Zions Bancorporation, National Association
ZIONNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $66.32 Prior regular-session close from the quote source.
- $65.90–$66.65 Regular-session low and high so far today.
- 1.7M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $48.50–$73.34 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ZION if Zions is a regional, branch-heavy commercial and consumer bank that converts a stable retail deposit base and rising net interest income into predictable cash flow and shareholder returns, provided deposit stability and credit quality.
ZION price history
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Investment thesis
What must happen next
Sustained revenue growth will be driven primarily by net interest income expansion as Zions funds loan growth from its deposit base rather than costly wholesale funding.StrengtheningMateriality: High
Revenue (InterestIncomeExpenseNet + NoninterestIncome) rose from $3.115B in 2023 to $3.385B in 2025, indicating recent top-line resilience. If NII remains strong and deposit funding is stable, revenue converts into operating cash and earnings without breaching capital constraints; if deposits become expensive or volatile, revenue will compress and profitability will decline.
Watch: Large-scale deposit outflows to fintech or money-market funds offering higher yields, forcing Zions to reprice deposits higher and compress net interest margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Revenue (InterestIncomeExpenseNet + NoninterestIncome) rose from $3.115B in 2023 to $3.385B in 2025, indicating recent top-line resilience.
Open source ↗Zions can continue compounding EPS if net income growth outpaces share issuance and the bank sustains credit costs at current low-to-normal levels.StrengtheningMateriality: High
Diluted EPS rose from $4.35 in 2023 to $6.01 in 2025, showing strong recent per-share earnings progression. EPS compounding drives equity returns and funds valuation expansion; rising credit costs or capital issuance would stop EPS per-share growth.
Watch: A meaningful rise in loan loss provisions from cyclical commercial or CRE stress would depress net income and EPS before buybacks can offset it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Diluted EPS rose from $4.35 in 2023 to $6.01 in 2025, showing strong recent per-share earnings progression.
Open source ↗The franchise reliably converts earnings into operating cash flow, giving management optionality to return capital or absorb shocks without immediate capital raises.StrengtheningMateriality: Medium
Net cash provided by operating activities was $885M (2023), $1.148B (2024), and $1.073B (2025), showing consistent and sizable operating cash generation. Strong cash conversion supports buybacks/dividends and reduces dependency on capital markets; if conversion deteriorates, capital actions become constrained.
Watch: A spike in provisions or loan loss write-offs that converts into negative operating cash impacts cash conversion before net income fully reflects it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net cash provided by operating activities was $885M (2023), $1.148B (2024), and $1.073B (2025), showing consistent and sizable operating cash.
Open source ↗Rising tangible equity provides a growing capital buffer that supports lending growth and capital returns without frequent dilutive raises, so long as credit losses remain moderate.StrengtheningMateriality: Medium
Stockholders' equity increased from $4.893B (2022) to $6.124B (2024) to $7.18B (2025), indicating strengthening capital on the balance sheet. A stronger equity base preserves the franchise through credit cycles and enables buybacks/dividends; declining equity or regulatory capital pressure forces constrained growth or dilution.
Watch: Large, unexpected loan losses or regulatory capital requirement increases that meaningfully deplete equity and force emergency capital raises.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Stockholders' equity increased from $4.893B (2022) to $6.124B (2024) to $7.18B (2025), indicating strengthening capital on the balance sheet.
Open source ↗The biggest single fragility is deposit competition and re-pricing: if retail deposits prove less sticky or more rate-sensitive, funding costs will rise and net interest margins will compress, undermining revenue and earnings.HoldingMateriality: Medium
Net income has been volatile across rate cycles but stayed near $899M in 2025 after $784M in 2024 and $680M in 2023, implying sensitivity to funding/credit conditions. Deposit instability is a leading indicator — it forces more expensive funding or asset sales before earnings collapse is visible.
Watch: Large-scale shift of retail deposits into high-yield money-market funds or fintech savings platforms, increasing deposit beta and compressing margins.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Net income has been volatile across rate cycles but stayed near $899M in 2025 after $784M in 2024 and $680M.
