Western Alliance Bancorporation WAL

FinancialsBanking ServicesUnited States of America

Last close 76.29 USD on Nov 1, 2026, −7.9% year to date

Quant rating

Quant rating C Rank 493 of 799 in Financials

Growth A 114 of 799
Valuation C 408 of 799
Quality C 514 of 799
Revisions C 455 of 799
Momentum D 571 of 799

Wall Street consensus Buy (2.06)Average target 89.38 USD +17.2%

Historical valuation

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

Key data

Market cap: 8.2B
Enterprise value: 10.2B
52-week range: 65.83 – 97.00
3-year range: 42.39 – 97.00
Dividend yield: 2.41%
Beta (5 years): 1.43
Shares outstanding: 108M
Next earnings: Jan 25, 2027

About the company

Western Alliance Bancorporation is a bank holding company. It provides a full spectrum of customized loan, deposit and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly owned banking subsidiary, Western Alliance Bank. It operates through its banking divisions: Alliance Bank of Arizona, Bank of Nevada, Bridge Bank, First Independent Bank, and Torrey Pines Bank. The Company also provides an array of specialized financial services to business customers across the country, including mortgage banking services through AmeriHome, treasury management services to the homeowner's association sector, and digital payment services for the class-action legal industry. It has two non-bank subsidiaries, such as CS Insurance Company (CSI) and Western Alliance Trust Company, N.A. (WATC). CSI is a captive insurance company. WATC provides corporate trust services and levered loan administration solutions.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,693	4,541	4,035	2,692	1,659	–
Revenue growth	3.3%	12.5%	49.9%	62.3%	31.5%	30.0%
EPS (basic, normalized)	8.79	7.14	6.18	9.74	8.86	–
EPS growth	23.2%	15.5%	−36.6%	10.0%	75.7%	11.7%
Gross margin	–	–	–	–	–	–
Net margin	20.4%	17.1%	17.6%	38.8%	54.0%	29.6%
ROE	–	12.8%	14.9%	20.2%	21.4%	17.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	12.0%
Long-term debt (mil)	6,666
Net debt (mil)	–
Total equity (mil)	7,654
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	4,693	+3.3%	2.2x	67.19	+12.7%	1.1x	8.73	+21.8%	8.7x
2026	4,001	−14.7%	2.5x	71.19	+5.9%	1.1x	8.95	+2.5%	8.5x
2027	4,176	+4.4%	2.4x	80.87	+13.6%	0.9x	10.70	+19.5%	7.1x
2028	4,450	+6.6%	2.3x	92.23	+14.0%	0.8x	12.15	+13.5%	6.3x

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	4,001	+0.6%	+0.1%	−1.3%	8.95	−1.0%	−1.7%	−6.8%
2027	4,176	−1.8%	−2.3%	−3.7%	10.70	−4.6%	−4.9%	−7.7%
2028	4,450	−2.4%	−3.8%	−4.5%	12.15	−4.3%	−7.0%	−11.0%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	729	772	823	838	778	846	938	981	1,019	996
Sales mean (mil)	706	738	808	806	792	838	890	912	948	970
Surprise	+3.3%	+4.6%	+1.8%	+4.1%	−1.8%	+0.9%	+5.4%	+7.6%	+7.4%	+2.7%
EPS reported	1.72	1.71	1.80	1.95	1.79	2.07	2.28	2.59	1.65	2.36
EPS mean	1.66	1.71	1.89	1.89	1.78	2.03	2.09	2.40	1.59	2.36
Surprise	+3.5%	+0.3%	−4.5%	+3.1%	+0.5%	+2.1%	+9.3%	+8.0%	+4.1%	0.0%

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
WAL Western Alliance Bancorporation	8.2B	12.0%	20.4%	1.33x	8.5x	7.1x	1.1x	0.9x
MBWM Mercantile Bank Corporation	1.0B	12.3%	26.9%	1.11x	10.7x	10.3x	1.3x	1.2x
Mean		12.2%	23.6%	1.22x	9.6x	8.7x	1.2x	1.1x
Median		12.2%	23.6%	1.22x	9.6x	8.7x	1.2x	1.1x

