Zions Bancorporation, NA (ZION) Key Metrics
ZION valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $9.25B
- Enterprise value
- $9.28B
- P/E (TTM)
- 8.1 10-yr median 9.9
- Forward P/E
- 9.1
- PEG ratio
- 3.98
- Price / sales
- 2.5 10-yr median 2.6
- Price / book
- 1.2 10-yr median 1.2
- EV / EBITDA
- —
- Dividend yield
- 3.03% $1.92 a year
- Beta
- 0.83
ZION key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsZION valuation Price multiples at each fiscal year-end price.
ZION returns How much profit the business earns on the capital it uses.
ZION per-share figures Results divided by the shares outstanding at year-end.
ZION financial health Debt, liquidity and how easily interest is covered.
ZION efficiency & capital use Working capital cycle and where the cash goes.
ZION valuation history
ZION returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ZION debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ZION cash returned to shareholders
ZION price vs earnings per share
ZION key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $8.61B | $7.99B | $6.48B | $7.39B | $10.12B | $7.19B | $9.68B | $8.41B | $10.66B | $8.79B |
| Enterprise value | $778.6M | −$276.6M | −$1.48B | $4.54B | −$22.99B | −$6.93B | −$2.77B | −$2.58B | −$2.03B | −$5.88B |
| P/E ratio | 9.6 | 10.2 | 9.5 | 8.1 | 9.0 | 13.3 | 11.9 | 9.5 | 18.0 | 18.7 |
| Price / sales | 1.7 | 1.6 | 1.4 | 2.2 | 3.4 | 2.4 | 3.0 | 2.8 | 3.9 | 3.6 |
| Price / book | 1.2 | 1.3 | 1.1 | 1.5 | 0.1 | 0.1 | 1.3 | 1.1 | 1.4 | 1.2 |
| Price / free cash flow | 8.8 | 7.6 | 8.4 | 5.8 | 23.9 | 13.1 | 16.7 | 8.0 | 14.0 | 22.0 |
| Price / operating cash flow | 7.8 | 7.0 | 7.3 | 5.0 | 16.1 | 10.0 | 13.9 | 7.2 | 11.5 | 14.7 |
| EV / sales | 0.2 | -0.1 | -0.3 | 1.4 | -7.7 | -2.4 | -0.9 | -0.8 | -0.7 | -2.4 |
| EV / EBITDA | 0.6 | — | — | 3.6 | — | — | — | — | — | — |
| EV / free cash flow | 0.8 | — | — | 3.5 | — | — | — | — | — | — |
| Earnings yield | 10.4% | 9.8% | 10.5% | 12.3% | 11.2% | 7.5% | 8.4% | 10.5% | 5.6% | 5.3% |
| Free cash flow yield | 11.4% | 13.2% | 11.9% | 17.3% | 4.2% | 7.6% | 6.0% | 12.4% | 7.1% | 4.6% |
| Dividend yield | 3.1% | 3.6% | 4.4% | 3.6% | 2.6% | 3.6% | 2.7% | 2.8% | 1.2% | 1.2% |
| Shareholder yield (dividends + buybacks) | 3.6% | 8.8% | 5.1% | 6.4% | 11.7% | 4.7% | 14.1% | 10.8% | 5.6% | 3.8% |
| Share price at fiscal year-end | $58.54 | $54.25 | $43.87 | $49.16 | $63.16 | $43.44 | $51.92 | $40.74 | $50.83 | $43.04 |
| Per share | ||||||||||
| Revenue per share | $33.60 | $33.92 | $31.29 | $22.21 | $18.54 | $17.76 | $17.40 | $14.69 | $13.05 | $12.09 |
| Earnings per share | $6.11 | $5.33 | $4.60 | $6.04 | $7.05 | $3.25 | $4.38 | $4.28 | $2.82 | $2.30 |
| Operating cash flow per share | $7.49 | $7.80 | $5.99 | $9.78 | $3.93 | $4.34 | $3.74 | $5.69 | $4.43 | $2.92 |
| Free cash flow per share | $6.67 | $7.14 | $5.22 | $8.52 | $2.64 | $3.31 | $3.11 | $5.07 | $3.62 | $1.96 |
| Cash per share | $82.77 | $85.79 | $84.63 | $92.58 | $217.97 | $104.75 | $81.35 | $78.51 | $79.52 | $76.87 |
| Book value per share | $48.79 | $41.60 | $38.52 | $32.56 | $575.33 | $483.90 | $39.43 | $36.70 | $36.63 | $37.37 |
| Tangible book value per share | $41.38 | $34.45 | $31.35 | $25.47 | $569.00 | $477.76 | $33.98 | $31.78 | $31.78 | $32.37 |
| Dividends per share | $1.81 | $1.96 | $1.91 | $1.79 | $1.63 | $1.56 | $1.39 | $1.14 | $0.62 | $0.53 |
| Capex per share | $0.82 | $0.66 | $0.76 | $1.26 | $1.29 | $1.03 | $0.63 | $0.62 | $0.81 | $0.96 |
| Debt per share | $29.52 | $29.66 | $30.75 | $73.65 | $11.32 | $19.47 | $14.60 | $25.30 | $19.00 | $5.07 |
| Shares outstanding | 147.2M | 147.2M | 147.8M | 150.3M | 160.2M | 165.6M | 186.5M | 206.5M | 209.7M | 204.3M |
