Zions Bancorporation, National Association (ZION) Financial Ratios
30 years of historical data (1995–2024) · Financial Services · Banks - Regional
EV/EBITDA
↓
9.09
+10% vs avg
5yr avg: 8.29
30Y Low0.8·High25.6
P/FCF
↓
9.00
↓-24% vs avg
5yr avg: 11.76
30Y Low1.7·High26.9
P/B Ratio
↑
1.54
↑+24% vs avg
5yr avg: 1.24
30Y Low0.3·High4.5
ROE
↑
13.3%
↓+6% vs avg
5yr avg: 12.5%
30Y Low-20%·High24%
Debt/EBITDA
↑
3.84
↓-13% vs avg
5yr avg: 4.44
30Y Low1.3·High13.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
ZION Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Zions Bancorporation, National Association trades at 12.9x earnings, 21% above its 5-year average of 10.6x, sitting at the 26th percentile of its historical range. This is roughly in line with the Financial Services sector median P/E of 13.4x. On a free-cash-flow basis, the stock trades at 9.0x P/FCF, 24% below the 5-year average of 11.8x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $8.0B | $6.5B | $7.4B | $10.1B | $7.2B | $9.7B | $8.4B | $10.7B | $8.8B | $5.6B |
| Enterprise Value | $10.3B | $8.9B | $8.8B | $16.5B | $1.2B | $8.5B | $12.0B | $13.6B | $14.7B | $8.0B | $-186134600 |
| P/E Ratio → | 12.92 | 10.96 | 10.09 | 8.49 | 9.30 | 14.34 | 12.48 | 9.99 | 19.55 | 21.63 | 22.75 |
| P/S Ratio | 1.89 | 1.60 | 1.40 | 2.21 | 3.41 | 2.45 | 2.98 | 2.77 | 3.89 | 3.56 | 2.54 |
| P/B Ratio | 1.54 | 1.30 | 1.14 | 1.51 | 1.36 | 0.91 | 1.32 | 1.11 | 1.39 | 1.15 | 0.74 |
| P/FCF | 9.00 | 7.60 | 8.40 | 5.77 | 23.93 | 13.13 | 16.70 | 8.04 | 14.04 | 21.96 | 18.11 |
| P/OCF | 8.24 | 6.96 | 7.32 | 5.03 | 16.09 | 10.01 | 13.89 | 7.15 | 11.48 | 14.75 | 11.98 |
P/E links to full P/E history page with 30-year chart
ZION EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Zions Bancorporation, National Association's enterprise value stands at 9.1x EBITDA, 10% above its 5-year average of 8.3x. The Financial Services sector median is 11.4x, placing the stock at a 20% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.77 | 1.91 | 4.93 | 0.39 | 2.88 | 3.70 | 4.47 | 5.37 | 3.24 | -0.08 |
| EV / EBITDA | 9.09 | 7.79 | 8.60 | 13.04 | 0.81 | 11.19 | 9.68 | 10.15 | 13.17 | 9.67 | -0.35 |
| EV / EBIT | 10.20 | 8.75 | 9.96 | 14.29 | 0.80 | 12.63 | 11.41 | 11.86 | 15.69 | 11.36 | -0.41 |
| EV / FCF | — | 8.42 | 11.43 | 12.86 | 2.74 | 15.48 | 20.71 | 12.95 | 19.35 | 19.99 | -0.61 |
ZION Profitability
Margins and return-on-capital ratios measuring operating efficiency
Zions Bancorporation, National Association earns an operating margin of 20.3%, roughly in line with the Financial Services sector average. Operating margins have compressed from 34.5% to 20.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 13.3% is modest. ROIC of 7.3% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.2% | 61.2% | 64.5% | 90.8% | 107.3% | 80.8% | 86.1% | 93.0% | 94.7% | 92.7% | 92.8% |
| Operating Margin | 20.3% | 20.3% | 19.2% | 34.5% | 48.7% | 22.8% | 32.4% | 37.7% | 34.2% | 28.5% | 20.6% |
| Net Profit Margin | 15.7% | 15.7% | 14.7% | 27.2% | 38.0% | 18.3% | 25.1% | 29.1% | 21.6% | 19.0% | 14.1% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 13.3% | 13.3% | 12.8% | 14.7% | 14.7% | 7.1% | 10.9% | 11.6% | 7.7% | 6.2% | 4.2% |
| ROA | 0.9% | 0.9% | 0.8% | 1.0% | 1.3% | 0.7% | 1.2% | 1.3% | 0.9% | 0.8% | 0.5% |
| ROIC | 7.3% | 7.3% | 5.1% | 6.8% | 10.8% | 4.6% | 6.3% | 6.4% | 6.4% | 6.0% | 3.9% |
| ROCE | 11.6% | 11.6% | 11.3% | 13.6% | 14.6% | 6.6% | 11.1% | 12.9% | 10.5% | 7.8% | 5.0% |
ZION Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Zions Bancorporation, National Association carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (7% below the sector average of 4.1x). Net debt stands at $866M ($4.4B total debt minus $3.5B cash). Interest coverage of just 0.5x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.71 | 0.71 | 0.80 | 2.26 | 0.26 | 0.37 | 0.51 | 0.84 | 0.70 | 0.18 | 0.15 |
| Debt / EBITDA | 3.84 | 3.84 | 4.43 | 8.77 | 1.34 | 3.84 | 3.04 | 4.77 | 4.81 | 1.64 | 2.16 |
| Net Debt / Equity | — | 0.14 | 0.41 | 1.85 | -1.20 | 0.16 | 0.32 | 0.68 | 0.52 | -0.10 | -0.77 |
| Net Debt / EBITDA | 0.76 | 0.76 | 2.28 | 7.19 | -6.26 | 1.70 | 1.88 | 3.85 | 3.61 | -0.95 | -10.70 |
| Debt / FCF | — | 0.82 | 3.03 | 7.09 | -21.19 | 2.36 | 4.01 | 4.91 | 5.31 | -1.96 | -18.72 |
| Interest Coverage | 0.54 | 0.54 | 0.59 | 6.23 | 24.51 | 4.42 | 2.56 | 4.55 | 7.37 | 8.10 | 3.82 |
