Avg. Volume: 1,517,651
• 30 Day Avg. Volume: 1,765,243
• PEG Ratio: 0.42
• Price to Book (P/B): 1.20
• Price to Sales (P/S): 1.74
• P/FCF Ratio: 8.78
• Enterprise Value/Market Cap: 1.18
• Enterprise Value/Revenue: 1.91
• Enterprise Value/Gross Profit: 2.85
• Enterprise Value/Ebitda: 7.50
• 1Y Price Target: $66.75
• Price Target Upside: 23.50% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 17
• EPS Forecast (FY): 6.23
• Revenue Forecast (FY): $3.53B

• Rating: 66 Neutral
• Price Target: $58.00 ▲(7.31% Upside)
• Action: Downgraded Date: 02/25/26
• Date: Action: Downgraded 02/25/26

The score is driven primarily by solid financial performance (improved leverage, steady returns, and strong recent free cash flow) and a supportive earnings outlook (NII/fee growth guidance, strong credit and capital), partially offset by uneven revenue trends and weak near-term technical momentum. Valuation is a clear positive with a low P/E and ~3% dividend yield.

Positive Factors

Improved leverage and equity growth

A materially stronger capital base and lower leverage provide durable loss-absorbing capacity, reduce funding strain in stress, and support lending and regulatory ratios. This structural improvement increases flexibility for credit cycles, capital returns, and strategic investments over the medium term.

Strong free cash flow generation

Consistent, sizeable free cash flow that approximates net income enhances the bank's ability to fund dividends, buybacks, and reinvestments without relying on external capital. Sustainable FCF supports balance-sheet resilience and cushions credit or market shocks over multiple quarters.

Revenue diversification and fee momentum

Growing fee income and expanding capital markets activity reduce dependence on net interest income and NIM swings. Structural fee diversification—driven by treasury, capital markets, and small-business initiatives—improves earnings stability and supports PPNR through interest-rate cycles.

Negative Factors

Uneven revenue trends

Volatile top-line performance undermines predictability of earnings and capital deployment. Persistent revenue swings force reliance on cost control or balance-sheet actions to sustain returns, making multi-quarter planning and consistent dividend/buyback policies more difficult to maintain.

CRE concentration and rising classified loans

A sizable CRE share of the loan book concentrates sector risk; rising classified C&I loans suggest early stress outside CRE. These structural credit exposures can increase provisions, constrain lending capacity, and pressure capital and earnings through downturns if stress escalates.

Rate-path dependence and swap headwind

Earnings and NII guidance hinge on assumed rate cuts; if rates remain higher or reprice differently, NIM and funding-cost improvements may not materialize. Additionally, structural swap termination costs create a multi-quarter drag on net interest income and limit distributable earnings.

Zions Bancorporation National Association Business Overview & Revenue Model

Company Description

Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services. As of December 31, 2020, it operated 422 branches, which included 273 owned and 149 leased. 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 the Company Makes Money

Zions Bancorporation primarily makes money through net interest income and noninterest income generated by its banking operations. Net interest income is the largest driver for many commercial banks and comes from earning interest on loans and interest-earning assets (e.g., commercial loans, consumer loans, and securities) and paying interest on funding sources (primarily customer deposits and wholesale borrowings); the spread between asset yields and funding costs (net interest margin), along with loan and deposit volumes, drives this revenue stream. Noninterest income is generated from fees for services and banking activities such as deposit and account service charges, treasury management and payment-related fees (e.g., cash management, wire/ACH, card-related fees), loan-related fees (e.g., origination, servicing, and other charges), and other service fees associated with serving commercial and retail customers. Like other banks, profitability is also influenced by credit performance and provision for credit losses (which reduces earnings when expected losses rise), operating expenses, and interest-rate and liquidity conditions that affect both loan demand and funding costs. Significant partnership details: null.

Zions Bancorporation National Association Financial Statement Overview

Summary

Solid but mixed fundamentals: leverage improved materially since 2022 (debt-to-equity ~0.64 in 2025) and equity grew ($5.7B to $7.2B, 2023–2025), supporting resilience. Profitability and returns are steady (ROE ~12–13% in 2023–2025) and 2025 margins improved vs 2024. Offsetting this, revenue has been uneven and declined in 2025 (-8.1%), and both earnings/cash flows show multi-year volatility despite strong 2025 free cash flow ($1.07B; FCF/NI = 1.0).

