Tearsheet

Zions Bancorp NA (ZION)

Market Price (12/4/2025): $55.72 | Market Cap: $8.2 Bil
Sector: Financials | Industry: Regional Banks

Zions Bancorp NA (ZION)

Market Price (12/4/2025): $55.72
Market Cap: $8.2 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 8.4%	Weak multi-year price returns 3Y Excs Rtn is -50%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -141%	Moderate capital ratio Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.3%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 11%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.8%, FCF Yield is 8.4%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -141%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 23%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3	Low stock price volatility Vol 12M is 36%
4	Megatrend and thematic drivers Megatrends include Fintech & Digital Payments. Themes include Digital Payments, Online Banking & Lending, and Wealth Management Technology.
5	Weak multi-year price returns 3Y Excs Rtn is -50%
6	Moderate capital ratio Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 7.3%

Valuation, Metrics & Events

	12/4/25	2024	2023	2022	2021
Share Price CYE	$55.72	$52.46	$40.93	$43.67	$54.61
Market Cap CYE ($ Bil)	8.2	7.7	6.0	6.5	8.4
Total Debt ($ Bil)	1.0	3.5	2.1	7.8	1.0
Total Cash ($ Bil)	2.6	3.5	2.2	2.0	10.9
Enterprise Value ($ Bil)	6.6	11.2	8.1	14.3	9.4
Valuation Ratios
P/S TTM	2.4	2.5	2.1	2.3	3.5
P/EBIT TTM	0.0	0.0	0.0	0.0	0.0
P/E TTM	9.2	10.2	9.5	8.1	8.9
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8	2.8	3.4
P/EBIT TTM (Sector)	8.1	8.5	7.5	7.7	7.3
P/E TTM (Sector)	11.7	11.6	10.2	9.4	10.1

	12/4/25	2024	2023
Share Price CYE	$55.72	$52.46	$40.93
Market Cap CYE ($ Bil)	8.2	7.7	6.0
Total Debt ($ Bil)	1.0	3.5	2.1
Total Cash ($ Bil)	2.6	3.5	2.2
Enterprise Value ($ Bil)	6.6	11.2	8.1
Valuation Ratios
P/S TTM	2.4	2.5	2.1
P/EBIT TTM	0.0	0.0	0.0
P/E TTM	9.2	10.2	9.5
Sector Ratios
P/S TTM (Sector)	3.0	3.1	2.8
P/EBIT TTM (Sector)	8.1	8.5	7.5
P/E TTM (Sector)	11.7	11.6	10.2

	ZION	S&P 500
REVENUE GROWTH	FAIR
Rev LTM ($ Bil)	3.2
Rev Chg Q	9.3%	7.1%
Rev Chg LTM	8.0%	6.1%
Rev Chg 3Y Avg	4.5%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	0.8
Net Inc LTM ($ Bil)	0.8
CFO/Rev LTM	23.2%	20.5%
Net Inc Mgn	26.0%	13.1%
VALUATION	LOW
P/S	2.4	3.2
P/CFO	10.3	15.8
P/FCF	12.0	20.5
P/E	9.2	23.5

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Metric	Value	Date	Source
Number of Customers	over 1 million	2252025	Link
Number of Branches	416	12312023	Link
Number of Employees	9989	12312022	Link
Greenwich Excellence Awards	20	2222024	Link
Greenwich Best Brand Awards	6	2222024	Link

Recent
11/13/2025	Dividend	Amount: $0.45 Payment On: 11/20/2025
Upcoming
1/20/2026	Earnings Release	Rev: $865 Mil (E) EPS: $1.58 (E)

ZION Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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I apologize, but I cannot fulfill this request. The specified time period of August 31, 2025, to December 4, 2025, is in the future, and I do not have access to real-time or future stock market data and news.

Stock Movement Drivers

Fundamental Drivers

The -3.7% change in ZION stock from 9/3/2025 to 12/3/2025 was primarily driven by a -3.7% change in the company's P/E Multiple.

	9032025	12032025	Change
Stock Price ($)	56.93	54.82	-3.70%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3245.00	3245.00	0.00%
Net Income Margin (%)	26.01%	26.01%	0.00%
P/E Multiple	9.92	9.55	-3.70%
Shares Outstanding (Mil)	147.04	147.04	0.00%
Cumulative Contribution			-3.70%

LTM = Last Twelve Months as of date shown

Market Drivers

9/3/2025 to 12/3/2025

	Return	Correlation
ZION	-3.7%
Market (SPY)	6.2%	45.0%
Sector (XLF)	0.1%	74.1%

Fundamental Drivers

The 17.2% change in ZION stock from 6/4/2025 to 12/3/2025 was primarily driven by a 11.0% change in the company's P/E Multiple.

	6042025	12032025	Change
Stock Price ($)	46.78	54.82	17.19%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3174.00	3245.00	2.24%
Net Income Margin (%)	25.24%	26.01%	3.06%
P/E Multiple	8.60	9.55	11.01%
Shares Outstanding (Mil)	147.32	147.04	0.19%
Cumulative Contribution			17.19%

LTM = Last Twelve Months as of date shown

Market Drivers

6/4/2025 to 12/3/2025

	Return	Correlation
ZION	17.2%
Market (SPY)	15.1%	50.8%
Sector (XLF)	5.8%	73.4%

Fundamental Drivers

The -4.4% change in ZION stock from 12/3/2024 to 12/3/2025 was primarily driven by a -21.4% change in the company's P/E Multiple.

