Alior Bank SA ALORY

FinancialsBanking ServicesPoland

Last close 17.00 USD on Nov 3, 2026, +15.4% year to date

Quant rating

Quant rating B Rank 47 of 304 in Financials

Growth C 170 of 304
Valuation B 92 of 304
Quality B 103 of 304
Revisions B 47 of 304
Momentum B 65 of 304

Wall Street consensus Buy (2.00)Average target 38.48 USD +126.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 4.5B
Enterprise value: 3.8B
52-week range: 13.84 – 19.21
3-year range: 11.91 – 19.21
Dividend yield: 7.20%
Beta (5 years): –
Shares outstanding: 131M
Next earnings: Feb 22, 2027

About the company

Alior Bank SA is a Poland-based commercial bank. The Bank divides its business into three segments: Individual Clients; Business Clients; and Treasury Activity. The operations of the Bank comprise accepting cash as demand deposits and keeping deposit accounts; maintaining other bank accounts; granting credits; giving and confirming bank guarantees and opening and confirming letters of credit; issuing banking securities; conducting banking settlements; granting cash loans; issuing payment cards; trading in securities; and pursuing brokerage services; among others. It operates through Bank BPH.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,930	1,752	1,881	1,231	753	–
Revenue growth	10.2%	−6.8%	52.7%	63.5%	−15.8%	16.6%
EPS (basic, normalized)	5.37	4.66	4.13	1.43	1.04	–
EPS growth	15.4%	12.7%	188.6%	38.2%	–	–
Gross margin	–	–	–	–	–	–
Net margin	34.2%	33.8%	27.4%	12.7%	15.9%	24.8%
ROE	–	23.9%	9.0%	11.3%	7.7%	13.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	–
Long-term debt (mil)	770
Net debt (mil)	–
Total equity (mil)	3,287
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	1,930	+10.2%	2.0x	27.78	+30.2%	0.6x	5.06	+5.9%	3.4x
2026	1,524	−21.1%	2.5x	26.45	−4.8%	0.6x	3.52	−30.5%	4.8x
2027	1,657	+8.8%	2.3x	28.39	+7.4%	0.6x	4.16	+18.2%	4.1x
2028	1,707	+3.0%	2.2x	30.24	+6.5%	0.6x	4.41	+6.2%	3.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,524	−0.5%	−0.6%	−0.4%	3.52	−0.1%	−0.9%	+0.6%
2027	1,657	+1.1%	+3.9%	+4.7%	4.16	+1.8%	+3.5%	+6.8%
2028	1,707	+0.9%	+3.1%	+4.1%	4.41	+0.4%	+4.4%	+7.1%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	1,269	1,224	1,577	1,569	1,466	1,524	1,531	1,524	1,469	1,363
Sales mean (mil)	1,502	1,430	–	1,556	1,503	1,500	1,506	1,482	1,477	–
Surprise	−15.5%	−14.4%	–	+0.9%	−2.5%	+1.6%	+1.6%	+2.9%	−0.5%	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
ALORY Alior Bank SA	4.5B	–	34.2%	1.27x	4.8x	4.1x	0.6x	0.6x
FULT Fulton Financial Corporation	4.5B	12.8%	23.6%	1.12x	11.3x	9.9x	1.2x	1.1x
GGAL Grupo Financiero Galicia S.A.	4.5B	–	2.1%	1.18x	7.6x	4.2x	0.8x	0.7x
SFBS ServisFirst Bancshares Inc	4.5B	11.8%	27.9%	1.05x	12.8x	11.7x	1.6x	1.4x
FFIN First Financial Bankshares Inc	4.5B	20.4%	36.1%	1.66x	15.2x	14.6x	2.3x	2.0x
UCB United Community Banks Inc	4.4B	13.5%	23.0%	1.24x	12.2x	10.7x	1.2x	1.2x
Mean		14.6%	24.5%	1.25x	10.7x	9.2x	1.3x	1.2x
Median		13.2%	25.8%	1.21x	11.8x	10.3x	1.2x	1.2x

