Zions Bancorporation, National Association (ZION) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
8.67
+14% vs avg
5yr avg: 7.61
30Y Low0.8·High25.6
P/FCF
↓
9.92
-9% vs avg
5yr avg: 10.89
30Y Low1.7·High26.9
P/B Ratio
↓
1.36
+4% vs avg
5yr avg: 1.30
30Y Low0.3·High4.5
ROE
↓
13.5%
-2% vs avg
5yr avg: 13.8%
30Y Low-20%·High24%
Debt/EBITDA
↑
3.36
↓-23% vs avg
5yr avg: 4.35
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 11.0x earnings, 13% above its 5-year average of 9.7x, sitting at the 26th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 19%. On a free-cash-flow basis, the stock trades at 9.9x P/FCF, 9% below the 5-year average of 10.9x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.7B | $8.6B | $8.0B | $6.5B | $7.4B | $10.1B | $7.2B | $9.7B | $8.4B | $10.7B | $8.8B |
| Enterprise Value | $11.2B | $10.1B | $8.9B | $8.8B | $16.5B | $1.2B | $8.5B | $12.0B | $13.6B | $14.7B | $8.0B |
| P/E Ratio → | 11.01 | 9.74 | 10.96 | 10.09 | 8.49 | 9.30 | 14.34 | 12.48 | 9.99 | 19.55 | 21.63 |
| P/S Ratio | 1.97 | 1.74 | 1.60 | 1.40 | 2.21 | 3.41 | 2.45 | 2.98 | 2.77 | 3.89 | 3.56 |
| P/B Ratio | 1.36 | 1.20 | 1.30 | 1.14 | 1.51 | 1.36 | 0.91 | 1.32 | 1.11 | 1.39 | 1.15 |
| P/FCF | 9.92 | 8.78 | 7.60 | 8.40 | 5.77 | 23.93 | 13.13 | 16.70 | 8.04 | 14.04 | 21.96 |
| P/OCF | 8.83 | 7.82 | 6.96 | 7.32 | 5.03 | 16.09 | 10.01 | 13.89 | 7.15 | 11.48 | 14.75 |
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 8.7x EBITDA, 14% above its 5-year average of 7.6x. The Financial Services sector median is 11.4x, placing the stock at a 24% 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 | — | 2.04 | 1.77 | 1.91 | 4.93 | 0.39 | 2.88 | 3.70 | 4.47 | 5.37 | 3.24 |
| EV / EBITDA | 8.67 | 7.80 | 7.79 | 8.60 | 13.04 | 0.81 | 11.19 | 9.68 | 10.15 | 13.17 | 9.67 |
| EV / EBIT | 9.52 | 8.57 | 8.75 | 9.96 | 14.29 | 0.80 | 12.63 | 11.41 | 11.86 | 15.69 | 11.36 |
| EV / FCF | — | 10.27 | 8.42 | 11.43 | 12.86 | 2.74 | 15.48 | 20.71 | 12.95 | 19.35 | 19.99 |
ZION Profitability
Margins and return-on-capital ratios measuring operating efficiency
Zions Bancorporation, National Association earns an operating margin of 23.8%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 19.2% to 23.8% over the past 3 years, signaling improving operational efficiency. ROE of 13.5% is modest. ROIC of 8.0% 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 | 67.1% | 67.1% | 61.2% | 64.5% | 90.8% | 107.3% | 80.8% | 86.1% | 93.0% | 94.7% | 92.7% |
| Operating Margin | 23.8% | 23.8% | 20.3% | 19.2% | 34.5% | 48.7% | 22.8% | 32.4% | 37.7% | 34.2% | 28.5% |
| Net Profit Margin | 18.2% | 18.2% | 15.7% | 14.7% | 27.2% | 38.0% | 18.3% | 25.1% | 29.1% | 21.6% | 19.0% |
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 | 13.5% | 13.5% | 13.3% | 12.8% | 14.7% | 14.7% | 7.1% | 10.9% | 11.6% | 7.7% | 6.2% |
| ROA | 1.0% | 1.0% | 0.9% | 0.8% | 1.0% | 1.3% | 0.7% | 1.2% | 1.3% | 0.9% | 0.8% |
| ROIC | 8.0% | 8.0% | 7.3% | 5.1% | 6.8% | 10.8% | 4.6% | 6.3% | 6.4% | 6.4% | 6.0% |
| ROCE | 12.0% | 12.0% | 11.6% | 11.3% | 13.6% | 14.6% | 6.6% | 11.1% | 12.9% | 10.5% | 7.8% |
ZION Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Zions Bancorporation, National Association carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (21% below the sector average of 4.3x). Net debt stands at $1.5B ($4.3B total debt minus $2.9B cash). Interest coverage of just 0.8x 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 | 0.61 | 0.61 | 0.71 | 0.80 | 2.26 | 0.26 | 0.37 | 0.51 | 0.84 | 0.70 | 0.18 |
