Western Alliance Bancorporation (WAL) Financial Ratios
25 years of historical data (2001–2025) · Financial Services · Banks - Regional
EV/EBITDA
↓
9.65
↓-11% vs avg
5yr avg: 10.90
30Y Low6.1·High23.2
P/FCF
N/A
—
5yr avg: 3.05
30Y Low3.0·High114.5
P/B Ratio
↓
1.10
↓-23% vs avg
5yr avg: 1.43
30Y Low0.4·High2.8
ROE
↓
13.2%
-17% vs avg
5yr avg: 16.0%
30Y Low-47%·High21%
Debt/EBITDA
↑
5.36
↓-0% vs avg
5yr avg: 5.39
30Y Low0.8·High21.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WAL Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Western Alliance Bancorporation trades at 9.1x earnings, 9% below its 5-year average of 10.0x, sitting at the 6th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 33%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $8.8B | $9.2B | $9.1B | $7.1B | $6.4B | $11.1B | $6.0B | $5.9B | $4.2B | $5.9B | $5.1B |
| Enterprise Value | $11.6B | $12.1B | $11.7B | $13.9B | $12.7B | $13.1B | $4.0B | $5.9B | $4.5B | $6.3B | $5.3B |
| P/E Ratio → | 9.14 | 9.63 | 11.78 | 10.06 | 6.14 | 12.42 | 11.89 | 11.78 | 9.54 | 18.26 | 19.48 |
| P/S Ratio | 1.66 | 1.74 | 1.82 | 1.68 | 2.16 | 5.55 | 4.52 | 4.57 | 3.90 | 6.73 | 6.85 |
| P/B Ratio | 1.10 | 1.16 | 1.36 | 1.17 | 1.20 | 2.24 | 1.77 | 1.95 | 1.59 | 2.67 | 2.67 |
| P/FCF | — | — | — | — | 3.05 | — | 9.36 | 8.61 | 7.72 | 15.86 | 18.73 |
| P/OCF | — | — | — | — | 2.85 | — | 8.99 | 8.19 | 7.69 | 15.49 | 18.02 |
P/E links to full P/E history page with 30-year chart
WAL EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Western Alliance Bancorporation's enterprise value stands at 9.7x EBITDA, 11% below its 5-year average of 10.9x. The Financial Services sector median is 11.4x, placing the stock at a 15% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.29 | 2.33 | 3.26 | 4.30 | 6.57 | 3.00 | 4.61 | 4.25 | 7.16 | 7.13 |
| EV / EBITDA | 9.65 | 10.01 | 10.51 | 13.59 | 9.16 | 11.21 | 6.09 | 9.37 | 8.65 | 13.59 | 14.09 |
| EV / EBIT | 9.65 | 10.01 | 11.77 | 14.85 | 9.68 | 11.71 | 6.43 | 9.82 | 8.89 | 13.99 | 14.57 |
| EV / FCF | — | — | — | — | 6.06 | — | 6.22 | 8.69 | 8.42 | 16.86 | 19.49 |
WAL Profitability
Margins and return-on-capital ratios measuring operating efficiency
Western Alliance Bancorporation earns an operating margin of 22.9%, above the Financial Services sector average of 20.3%. ROE of 13.2% is modest. ROIC of 6.5% represents adequate returns on invested capital versus a sector median of 5.5%.
