Western Alliance Bancorporation (WAL) Key Metrics
WAL valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $8.13B
- Enterprise value
- $9.67B
- P/E (TTM)
- 8.4 10-yr median 11.7
- Forward P/E
- 6.6
- PEG ratio
- 1.47
- Price / sales
- 2.3 10-yr median 4.2
- Price / book
- 1.1 10-yr median 1.7
- EV / EBITDA
- — 10-yr median 4.1
- Dividend yield
- 2.25% $1.68 a year
- Beta
- 1.42
WAL key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWAL valuation Price multiples at each fiscal year-end price.
WAL returns How much profit the business earns on the capital it uses.
WAL per-share figures Results divided by the shares outstanding at year-end.
WAL financial health Debt, liquidity and how easily interest is covered.
WAL efficiency & capital use Working capital cycle and where the cash goes.
WAL valuation history
WAL returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WAL debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WAL cash returned to shareholders
WAL price vs earnings per share
WAL key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $9.21B | $9.13B | $7.14B | $6.41B | $11.12B | $6.02B | $5.88B | $4.16B | $5.94B | $5.06B |
| Enterprise value | $1.72B | $7.23B | $2.70B | $5.65B | $6.96B | −$705.6M | $2.59B | $1.26B | $2.80B | $2.65B |
| P/E ratio | 9.5 | 11.6 | 9.9 | 6.1 | 12.4 | 11.9 | 11.8 | 9.6 | 18.3 | 19.5 |
| Price / sales | 1.7 | 1.8 | 3.4 | 2.8 | 6.0 | 4.5 | 4.6 | 3.9 | 6.7 | 6.8 |
| Price / book | 1.2 | 1.4 | 1.2 | 1.2 | 2.2 | 1.8 | 1.9 | 1.6 | 2.7 | 2.7 |
| Price / free cash flow | — | — | — | 3.0 | — | 9.4 | 8.6 | 7.7 | 15.9 | 18.7 |
| Price / operating cash flow | — | — | — | 2.9 | — | 9.0 | 8.2 | 7.7 | 15.5 | 18.0 |
| EV / sales | 0.3 | 1.4 | 1.3 | 2.5 | 3.8 | -0.5 | 2.0 | 1.2 | 3.2 | 3.6 |
| EV / EBITDA | 1.3 | 6.5 | 2.6 | 4.1 | 5.9 | — | 4.1 | 2.4 | 6.0 | 7.1 |
| EV / free cash flow | — | — | — | 2.7 | — | — | 3.8 | 2.3 | 7.5 | 9.8 |
| Earnings yield | 10.5% | 8.6% | 10.1% | 16.5% | 8.1% | 8.4% | 8.5% | 10.5% | 5.5% | 5.1% |
| Free cash flow yield | −30.3% | −30.9% | −6.2% | 32.8% | −24.5% | 10.7% | 11.6% | 13.0% | 6.3% | 5.3% |
| Dividend yield | 2.0% | 1.9% | 2.4% | 2.6% | 1.1% | 1.7% | 0.9% | 1.2% | 0.9% | 0.0% |
| Shareholder yield (dividends + buybacks) | 2.8% | 2.0% | 2.4% | 2.6% | 1.1% | 2.9% | 2.9% | 2.1% | 1.1% | 0.6% |
| Share price at fiscal year-end | $84.07 | $83.54 | $65.79 | $59.56 | $107.65 | $59.95 | $57.00 | $39.49 | $56.62 | $48.71 |
| Per share | ||||||||||
| Revenue per share | $48.18 | $45.89 | $19.60 | $21.35 | $17.85 | $13.27 | $12.47 | $10.13 | $8.41 | $7.11 |
| Earnings per share | $8.85 | $7.21 | $6.66 | $9.83 | $8.70 | $5.04 | $4.84 | $4.13 | $3.10 | $2.50 |
| Operating cash flow per share | −$24.46 | −$25.09 | −$3.03 | $20.87 | −$25.69 | $6.67 | $6.96 | $5.13 | $3.66 | $2.70 |
| Free cash flow per share | −$25.51 | −$25.85 | −$4.08 | $19.56 | −$26.36 | $6.40 | $6.62 | $5.11 | $3.57 | $2.60 |
| Cash per share | $127.46 | $78.07 | $117.43 | $75.60 | $64.91 | $73.43 | $36.66 | $35.82 | $37.30 | $27.87 |
| Book value per share | $69.89 | $61.36 | $56.02 | $49.78 | $48.04 | $33.97 | $29.25 | $24.80 | $21.23 | $18.22 |
| Tangible book value per share | $50.32 | $45.02 | $39.49 | $32.79 | $35.15 | $31.00 | $26.36 | $21.96 | $18.26 | $15.30 |
| Dividends per share | $1.69 | $1.62 | $1.58 | $1.54 | $1.24 | $1.01 | $0.50 | $0.49 | $0.49 | $0.00 |
| Capex per share | $1.04 | $0.77 | $1.05 | $1.31 | $0.67 | $0.27 | $0.34 | $0.02 | $0.08 | $0.10 |
| Debt per share | $59.14 | $60.67 | $76.53 | $68.56 | $24.60 | $6.46 | $4.74 | $8.29 | $7.30 | $4.72 |
| Shares outstanding | 109.5M | 109.3M | 108.5M | 107.6M | 103.3M | 100.5M | 103.1M | 105.4M | 105.0M | 103.8M |