ZION Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.16x is below 1.0, meaning current liabilities exceed current assets — though the company's $3.5B cash position helps mitigate short-term liquidity concerns.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 |
| Quick Ratio | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 | 0.30 |
| Cash Ratio | 0.04 | 0.04 | 0.03 | 0.02 | 0.13 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.14 |
| Asset Turnover | — | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
ZION Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Zions Bancorporation, National Association returns 7.0% to shareholders annually — split between a 2.6% dividend yield and 4.3% buyback yield. The payout ratio of 31.6% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 7.7% (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 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.1% | 4.4% | 3.6% | 2.6% | 3.6% | 2.7% | 2.8% | 1.2% | 1.2% | 1.9% |
| Payout Ratio | 31.6% | 31.6% | 41.5% | 29.7% | 23.1% | 48.1% | 31.9% | 26.7% | 21.8% | 23.0% | 35.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.7% | 9.1% | 9.9% | 11.8% | 10.8% | 7.0% | 8.0% | 10.0% | 5.1% | 4.6% | 4.4% |
| FCF Yield | 11.1% | 13.2% | 11.9% | 17.3% | 4.2% | 7.6% | 6.0% | 12.4% | 7.1% | 4.6% | 5.5% |
| Buyback Yield | 4.3% | 5.1% | 0.8% | 2.7% | 9.1% | 1.1% | 11.4% | 8.0% | 4.4% | 2.5% | 3.3% |
| Total Shareholder Yield | 7.0% | 8.2% | 5.1% | 6.4% | 11.7% | 4.7% | 14.1% | 10.8% | 5.6% | 3.8% | 5.2% |
| Shares Outstanding | — | $147M | $148M | $150M | $160M | $166M | $187M | $207M | $210M | $204M | $204M |
Peer Comparison
Compare ZION 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 |
|---|---|---|---|---|---|---|---|---|---|
 ZIONYou | $9B | 12.9 | 9.1 | 9.0 | 61.2% | 20.3% | 13.3% | 7.3% | 3.8 |
 CFG | $28B | 21.7 | 12.4 | 15.1 | 57.6% | 15.3% | 6.2% | 3.8% | 5.2 |
 HBAN | $26B | 12.0 | 16.0 | 11.6 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 RF | $24B | 12.3 | 6.6 | 11.2 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 FITB | $34B | 16.2 | 14.7 | 14.1 | 59.2% | 22.3% | 11.9% | 5.7% | 5.6 |
 KEY | $25B | 14.6 | 14.7 | — | 62.3% | 20.6% | 9.5% | 5.4% | 4.7 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 FHN | $12B | 13.3 | 11.8 | 19.4 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 WFC | $249B | 15.0 | 10.6 | 81.9 | 62.2% | 18.6% | 10.7% | 3.7% | 9.1 |
 USB | $87B | 12.2 | 11.5 | — | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 MTB | $33B | 14.9 | 6.9 | 9.8 | 64.3% | 24.7% | 9.2% | 6.0% | 3.6 |
| Financial Services Median | — | 13.4 | 11.4 | 10.6 | 63.4% | 21.2% | 9.4% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
See ZION's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs ZION Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare ZION vs CFG
Side-by-side business, growth, and profitability comparison vs Citizens Financial Group, Inc..
Start ComparisonZION — Frequently Asked Questions
Quick answers to the most common questions about buying ZION stock.
What is Zions Bancorporation, National Association's P/E ratio?
Zions Bancorporation, National Association's current P/E ratio is 12.9x. The historical average is 17.4x. This places it at the 26th percentile of its historical range.
What is Zions Bancorporation, National Association's EV/EBITDA?
Zions Bancorporation, National Association's current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
What is Zions Bancorporation, National Association's ROE?
Zions Bancorporation, National Association's return on equity (ROE) is 13.3%. The historical average is 9.4%.
Is ZION stock overvalued?
Based on historical data, Zions Bancorporation, National Association is trading at a P/E of 12.9x. This is at the 26th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Zions Bancorporation, National Association's dividend yield?
Zions Bancorporation, National Association's current dividend yield is 2.63% with a payout ratio of 31.6%.
What are Zions Bancorporation, National Association's profit margins?
Zions Bancorporation, National Association has 61.2% gross margin and 20.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Zions Bancorporation, National Association have?
Zions Bancorporation, National Association's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.