Zions Bancorporation, National AssociationZION
NasdaqGS•Financial Services•Banks - Regional
Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments. It offers commercial and small business banking services to small- and medium-sized businesses, such as commercial, industrial, and owner-occupied lending and leasing; municipal and public finance services; depository account and cash management services; commercial and small business cards; merchant processing services; corporate trust services; and correspondent banking and international lending services. The company also provides capital markets and investment banking services, including loan syndications, foreign exchange services, interest rate derivatives, fixed income securities underwriting, mergers and acquisitions advisory services, advisory and capital raising, commercial mortgage-backed security conduit lending, and power and project financing; and commercial real estate lending services consisting of term and construction/land development financing for commercial and residential purposes. In addition, it offers retail banking services comprising residential mortgages lending, home equity lines of credit, personal lines of credit, installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management services consisting of investment management, fiduciary and estate, and advanced business succession and estate planning services. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.
Zions Bancorporation N.A. (ZION) reported trailing twelve months revenue of $4.93B as of March 2026, a 1.1% decline year-over-year. Quarterly revenue reached $1.18B, reflecting a contraction in sales.
Zions Bancorporation N.A. generated $962.00M in TTM net income, with quarterly EBITDA of $324.00M. The operating margin expanded from 19.9% to 24.9%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (24.9%) and net margin (19.7%) indicates moderate non-operating costs. Net margin has improved from 14.2% a year ago, signaling stronger bottom-line efficiency.
ZION trades at a P/E of 8.5x (below the broader market average) and a P/S of 1.7x. The price-to-book ratio of 1.1x reflects a moderate premium to book value.
The company generated $398.00M in free cash flow over the trailing twelve months, a 161.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $87.96B in total assets with $1.96B in long-term debt against $7.30B in stockholders equity for a debt-to-equity ratio of 0.3, 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 ~23.0%, suggesting durable pricing power and cost discipline.
ROE is positive at ~12.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue has grown modestly overall (~1.8%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~25.0% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 76.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
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