Zions Bancorporation N.A
Exchange: NASDAQSector: Financial ServicesIndustry: Banks - Regional
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices.
Did you know?
Free cash flow has been growing at 8.6% annually.
Current Price
$62.63
+1.11%GoodMoat Value
$166.02
165.1% undervaluedProfile
Valuation (TTM)
Market Cap$9.25B
P/E10.33
EV$8.40B
P/B1.29
Shares Out147.64M
P/Sales2.79
Revenue$3.31B
EV/EBITDA7.37
Zions Bancorporation N.A (ZION) Stock Analysis
GoodMoat Analysis
Zions Bancorporation is a regional bank trading at a significant discount to its estimated intrinsic value, with a GoodMoat Target of $166.02. Its valuation appears favourable based on traditional bank metrics, but its competitive moat is limited, scoring low on the framework's criteria. This presents a potential value opportunity that hinges on a classic 'cigar butt' or asset-based thesis rather than a durable competitive advantage.
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Zions Bancorporation N.A. is a regional bank operating primarily in the Western United States. The business model involves traditional banking activities: taking deposits and making loans. According to the GoodMoat Investment Framework, its competitive advantages are limited. It scores low on the 14-point moat criteria, lacking strong network effects, high switching costs, or proprietary technology. Its primary advantages are likely niche regional dominance and regulatory barriers to entry, but these do not constitute a wide or durable moat in the broader banking landscape. This places it in the lower end of the framework's scoring system, potentially failing the initial 'Moat & Quality Gate' for a high-quality business.
However, from a pure valuation perspective, the stock appears deeply undervalued. The current price of $55.05 is dramatically below the GoodMoat Target of $166.02, suggesting a margin of safety exceeding 40%, which the framework classifies as 'Deeply Undervalued.' Key financial metrics support this: a P/E of 9.1x, a strong Free Cash Flow Yield of 11.7%, and a solid ROE of 12.5%. For a bank, the Debt/Equity ratio of 0.64 is manageable. Applying the sector-specific rule for financials, the low Price-to-Book implied by these figures would be a key focus.
For a value investor, Zions is a company worth investigating further, but with a clear understanding of the thesis. The opportunity is not based on a superior, growing business with a wide moat, but on an asset trading far below its estimated intrinsic value. The final assessment under the Decision Framework would be 'With Caution,' as it passes the valuation gate with flying colours but likely fails the initial moat and quality gate, indicating the investment rationale is purely valuation-driven rather than quality-driven.
Analysis based on data as of 2024-05-15.
Market Cap$9.25B
Current Price$62.63
P/E Ratio10.33
Forward P/E—
PEG Ratio0.33
EPS$6.01
Book Value$48.63
P/B Ratio1.29
ZION Financial Charts
FCF vs CAPEX
FCFCAPEX
Forward estimates use 8.6% FCF growth (CAGR)
Cash vs Debt
Net Debt: 271M
Revenue
2.8B
FY19
2.4B
FY20
3.2B
FY21
3.0B
FY22
3.0B
FY23
3.1B
FY24
3.3B
FY25
Net Income
816M
FY19
539M
FY20
1.1B
FY21
907M
FY22
680M
FY23
784M
FY24
899M
FY25
ZION 52-Week Range
$43.37
$64.81
50-Day MA: $58.62200-Day MA: $56.13
Did you know?
Free cash flow has been growing at 8.6% annually.
Zions Bancorporation N.A (ZION) Financial Summary
Zions Bancorporation N.A (ZION) is a Financial Services company in the Banks - Regional industry, listed on NASDAQ. The stock currently trades at $62.63 with a market capitalization of $9.25B.
Key valuation metrics include a P/E ratio of 10.33, price-to-book ratio of 1.29, and EPS of $6.01. The company reports a profit margin of 27.1% and return on equity of 12.5%.
ZION Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $9.25B |
| P/E Ratio | 10.33 |
| EPS | $6.01 |
| P/B Ratio | 1.29 |
| P/S Ratio | 2.79 |
| EV/EBITDA | 7.37 |
| Dividend Yield | 2.89% |
| Profit Margin | 27.1% |
| Return on Equity | 12.5% |
| Debt/Equity | 0.64 |
ZION Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $2.79B | $816.00M |
| FY20 | $2.38B | $539.00M |
| FY21 | $3.19B | $1.13B |
| FY22 | $3.03B | $907.00M |
| FY23 | $2.98B | $680.00M |
| FY24 | $3.06B | $784.00M |
| FY25 | $3.31B | $899.00M |
Zions Bancorporation N.A (ZION) Valuation
Based on GoodMoat's DCF model, Zions Bancorporation N.A has a fair value estimate of $166.02. At the current price of $62.63, the stock appears 62.3% undervalued relative to our intrinsic value estimate.
ZION Quality Indicators
Zions Bancorporation N.A maintains a profit margin of 27.1% and an operating margin of 35.5%. Return on equity stands at 12.5%. Debt-to-equity ratio is 0.64.
About Zions Bancorporation N.A
Zions Bancorporation, N.A. is one of the nation's premier financial services companies with approximately $89 billion of total assets at December 31, 2025, and annual net revenue of $3.4 billion in 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices.
ZION Free Cash Flow
Zions Bancorporation N.A generated $952.00M in trailing twelve-month free cash flow, representing an FCF yield of 10.30%. This strong FCF yield suggests the company generates substantial cash relative to its market value.
ZION Shares Outstanding
Zions Bancorporation N.A has 0.15 billion shares outstanding at a share price of $62.63, giving it a market capitalization of $9.25B.