| Change in shares outstanding | +0.2% | +0.7% | +0.8% | +4.2% | +2.8% | −2.6% | −2.2% | +0.4% | +1.1% | +9.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.5% | 12.3% | 12.6% | 20.5% | 21.5% | 15.8% | 17.7% | 18.0% | 15.8% | 14.9% |
| Return on invested capital (ROIC) | 39.8% | 24.4% | 21.5% | 54.0% | — | — | — | — | — | — |
| Return on assets (ROA) | 1.1% | 1.0% | 1.0% | 1.7% | 1.9% | 1.6% | 2.0% | 2.0% | 1.7% | 1.7% |
| Return on tangible assets | 1.1% | 1.0% | 1.0% | 1.6% | 1.6% | 1.4% | 1.9% | 1.9% | 1.6% | 1.5% |
| Free cash flow margin | −52.9% | −56.3% | −20.8% | 91.6% | −147.7% | 48.2% | 53.1% | 50.5% | 42.5% | 36.6% |
| Income quality (OCF / net income) | −2.76 | −3.48 | −0.45 | 2.12 | −2.95 | 1.32 | 1.44 | 1.24 | 1.18 | 1.08 |
| Financial health | ||||||||||
| Total debt | $6.48B | $6.63B | $8.30B | $7.38B | $2.54B | $649.6M | $488.4M | $873.9M | $766.9M | $489.7M |
| Cash & short-term investments | $13.96B | $8.53B | $12.74B | $8.13B | $6.71B | $7.38B | $3.78B | $3.78B | $3.92B | $2.89B |
| Net debt | −$7.48B | −$1.90B | −$4.44B | −$758.0M | −$4.16B | −$6.73B | −$3.29B | −$2.90B | −$3.15B | −$2.40B |
| Debt / equity | 0.85 | 0.99 | 1.37 | 1.38 | 0.51 | 0.19 | 0.16 | 0.33 | 0.34 | 0.26 |
| Debt / assets | 0.07 | 0.08 | 0.12 | 0.11 | 0.05 | 0.02 | 0.02 | 0.04 | 0.04 | 0.03 |
| Net debt / EBITDA | −5.59 | −1.71 | −4.35 | −0.55 | −3.55 | −10.24 | −5.20 | −5.53 | −6.77 | −6.43 |
| Current ratio | 0.17 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 21.93 | 0.20 |
| Quick ratio | 0.17 | 0.12 | 0.21 | 0.14 | 0.14 | 0.23 | 0.17 | 0.19 | 21.89 | 0.19 |
| Interest coverage | 0.7 | 0.5 | 0.5 | 3.8 | 10.2 | 6.6 | 3.3 | 4.3 | 7.4 | 8.3 |
| Working capital | −$67.05B | −$60.96B | −$49.38B | −$50.50B | −$41.63B | −$24.57B | −$19.03B | −$15.92B | $15.16B | −$11.78B |
| Invested capital | $172.0M | $4.80B | $1.64B | $4.60B | $798.6M | −$3.32B | −$275.8M | −$288.0M | −$920.2M | −$512.7M |
| Tangible asset value | $5.80B | $4.92B | $4.29B | $3.53B | $3.63B | $3.12B | $2.72B | $2.31B | $1.92B | $1.59B |
| Net current asset value | −$70.87B | −$65.69B | −$52.04B | −$54.24B | −$44.31B | −$25.67B | −$20.02B | −$16.72B | −$2.21B | −$12.42B |
| Graham number | $117.97 | $99.75 | $91.61 | $104.91 | $97.00 | $62.07 | $56.44 | $48.03 | $38.48 | $32.02 |
| Graham net-net per share | −$643.98 | −$601.04 | −$479.66 | −$504.07 | −$428.94 | −$255.38 | −$194.08 | −$158.54 | −$134.94 | −$119.33 |
| Capital allocation | ||||||||||
| Dividends paid | $184.8M | $176.8M | $171.5M | $166.2M | $127.6M | $101.3M | $51.3M | $51.3M | $51.3M | $0 |
| Share buybacks (net) | $69.0M | $8.6M | $0 | $0 | $0 | $71.6M | $120.1M | $35.7M | $13.8M | $28.8M |
| Dividend payout ratio | 19.1% | 22.4% | 23.7% | 15.7% | 14.2% | 20.0% | 10.3% | 11.8% | 15.8% | 0.0% |
| Dividends + buybacks / free cash flow | — | — | — | 7.9% | — | 26.9% | 25.1% | 16.1% | 17.4% | 10.7% |
| Capex / revenue | 2.2% | 1.7% | 5.4% | 6.1% | 3.8% | 2.0% | 2.7% | 0.2% | 1.0% | 1.4% |
| Capex / operating cash flow | — | — | — | 6.3% | — | 4.0% | 4.9% | 0.4% | 2.3% | 3.8% |
| Capex / depreciation | 0.88 | 0.71 | 1.32 | 1.89 | 1.39 | 0.77 | 1.22 | 0.13 | 0.66 | 0.85 |
| Stock-based compensation / revenue | 1.0% | 1.0% | 1.6% | 1.7% | 1.9% | 2.2% | 2.0% | 2.4% | 2.7% | 2.8% |
| SG&A / revenue | 2.7% | 13.2% | 36.6% | 24.8% | 26.6% | 23.5% | 22.6% | 24.1% | 24.7% | 26.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.7 | — | — | — | — | 0.4 | 0.4 | 0.5 | 0.5 | — |
| Days of inventory on hand | — | — | — | 74.6 | 44.7 | 12.7 | 28.4 | 59.5 | 178.4 | 326.5 |
| Days payables outstanding | — | — | — | 7,314.8 | 4,553.6 | 825.0 | 863.5 | 997.0 | 1,412.3 | 1,865.8 |