Income Statement

Revenue has been choppy: strong growth in 2023 (+38.6%) and 2024 (+8.0%) followed by a modest decline in 2025 (-8.1%). Profitability improved versus 2023–2024 (2025 net margin ~18.2% vs ~15.7% in 2024), but remains well below the unusually strong 2021–2022 levels. Operating profitability looks steady-to-improving recently (2025 EBIT margin ~23.8% vs ~20.3% in 2024), yet the multi-year pattern suggests earnings sensitivity and less consistent top-line momentum.

Balance Sheet

Leverage appears controlled for a regional bank and has improved materially from 2022 (debt-to-equity ~2.26) to 2025 (~0.64), indicating a cleaner capital position versus that prior peak. Equity has also grown from 2023 to 2025 ($5.7B to $7.2B), supporting balance-sheet resilience. Returns on equity are solid and fairly steady (~12–13% in 2023–2025), though not at the higher 2022 level (~18.5%). Key risk: leverage has fluctuated meaningfully across years, which points to potential balance-sheet volatility through cycles.

Cash Flow

Cash generation is a positive: free cash flow was strong in 2025 ($1.07B) and roughly matched net income (free cash flow to net income = 1.0), improving from 2024 (~0.92) and 2023 (~0.87). Free cash flow growth accelerated sharply in 2025, following a decline in 2023, highlighting volatility in cash flows year-to-year. Operating cash flow also improved in 2025 versus 2023, but the pattern across the period is uneven, which reduces overall cash-flow quality consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.94B	4.99B	4.62B	3.34B	2.97B
Gross Profit	3.31B	3.06B	2.98B	3.03B	3.19B
EBITDA	1.29B	1.14B	1.03B	1.26B	1.43B
Net Income	899.00M	784.00M	680.00M	907.00M	1.13B
Balance Sheet
Total Assets	88.99B	88.78B	87.20B	89.55B	93.20B
Cash, Cash Equivalents and Short-Term Investments	12.18B	12.63B	12.50B	13.91B	34.93B
Total Debt	4.34B	4.37B	4.54B	11.07B	1.92B
Total Liabilities	81.81B	82.65B	81.51B	84.65B	85.74B
Stockholders Equity	7.18B	6.12B	5.69B	4.89B	7.46B
Cash Flow
Free Cash Flow	981.00M	1.05B	772.00M	1.28B	423.00M
Operating Cash Flow	1.10B	1.15B	885.00M	1.47B	629.00M
Investing Cash Flow	709.00M	-1.64B	2.37B	1.41B	-11.58B
Financing Cash Flow	-1.78B	427.00M	-3.20B	-2.81B	11.00B

Zions Bancorporation National Association Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 54.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZION, the sentiment is Negative. The current price of 54.05 is below the 20-day moving average (MA) of 56.40, below the 50-day MA of 58.98, and below the 200-day MA of 54.95, indicating a bearish trend. The MACD of -1.72 indicates Positive momentum. The RSI at 36.96 is Neutral, neither overbought nor oversold. The STOCH value of 28.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ZION.

Zions Bancorporation National Association Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
BPOP	74 Outperform	$8.49B	8.78	13.82%	2.31%	5.87%	53.36%
WTFC	74 Outperform	$8.92B	11.37	11.71%	1.40%	3.58%	13.93%
ONB	73 Outperform	$8.28B	12.93	8.51%	2.43%	20.72%	3.63%
CFR	69 Neutral	$8.36B	12.51	14.95%	3.05%	2.85%	20.57%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ZION	66 Neutral	$7.99B	9.58	13.33%	2.97%	0.12%	27.30%

Zions Bancorporation National Association Corporate Events

Zions Bancorporation Announces Zions Bank Leadership Transition

On December 22, 2025, Zions Bancorporation, N.A. announced that Paul E. Burdiss will retire as Executive Vice President of Zions Bancorporation and President and Chief Executive Officer of its Zions Bank division, which serves Utah, Idaho and Wyoming, effective December 31, 2025, marking the end of a more than 35-year financial services career that included roles at SunTrust Bank and Comerica. To support continuity, Burdiss entered into a Retirement and Consulting Agreement effective December 20, 2025, under which he will provide transition and advisory services through December 31, 2026, subject to non-compete, non-solicit and confidentiality covenants and in return for quarterly consulting payments, continued medical benefits for up to a year, and the continued administration of his outstanding incentive awards; concurrently, the company named current Executive Vice President and Executive Director of Commercial Banking Nathan (Nate) Callister as his successor as CEO of Zions Bank, underscoring a planned leadership handover intended to preserve Zions Bank’s strong regional positioning in the Intermountain West and maintain stability for customers, employees and investors.

The most recent analyst rating on (ZION) stock is a Hold with a $63.00 price target. To see the full list of analyst forecasts on Zions Bancorporation National Association stock, see the ZION Stock Forecast page.