Western Alliance Bancorporation (WAL)

Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments. The company offers deposit products, including demand deposit, checking, savings, and money market accounts, as well as fixed-rate and fixed maturity certificates of deposit accounts; treasury management products and services to small and middle-market businesses, specialized banking services to sophisticated commercial institutions and investors; and residential mortgage products and services. It also provides commercial and industrial loan products, such as working capital lines of credit, loans to technology companies, inventory and accounts receivable lines, mortgage warehouse lines, equipment loans and leases, and other commercial loans; commercial real estate loans, which are secured by multifamily residential properties, professional offices, industrial facilities, retail centers, hotels, and other commercial properties; construction and land development loans for single family and multifamily residential projects, industrial/warehouse properties, office buildings, retail centers, medical office facilities, and residential lot developments; and consumer loans. In addition, the company offers other financial services, such as internet banking, wire transfers, electronic bill payment and presentment, funds transfer and other digital payment offerings, lock box services, courier, and cash management services. Further, the company holds certain investment securities, municipal and non-profit loans, and leases; invests primarily in low-income housing tax credits and small business investment corporations; and certain real estate loans and related securities. Western Alliance Bancorporation was founded in 1994 and is headquartered in Phoenix, Arizona.

Ticker
WAL
Exchange
NYSE
Sector
Financial Services
Industry
Banks - Regional
Market cap
$8.11B
52-week range
$65.82 - $97.23

Valuation

Share price
$75.55 (close of Nov 6, 2026)
P/E (TTM)
8.32x
Price to book
1.02x
Price to free cash flow
-28.57x
Enterprise value
$9.59B
Book value per share
$74.00

Price performance

PeriodChange
1 day-0.43%
5 days-0.97%
1 month-0.71%
3 months-7.11%
6 months-9.34%
Year to date-10.13%
1 year-3.98%
3 years+60.88%
5 years-35.65%
10 years+104.91%
All time+190.58%

Short interest

As of
Oct 15, 2026
Short % of float
6.33%
Shares short
6.35M
Days to cover
4.68
Change since prior report
+2.15%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
12.19%
Return on assets
1.04%
Net margin
27.35%
Revenue growth
12.05%
Net income growth
23.02%

Cash flow and balance sheet

Free cash flow yield (TTM)
-3.50%
Net debt to EBITDA
0.48x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
Revenue
$3.54B
Net income
$969.00M
Earnings per share
$8.79
Interest expense
$1.83B
Shares outstanding
108.80M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31$3.54B$969.00M$8.79
2024-12-31$3.16B$787.70M$7.14
2023-12-31$2.62B$722.40M$6.55
2022-12-31$2.54B$1.06B$9.74
2021-12-31$1.95B$899.20M$8.72
2020-12-31$1.24B$506.60M$5.06
2019-12-31$1.11B$499.20M$4.86
2018-12-31$959.00M$435.80M$4.16
2017-12-31$830.01M$325.49M$3.12
2016-12-31$700.13M$259.80M$2.52

Margins and returns by year

Period endNet marginReturn on equity
2025-12-3127.35%12.19%
2024-12-3124.91%11.74%
2023-12-3127.58%11.88%
2022-12-3141.61%19.74%
2021-12-3146.04%18.12%
2020-12-3140.93%14.84%
2019-12-3145.16%16.55%
2018-12-3145.44%16.67%
2017-12-3139.22%14.60%
2016-12-3137.11%13.73%

Cash and debt by year

Period endCashDebt
2025-12-31$3.60B$1.39B
2024-12-31$4.10B$2.42B
2023-12-31$1.58B$446.00M
2022-12-31$1.04B$1.31B
2021-12-31$516.40M$775.00M
2020-12-31$2.67B-
2019-12-31$434.60M-
2018-12-31$498.60M-
2017-12-31$416.80M-
2016-12-31$284.49M-

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$2.79B$51.40M
2024-12-31-$2.83B$47.70M
2023-12-31-$442.90M$34.30M
2022-12-31$2.10B$39.80M
2021-12-31-$2.72B$35.10M
2020-12-31$643.40M$28.70M
2019-12-31$684.00M$26.20M
2018-12-31$539.10M$25.70M
2017-12-31$374.95M$23.55M
2016-12-31$270.07M$20.34M

Dividend history

Most recent payment
Aug 13, 2026
Paid in the last twelve months
$1.68
Payment dateDividend per share
2026-08-13$0.42
2026-05-14$0.42
2026-02-20$0.42
2025-11-13$0.42
2025-08-14$0.38
2025-05-15$0.38
2025-02-14$0.38
2024-11-15$0.38

Investor relations

Past earnings dates

ReportedFiscal periodEPS estimate
2026-10-19Sep 2026$2.43
2026-07-21Jun 2026$2.33
2026-04-21Mar 2026$1.48
2026-01-26Dec 2025$2.40
2025-10-21Sep 2025$2.11
2025-07-17Jun 2025$2.04
2025-04-21Mar 2025$1.78
2025-01-27Dec 2024$1.92

Filings and sources

Company website
westernalliancebancorporation.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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