Upside case
Bull case
$102+54.4%
ZION would need investors to value it at roughly 16x earnings — about 6x more generous than today's 10x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated Jun 18, 2026
Zions Bancorporation, National Association (ZION) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
50
analysts
17 bullish · 1 bearish · 50 covering ZION
Strong Buy
0
Buy
17
Hold
32
Sell
1
Strong Sell
0
Consensus Target
$69
+3.6% vs today
Scenario Range
$49 – $102
Model bear to bull value window
Coverage
50
Published analyst ratings
Valuation Context
10.2x
Forward P/E · Market cap $9.7B
ZION price targets
Three scenarios for where ZION stock could go
Current
~$66
Confidence
53 / 100
Updated
Jun 18, 2026
Where we are now
Current · $66
Bear
$49
Base
$78
Bull
$102
Market caseClosest to today
Base case
$78+17.2%
At 12x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$49-26.2%
If investor confidence fades or macro conditions deteriorate, a 3x multiple contraction could push ZION down roughly 26% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Zions Bancorporation, National Association
ZION · NASDAQFinancial ServicesBanks - RegionalDecember year-end
Zions Bancorporation is a regional bank providing commercial and retail banking services primarily across 11 Western U.S. states. It generates revenue through net interest income from loans and deposits (about 70% of total revenue) supplemented by fee-based services including wealth management, capital markets, and trust services. The bank's competitive advantage lies in its deep regional expertise and established relationships with small- and medium-sized businesses in its Western footprint.
Market Cap
$9.7B
Revenue TTM
$4.9B
Net Income TTM
$899M
Net Margin
18.2%
ZION Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+9.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$1.58/$1.31
Revenue
$838M/$811M
Q4 2025
EPS
$1.54/$1.46
Revenue
$861M/$843M
Q1 2026
EPS
$1.75/$1.57
Revenue
$891M/$865M
Q2 2026
EPS
$1.56/$1.43
Revenue
$849M/$856M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.58/$1.31 | +20.6% | $838M/$811M | +3.3% |
| Q4 2025 | $1.54/$1.46 | +5.5% | $861M/$843M | +2.1% |
| Q1 2026 | $1.75/$1.57 | +11.5% | $891M/$865M | +3.0% |
| Q2 2026 | $1.56/$1.43 | +9.1% | $849M/$856M | -0.8% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$4.9B
-0.3% YoY
FY2
$4.9B
-0.8% YoY
EPS Outlook
FY1
$6.67
+9.1% YoY
FY2
$6.93
+3.9% YoY
Trailing FCF (TTM)$882M
FCF Margin: 17.8%
Next Earnings
July 20, 2026
Expected EPS
$1.55
Expected Revenue
$873M
ZION beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
ZION Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $471M
Product Mix
Latest annual revenue by segment or product family
Products And Services, Commercial Account Fees
39.3%
+1.6% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Products And Services, Commercial Account Fees is the largest disclosed segment at 39.3% of FY 2025 revenue, up 1.6% YoY.
ZION Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Cheap versus peers
Fair value est. $80 — implies +20.4% from today's price.
Upside to Fair Value
20.4%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
ZION
11.0x
vs
S&P 500
24.4x
55% discount
vs Financial Services Trailing P/E
ZION
11.0x
vs
Financial Services
13.6x
19% discount
vs ZION 5Y Avg P/E
Today
11.0x
vs
5Y Average
9.7x
+13% premium
Forward PE
10.2x
S&P 500
18.8x
-46%
Financial Services
10.7x
-4%
5Y Avg
—
—
Trailing PE
11.0x
S&P 500
24.4x
-55%
Financial Services
13.6x
-19%
5Y Avg
9.7x
+13%
PEG Ratio
0.75x
S&P 500
1.66x
-55%
Financial Services
0.95x
-21%
5Y Avg
—
—
EV/EBITDA
8.7x
S&P 500
15.2x
-43%
Financial Services
11.4x
-24%
5Y Avg
7.6x
+14%
Price/FCF
9.9x
S&P 500
20.7x
-52%
Financial Services
11.1x
-11%
5Y Avg
10.9x
-9%
Price/Sales
2.0x
S&P 500
3.1x
-36%
Financial Services
2.3x
-16%
5Y Avg
2.1x
-5%
Dividend Yield
2.70%
S&P 500
1.91%
+41%
Financial Services
2.63%
+3%
5Y Avg
—
—
| Metric | ZION | S&P 500 | Financial Services | 5Y Avg ZION |
|---|---|---|---|---|
| Forward PE | 10.2x | 18.8x-46% | 10.7x | — |
| Trailing PE | 11.0x | 24.4x-55% | 13.6x-19% | 9.7x+13% |
| PEG Ratio | 0.75x | 1.66x-55% | 0.95x-21% | — |
| EV/EBITDA | 8.7x | 15.2x-43% | 11.4x-24% | 7.6x+14% |
| Price/FCF | 9.9x | 20.7x-52% | 11.1x-11% | 10.9x |
| Price/Sales | 2.0x | 3.1x-36% | 2.3x-16% | 2.1x |
| Dividend Yield | 2.70% | 1.91% | 2.63% | — |
ZION trades above S&P 500 benchmarks on 0 of 6 measured multiples — appears modestly priced relative to the S&P 500 on most measures.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolZION Financial Health
Verdict
Strong
ZION generates 13.3% ROE and 1.0% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
$4.9B
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
23.8%
Net Margin
Net income divided by revenue
18.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$6.11
ROE
Return on equity — the primary profitability signal for banks
13.3%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.0%
ROA
Return on assets, trailing twelve months
1.0%
Cash & Equivalents
Liquid assets on the balance sheet
$2.9B
Net Debt
Total debt minus cash
$1.5B
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
13.3%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.1%
Dividend
2.7%
Buyback
0.4%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$41M
Dividend / Share
Annualized trailing dividend per share
$1.79
Payout Ratio
Share of earnings distributed as dividends
29.3%
Shares Outstanding
Declining as buybacks retire shares
147M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageZION Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Underwriting and Risk Management
In October 2025, Zions announced a $60 million provision and a $50 million charge-off due to misrepresentations and contractual defaults by two borrowers. This raised significant concerns about the bank's underwriting and risk management practices, although some analysts consider it an isolated incident.
High Risk
Commercial Real Estate Exposure
Zions has a CRE loans-to-equity ratio of 388.5%, one of the highest in the sector, exposing the bank to refinancing risks as many loans mature in a higher-interest-rate environment. Despite low delinquency rates and loan-to-value ratios below 60%, the concentration in this sector remains a major risk.
High Risk
Uninsured Deposits
Zions holds a high proportion of uninsured deposits relative to its liquid assets, which poses a liquidity risk. A rapid withdrawal of these deposits could significantly impact the bank's financial stability.
Medium
Limited Revenue Diversity
Zions' business model heavily relies on spread-based income, lacking revenue diversity compared to peers. This concentration may limit the bank's ability to withstand economic downturns and could be a constraint on its credit ratings.
Medium
Capital Adequacy
In the 2025 Federal Reserve stress tests, Zions' Common Equity Tier 1 (CET1) ratio fell below the required threshold, primarily due to its CRE exposure and reduced profitability. The bank aims to increase its CET1 ratio above 5% by Q2 2025 to enhance its capital adequacy.
Medium
Market and Interest Rate Risk
Zions faces market and interest rate risks, similar to other financial institutions. The bank has reported substantial unrealized losses on its securities portfolio as a result of rising interest rates.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why ZION Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Strong Earnings and Revenue Growth
Zions Bancorporation reported increased net interest income and net income in the first quarter of 2026, with earnings per share rising to $1.56. Projections suggest revenue could reach $3.8 billion by 2029, alongside a 31% net earnings growth in the fourth quarter of the previous year.
Share Buybacks and Capital Management
The company completed a $75 million share buyback in the first quarter of 2026, positively impacting earnings per share and capital management. This buyback activity, along with stable capital ratios, positions Zions to repurchase stock more consistently.
Loan Portfolio Strength and Net Interest Margins
Zions has benefited from strong net interest income expansion, with nearly double-digit year-over-year growth. The loan portfolio has seen moderate expansion, supported by strong credit demand, particularly in commercial lending, and a strategic transition into agency multifamily lending.
Improved Credit Quality
The net charge-off ratio has fallen to a very low level of 0.05% in Q4 2025 and 0.03% in Q1 2026, indicating strong asset quality and minimal loan defaults. This reflects the bank's disciplined loan growth and strong underwriting practices.