	12032024	12032025	Change
Stock Price ($)	57.33	54.82	-4.37%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3032.00	3245.00	7.03%
Net Income Margin (%)	22.89%	26.01%	13.63%
P/E Multiple	12.15	9.55	-21.42%
Shares Outstanding (Mil)	147.14	147.04	0.06%
Cumulative Contribution			-4.37%

LTM = Last Twelve Months as of date shown

Market Drivers

12/3/2024 to 12/3/2025

	Return	Correlation
ZION	-4.4%
Market (SPY)	14.3%	67.6%
Sector (XLF)	7.4%	76.1%

Fundamental Drivers

The 18.1% change in ZION stock from 12/4/2022 to 12/3/2025 was primarily driven by a 15.0% change in the company's P/E Multiple.

	12042022	12032025	Change
Stock Price ($)	46.42	54.82	18.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3022.00	3245.00	7.38%
Net Income Margin (%)	27.66%	26.01%	-5.98%
P/E Multiple	8.31	9.55	14.96%
Shares Outstanding (Mil)	149.63	147.04	1.73%
Cumulative Contribution			18.06%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2023 to 12/3/2025

	Return	Correlation
ZION	51.9%
Market (SPY)	53.2%	55.9%
Sector (XLF)	52.4%	72.1%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
ZION Return	-13%	49%	-20%	-6%	28%	3%	28%
Peers Return	-18%	27%	-15%	10%	28%	21%	50%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
ZION Win Rate	58%	83%	58%	33%	50%	50%
Peers Win Rate	33%	47%	35%	42%	48%	48%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
ZION Max Drawdown	-53%	-1%	-26%	-59%	-12%	-23%
Peers Max Drawdown	-43%	-3%	-23%	-16%	-4%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: BAC, WFC, C, USB, AVBC. See ZION Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)

How Low Can It Go

Unique Key	Event	ZION	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-73.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	272.9%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-54.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	117.8%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	336 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-34.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	52.0%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	809 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-92.7%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	1262.3%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to BAC, WFC, C, USB, AVBC

In The Past

Zions Bancorp NA's stock fell -73.2% during the 2022 Inflation Shock from a high on 2/15/2022. A -73.2% loss requires a 272.9% gain to breakeven.

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About Zions Bancorp NA (ZION)

Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers corporate banking services; commercial banking, including a focus on small- and medium-sized businesses; commercial real estate banking services; municipal and public finance services; retail banking, including residential mortgages; trust services; wealth management and private client banking services; and capital markets products and services. As of December 31, 2020, it operated 422 branches, which included 273 owned and 149 leased. 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.

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A regional bank, much like a smaller Bank of America or Wells Fargo, primarily serving the Western U.S.

Think of it as the JPMorgan Chase for states like Utah, Idaho, and Texas, offering a full range of banking services.

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Deposit Accounts: Providing various checking, savings, money market, and certificate of deposit accounts for individuals and businesses.
Commercial & Industrial Loans: Offering credit facilities to businesses for operational needs, equipment financing, and growth initiatives.
Commercial Real Estate Loans: Financing the acquisition, development, and refinancing of commercial properties for businesses and investors.
Residential Mortgage Loans: Providing loans to individuals for the purchase or refinancing of their homes.
Treasury Management Services: Assisting businesses with cash flow optimization, payment processing, and risk management solutions.
Wealth Management & Trust Services: Delivering investment management, financial planning, and trust administration to individuals and institutional clients.

AI Generated Analysis | Feedback

Zions Bancorp NA (ZION) is a regional bank that provides a comprehensive range of banking and related financial services. Its customer base is diverse and primarily consists of individuals and a wide array of businesses, rather than a few identifiable "major customer companies" whose business significantly impacts the bank's revenue. Therefore, Zions Bancorp primarily serves the following categories of customers:

Individual Consumers: This category encompasses a broad spectrum of individuals and families who utilize Zions Bancorp's retail banking services. This includes personal checking and savings accounts, mortgages, home equity loans, personal loans, and credit cards. It also extends to high-net-worth individuals and families served by its wealth management and private banking divisions.
Small to Medium-Sized Businesses (SMBs): A crucial segment for regional banks, this category comprises a diverse range of local and regional businesses across various industries. These businesses rely on Zions Bancorp for commercial loans, lines of credit, treasury management services, business checking and savings accounts, and other financial solutions tailored to their operational needs.
Commercial Real Estate (CRE) Developers and Investors: Zions Bancorp provides financing and banking services to companies and individuals involved in the acquisition, development, and construction of commercial properties. This includes funding for multi-family residential, office buildings, retail centers, and industrial spaces within its market areas.

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Harris H. Simmons, Chairman and Chief Executive Officer

Mr. Simmons has served as Chairman of Zions Bancorporation since 2002 and its President and Chief Executive Officer since 1990. He has been an officer of the company since 1981 and first worked for Zions in 1970, holding various positions over more than 40 years with the organization. Prior to 1998, he was president and chief executive officer of Zions First National Bank. Mr. Simmons significantly expanded the bank and led Zions Bancorporation into several Western states, pursuing over 40 bank deals and acquisitions. His father, Roy W. Simmons, founded Keystone Insurance and Investment Co., which acquired a controlling interest in Zions First National Bank in 1960.