| Change in shares outstanding | −0.0% | −0.4% | −1.7% | −6.2% | −3.2% | −11.2% | −9.7% | −1.5% | +2.6% | +0.3% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.5% | 13.3% | 12.8% | 1.9% | 1.3% | 1.2% | 10.9% | 11.6% | 7.7% | 6.2% |
| Return on invested capital (ROIC) | — | — | — | 3.0% | 1.8% | 1.8% | — | — | — | — |
| Return on assets (ROA) | 1.0% | 0.9% | 0.8% | 1.0% | 1.3% | 0.7% | 1.2% | 1.3% | 0.9% | 0.8% |
| Return on tangible assets | 1.0% | 0.9% | 0.8% | 1.0% | 1.2% | 0.7% | 1.2% | 1.3% | 0.9% | 0.8% |
| Free cash flow margin | 19.8% | 21.0% | 16.7% | 38.4% | 14.2% | 18.6% | 17.9% | 34.5% | 27.7% | 16.2% |
| Income quality (OCF / net income) | 1.23 | 1.46 | 1.30 | 1.62 | 0.56 | 1.33 | 0.85 | 1.33 | 1.57 | 1.27 |
| Financial health | ||||||||||
| Total debt | $4.34B | $4.37B | $4.54B | $11.07B | $1.81B | $3.22B | $2.72B | $5.22B | $3.98B | $1.03B |
| Cash & short-term investments | $12.18B | $12.63B | $12.50B | $13.91B | $34.93B | $17.35B | $15.17B | $16.21B | $16.67B | $15.70B |
| Net debt | −$7.84B | −$8.26B | −$7.96B | −$2.84B | −$33.11B | −$14.12B | −$12.45B | −$10.99B | −$12.69B | −$14.67B |
| Debt / equity | 0.61 | 0.71 | 0.80 | 2.26 | 0.02 | 0.04 | 0.37 | 0.69 | 0.52 | 0.14 |
| Debt / assets | 0.05 | 0.05 | 0.05 | 0.12 | 0.02 | 0.04 | 0.04 | 0.08 | 0.06 | 0.02 |
| Net debt / EBITDA | −6.07 | −7.27 | −7.76 | −2.25 | −23.12 | −18.63 | −10.03 | −8.22 | −11.38 | −17.71 |
| Current ratio | 0.16 | 0.16 | 0.16 | 0.17 | 43.96 | 9.36 | 15.51 | 11.26 | 13.26 | 91.92 |
| Quick ratio | 0.16 | 0.16 | 0.18 | 0.17 | 60.94 | 13.55 | 17.63 | 11.25 | 13.26 | 91.92 |
| Interest coverage | 0.8 | 0.5 | 0.6 | 6.2 | 24.5 | 4.4 | 2.6 | 4.6 | 7.4 | 8.1 |
| Working capital | −$66.34B | −$66.63B | −$66.08B | −$67.77B | $34.45B | $15.78B | $14.51B | $46.15B | $44.13B | $45.46B |
| Invested capital | −$656.0M | −$2.14B | −$2.27B | $2.05B | $59.08B | $66.02B | −$5.10B | −$3.41B | −$5.01B | −$7.03B |
| Tangible asset value | $6.09B | $5.07B | $4.63B | $3.83B | $91.17B | $79.12B | $6.34B | $6.56B | $6.66B | $6.61B |
| Net current asset value | −$69.63B | −$69.64B | −$68.62B | −$70.35B | $34.24B | $16.33B | −$46.31B | −$10.52B | −$10.88B | −$9.65B |
| Graham number | $81.89 | $70.60 | $63.15 | $66.50 | $302.01 | $188.24 | $62.30 | $59.45 | $48.24 | $43.94 |
| Graham net-net per share | −$471.44 | −$473.72 | −$468.63 | −$468.81 | $170.69 | $74.26 | −$254.45 | −$216.51 | −$198.72 | −$193.79 |
| Capital allocation | ||||||||||
| Dividends paid | $267.0M | $289.0M | $282.0M | $269.0M | $261.0M | $259.0M | $260.0M | $236.0M | $129.0M | $108.0M |
| Share buybacks (net) | $41.0M | $410.0M | $51.0M | $202.0M | $926.0M | $76.0M | $1.10B | $672.0M | $465.0M | $223.0M |
| Dividend payout ratio | 29.7% | 36.9% | 41.5% | 29.7% | 23.1% | 48.1% | 31.9% | 26.7% | 21.8% | 23.0% |
| Dividends + buybacks / free cash flow | 31.4% | 66.5% | 43.1% | 36.8% | 280.6% | 61.1% | 234.8% | 86.7% | 78.3% | 82.7% |
| Capex / revenue | 2.4% | 1.9% | 2.4% | 5.7% | 6.9% | 5.8% | 3.6% | 4.3% | 6.2% | 7.9% |
| Capex / operating cash flow | 11.0% | 8.4% | 12.8% | 12.9% | 32.8% | 23.8% | 16.8% | 11.0% | 18.2% | 32.9% |
| Capex / depreciation | 1.04 | 0.78 | 0.81 | 1.73 | — | 1.99 | 0.62 | 0.67 | 0.94 | 1.59 |
| Stock-based compensation / revenue | 0.7% | 0.7% | 0.7% | 0.9% | 0.9% | 0.9% | 0.8% | 0.9% | 0.9% | 1.1% |
| SG&A / revenue | 30.7% | 28.3% | 30.3% | 39.7% | 40.5% | 40.1% | 36.1% | 37.7% | 39.4% | 41.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 26.5 | 27.8 | 30.4 | 39.0 | 39.8 | 40.6 | 37.2 | 41.6 | 52.5 | 63.9 |
| Days of inventory on hand | — | — | -115.9 | -8,093.0 | 18,101.1 | -3,233.4 | -859.0 | 6.9 | 5.0 | -0.4 |
