Detailed financial statements for Western Alliance Bancorporation (WAL): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Western Alliance Bancorporation serves as the holding entity for Western Alliance Bank, offering a broad spectrum of banking products and related financial services, with its primary operations centered in Arizona, California, and Nevada. The company structures its business across Commercial, Consumer Related, and Corporate & Other segments.
Analysis Summary
Western Alliance Bancorporation reported revenue of $5.28B in the most recent fiscal year, growing at a 5-year CAGR of 31.6%. Net income reached $969.0M, with a 13.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 57.6%, operating margin 24.2%, net margin 19.4%.
At $76.29 (closing price, October 30, 2026), WAL trades at a P/E of 8.41 and an ROE of 13.09%. Market capitalisation stands at $8.3B.
Balance sheet quality for WAL: current ratio of 0.2, net cash position of $7.48B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$2.79B represents -288% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $738.6M | $882.9M | $1.07B | $1.29B | $1.33B | $2.00B | $2.96B | $4.26B | $5.02B | $5.28B |
| Cost of Revenue | $51.3M | $78.1M | $142.6M | $203.9M | $218.5M | $81.3M | $543.6M | $1.76B | $2.07B | $2.05B |
| Gross Profit | $687.3M | $804.8M | $925.1M | $1.08B | $1.12B | $1.92B | $2.42B | $2.50B | $2.95B | $3.22B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $192.4M | $218.1M | $257.0M | $290.5M | $313.2M | $480.2M | $561.6M | $588.1M | $663.8M | $144.6M |
| Operating Expenses | $326.1M | $353.0M | $414.8M | $478.2M | $493.1M | $797.9M | $1.10B | $1.56B | $1.96B | $2.02B |
| Operating Income | $361.2M | $451.8M | $510.3M | $604.2M | $622.5M | $1.12B | $1.32B | $933.6M | $991.2M | $1.21B |
| EBITDA | $373.7M | $465.2M | $524.6M | $633.2M | $657.1M | $1.17B | $1.39B | $1.02B | $1.11B | $1.34B |
| Interest Expense | $43.3M | $60.8M | $117.6M | $184.6M | $94.9M | $109.9M | $475.5M | $1.70B | $1.92B | $1.83B |
| Pre-tax Income | $361.2M | $451.8M | $510.3M | $604.2M | $622.5M | $1.12B | $1.32B | $933.6M | $991.2M | $1.21B |
| Income Tax | $101.4M | $126.3M | $74.5M | $105.0M | $115.9M | $223.8M | $258.8M | $211.2M | $203.5M | $216.6M |
| Net Income | $259.8M | $325.5M | $435.8M | $499.2M | $506.6M | $899.2M | $1.06B | $722.4M | $787.7M | $969.0M |
| EPS | $2.52 | $3.12 | $4.16 | $4.86 | $5.06 | $8.72 | $9.74 | $6.55 | $7.14 | $8.79 |
| EPS (Diluted) | $2.50 | $3.10 | $4.14 | $4.84 | $5.04 | $8.67 | $9.70 | $6.54 | $7.09 | $8.73 |
| Shares Outstanding (Diluted) | 103.8 M | 105.0 M | 105.4 M | 103.1 M | 100.5 M | 103.3 M | 107.6 M | 108.5 M | 109.3 M | 109.5 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.41B | $1.44B | $888.5M | $1.46B |
| Gross Profit | $882.3M | $805.7M | $373.1M | $934.2M |
| Operating Income | $355.7M | $231.3M | $332.0M | $339.1M |
| EBITDA | $389.0M | $265.9M | $367.3M | $339.1M |
| Net Income | $286.1M | $189.2M | $261.7M | $270.1M |
| EPS | $2.61 | $1.68 | $2.41 | $2.45 |
| EPS (Diluted) | $2.59 | $1.67 | $2.36 | $2.45 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $284.5M | $416.8M | $498.6M | $434.6M | $2.67B | $516.0M | $1.04B | $1.58B | $4.10B | $3.60B |