R. Ryan Richards, Chief Financial Officer

Mr. Richards became Chief Financial Officer of Zions Bancorporation in April 2024. Previously, he served as the company's Corporate Controller for three years. His background also includes roles as Chief Accounting Officer and Director of Investor Relations at Truist Financial Corporation, and Corporate Controller at SunTrust Banks, Inc. in Atlanta. He also held positions at the Financial Accounting Standards Board and KPMG L.L.P.

Scott J. McLean, President and Chief Operating Officer

Mr. McLean was named President of Zions Bancorporation in March 2014 and Chief Operating Officer in June 2015. Before these roles, he served as CEO of Amegy Bank, an affiliate of Zions Bancorporation. He spent 23 years with Texas Commerce Bank/JPMorgan Chase prior to joining Amegy in 2002, holding various executive positions, including President of JPMorgan Chase in Houston.

Michael Morris, Executive Vice President and Chief Credit Officer

Mr. Morris joined Zions Bancorporation in 2007, initially as Managing Director of Real Estate Capital Markets, and later as Executive Vice President of Real Estate Banking for Zions First National Bank. He was promoted to Executive Vice President and Chief Credit Officer in August 2013, overseeing the credit risk function. Before joining Zions, his experience included serving as Managing Director for JP Morgan Real Estate, Executive Vice President for Bank One (where he was President of Banc One Real Estate Corporation), and Senior Vice President for First Interstate Bank of California.

Keith D. Maio, Executive Vice President and Chief Banking Officer

Mr. Maio is Executive Vice President and Chief Banking Officer of Zions Bancorporation. He has been with Zions Bancorporation for 28 years and previously served as President and CEO of National Bank of Arizona, an affiliate, becoming President in 2001 and CEO in 2005. He joined National Bank of Arizona in 1992, working in commercial lending and real estate. He also held the role of Zions' Executive Vice President and Chief Risk Officer, starting in October 2020.

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1. Digital-First Banks and Fintech Companies: Similar to how Netflix disrupted Blockbuster or Uber challenged traditional taxis, a growing number of digital-only banks (neobanks) and specialized fintech companies are leveraging technology to offer more convenient, often lower-cost, and highly specialized financial services. These entities often provide superior user experiences, faster loan approvals, higher interest rates on deposits, and lower fees through streamlined online and mobile platforms, directly threatening Zions Bancorp's traditional deposit base, lending operations, and customer relationships, particularly among younger demographics.

2. Big Tech Companies Expanding into Financial Services: Just as Apple's iPhone disrupted the mobile phone market, major technology companies like Apple (Apple Card, Apple Pay, Apple Savings), Google (Google Pay), and Amazon (lending to sellers, payment solutions) are increasingly leveraging their massive customer bases, advanced technology, and data analytics to enter and expand within the financial services sector. While they may partner with traditional banks, their ability to offer financial products and services directly to consumers and businesses through their established platforms poses a significant threat to Zions Bancorp's role as a primary financial institution, potentially disintermediating the relationship with customers.

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Zions Bancorp NA operates in several key markets within the financial services industry in the United States. The addressable market sizes for their main products and services are as follows:

Commercial Banking (U.S.): The U.S. commercial banking market size is estimated to be USD 732.5 billion in 2025 and is projected to reach USD 915.45 billion by 2030, growing at a CAGR of 4.56%. Another source indicates the market size was USD 1.5 trillion in 2024 and is projected to be USD 1.6 trillion in 2025.
Retail Banking (U.S.): The U.S. retail banking market size was valued at USD 1,105 billion in 2024 and is projected to reach USD 1,850 billion by 2032, growing at a CAGR of 6.7% during the forecast period 2026-2032. Other estimates state the U.S. retail banking market is valued at USD 0.87 trillion in 2025 and is forecasted to reach USD 1.08 trillion by 2030.
Wealth Management (U.S. and North America): The North American wealth management market was valued at USD 937.45 billion in 2023. The U.S. contributed approximately 90-93% of the North American wealth management market in 2009. The global wealth management market size was around USD 1,636.83 billion in 2024 and is predicted to grow to approximately USD 4,893.17 billion by 2034, with North America contributing about two-thirds of the global revenue in 2022.
Small Business Lending (U.S.): The U.S. small business loan market was valued at USD 245.39 billion in 2023 and is projected to reach USD 349.64 billion by 2033, growing at a CAGR of 3.4%. The total estimated value of the small business lending market in the U.S., according to the Consumer Financial Protection Bureau (CFPB), is $1.4 trillion.
Commercial Real Estate Lending (U.S.): The U.S. commercial real estate (CRE) mortgage market consists of USD 4.5 trillion backed by income-producing properties and USD 470 billion of construction loans, as of March 2023. Total commercial and multifamily mortgage debt outstanding increased to USD 4.79 trillion in Q4 2024. The U.S. Real Estate Loan Market reached an impressive valuation of $3.5 trillion in 2024.

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Zions Bancorp NA (symbol: ZION) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

Net Interest Margin (NIM) Expansion: The company has demonstrated a consistent improvement in its net interest margin, with expectations for this trend to continue. This expansion is primarily attributed to interest-bearing liabilities repricing downward at a faster rate than earning asset yields and a favorable shift in the composition of interest-earning assets. Management is optimistic that the coming year will bring sustained growth and continued improvement in NIM, contributing to increased profitability.
Growth in Customer-Related Non-Interest Income and Capital Markets: Zions Bancorp has reported record performance in customer fees, largely driven by strategic investments in its capital markets division. The company anticipates meaningful growth in fee income from its expanding capital markets focus.
Loan Growth and Expanded Loan Programs: While average loan growth was modest in late 2024, Zions Bancorp has seen positive trends, including a 4% increase in average loans year-over-year by Q2 2025. The company's outlook includes realized loan growth as a key opportunity, supported by the recent launch of new consumer accounts and expanded loan programs.
Enhanced Digital Capabilities and Strategic Investments: Investments in expanding digital capabilities and strategic acquisitions are contributing to earnings growth. These technological advancements are proving to be beneficial, supporting the overall financial performance.

