Western Alliance Bancorporation

WAL · NYSE · Financials · Financials, fiscal 2016 to 2025

WAL · Last close · October 26, 2026

$75.44

Value Western Alliance Bancorporation yourself

Western Alliance Bancorporation's revenue rose 12.1% to $3.5 billion in fiscal 2025. Net income was $969 million, up 23.0%. Its return on equity was 13.5%, up from 12.3% a year earlier. Its efficiency ratio was 59.6%, down from 64.0% a year earlier. It paid out $68 million in dividends and buybacks. The diluted share count rose 0.2%.

WESTERN ALLIANCE BANCORPORATION Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001628280-26-010336 Updated October 18, 2026

Revenue

$3.5B

12.1%

Net income

$969M

23.0%

Return on equity

13.5%

1.2 pts

Return on tangible equity

15.0%

1.1 pts

Efficiency ratio

59.6%

4.4 pts

Market cap

$8.1B

Oct 26 close

P/E

8.5x

On $8.88 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 14.9% a year and net income 15.7% a year, as new shares raised the share count by 5% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Western Alliance Bancorporation yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Western Alliance Bancorporation's earnings per share of $8.88 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 11.7×, the middle of Western Alliance Bancorporation's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: First Horizon, East West Bancorp, Wintrust Financial, South State Bank.

Earnings growth in the years ahead (% a year) Starts at Western Alliance Bancorporation's revenue growth over the last 3 years, 11.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $75.44
Value at this multiple, against the last close: —
Western Alliance Bancorporation's P/E at the last close: 8.5×

Company	Last close	Earnings per share	P/E today
East West BancorpEWBC	$131.77	$10.40	12.7×
Wintrust FinancialWTFC	$151.17	$12.45	12.1×
First HorizonFHN	$23.43	$2.08	11.3×
South State BankSSB	$105.40	$9.51	11.1×
Western Alliance BancorporationWAL	$75.44	$8.88	8.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	38,823	51,552	49,960	53,302	58,216
Deposits	47,612	53,644	55,333	66,341	77,159
Loans to deposits	81.5%	96.1%	90.3%	80.3%	75.5%
Provision for credit losses	−21	68	63	146	224
Provision to average loans	−0.1%	0.1%	0.1%	0.3%	0.4%
Total assets	55,983	67,734	70,862	80,934	92,774
Shareholders' equity	4,963	5,356	6,078	6,707	7,653

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $308,000 of Western Alliance Bancorporation shares on the open market, and 3 insiders sold $5.9 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 9, 2026	Dale GibbonsVice Chair and CBO, Deposits	Sold	40,000	$82.39	$3.3 million	Form 4
Jun 8, 2026	Ben MuchaChief Accounting Officer	Sold	5,946	$81.00	$481,626	Form 4
Feb 18, 2026	Ben MuchaChief Accounting Officer	Sold	641	$95.62	$61,292	Form 4
Dec 15, 2025	Marianne Boyd JohnsonDirector	Sold	23,142	$87.05	$2.0 million	Form 4
Oct 30, 2025	Dale GibbonsVice Chairman and CFO	Bought	4,000	$77.00	$308,000	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Western Alliance Bancorporation side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Western Alliance Bancorporation	FY25	12.1%	27.4%	13.5%	15.0%	59.6%
First Horizon	FY25	7.2%	28.7%	11.1%	14.0%	60.7%	Compare
East West Bancorp	FY25	12.2%	45.2%	15.9%	16.9%	35.7%	Compare
Wintrust Financial	FY25	11.2%	30.2%	12.1%	13.1%	55.5%	Compare
South State Bank	FY25	56.1%	29.8%	10.7%	16.9%	56.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	700	830	959	1,106	1,238	1,953	2,541	2,620	3,162	3,543
Revenue growth	34.0%	18.6%	15.5%	15.3%	12.0%	57.8%	30.1%	3.1%	20.7%	12.1%
Net interest income	657	785	916	1,040	1,167	1,549	2,216	2,339	2,619	2,865
Noninterest income	43	45	43	65	71	404	325	281	543	678
Noninterest expense	331	361	424	482	492	851	1,157	1,623	2,025	2,112
Provision for credit losses	8	17	25	19	124	−21	68	63	146	224
Net income	260	326	436	499	507	899	1,057	722	788	969
Diluted EPS (US$)	2.50	3.10	4.14	4.84	5.04	8.67	9.70	6.54	7.09	8.73
Diluted shares (millions)	104	105	105	103	100	103	108	108	109	110
Payouts
Dividends paid	0	0	0	51	101	128	166	172	177	0
Share buybacks	0	0	36	120	72	0	0	0	0	68
Balance sheet at fiscal year end
Loans, net	13,065	14,954	17,558	20,934	26,774	38,823	51,552	49,960	53,302	58,216
Deposits	14,550	16,972	19,177	22,796	31,930	47,612	53,644	55,333	66,341	77,159
Total assets	17,201	20,329	23,110	26,822	36,461	55,983	67,734	70,862	80,934	92,774
Shareholders' equity	1,892	2,230	2,614	3,017	3,414	4,963	5,356	6,078	6,707	7,653
Ratios
Return on equity	14.9%	15.8%	18.0%	17.7%	15.8%	21.5%	20.5%	12.6%	12.3%	13.5%
Return on tangible common equity	18.1%	18.5%	20.5%	19.8%	17.3%	24.5%	24.0%	14.5%	13.9%	15.0%
Return on assets	1.6%	1.7%	2.0%	2.0%	1.6%	1.9%	1.7%	1.0%	1.0%	1.1%
Efficiency ratio	47.3%	43.5%	44.2%	43.6%	39.7%	43.6%	45.5%	62.0%	64.0%	59.6%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Western Alliance Bancorporation's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Western Alliance Bancorporation.