| Short-term Investments | $2.61B | $3.50B | $3.28B | $3.35B | $4.71B | $6.19B | $7.09B | $11.16B | $4.44B | $10.36B |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.89B | $3.92B | $3.78B | $3.78B | $7.38B | $6.71B | $8.13B | $12.74B | $8.53B | $13.96B |
| Property, Plant & Equipment | $119.8M | $118.7M | $119.5M | $198.4M | $206.6M | $315.0M | $439.0M | $484.0M | $489.0M | $573.0M |
| Goodwill | $290.0M | $289.9M | $289.9M | $289.9M | $289.9M | $491.0M | $527.0M | $527.0M | $527.0M | $527.0M |
| Intangible Assets | $12.9M | $10.9M | $9.3M | $7.7M | $8.6M | $841.0M | $1.30B | $1.27B | $1.26B | $1.62B |
| Total Assets | $17.20B | $20.33B | $23.11B | $26.82B | $36.46B | $55.98B | $67.73B | $70.86B | $80.93B | $92.77B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $121.7M | $416.0M | $513.4M | $16.7M | $21.0M | $727.0M | $4.99B | $6.78B | $3.15B | $3.88B |
| Total Current Liabilities | $14.67B | $17.39B | $19.69B | $22.81B | $31.95B | $48.34B | $58.64B | $62.12B | $69.49B | $81.01B |
| Long-term Debt | $367.9M | $376.9M | $360.5M | $393.6M | $548.7M | $1.67B | $2.20B | $1.34B | $3.32B | $2.47B |
| Total Liabilities | $15.31B | $18.10B | $20.50B | $23.81B | $33.05B | $51.02B | $62.38B | $64.78B | $74.23B | $84.83B |
| Retained Earnings | $522.4M | $848.5M | $1.28B | $1.68B | $2.00B | $2.77B | $3.66B | $4.21B | $4.83B | $5.61B |
| Total Equity | $1.89B | $2.23B | $2.61B | $3.02B | $3.41B | $4.96B | $5.36B | $6.08B | $6.71B | $7.65B |
| Total Debt | $489.7M | $792.9M | $873.9M | $488.4M | $649.6M | $2.54B | $7.38B | $8.30B | $6.63B | $6.48B |
| Net Debt | -$2.40B | -$3.12B | -$2.90B | -$3.29B | -$6.73B | -$4.16B | -$758.0M | -$4.44B | -$1.90B | -$7.48B |
| Working Capital | -$11.78B | -$13.47B | -$15.92B | -$19.03B | -$24.57B | -$41.63B | -$50.50B | -$49.38B | -$60.96B | -$67.05B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $5.76B | $3.60B | $8.55B | $5.94B |
| Total Assets | $90.97B | $92.77B | $98.85B | $98.70B |
| Total Liabilities | $83.28B | $84.83B | $90.94B | $90.57B |
| Total Equity | $7.40B | $7.65B | $7.62B | $7.84B |
| Total Debt | $4.71B | $6.48B | $6.84B | $7.45B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $259.8M | $325.5M | $435.8M | $499.2M | $506.6M | $899.2M | $1.06B | $722.4M | $787.7M | $990.6M |
| Depreciation & Amortization | $12.5M | $13.4M | $14.3M | $29.0M | $34.6M | $50.0M | $74.6M | $86.5M | $118.5M | $130.1M |
| Stock-based Compensation | $20.3M | $23.6M | $25.7M | $26.2M | $28.7M | $35.1M | $39.8M | $34.3M | $47.7M | $51.4M |
| Change in Working Capital | -$25.4M | -$87.0M | $20.7M | $138.4M | -$15.0M | -$157.6M | -$38.7M | $114.7M | $234.9M | -$279.0M |
| Operating Cash Flow | $280.6M | $383.8M | $541.0M | $717.8M | $670.2M | -$2.65B | $2.25B | -$328.6M | -$2.74B | -$2.68B |
| Capital Expenditure | -$10.6M | -$8.9M | -$1.9M | -$33.8M | -$26.8M | -$69.4M | -$141.0M | -$114.3M | -$83.8M | -$114.3M |
| Acquisitions | -$1.27B | -$5.8M | -$4.1M | 0 | 0 | -$1.02B | -$50.0M | 0 | 0 | -$14.2M |
| Stock Repurchased | 0 | -$13.8M | -$35.7M | -$120.2M | -$71.6M | 0 | 0 | 0 | 0 | -$69.0M |
| Dividends Paid | 0 | 0 | 0 | -$51.3M | -$101.3M | -$127.6M | -$166.2M | -$171.5M | -$176.8M | -$184.8M |