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Share Repurchases

Zions Bancorporation's board of directors authorized a share repurchase program of up to $40 million for the fiscal year 2025.
In February 2024, the board authorized a share repurchase of up to $35 million for fiscal year 2024.
The company announced a $50 million share repurchase program for the first quarter of 2023.


Share Issuance

In November 2024, Zions Bancorporation priced $500 million of Fixed-to-Floating Rate Subordinated Notes due November 19, 2035. These proceeds were intended to reduce short-term borrowings and for the partial or full redemption of outstanding preferred stock or depositary shares and other securities.


Outbound Investments

In late March 2025, Zions Bancorp completed the acquisition of four branches in California's Coachella Valley from FirstBank of Denver, Colorado, adding approximately $630 million in deposits and $420 million in loans.


Capital Expenditures

Zions Bancorporation, National Association reported quarterly capital expenditures of $31.0 million for June 2025.

Better Bets than Zions Bancorp NA (ZION)

	ZION	Better Performance than ZION
Metric	Value	INDUSTRY: Regional Banks
Rev Chg LTM	8.0%	SSB (45.2%), NU (23.7%), KEY (20.7%), HBAN (11.1%), EWBC (10.5%)
Rev Chg 3Y Avg	4.5%	NU (70.1%), FCNCA (42.2%), MTB (11.4%), EWBC (10.1%), HBAN (4.9%)
CFO/Rev LTM	23.2%	NU (44.0%), MTB (43.5%), FITB (40.6%), HBAN (33.3%), FCNCA (31.8%)
FCF/Rev LTM	19.9%	MTB (41.7%), NU (40.8%), CFG (33.8%), FITB (32.9%), HBAN (31.1%)
Total Yield	11.1%	RF (13.0%), WBS (12.5%), CMA (12.5%), HBAN (12.4%), MTB (11.9%)
P/S	2.4	HTH (1.7), LC (1.8), MBIN (2.1), BANC (2.2), FLG (2.4)

	ZION	Better Performance than ZION
Metric	Value	SECTOR: Financials
Rev Chg LTM	8.0%	MS (17.6%), MA (14.6%), V (11.3%), BAC (8.9%), JPM (8.6%)
Rev Chg 3Y Avg	4.5%	BRK-B (19.8%), JPM (13.4%), MA (13.2%), V (10.9%), BAC (5.2%)
CFO/Rev LTM	23.2%	V (57.6%), BAC (57.3%), MA (56.1%), GS (30.5%), AXP (30.0%)
FCF/Rev LTM	19.9%	BAC (57.3%), V (53.9%), MA (52.5%), AXP (26.9%), GS (26.9%)
Total Yield	11.1%	TD (16.6%), BNS (14.3%), USB (13.7%), CM (12.3%), PNC (11.5%)
P/S	2.4	PGR (1.9), CB (1.9), BN (2.0), TD (2.1), C (2.2)

	ZION	Better Performance than ZION
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	8.0%	NVDA (71.6%), AVGO (28.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	4.5%	NVDA (92.0%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%)
CFO/Rev LTM	23.2%	MSFT (50.0%), NVDA (46.6%), AVGO (42.4%), GOOGL (39.3%), AAPL (26.6%)
FCF/Rev LTM	19.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), META (23.7%), AAPL (23.5%)
Total Yield	11.1%	VZ (16.8%), PFE (13.5%), MRK (13.0%), ENB (12.9%), BMY (12.0%)
P/S	2.4	UNH (0.7), WMT (1.1), XOM (1.4), COST (1.5), HD (2.2)

		Best Bets In Financials Sector
	ZION
What You Pay
P/E	9.0
P/EBIT	�
What You Get
Rev Chg Q	9.3%
Rev Chg LTM	8.0%
Rev Chg 3Y Avg	4.5%
FCF/Rev 3Y Avg	25.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 21%, alpha of 9.1%, and sharpe of 0.94

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Can Zions Bancorp NA Stock Hold Up When Markets Turn?	Return
2	Day 14 of Gains Streak for Zions Bancorp NA Stock with 19% Return (vs. 5.5% YTD) [7/10/2025]
3	ZION Dip Buy Analysis
4	Day 13 of Gains Streak for Zions Bancorp NA Stock with 18% Return (vs. 4.3% YTD) [7/9/2025]
5	Day 12 of Gains Streak for Zions Bancorp NA Stock with 17% Return (vs. 4.1% YTD) [7/8/2025]
6	Day 11 of Gains Streak for Zions Bancorp NA Stock with 17% Return (vs. 3.4% YTD) [7/7/2025]
7	Zions Bancorp NA Total Shareholder Return (TSR): 28.2% in 2024 and -1.3% 3-yr compounded annual returns (below peer average)
8	Zions Bancorp NA (ZION) Operating Cash Flow Comparison	Financials
9	Zions Bancorp NA (ZION) Net Income Comparison	Financials
10	Zions Bancorp NA (ZION) worth $8.5 Bil (down $0), more valuable than MarketAxess	Notification
11	ARTICLES
12	ZION Stock Up 19% after 14-Day Win Streak		July 11th, 2025
13	ZION Stock Up 18% after 13-Day Win Streak		July 10th, 2025
14	ZION Stock Up 17% after 12-Day Win Streak		July 9th, 2025
15	ZION Stock Up 17% after 11-Day Win Streak		July 8th, 2025
16	ZION Stock Up 14% after 9-Day Win Streak		July 2nd, 2025