| Days payables outstanding | — | — | — | 91,809.4 | -128,205.8 | 40,865.2 | 45,092.1 | 92,306.9 | 134,159.0 | 105,049.1 |
| Cash conversion cycle (days) | — | — | — | -99,863.4 | 146,346.7 | -44,058.0 | -45,913.9 | -92,258.4 | -134,101.5 | -104,985.6 |
| Receivables turnover | 13.79 | 13.14 | 12.03 | 9.36 | 9.18 | 9.00 | 9.82 | 8.78 | 6.95 | 5.71 |
| Payables turnover | — | — | — | 0.00 | −0.00 | 0.01 | 0.01 | 0.00 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | — | — | — | — | 52.75 | 72.56 | — |
| Asset turnover | 0.06 | 0.06 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.04 | 0.04 | 0.04 |
| Average receivables | $358.5M | $380.0M | $384.5M | $356.5M | $323.5M | $327.0M | $330.5M | $345.5M | $393.5M | $432.5M |
| Average payables | — | — | — | $77.22B | $76.22B | $63.37B | $55.59B | $53.36B | $52.93B | $51.81B |
| Average inventory | — | — | −$521.0M | −$6.81B | −$10.76B | −$5.01B | −$1.06B | $4.0M | $2.0M | −$182,500 |
| Intangibles / total assets | 1.2% | 1.2% | 1.2% | 1.2% | 1.1% | 1.2% | 1.5% | 1.5% | 1.5% | 1.6% |
Computed from ZION's annual financial statements (latest annual report filed February 24, 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.
ZION valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Zions Bancorporation, NA traded at 9.6 times earnings, against a 10-year median of 9.9. Based on the latest twelve months, the trailing P/E is 8.1 and the forward P/E is 9.1. Zions Bancorporation, NA earned a return on equity of 13.5% in fiscal 2025. It ended the year with $4.3 billion of debt and $12.2 billion in cash and short-term investments, a net cash position of $7.8 billion. It returned $308.0 million to shareholders: $267.0 million in dividends and $41.0 million in share buybacks, 31% of free cash flow. The share count fell 28.0% from 204.3M to 147.2M over 9 years.
See the ZION income statement, the ZION chart for price history, or the ZION stock overview for the latest quote and news.
ZION key metrics FAQ
What is Zions Bancorporation, NA's P/E ratio?
Zions Bancorporation, NA's trailing P/E ratio is 8.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 9.1. At the end of fiscal 2025 it was 9.6, compared with a 10-year median of 9.9.
What is Zions Bancorporation, NA's EV/EBITDA?
Zions Bancorporation, NA's enterprise value was 0.6 times EBITDA at the end of fiscal 2025 (enterprise value $778.6 million, EBITDA $1.3 billion).
What is Zions Bancorporation, NA's return on equity?
Zions Bancorporation, NA's return on equity (ROE) was 13.5% in fiscal 2025: net income of $899.0 million on average shareholders' equity of $6.7 billion.
How much debt does Zions Bancorporation, NA have?
Zions Bancorporation, NA had total debt of $4.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.61 and more cash than debt.
What is Zions Bancorporation, NA's dividend yield?
Zions Bancorporation, NA's forward dividend yield is 3.03%. Zions Bancorporation, NA paid $267.0 million in dividends in fiscal 2025 ($1.81 per share), a payout ratio of 29.7%.
Does Zions Bancorporation, NA buy back its shares?
Yes. Zions Bancorporation, NA spent $41.0 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.0% over the year, to 147.2M..
What is Zions Bancorporation, NA's free cash flow yield?
Zions Bancorporation, NA generated $981.0 million of free cash flow in fiscal 2025, a free cash flow yield of 11.4% on its market value at year-end ($8.6 billion).
What is Zions Bancorporation, NA's current ratio?
Zions Bancorporation, NA's current ratio was 0.16 at the end of fiscal 2025: current assets were 0.16 times current liabilities.