| Free Cash Flow | $270.1M | $374.9M | $539.1M | $682.6M | $643.4M | -$2.72B | $2.10B | -$442.9M | -$2.83B | -$2.79B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$597.4M | -$69.8M | -$507.2M | -$356.1M |
| Capital Expenditure | -$28.2M | -$48.4M | -$24.2M | -$19.3M |
| Free Cash Flow | -$625.6M | -$118.2M | -$531.4M | -$375.4M |
| Dividends Paid | -$45.0M | -$49.4M | -$56.4M | -$41.9M |
| Stock-based Compensation | $12.8M | -$39.3M | $9.0M | $13.1M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +19.5% | +20.9% | +20.5% | +3.7% | +50.1% | +47.9% | +43.8% | +17.8% | +5.2% | |
| Net Income Growth (YoY) | +25.3% | +33.9% | +14.5% | +1.5% | +77.5% | +17.6% | -31.7% | +9.0% | +23.0% | |
| EPS Growth (YoY) | +23.8% | +33.3% | +16.8% | +4.1% | +72.3% | +11.7% | -32.8% | +9.0% | +23.1% | |
| Shares Change (YoY) | +1.1% | +0.4% | -2.2% | -2.6% | +2.8% | +4.2% | +0.8% | +0.7% | +0.2% | |
| FCF Growth (YoY) | +38.8% | +43.8% | +26.6% | -5.7% | -523.3% | +177.3% | -121.0% | -538.0% | +1.2% | |
| Gross Margin | 93.1% | 91.2% | 86.6% | 84.1% | 83.6% | 95.9% | 81.6% | 58.7% | 58.8% | 61.1% |
| Operating Margin | 48.9% | 51.2% | 47.8% | 47.0% | 46.7% | 56.1% | 44.4% | 21.9% | 19.8% | 22.9% |
| EBITDA Margin | 50.6% | 52.7% | 49.1% | 49.2% | 49.3% | 58.6% | 47.0% | 24.0% | 22.1% | 25.3% |
| Net Margin | 35.2% | 36.9% | 40.8% | 38.8% | 38.0% | 44.9% | 35.7% | 17.0% | 15.7% | 18.4% |
| FCF Margin | 36.6% | 42.5% | 50.5% | 53.1% | 48.2% | -136.0% | 71.1% | -10.4% | -56.3% | -52.9% |
| Effective Tax Rate | 28.1% | 28.0% | 14.6% | 17.4% | 18.6% | 19.9% | 19.7% | 22.6% | 20.5% | 17.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.60 | $3.57 | $5.11 | $6.62 | $6.40 | $-26.36 | $19.56 | $-4.08 | $-25.85 | $-25.51 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.50 | $1.01 | $1.24 | $1.54 | $1.58 | $1.62 | $1.69 |
| Shares Outstanding (Basic) | 103.0 M | 104.2 M | 105.3 M | 102.7 M | 100.2 M | 102.7 M | 107.2 M | 108.3 M | 108.6 M | 108.8 M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. Regulatory Tier 1 is not in our data.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Return on Equity | 13.09% |
| Return on Invested Capital | 6.30% |
| Return on Assets | 1.03% |
| Gross Margin | 57.61% |
| Operating Margin | 24.20% |
| Net Margin | 19.37% |
Financial Health
| Debt / Equity | 0.89 |
| Current Ratio | 0.34 |
| Piotroski F-Score | 5 |
| Altman Z-Score | -0.62 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 19.33 | 18.15 | 9.49 | 11.73 | 11.85 | 12.35 | 6.11 | 10.04 | 11.70 | 9.56 |
| P/B | 2.65 | 2.65 | 1.59 | 1.94 | 1.76 | 2.23 | 1.19 | 1.17 | 1.35 | 1.20 |
| P/S | 6.80 | 6.68 | 3.89 | 4.55 | 4.50 | 5.52 | 2.16 | 1.67 | 1.81 | 1.73 |
| Gross Margin | 93.1% | 91.2% | 86.6% | 84.1% | 83.6% | 95.9% | 81.6% | 58.7% | 58.8% | 61.1% |
| Operating Margin | 48.9% | 51.2% | 47.8% | 47.0% | 46.7% | 56.1% | 44.4% | 21.9% | 19.8% | 22.9% |
| Net Margin | 35.2% | 36.9% | 40.8% | 38.8% | 38.0% | 44.9% | 35.7% | 17.0% | 15.7% | 18.4% |
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Explore sector: Financial Services · Banks - Regional
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