Open source ↗
Full investment case & evidence
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Original research
Sustained revenue growth will be driven primarily by net interest income expansion as Zions funds loan growth from its deposit base rather than costly wholesale funding. If NII remains strong and deposit funding is stable, revenue converts into operating cash and earnings without breaching capital constraints; if deposits become expensive or volatile, revenue will compress and profitability will decline.
Zions can continue compounding EPS if net income growth outpaces share issuance and the bank sustains credit costs at current low-to-normal levels. EPS compounding drives equity returns and funds valuation expansion; rising credit costs or capital issuance would stop EPS per-share growth.
The franchise reliably converts earnings into operating cash flow, giving management optionality to return capital or absorb shocks without immediate capital raises. Strong cash conversion supports buybacks/dividends and reduces dependency on capital markets; if conversion deteriorates, capital actions become constrained.
Rising tangible equity provides a growing capital buffer that supports lending growth and capital returns without frequent dilutive raises, so long as credit losses remain moderate. A stronger equity base preserves the franchise through credit cycles and enables buybacks/dividends; declining equity or regulatory capital pressure forces constrained growth or dilution.
The biggest single fragility is deposit competition and re-pricing: if retail deposits prove less sticky or more rate-sensitive, funding costs will rise and net interest margins will compress, undermining revenue and earnings. Deposit instability is a leading indicator — it forces more expensive funding or asset sales before earnings collapse is visible.
All standing thesis claims
Original report summary
Zions is a regional, branch-heavy commercial and consumer bank that converts a stable retail deposit base and rising net interest income into predictable cash flow and shareholder returns, provided deposit stability and credit quality.
Bull case and bear case
Bull case and bear case for Zions Bancorporation, National Association
Where the evidence on Zions Bancorporation, National Association stands: Holding on the latest evidence (Oct 19, 2026). Of its 5 thesis points, 4 strengthening and 1 holding.
Bull case: what the evidence supports
Sustained revenue growth will be driven primarily by net interest income expansion as Zions funds loan growth from its deposit base rather than costly wholesale funding.
Zions can continue compounding EPS if net income growth outpaces share issuance and the bank sustains credit costs at current low-to-normal levels.
The franchise reliably converts earnings into operating cash flow, giving management optionality to return capital or absorb shocks without immediate capital raises.
Rising tangible equity provides a growing capital buffer that supports lending growth and capital returns without frequent dilutive raises, so long as credit losses remain moderate.
The biggest single fragility is deposit competition and re-pricing: if retail deposits prove less sticky or more rate-sensitive, funding costs will rise and net interest margins will compress, undermining revenue and earnings.
Bear case: what would count against it
Large-scale deposit outflows to fintech or money-market funds offering higher yields, forcing Zions to reprice deposits higher and compress net interest margins.
A meaningful rise in loan loss provisions from cyclical commercial or CRE stress would depress net income and EPS before buybacks can offset it.
A spike in provisions or loan loss write-offs that converts into negative operating cash impacts cash conversion before net income fully reflects it.
Thesis-Break Engine
Thesis-break watch · Zions Bancorporation, National Association
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Zions Bancorporation, National Association filed an SEC 8-K on 2026-10-19: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
Zions Bancorporation, National Association filed an SEC 8-K on 2026-09-09: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Zions Bancorporation, National Association filed an SEC 8-K on 2026-07-20: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large-scale deposit outflows to fintech or money-market funds offering higher yields, forcing Zions to reprice deposits higher and compress net interest margins.
- A meaningful rise in loan loss provisions from cyclical commercial or CRE stress would depress net income and EPS before buybacks can offset it.
- A spike in provisions or loan loss write-offs that converts into negative operating cash impacts cash conversion before net income fully reflects it.
- Large, unexpected loan losses or regulatory capital requirement increases that meaningfully deplete equity and force emergency capital raises.
- Large-scale shift of retail deposits into high-yield money-market funds or fintech savings platforms, increasing deposit beta and compressing margins.
ZION news
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Financial statements
ZION income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ZION: quick answers
- Which well-known investors own ZION?
- 1 of the 37 well-known funds tracked here reported ZION shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.2%. Fund portfolios
ZION in well-known investors’ portfolios
1 of 37 funds reported ZION shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.17% | $40.9M | −18.4% | Q2 2026 |