| Debt / EBITDA | 3.36 | 3.36 | 3.84 | 4.43 | 8.77 | 1.34 | 3.84 | 3.04 | 4.77 | 4.81 | 1.64 |
| Net Debt / Equity | — | 0.20 | 0.14 | 0.41 | 1.85 | -1.20 | 0.16 | 0.32 | 0.68 | 0.52 | -0.10 |
| Net Debt / EBITDA | 1.13 | 1.13 | 0.76 | 2.28 | 7.19 | -6.26 | 1.70 | 1.88 | 3.85 | 3.61 | -0.95 |
| Debt / FCF | — | 1.49 | 0.82 | 3.03 | 7.09 | -21.19 | 2.36 | 4.01 | 4.91 | 5.31 | -1.96 |
| Interest Coverage | 0.75 | 0.75 | 0.54 | 0.59 | 6.23 | 24.51 | 4.42 | 2.56 | 4.55 | 7.37 | 8.10 |
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 $2.9B 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 | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 |
| Quick Ratio | 0.16 | 0.16 | 0.16 | 0.16 | 0.17 | 0.42 | 0.25 | 0.26 | 0.27 | 0.29 | 0.29 |
| Cash Ratio | 0.04 | 0.04 | 0.04 | 0.03 | 0.02 | 0.13 | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 |
| Asset Turnover | — | 0.06 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 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 3.1% to shareholders annually — split between a 2.7% dividend yield and 0.4% buyback yield. The payout ratio of 29.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 9.1% (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 | 2.7% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 29.3% | 29.3% | 31.6% | 41.5% | 29.7% | 23.1% | 48.1% | 31.9% | 26.7% | 21.8% | 23.0% |
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 | 9.1% | 10.3% | 9.1% | 9.9% | 11.8% | 10.8% | 7.0% | 8.0% | 10.0% | 5.1% | 4.6% |
| FCF Yield | 10.1% | 11.4% | 13.2% | 11.9% | 17.3% | 4.2% | 7.6% | 6.0% | 12.4% | 7.1% | 4.6% |
| Buyback Yield | 0.4% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $147M | $147M | $148M | $150M | $160M | $166M | $187M | $207M | $210M | $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 | $10B | 11.0 | 8.7 | 9.9 | 67.1% | 23.8% | 13.5% | 8.0% | 3.4 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 RF | $25B | 12.5 | 6.8 | 11.5 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
 KEY | $25B | 14.9 | 14.8 | 11.8 | 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 | 13.2 | 11.9 | 12.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
 WFC | $265B | 13.0 | 17.6 | — | 64.8% | 20.4% | 11.7% | 3.5% | 14.5 |
 USB | $90B | 12.6 | 11.8 | 11.4 | 62.8% | 22.2% | 12.2% | 5.2% | 7.6 |
 MTB | $35B | 13.2 | 7.5 | 12.3 | 74.6% | 30.0% | 9.8% | 6.5% | 3.3 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
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Includes 30+ ratios · 30 years · Updated daily
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ZION — 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 11.0x. The historical average is 17.2x. 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 8.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.9x.
What is Zions Bancorporation, National Association's ROE?
Zions Bancorporation, National Association's return on equity (ROE) is 13.5%. The historical average is 9.2%.
Is ZION stock overvalued?
Based on historical data, Zions Bancorporation, National Association is trading at a P/E of 11.0x. 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 2.70% with a payout ratio of 29.3%.
What are Zions Bancorporation, National Association's profit margins?
Zions Bancorporation, National Association has 67.1% gross margin and 23.8% 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 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.