Technical analysis

1M−8.1%
3M+15.4%
1Y+15.4%
3Y+18.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alior Bank SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	1,930	1,752	1,881	1,231	753	894
Total interest expense	497	497	667	418	59.1	130
Net interest income	1,433	1,256	1,213	813	694	764
Loan loss provision	87.9	105	170	222	258	437
Net interest income after loan loss provision	1,345	1,150	1,044	592	436	327
Non-interest income	379	368	515	412	417	406
Non-interest expense	−905	−744	−870	−767	−660	−789
Net income before taxes	819	775	688	237	193	−55.4
Provision for taxes	159	182	172	80.6	73.7	28.1
Minority interest & equity in affiliates	–	–	–	–	–	0
Other	0	0	0	0	0	0
Net income before extraordinary items	660	592	516	156	120	−83.5
Extraordinary items	–	–	–	–	–	0
Net income	660	592	516	156	120	−83.5
Basic weighted average shares (mil)	131	131	131	131	131	131
Diluted weighted average shares (mil)	131	131	131	131	131	131
Basic EPS excluding extraordinary items	5.06	4.54	3.95	1.20	0.92	−0.64
Basic EPS, normalized	5.37	4.66	4.13	1.43	1.04	−0.36

Balance sheet in millions of USD, fiscal years

Balance sheet, Alior Bank SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	1,748	956	1,819	1,133	1,353	796
Other earning assets	7,396	5,717	4,786	3,887	3,993	4,224
Net loans	18,262	15,196	15,502	13,160	14,443	15,083
Property, plant & equipment	231	169	189	170	187	188
Goodwill	0.3	0.2	0.2	0.2	0.2	0.3
Intangibles	153	114	105	89.1	106	114
Long-term investments	–	–	–	–	0	1.4
Other long-term assets	12.8	0	0.3	0.6	0	311
Other assets	592	446	518	493	517	382
Total assets	28,396	22,598	22,919	18,933	20,600	21,100
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	65.0	45.5	63.5	48.4	46.2	41.5
Total deposits	23,216	18,646	18,615	16,032	17,827	17,785
Other bearing liabilities	–	–	–	–	–	–
Short-term borrowings	–	–	–	–	0	0.3
Current portion of long-term debt	14.8	67.3	–	–	–	–
Long-term debt	723	522	936	522	570	961
Minority interest	–	–	–	–	–	–
Other liabilities	755	603	953	920	688	553
Total liabilities	24,774	19,883	20,567	17,523	19,132	19,340
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	364	316	332	298	324	350
Additional paid-in capital	2,415	1,802	1,533	1,235	1,340	1,449
Retained earnings (accumulated deficit)	729	644	561	182	28.9	−96.9
Treasury stock	–	–	–	–	–	–
Other equity	114	−47.7	−73.5	−306	−225	57.9
Total equity	3,622	2,715	2,352	1,409	1,468	1,760
Total liabilities & shareholders' equity	28,396	22,598	22,919	18,933	20,600	21,100

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alior Bank SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	819	775	688	237	193	−55.4
Depreciation, depletion & amortization	71.1	65.5	65.8	55.3	57.8	77.2
Deferred taxes	–	–	–	–	–	–
Non-cash items	−1,691	−1,444	−1,349	−186	−533	944
Changes in working capital	2,059	470	−493	−221	330	−596
Cash from operations	1,258	−135	−1,088	−115	48.1	369
Investing activities
Capital expenditures	−66.6	−45.9	−43.1	−34.2	−45.0	−39.5
Other investing cash flows	−380	188	955	−37.0	467	2.4
Cash from investing	−447	142	912	−71.2	422	−37.1
Financing activities
Financing cash flow items	−39.5	−43.2	−31.8	−18.6	−14.3	−22.2
Cash dividends paid	−335	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	104	−64.8	196	−64.3	−133	−19.9
Cash from financing	−270	−108	165	−82.9	−147	−42.1
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	541	−101	−11.4	−269	323	290
Free cash flow	1,192	−180	−1,131	−149	3.1	330

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.