| Cash conversion cycle (days) | — | — | — | — | — | -811.8 | -834.7 | -937.0 | -1,233.4 | — |
| Receivables turnover | 11.15 | — | — | — | — | 833.81 | 857.53 | 790.89 | 679.16 | — |
| Payables turnover | — | — | — | 0.05 | 0.08 | 0.44 | 0.42 | 0.37 | 0.26 | 0.20 |
| Inventory turnover | — | — | — | 4.89 | 8.17 | 28.66 | 12.83 | 6.14 | 2.05 | 1.12 |
| Asset turnover | 0.06 | 0.07 | 0.03 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Average receivables | $473.0M | — | — | — | — | $1.6M | $1.5M | $1.4M | $1.3M | — |
| Average payables | — | — | — | $1.11B | $667.5M | $493.9M | $482.4M | $389.5M | $302.2M | $262.2M |
| Average inventory | — | — | — | $11.3M | $6.5M | $7.6M | $15.9M | $23.2M | $38.2M | $45.9M |
| Intangibles / total assets | 2.3% | 2.2% | 2.5% | 2.7% | 2.4% | 0.8% | 1.1% | 1.3% | 1.5% | 1.8% |
Computed from WAL's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WAL valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Western Alliance Bancorporation traded at 9.5 times earnings, against a 10-year median of 11.7. Based on the latest twelve months, the trailing P/E is 8.4 and the forward P/E is 6.6. Western Alliance Bancorporation earned a return on equity of 13.5% and a return on invested capital of 39.8% in fiscal 2025. It ended the year with $6.5 billion of debt and $14.0 billion in cash and short-term investments, a net cash position of $7.5 billion. It returned $253.8 million to shareholders: $184.8 million in dividends and $69.0 million in share buybacks. The share count rose 5.4% from 103.8M to 109.5M over 9 years.
See the WAL income statement, the WAL chart for price history, or the WAL stock overview for the latest quote and news.
WAL key metrics FAQ
What is Western Alliance Bancorporation's P/E ratio?
Western Alliance Bancorporation's trailing P/E ratio is 8.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.6. At the end of fiscal 2025 it was 9.5, compared with a 10-year median of 11.7.
What is Western Alliance Bancorporation's EV/EBITDA?
Western Alliance Bancorporation's enterprise value was 1.3 times EBITDA at the end of fiscal 2025 (enterprise value $1.7 billion, EBITDA $1.3 billion).
What is Western Alliance Bancorporation's return on equity?
Western Alliance Bancorporation's return on equity (ROE) was 13.5% in fiscal 2025: net income of $969.0 million on average shareholders' equity of $7.2 billion.
What is Western Alliance Bancorporation's ROIC?
Western Alliance Bancorporation's return on invested capital was 39.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Western Alliance Bancorporation have?
Western Alliance Bancorporation had total debt of $6.5 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.85 and more cash than debt.
What is Western Alliance Bancorporation's dividend yield?
Western Alliance Bancorporation's forward dividend yield is 2.25%. Western Alliance Bancorporation paid $184.8 million in dividends in fiscal 2025 ($1.69 per share), a payout ratio of 19.1%.
Does Western Alliance Bancorporation buy back its shares?
Yes. Western Alliance Bancorporation spent $69.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +0.2% over the year, to 109.5M..
What is Western Alliance Bancorporation's free cash flow yield?
Western Alliance Bancorporation generated -$2.8 billion of free cash flow in fiscal 2025, a free cash flow yield of −30.3% on its market value at year-end ($9.2 billion).
What is Western Alliance Bancorporation's current ratio?
Western Alliance Bancorporation's current ratio was 0.17 at the end of fiscal 2025: current assets were 0.17 times current liabilities.