Technical analysis

1M−0.3%
3M−8.3%
1Y−1.1%
3Y+102.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Western Alliance Bancorporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	4,693	4,541	4,035	2,692	1,659	1,262
Total interest expense	1,828	1,922	1,696	476	110	94.9
Net interest income	2,865	2,619	2,339	2,216	1,549	1,167
Loan loss provision	224	146	62.6	68.1	−21.4	124
Net interest income after loan loss provision	2,641	2,473	2,276	2,148	1,570	1,043
Non-interest income	678	543	281	325	420	70.8
Non-interest expense	−2,112	−2,025	−1,623	−1,157	−868	−492
Net income before taxes	1,207	991	934	1,316	1,123	622
Provision for taxes	217	204	211	259	224	116
Minority interest & equity in affiliates	−21.6	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	969	788	722	1,057	899	507
Extraordinary items	–	–	–	–	–	–
Net income	969	788	722	1,057	899	507
Basic weighted average shares (mil)	109	109	108	107	103	100
Diluted weighted average shares (mil)	110	109	108	108	103	100
Basic EPS excluding extraordinary items	8.79	7.14	6.55	9.74	8.72	5.06
Basic EPS, normalized	8.79	7.14	6.18	9.74	8.86	5.04

Balance sheet in millions of USD, fiscal years

Balance sheet, Western Alliance Bancorporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	497	320	276	259	166	174
Other earning assets	27,797	21,878	16,142	11,192	13,999	8,247
Net loans	58,216	53,302	49,960	51,552	38,823	26,767
Property, plant & equipment	573	489	484	439	315	207
Goodwill	527	527	527	527	491	290
Intangibles	1,616	1,259	1,266	1,301	842	8.2
Long-term investments	79.0	117	126	160	158	167
Other long-term assets	349	281	287	311	20.9	31.3
Other assets	3,120	2,761	1,794	1,993	1,167	568
Total assets	92,774	80,934	70,862	67,734	55,983	36,461
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	160	159	179	185	143	79.9
Total deposits	77,159	66,341	55,333	53,644	47,612	31,930
Other bearing liabilities	3,800	3,100	6,200	4,300	0	5.0
Short-term borrowings	48.0	51.0	584	692	727	16.0
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	2,468	3,321	1,341	2,200	1,671	549
Minority interest	293	–	–	–	–	–
Other liabilities	1,193	1,255	1,147	1,357	868	467
Total liabilities	85,121	74,227	64,784	62,378	51,020	33,048
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2,232	2,245	2,197	2,163	1,966	1,391
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	5,607	4,826	4,215	3,664	2,773	2,001
Treasury stock	−137	−125	−116	−105	−86.8	−71.1
Other equity	−49.0	−239	−218	−366	310	92.3
Total equity	7,653	6,707	6,078	5,356	4,963	3,414
Total liabilities & shareholders' equity	92,774	80,934	70,862	67,734	55,983	36,461

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Western Alliance Bancorporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	991	788	722	1,057	899	507
Depreciation, depletion & amortization	107	94.4	63.0	52.4	33.7	22.9
Deferred taxes	−130	12.4	−24.9	−68.6	42.0	−25.1
Non-cash items	−1,015	−1,115	−754	−703	−528	60.5
Changes in working capital	−2,631	−2,522	−335	1,907	−3,101	105
Cash from operations	−2,679	−2,742	−329	2,245	−2,654	670
Investing activities
Capital expenditures	−114	−83.8	−114	−141	−69.4	−26.8
Other investing cash flows	−9,834	−5,883	−2,045	−12,989	−14,642	−7,511
Cash from investing	−9,948	−5,967	−2,159	−13,130	−14,712	−7,538
Financing activities
Financing cash flow items	10,790	11,002	1,670	6,032	15,682	9,134
Cash dividends paid	−185	−177	−172	−166	−128	−101
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,522	403	1,522	5,546	−343	71.7
Cash from financing	12,127	11,228	3,020	11,412	15,211	9,104
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−500	2,520	533	527	−2,155	2,237
Free cash flow	−2,793	−2,826	−443	2,104	−2,723	643

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 1, 2026 after market close.