	Title
0	DASHBOARDS
1	Can Zions Bancorp NA Stock Hold Up When Markets Turn?
2	Day 14 of Gains Streak for Zions Bancorp NA Stock with 19% Return (vs. 5.5% YTD) [7/10/2025]
3	ZION Dip Buy Analysis
4	Day 13 of Gains Streak for Zions Bancorp NA Stock with 18% Return (vs. 4.3% YTD) [7/9/2025]
5	Day 12 of Gains Streak for Zions Bancorp NA Stock with 17% Return (vs. 4.1% YTD) [7/8/2025]
6	Day 11 of Gains Streak for Zions Bancorp NA Stock with 17% Return (vs. 3.4% YTD) [7/7/2025]
7	Zions Bancorp NA Total Shareholder Return (TSR): 28.2% in 2024 and -1.3% 3-yr compounded annual returns (below peer average)
8	Zions Bancorp NA (ZION) Operating Cash Flow Comparison
9	Zions Bancorp NA (ZION) Net Income Comparison
10	Zions Bancorp NA (ZION) worth $8.5 Bil (down $0), more valuable than MarketAxess
11	ARTICLES
12	ZION Stock Up 19% after 14-Day Win Streak
13	ZION Stock Up 18% after 13-Day Win Streak
14	ZION Stock Up 17% after 12-Day Win Streak
15	ZION Stock Up 17% after 11-Day Win Streak
16	ZION Stock Up 14% after 9-Day Win Streak

Trade Ideas

Select past ideas related to ZION. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.5%	7.5%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	15.2%	15.2%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.5%	-2.5%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-6.2%	-6.2%	-11.0%
ZION_12312024_Quality_Momentum_RoomToRun_10%	12312024	ZION	Zions Bancorp NA	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.7%	4.5%	-23.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WU_11212025_Dip_Buyer_FCFYield	11212025	WU	Western Union	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	7.5%	7.5%	-0.4%
COIN_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	COIN	Coinbase Global	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	15.2%	15.2%	0.0%
PYPL_11142025_Dip_Buyer_FCFYield	11142025	PYPL	PayPal	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-2.5%	-2.5%	-7.5%
V_11142025_Monopoly_xInd_xCD_Getting_Cheaper	11142025	V	Visa	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.1%	-0.1%	-2.7%
WD_11072025_Dip_Buyer_ValueBuy	11072025	WD	Walker & Dunlop	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-6.2%	-6.2%	-11.0%
ZION_12312024_Quality_Momentum_RoomToRun_10%	12312024	ZION	Zions Bancorp NA	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.7%	4.5%	-23.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.3	223.6%	367.4%
COGT	Cogent Biosciences	5.4	152.6%	402.1%
CDTX	Cidara Therapeutics	5.9	115.1%	722.1%
IRWD	Ironwood Pharmaceuticals	0.6	100.5%	-15.8%
TERN	Terns Pharmaceuticals	2.5	95.9%	396.2%
FRGE	Forge Global	0.6	90.3%	217.8%
SGML	Sigma Lithium	1.1	87.3%	-10.6%
INSP	Inspire Medical Systems	4.0	82.8%	-27.3%
NPCE	NeuroPace	0.6	77.2%	48.9%
ALMS	Alumis	0.6	71.9%	-0.3%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
UP	Wheels Up Experience	0.4	-52.7%	-62.4%
CCOI	Cogent Communications	0.9	-51.9%	-72.9%
SMR	NuScale Power	3.0	-50.7%	12.3%
FRMI	Fermi	10.3	-47.5%
AMSC	American Superconductor	1.4	-47.2%	30.1%
TLRY	Tilray Brands	7.5	-46.1%	-46.9%
BTDR	Bitdeer Technologies	2.4	-44.8%	-41.8%
EXOD	Exodus Movement	0.4	-43.1%	-53.3%
STUB	Stubhub	3.5	-39.8%
METC	Ramaco Resources	1.0	-39.4%	66.9%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
MPLT	MapLight Therapeutics	0.7	31.3%
AEVA	Aeva Technologies	0.8	25.7%	188.2%
DC	Dakota Gold	0.6	19.7%	150.9%
SERV	Serve Robotics	0.7	18.2%	-12.6%
ACDC	ProFrac	0.7	17.6%	-45.0%
HY	Hyster Yale	0.6	15.6%	-29.9%
AEO	American Eagle Outfitters	4.1	15.1%	49.7%
BEAM	Beam Therapeutics	2.7	14.4%	7.8%
GOSS	Gossamer Bio	0.8	14.4%	278.1%
FTRE	Fortrea	1.3	14.4%	-21.8%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
PSTG	Pure Storage	22.6	-27.3%	12.1%
GTLB	GitLab	6.3	-12.8%	-32.9%
CTEV	Claritev	0.7	-11.3%
FBYD	Falcons Beyond Global	0.7	-11.2%	131.2%
ACHC	Acadia Healthcare	1.3	-10.9%	-63.0%
ULS	UL Solutions	16.0	-10.7%	60.4%
HPK	HighPeak Energy	0.7	-10.6%	-59.8%
OS	OneStream	3.5	-10.4%	-35.0%
ARE	Alexandria Real Estate Equities	8.2	-10.1%	-47.9%
THO	Thor Industries	5.3	-9.5%	6.6%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
HPP	Hudson Pacific Properties	6.3	641.5%	-34.3%
TLRY	Tilray Brands	7.5	618.1%	-46.9%
TMC	TMC The Metals	2.8	42.2%	589.3%
VERA	Vera Therapeutics	2.6	40.2%	-2.4%
ARWR	Arrowhead Pharmaceuticals	9.0	39.1%	246.1%
TE	T1 Energy	0.7	37.4%
MPLT	MapLight Therapeutics	0.7	32.1%
AEVA	Aeva Technologies	0.8	31.1%	188.2%
AMKR	Amkor Technology	10.9	30.2%	73.4%
DC	Dakota Gold	0.6	30.2%	150.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.1	-50.7%	-68.0%
VTYX	Ventyx Biosciences	0.6	-25.0%	258.0%
CTEV	Claritev	0.7	-23.5%
AMBA	Ambarella	3.0	-22.9%	-3.6%
FULC	Fulcrum Therapeutics	0.6	-21.5%	92.8%
PD	PagerDuty	1.1	-20.5%	-33.9%
NTNX	Nutanix	12.7	-19.3%	-22.4%
CNK	Cinemark	2.6	-18.0%	-25.2%
PSTG	Pure Storage	22.6	-17.2%	12.1%
ZS	Zscaler	38.1	-15.9%	35.1%