Strategic Focus and Diversification
Zions is focused on growing its capital markets and fee income businesses to offset potential pressure on net interest margins. Management is confident in generating pre-provision operating leverage due to a positive revenue outlook.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
ZION Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$66.17
52W Range Position
92%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$46.19
+43.3% from the low
52-Week High
$67.99
-2.7% from the high
1 Month
+10.12%
3 Month
+23.41%
YTD
+11.7%
1 Year
+36.9%
3Y CAGR
+33.4%
5Y CAGR
+5.6%
10Y CAGR
+9.5%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
ZION vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
10.2x
vs 12.4x median
-17% below peer median
Revenue Growth
-0.3%
vs +2.9% median
-111% below peer median
Net Margin
18.2%
vs 17.7% median
+3% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
ZIO ZION Zions Bancorporation, National Association | $9.7B | 10.2x | -0.3% | 18.2% | Hold | +3.6% |
CFG CFG Citizens Financial Group, Inc. | $29.2B | 12.9x | -4.5% | 16.4% | Buy | +8.0% |
HBA HBAN Huntington Bancshares Incorporated | $26.7B | 11.4x | +3.5% | 17.7% | Buy | +20.6% |
RF RF Regions Financial Corporation | $25.2B | 10.9x | +2.9% | 22.4% | Hold | +7.5% |
FIT FITB Fifth Third Bancorp | $35.3B | 17.2x | +1.5% | 19.6% | Buy | +9.0% |
KEY KEY KeyCorp | $24.7B | 12.4x | +8.6% | 16.3% | Buy | +3.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
ZION Dividend and Capital Return
ZION returns 3.1% total yield, led by a 2.70% dividend, raised 13 consecutive years.
Dividend SustainableFCF Well Covered
Total Shareholder Yield
3.1%
Dividend + buyback return per year
Buyback Yield
0.4%
Dividend Yield
2.70%
Payout Ratio
29.3%
How ZION Splits Its Return
Div 2.70%
Dividend 2.70%Buybacks 0.4%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$1.79
Growth Streak
Consecutive years of dividend increases
13Y
3Y Div CAGR
3.7%
5Y Div CAGR
5.3%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$41M
Estimated Shares Retired
619.6K
Approx. Share Reduction
0.4%
Shares Outstanding
Current diluted share count from the screening snapshot
147M
| Year | Div / Share | YoY Grw |
|---|---|---|
| 2026 | $0.90 | — |
| 2025 | $1.76 | +6.0% |
| 2024 | $1.66 | +1.2% |
| 2023 | $1.64 | +3.8% |
| 2022 | $1.58 | +9.7% |
FAQ
7 questionsZION Investor Questions
Common questions answered from live analyst data and company financials.
01Is Zions Bancorporation, National Association (ZION) stock a buy or sell in 2026?
Zions Bancorporation, National Association (ZION) is rated Hold by Wall Street analysts as of 2026. Of 50 analysts covering the stock, 17 rate it Buy or Strong Buy, 32 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $69, implying +3.6% from the current price of $66. The bear case scenario is $49 and the bull case is $102.
02What is the ZION stock price target for 2026?
The Wall Street consensus price target for ZION is $69 based on 50 analyst estimates. The high-end target is $75 (+13.3% from today), and the low-end target is $65 (-1.8%). The base case model target is $78.
03Is Zions Bancorporation, National Association (ZION) stock overvalued in 2026?
ZION trades at 10.2x times forward earnings. The stock currently trades at a discount to the broader market. Based on current multiples versus the peer group, the relative model signals cheap versus peers. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Zions Bancorporation, National Association (ZION) stock in 2026?
The primary risks for ZION in 2026 are: (1) Underwriting and Risk Management — In October 2025, Zions announced a $60 million provision and a $50 million charge-off due to misrepresentations and contractual defaults by two borrowers. (2) Commercial Real Estate Exposure — Zions has a CRE loans-to-equity ratio of 388. (3) Uninsured Deposits — Zions holds a high proportion of uninsured deposits relative to its liquid assets, which poses a liquidity risk. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Zions Bancorporation, National Association's revenue and earnings forecast?
Analyst consensus estimates ZION will report consensus revenue of $4.9B (-0.3% year-over-year) and EPS of $6.67 (+9.1% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.9B in revenue.
06When does Zions Bancorporation, National Association (ZION) report its next earnings?
Zions Bancorporation, National Association is expected to report its next earnings on approximately 2026-07-20. Consensus expects EPS of $1.55 and revenue of $873M. Over recent quarters, ZION has beaten EPS estimates 75% of the time.
07How much free cash flow does Zions Bancorporation, National Association generate?
Zions Bancorporation, National Association (ZION) generated $882M in free cash flow over the trailing twelve months — a free cash flow margin of 17.8%. ZION returns capital to shareholders through dividends (2.7% yield) and share repurchases ($41M TTM).