Margins
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 | 61.1% | 61.1% | 58.8% | 58.7% | 81.6% | 95.9% | 83.6% | 84.1% | 86.6% | 91.2% | 93.1% |
| Operating Margin | 22.9% | 22.9% | 19.8% | 21.9% | 44.4% | 56.1% | 46.7% | 47.0% | 47.8% | 51.2% | 48.9% |
| Net Profit Margin | 18.4% | 18.4% | 15.7% | 17.0% | 35.7% | 44.9% | 38.0% | 38.8% | 40.8% | 36.9% | 35.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.2% | 13.2% | 12.3% | 12.6% | 20.5% | 21.5% | 15.8% | 17.7% | 18.0% | 15.8% | 14.9% |
| ROA | 1.1% | 1.1% | 1.0% | 1.0% | 1.7% | 1.9% | 1.6% | 2.0% | 2.0% | 1.7% | 1.7% |
| ROIC | 6.5% | 6.5% | 5.4% | 5.2% | 9.8% | 14.6% | 12.3% | 13.0% | 11.8% | 12.5% | 12.4% |
| ROCE | 10.4% | 10.4% | 9.8% | 10.5% | 15.7% | 18.5% | 14.6% | 16.3% | 16.0% | 16.5% | 15.8% |
WAL Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Western Alliance Bancorporation carries a Debt/EBITDA ratio of 5.4x, which is highly leveraged (26% above the sector average of 4.3x). Net debt stands at $2.9B ($6.5B total debt minus $3.6B cash). Interest coverage of just 0.7x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.99 | 1.37 | 1.38 | 0.51 | 0.19 | 0.16 | 0.33 | 0.36 | 0.26 |
| Debt / EBITDA | 5.36 | 5.36 | 5.98 | 8.14 | 5.30 | 2.17 | 0.99 | 0.77 | 1.67 | 1.70 | 1.31 |
| Net Debt / Equity | — | 0.36 | 0.38 | 1.11 | 1.18 | 0.41 | -0.59 | 0.02 | 0.14 | 0.17 | 0.11 |
| Net Debt / EBITDA | 2.39 | 2.39 | 2.28 | 6.60 | 4.55 | 1.73 | -3.08 | 0.08 | 0.72 | 0.81 | 0.55 |
| Debt / FCF | — | — | — | — | 3.01 | — | -3.14 | 0.08 | 0.70 | 1.00 | 0.76 |
| Interest Coverage | 0.66 | 0.66 | 0.52 | 0.55 | 2.77 | 10.22 | 6.56 | 3.27 | 4.34 | 7.43 | 8.34 |
WAL Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.17x is below 1.0, meaning current liabilities exceed current assets — though the company's $3.6B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.17 | 0.17 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 0.23 | 0.20 |
| Quick Ratio | 0.17 | 0.17 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 0.23 | 0.20 |
| Cash Ratio | 0.04 | 0.04 | 0.06 | 0.03 | 0.02 | 0.01 | 0.08 | 0.02 | 0.03 | 0.02 | 0.02 |
| Asset Turnover | — | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
WAL Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Western Alliance Bancorporation returns 2.9% to shareholders annually — split between a 2.1% dividend yield and 0.8% buyback yield. The payout ratio of 19.1% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 10.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 19.1% | 19.1% | 22.4% | 23.7% | 15.7% | 14.2% | 20.0% | 10.3% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.9% | 10.4% | 8.5% | 9.9% | 16.3% | 8.1% | 8.4% | 8.5% | 10.5% | 5.5% | 5.1% |
| FCF Yield | — | — | — | — | 32.8% | — | 10.7% | 11.6% | 13.0% | 6.3% | 5.3% |
| Buyback Yield | 0.8% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 2.9% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $110M | $109M | $109M | $108M | $103M | $101M | $103M | $105M | $105M | $104M |
Peer Comparison
Compare WAL with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WALYou | $9B | 9.1 | 9.7 | — | 61.1% | 22.9% | 13.2% | 6.5% | 5.4 |
 EWBC | $17B | 13.3 | 9.8 | 11.6 | 60.1% | 37.4% | 15.9% | 11.2% | 1.6 |
 FHN | $12B | 13.2 | 11.9 | 12.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 IBOC | $5B | 11.1 | 8.7 | 9.2 | 78.3% | 49.4% | 13.6% | 10.5% | 1.3 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 GBCI | $6B | 24.3 | 24.3 | 18.1 | 69.0% | 22.9% | 6.4% | 3.5% | 7.9 |
 CVBF | $3B | 13.7 | 13.2 | 13.0 | 79.9% | 43.8% | 9.3% | 6.8% | 3.5 |
 ZION | $10B | 11.0 | 8.7 | 9.9 | 67.1% | 23.8% | 13.5% | 8.0% | 3.4 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 FHB | $3B | 12.7 | 9.0 | 11.3 | 73.1% | 30.3% | 10.3% | 9.4% | — |
 BANR | $2B | 11.5 | 9.4 | 8.9 | 79.0% | 29.5% | 10.5% | 7.7% | 1.5 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
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WAL — Frequently Asked Questions
Quick answers to the most common questions about buying WAL stock.
What is Western Alliance Bancorporation's P/E ratio?
Western Alliance Bancorporation's current P/E ratio is 9.1x. The historical average is 15.9x. This places it at the 6th percentile of its historical range.
What is Western Alliance Bancorporation's EV/EBITDA?
Western Alliance Bancorporation's current EV/EBITDA is 9.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.7x.
What is Western Alliance Bancorporation's ROE?
Western Alliance Bancorporation's return on equity (ROE) is 13.2%. The historical average is 8.3%.
Is WAL stock overvalued?
Based on historical data, Western Alliance Bancorporation is trading at a P/E of 9.1x. This is at the 6th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Western Alliance Bancorporation's dividend yield?
Western Alliance Bancorporation's current dividend yield is 2.11% with a payout ratio of 19.1%.
What are Western Alliance Bancorporation's profit margins?
Western Alliance Bancorporation has 61.1% gross margin and 22.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Western Alliance Bancorporation have?
Western Alliance Bancorporation's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.