Peer Comparisons for Zions Bancorp NA

Peers to compare with:

Financials

	ZION	BAC	WFC	C	USB	AVBC	Median
Name	Zions Ba.	Bank of .	Wells Fa.	Citigroup	U.S. Ban.	Avidia B.
Mkt Price	54.82	54.09	89.35	106.72	50.93	16.47	54.45
Mkt Cap	8.1	403.8	284.3	194.3	79.3	-	194.3
Rev LTM	3,245	107,264	82,532	85,244	28,182	90	55,357
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	645	61,472	-14,218	-75,968	9,900	-8	319
FCF 3Y Avg	820	34,244	9,172	-64,799	10,581	-	9,172
CFO LTM	753	61,472	-14,218	-69,391	9,900	-4	375
CFO 3Y Avg	939	34,244	9,172	-58,153	10,581	-	9,172

Growth & Margins

	ZION	BAC	WFC	C	USB	AVBC	Median
Name	Zions Ba.	Bank of .	Wells Fa.	Citigroup	U.S. Ban.	Avidia B.
Rev Chg LTM	8.0%	8.9%	0.2%	8.4%	4.0%	-	8.0%
Rev Chg 3Y Avg	4.5%	5.2%	2.9%	5.0%	6.5%	-	5.0%
Rev Chg Q	9.3%	10.8%	5.3%	9.6%	6.8%	-	9.3%
QoQ Delta Rev Chg LTM	2.2%	2.6%	1.3%	2.3%	1.7%	-	2.2%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	23.2%	57.3%	-17.2%	-81.4%	35.1%	-4.2%	9.5%
CFO/Rev 3Y Avg	29.1%	32.7%	11.2%	-72.0%	38.2%	-	29.1%
FCF/Rev LTM	19.9%	57.3%	-17.2%	-89.1%	35.1%	-8.3%	5.8%
FCF/Rev 3Y Avg	25.3%	32.7%	11.2%	-80.3%	38.2%	-	25.3%

Valuation

	ZION	BAC	WFC	C	USB	AVBC	Median
Name	Zions Ba.	Bank of .	Wells Fa.	Citigroup	U.S. Ban.	Avidia B.
Mkt Cap	8.1	403.8	284.3	194.3	79.3	-	194.3
P/S	2.4	3.6	3.2	2.2	2.7	-	2.7
P/EBIT	-	-	-	-	-	-	-
P/E	9.0	13.0	12.7	12.6	10.5	-	12.6
P/CFO	10.1	6.3	-18.8	-2.7	7.6	-	6.3
Total Yield	11.1%	7.7%	9.9%	8.0%	13.7%	-	9.9%
Dividend Yield	0.0%	0.0%	2.0%	0.0%	4.2%	-	0.0%
FCF Yield 3Y Avg	16.6%	11.7%	6.9%	-55.7%	17.3%	-	11.7%
D/E	0.1	0.9	0.8	2.0	1.0	-	0.9
Net D/E	-1.4	-0.7	-0.6	-1.2	-1.0	-	-1.0

Returns

	ZION	BAC	WFC	C	USB	AVBC	Median
Name	Zions Ba.	Bank of .	Wells Fa.	Citigroup	U.S. Ban.	Avidia B.
1M Rtn	6.8%	1.0%	2.9%	5.0%	9.2%	7.2%	5.9%
3M Rtn	-3.7%	8.1%	11.6%	13.0%	6.0%	9.1%	8.6%
6M Rtn	17.2%	23.3%	19.9%	41.4%	18.6%	-	19.9%
12M Rtn	-4.4%	18.2%	23.1%	53.6%	2.1%	-	18.2%
3Y Rtn	18.1%	61.4%	110.4%	151.9%	28.9%	-	61.4%
1M Excs Rtn	6.8%	1.0%	2.9%	5.1%	9.3%	7.2%	6.0%
3M Excs Rtn	-10.2%	1.5%	4.4%	5.2%	-0.7%	1.3%	1.4%
6M Excs Rtn	2.5%	8.6%	5.1%	26.7%	3.8%	-	5.1%
12M Excs Rtn	-19.9%	3.0%	6.3%	41.2%	-13.7%	-	3.0%
3Y Excs Rtn	-50.0%	-13.9%	32.9%	79.2%	-38.3%	-	-13.9%

