Zions Bancorporation National Association (ZION)
NASDAQ:ZION
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Zions Bancorporation National Association
(NASDAQ:ZION)
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Rating:66Neutral
Price Target:
$58.00
â–¼(-6.22% Downside)
Action:DowngradedDate: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
Material deleveraging and rising equity over 2023–2025 strengthen the bank's loss-absorption capacity and funding optionality. A cleaner capital structure increases resilience through cycles, supports lending capacity and strategic initiatives, and reduces refinancing and liquidity stress risk over the medium term.
Negative Factors
Choppy revenue trends
Volatile top-line performance undermines predictability of earnings and weakens coverage of fixed costs. Persistent revenue inconsistency complicates budgeting and makes achievement of operating-leverage targets harder, increasing the chance that expense growth will outpace revenue in adverse macro scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage and equity growth
Material deleveraging and rising equity over 2023–2025 strengthen the bank's loss-absorption capacity and funding optionality. A cleaner capital structure increases resilience through cycles, supports lending capacity and strategic initiatives, and reduces refinancing and liquidity stress risk over the medium term.
Read all positive factors
Zions Bancorporation National Association (ZION) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.15B
Dividend Yield2.97%
Average Volume (3M)1.59M
Price to Earnings (P/E)9.6
Beta (1Y)1.24
Revenue Growth0.12%
EPS Growth27.30%
CountryUS
Employees9,392
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)1.76
Shares Outstanding147,888,820
10 Day Avg. Volume1,332,563
30 Day Avg. Volume1,589,285
Financial Highlights & Ratios
PEG Ratio0.42
Price to Book (P/B)1.20
Price to Sales (P/S)1.74
P/FCF Ratio8.78
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue2.15
Enterprise Value/Gross Profit3.20
Enterprise Value/Ebitda8.42
Forecast
1Y Price Target
$65.31Price Target Upside5.59% Upside
Rating ConsensusHold
Number of Analyst Covering17
EPS Forecast (FY)6.27
Revenue Forecast (FY)$3.54B
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 corporat...
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 int...
Zions Bancorporation National Association Earnings Call Summary
Earnings Call Date:Jan 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 20, 2026
Earnings Call Sentiment Positive
The quarter showed clear progress on core financial metrics: strong earnings and EPS growth, continued NIM expansion, robust deposit gathering, low charge-offs and sizable tangible book value accretion. Revenue diversification (capital markets and customer fees) and targeted growth initiatives (small business, SBA lending, banker hires) are notable positives. Offsetting items include a sequential PPNR decline partly driven by a $15 million charitable donation, rising noninterest expenses as the bank invests in growth, some asset-yield compression and an uptick in C&I classified loans. Management provided constructive 2026 guidance (moderately increasing NII and fee income, controlled expense growth with expected positive operating leverage) but that outlook depends on interest-rate assumptions. On balance, the positive operational and capital trends outweigh the headwinds, supporting a favorable near-term outlook.Positive Updates
Meaningful Earnings Growth
Reported earnings of $262 million, up 19% sequentially and 31% year-over-year; full-year earnings grew 21% versus prior year.
Negative Updates
Sequential PPNR Decline and One-time Donation Impact
Adjusted PPNR was $331 million, down 6% sequentially (up 6% year-over-year); the $15 million charitable donation created an ~$0.08 per share headwind and meaningfully impacted quarter-over-quarter adjusted PPNR (when excluding the donation adjusted PPNR was down ~2% q/q and up ~11% y/y).
Read all updates
Q4-2025 Updates
Positive
Negative
Meaningful Earnings Growth
Reported earnings of $262 million, up 19% sequentially and 31% year-over-year; full-year earnings grew 21% versus prior year.
Read all positive updates
Company Guidance
Guidance for fiscal 2026 calls for net interest income to be moderately increasing (the outlook assumes 225 bps of Fed funds cuts in June and September) driven by favorable earning‑asset and interest‑bearing liability remix, loan and deposit growth and declining funding costs; period‑end loans are expected to be moderately higher (Q4 period‑end loans rose $615M) with growth led by C&I and owner‑occupied commercial loans (CRE was $13.4B or 22% of loans). Customer‑related fee income is also expected to be moderately increasing and the company expects to be at the top end of that guide (Q4 customer fees $177M, adjusted $175M; capital markets fees +25% YoY). On expenses, adjusted noninterest expense is expected to be moderately increasing off a ~$2.122B base (strip the $15M charitable donation); Q4 adjusted expense was $548M (up 5% QoQ, 8% YoY; ex‑donation +2% QoQ, +5% YoY). Management expects positive operating leverage of roughly 100–150 bps in 2026 (after achieving >300 bps last year excluding the donation), while managing securities cash flows ($554M gross, $288M net of reinvestment) with a securities duration ~3.8 years, current total funding cost 1.76% and deposit cost 1.56%; other noted items include a ~$29M terminated‑swap headwind for 2026, net charge‑offs of ~5 bps, allowance at 1.19% of loans, CET1 at 11.5%, tangible book value per share up 21% YoY, and an expectation to be in a position to increase capital distributions (including possible buybacks) in H2 2026.Zions Bancorporation National Association Financial Statement Overview
Summary
Income Statement
64
Positive
Balance Sheet
71
Positive
Cash Flow
66
Positive
| 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
Positive
61.85
Price Trends
58.78
Positive
58.13
Positive
55.87
Positive
Market Momentum
1.25
Negative
66.62
Neutral
89.80
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ZION, the sentiment is Positive. The current price of 61.85 is above the 20-day moving average (MA) of 57.98, above the 50-day MA of 58.78, and above the 200-day MA of 55.87, indicating a bullish trend. The MACD of 1.25 indicates Negative momentum. The RSI at 66.62 is Neutral, neither overbought nor oversold. The STOCH value of 89.80 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ZION.
Zions Bancorporation National Association Risk Analysis
Zions Bancorporation National Association disclosed 38 risk factors in its most recent earnings report. Zions Bancorporation National Association reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Zions Bancorporation National Association Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $9.42B | 8.78 | 13.82% | 2.31% | 5.87% | 53.36% | |
74 Outperform | $9.83B | 11.37 | 11.71% | 1.40% | 3.58% | 13.93% | |
73 Outperform | $9.10B | 12.93 | 8.51% | 2.43% | 20.72% | 3.63% | |
69 Neutral | $8.94B | 12.51 | 14.95% | 3.05% | 2.85% | 20.57% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $9.15B | 9.58 | 13.33% | 2.97% | 0.12% | 27.30% |
* Financial Sector Average
ZION
Zions Bancorporation National Association
61.85
19.89
47.42%
CFR
Cullen/Frost Bankers
142.01
34.16
31.67%
ONB
Old National Bancorp Capital
23.36
4.39
23.12%
BPOP
Popular
144.95
63.12
77.14%
WTFC
Wintrust Financial
146.06
46.04
46.03%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.