Zions BANCORPORATION, National Association /UT/ (ZION) intrinsic value & 10-year financials
Zions BANCORPORATION, National Association /UT/ (ZION) has a Graham intrinsic value of $179.61 per share. At $63.37 on Oct 17, 2026, the stock trades 65% below that value. Over the last 10 fiscal years revenue grew 42.6% a year to $529.0M, with an average return on invested capital of 8.6%.
- Graham intrinsic value
- $179.61
- Share price (Oct 17, 2026)
- $63.37
- Price vs Graham value
- 65% below
- Market cap
- $9.3B
- Revenue (FY2025)
- $529.0M
- Revenue growth (10-yr CAGR)
- 42.6%
- ROIC (10-yr avg)
- 8.6%
- Free cash flow (FY2025)
- $952.0M
ZION 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $529.0M | $899.0M | $6.01 | $952.0M | — | 12.5% |
| FY2024 | $513.0M | $784.0M | $4.95 | $1.1B | — | 13.1% |
| FY2023 | $503.0M | $680.0M | $4.35 | $772.0M | — | 6.5% |
| FY2022 | $495.0M | $907.0M | $5.79 | $1.3B | — | 7.5% |
| FY2021 | $449.0M | $1.1B | $6.79 | $423.0M | — | 11.9% |
| FY2020 | $402.0M | $539.0M | $3.02 | $548.0M | — | 5.2% |
| FY2019 | $414.0M | $816.0M | $4.16 | $580.0M | — | 6.9% |
| FY2018 | $412.0M | $884.0M | $4.08 | $1.0B | — | 8.5% |
| FY2017 | $30.0M | $592.0M | $2.60 | $759.0M | — | 7.9% |
| FY2016 | $21.7M | $469.1M | $1.99 | $400.4M | — | 6.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ is a consistent compounder, expanding top-line revenue at 42.6% annually over the past decade.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ returns on capital have been average, hovering around 8.6% ROIC over the decade.
Over the decade, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ shows that management has aggressively returned capital to shareholders by retiring 28.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ is modeled at 13.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $179.61 per share.