FDIC Bank Data

Bank Capital

FDIC Data As Of	12312006
CAPITAL
Equity Total Capital ($ Bil)	1
Tier 1 (Core) Capital ($ Bil)	1
ASSETS
Total Assets ($ Bil)	15
Adjusted Average Assets ($ Bil)	15
Risk Weighted Assets Adjusted ($ Bil)	13
LEVERAGE RATIOS
Tier 1 Capital / Total Assets Ratio	6.4%
Tier 1 Capital / Adjusted Avg Assets Ratio	6.5%
Tier 1 Capital / Risk Wtd Assets Ratio	7.3%

Bank Deposits

FDIC Data As Of	12312006
DEPOSITS
Total Deposits ($ Bil)	10
Uninsured Deposits ($ Bil)	4
Uninsured Deposits Ratio %	37.3%

Bank Assets

FDIC Data As Of	12312006
ASSETS
Cash Balance ($ Bil)	1
Securities ($ Bil)	1
Net Loans ($ Bil)	11
Trading Assets ($ Bil)	0
Bank Premises Assets ($ Bil)	0
Other Real Estate Owned ($ Bil)	0
Goodwill & Intangibles ($ Bil)	0
Other Assets ($ Bil)	1
Total Assets (Sum) ($ Bil)	14
Total Assets (Reported) ($ Bil)	15
Risk Weighted Assets ($ Bil)	13
SECURITIES DETAILS
US Govt Securities ($ Bil)	1
Equity Securities Not Held for Trading ($ Bil)	0
Total Debt Securities ($ Bil)	1
Mortgage-Backed Securities ($ Bil)	0
SECURITIES VALUATION
Securities Held to Maturity (Book Value) ($ Bil)	0
Securities Available for Sale (Fair Market) ($ Bil)	1

Bank Loans

[valid:false, table:

FDIC Data As Of	12312006
LOAN DETAILS
All Real Estate Loans ($ Bil)	7
Farm Loans ($ Bil)	0
Commercial and Industrial Loans ($ Bil)	2
Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil)	1
Commercial Real Estate Loans not Secured by Real Estate ($ Bil)	0

, map:[FDIC Data As Of:12312006, LOAN DETAILS:null, All Real Estate Loans ($ Bil):7.178555, Farm Loans ($ Bil):0.142737, Commercial and Industrial Loans ($ Bil):2.323201, Loans to Individuals (CC, revolving credit, auto, other) (non-mortgage) ($ Bil):0.512495, Commercial Real Estate Loans not Secured by Real Estate ($ Bil):0.165379]]

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/7/2025	2/25/2025	2/23/2024	2/23/2023	2/25/2022	2/25/2021	2/26/2020
Key Financials
Total Revenue	3,245	3,130	3,115	3,152	2,911	2,790	2,834
Net Income	844	784	680	907	1,129	539	816
EPS	5.47	4.95	4.35	5.80	6.80	3.06	4.41
Growth Rates
Total Revenue Growth	8.0%	0.5%	-1.2%	8.3%	4.3%	-1.6%	1.9%
Net Income Growth	28.9%	15.3%	-25.0%	-19.7%	109.5%	-33.9%	-7.7%
Margins
Net Income Margin	26.0%	25.0%	21.8%	28.8%	38.8%	19.3%	28.8%
Cash & Debt
Total Cash	11,709	12,630	12,504	13,912	34,926	17,348	15,173
Total Debt	970	3,475	2,067	7,751	1,012	1,336	2,723
Net Debt / (Cash)	-10,739	-9,155	-10,437	-6,161	-33,914	-16,012	-12,450
Cash Flows
Net Cash from Operations	753	1,148	885	1,470	629	719	697
Free Cash from Operations	645	1,051	772	1,280	423	548	580
Returns to Shareholders
Dividends	277	289	282	269	261	259	260
Share Repurchases	416	410	51	202	926	76	1,102

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/7/2025	5/8/2025	2/25/2025	11/7/2024	8/7/2024	5/8/2024	2/23/2024	11/3/2023	8/4/2023	5/5/2023	2/23/2023	11/3/2022
Key Financials Quarterly
Total Revenue	838	795	820	792	767	742	731	765	780	839	873	828
Net Income	244	170	216	214	201	153	126	175	175	204	284	217
EPS	1.63	1.13	1.34	1.37	1.28	0.96	0.78	1.13	1.11	1.33	1.84	1.40
Key Financials TTM
Total Revenue TTM	3,245	3,174	3,121	3,032	3,005	3,018	3,115	3,257	3,320	3,305	3,152	3,022
Net Income TTM	844	801	784	694	655	629	680	838	880	908	907	836
Growth Rates Quarterly
Total Revenue Growth	9.3%	7.1%	12.2%	3.5%	-1.7%	-11.6%	-16.3%	-7.6%	2.0%	22.3%	17.5%	19.3%
Net Income Growth	21.4%	11.1%	71.4%	22.3%	14.9%	-25.0%	-55.6%	-19.4%	-13.8%	0.5%	33.3%	-9.6%
Margins Quarterly
Net Income Margin	29.1%	21.4%	26.3%	27.0%	26.2%	20.6%	17.2%	22.9%	22.4%	24.3%	32.5%	26.2%
Cash & Debt
Total Cash	11,709	12,067	12,630	11,895	12,509	12,358	12,504	12,578	13,091	14,962	13,912	25,119
Total Debt	970	964	3,475	548	546	544	2,067	540	538	663	7,751	647
Net Debt / (Cash)	-10,739	-11,103	-9,155	-11,347	-11,963	-11,814	-10,437	-12,038	-12,553	-14,299	-6,161	-24,472
Cash Flows Quarterly
FCF from Operations	-62	179	517	119	251	261	-245	311	598	221	494	172
Cash Flows TTM
FCF from Operations TTM	753	1,066	1,148	386	578	925	885	1,624	1,485	1,403	1,470	1,142
Returns to Shareholders Quarterly
Dividends	65	66	74	72	72	71	71	73	69	69	69	70
Share Repurchases	-0	41	375	-0	-0	35	1	-0	-0	50	51	50
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Zions Bank	890	912	818	808	835
California Bank & Trust (CB&T)	718	706	638	607	600
Amegy	641	670	603	618	627
National Bank of Arizona (NBAZ)	289	290	250	257	265
Nevada State Bank (NSB)	237	233	196	189	191
Vectra Bank Colorado (Vectra)	179	184	169	167	161
Other	93	87	178	87	97
Commerce Bank of Washington (TCBW)	68	70	59	57	58
Total	3,115	3,152	2,911	2,790	2,834

Price Behavior

Price Behavior

Market Price	$54.82
Market Cap ($ Bil)	8.1
First Trading Date	12/29/2006
Distance from 52W High	-6.5%
	50 Days	200 Days
DMA Price	$52.89	$50.81
DMA Trend	indeterminate	down
Distance from DMA	3.7%	7.9%
	3M	1YR
Volatility	40.5%	36.3%
Downside Capture	156.73	143.46
Upside Capture	95.38	120.53
Correlation (SPY)	44.6%	67.6%

ZION Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.97	1.64	1.52	1.58	1.24	1.50
Up Beta	0.39	1.45	1.51	1.62	0.90	1.31
Down Beta	1.10	1.98	1.99	2.07	1.61	1.56
Up Capture	135%	125%	89%	136%	130%	393%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	12	20	31	69	126	392
Down Capture	97%	177%	163%	141%	124%	110%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	22	32	57	122	358

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of ZION With Other Asset Classes (Last 1Y)
	ZION	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-6.6%	5.7%	15.3%	58.9%	4.6%	-5.8%	-3.1%
Annualized Volatility	36.1%	19.2%	19.7%	19.4%	15.9%	17.8%	35.7%
Sharpe Ratio	-0.12	0.16	0.60	2.26	0.09	-0.48	0.04
Correlation With Other Assets		76.1%	67.5%	-8.4%	23.9%	53.2%	26.5%

ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of ZION With Other Asset Classes (Last 5Y)
	ZION	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.2%	15.3%	15.0%	17.9%	11.9%	4.9%	37.1%
Annualized Volatility	43.5%	18.9%	17.1%	15.5%	18.9%	19.0%	49.1%
Sharpe Ratio	0.35	0.67	0.71	0.93	0.52	0.17	0.64
Correlation With Other Assets		73.7%	52.2%	-3.7%	17.6%	45.2%	17.6%

Based On 10-Year Data

		Comparison of ZION With Other Asset Classes (Last 10Y)
	ZION	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	9.2%	12.5%	14.5%	14.2%	5.6%	5.4%	76.3%
Annualized Volatility	39.9%	22.4%	18.0%	14.8%	17.7%	20.9%	55.9%
Sharpe Ratio	0.35	0.52	0.69	0.79	0.25	0.23	0.95
Correlation With Other Assets		75.3%	55.5%	-12.4%	24.1%	44.7%	11.5%

Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	6,381,888
Short Interest: % Change Since 10312025	17.1%
Average Daily Volume	1,377,086
Days-to-Cover Short Interest	4.63
Basic Shares Quantity	147,044,000
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	Can Zions Bancorp NA Stock Hold Up When Markets Turn?
1	ZION YTD Stock Return Of -30% Underperforms USB by -6.2% and Underperforms C by -20%
2	Zions Bancorp NA Stock Return Comparison
3	[10/15/2021] Zions Ban (ZION) Stock Price Forecast: AI Forecasts ZION Stock Price To Be Around $63.10 In A Month (Up 1.6%)

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8072025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11032023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2232023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021
9302021	11042021	10-Q 9/30/2021

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Smith Jennifer Anne	Executive Vice President	10282025	Sell	53.11	2,458	130,519	1,440,963	Form

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0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Zions Bancorp NA (ZION)

Market Price (12/4/2025): $55.72 | Market Cap: $8.2 BilSector: Financials | Industry: Regional Banks

Zions Bancorp NA (ZION)

Market Price (12/4/2025): $55.72Market Cap: $8.2 BilSector: FinancialsIndustry: Regional Banks

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Market Price (12/4/2025): $55.72 | Market Cap: $8.2 Bil
Sector: Financials | Industry: Regional Banks

Market Price (12/4/2025): $55.72
Market Cap: $8.2 Bil
Sector: Financials
Industry: Regional Banks