Western Alliance BancorporationWAL
NYSE•Financial Services•Banks - Regional
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.
Western Alliance Bancorporation (WAL) reported trailing twelve months revenue of $5.59B as of March 2026, a 9.1% increase year-over-year. Quarterly revenue reached $1.44B, reflecting continued top-line momentum.
Western Alliance Bancorporation generated $952.00M in TTM net income, with quarterly EBITDA of $259.80M. The operating margin contracted from 20.1% to 16.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (16.1%) and net margin (12.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 16.3% a year ago, reflecting increased costs or interest expense.
WAL trades at a P/E of 7.7x (below the broader market average) and a P/S of 1.3x. The price-to-book ratio of 1.0x suggests the stock trades below its book value.
The company reported negative free cash flow of $-531.40M, indicating cash consumption over the period. The balance sheet shows $98.85B in total assets with $1.09B in long-term debt against $7.62B in stockholders equity for a debt-to-equity ratio of 0.1, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~20.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~11.9% on average, adequate but below the threshold typically associated with wide moats.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~21.4% — no sign of cost or pricing stress.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation