Valuation, from the filing
| Public float | $7.52B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $50.86 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 8.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 11.4× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
8.4× earnings today, against a median of 8.3× across 8 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $7.52B | 8.4× | |
| 2024-06-30 | $6.28B | 8.0× | |
| 2023-06-30 | $3.89B | 5.7× | |
| 2022-06-30 | $7.52B | 8.3× | |
| 2021-06-30 | $8.44B | 7.5× | |
| 2020-06-30 | $5.47B | 10.2× | |
| 2019-06-30 | $8.00B | 9.8× | |
| 2018-06-30 | $10.13B | 11.5× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 18.3% | 75th | |
| Revenue YoY growth | 3.6% | 25th | |
| SBC / revenue | 5.3% | 62th | |
| FCF margin | 143.8% | 60th | |
| Long-term debt / equity | 0.21x | 42th | |
| Net margin | 135.8% | 56th |
ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (ZION) reported revenue of $182.00M and net income of $453.00M for the fiscal year ended 2026-06-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $182.00M | $172.00M | $177.00M | $163.00M | $164.00M | $158.00M | $135.00M | $161.00M | $154.00M | $152.00M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $453.00M | $233.00M | $263.00M | $222.00M | $244.00M | $170.00M | $216.00M | $214.00M | $201.00M | $153.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 146.21M | shares 147.04M | Unavailable | shares 147.12M | shares 147.05M | shares 147.39M | Unavailable | shares 147.15M | shares 147.12M | shares 147.34M |
| Pretax income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Income tax expense | $130.00M | $61.00M | $76.00M | $63.00M | $68.00M | $69.00M | $54.00M | $63.00M | $61.00M | $50.00M |
| Diluted EPS | $3.05 | $1.56 | $1.76 | $1.48 | $1.63 | $1.13 | $1.34 | $1.37 | $1.28 | $0.96 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $89.04B | $87.96B | $88.69B | $88.53B | $88.89B | $87.99B | $88.78B | $87.03B | $87.61B | $87.06B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $81.36B | $80.66B | $81.51B | $81.67B | $82.30B | $81.66B | $82.65B | $80.65B | $81.58B | $81.23B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $7.68B | $7.30B | $7.18B | $6.86B | $6.60B | $6.33B | $6.12B | $6.38B | $6.02B | $5.83B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | Unavailable | Unavailable | $1.06B | Unavailable | Unavailable | Unavailable | $1.03B | Unavailable | Unavailable | Unavailable |
| Long-term debt | $1.96B | $1.96B | $1.47B | $1.47B | $970.00M | $964.00M | $950.00M | $548.00M | $546.00M | $544.00M |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $422.00M | $423.00M | $518.00M | $438.00M | -$62.00M | $179.00M | $517.00M | $119.00M | $251.00M | $261.00M |
| Capital expenditures | $33.00M | $25.00M | $38.00M | $25.00M | $31.00M | $27.00M | $28.00M | $22.00M | $17.00M | $30.00M |
| Investing cash flow | -$688.00M | $428.00M | -$651.00M | $359.00M | -$631.00M | $1.66B | -$2.37B | $1.13B | -$460.00M | $53.00M |
| Financing cash flow | $398.00M | -$873.00M | $45.00M | -$806.00M | $640.00M | -$1.66B | $1.39B | -$855.00M | $217.00M | -$321.00M |
| Net change in cash | $132.00M | -$22.00M | -$88.00M | -$9.00M | -$53.00M | $182.00M | -$463.00M | $397.00M | $8.00M | -$7.00M |
| Stock-based compensation | $6.00M | $18.00M | $6.00M | $6.00M | $6.00M | $17.00M | $5.00M | $4.00M | $8.00M | $16.00M |
| Common dividends paid | $68.00M | $68.00M | $68.00M | $68.00M | $65.00M | $66.00M | $74.00M | $72.00M | $72.00M | $71.00M |
| Common share repurchases | $75.00M | $77.00M | $0 | $0 | $0 | $41.00M | $1.00M | $0 | $0 | $35.00M |
| Depreciation & amortization | $27.00M | $30.00M | $29.00M | $30.00M | $29.00M | $28.00M | $29.00M | $32.00M | $31.00M | $32.00M |
Derived
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $389.00M | $398.00M | $480.00M | $413.00M | -$93.00M | $152.00M | $489.00M | $97.00M | $234.00M | $231.00M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 213.7% | 231.4% | 271.2% | 253.4% | -56.7% | 96.2% | 362.2% | 60.2% | 151.9% | 152.0% |
| SBC / revenue | 3.3% | 10.5% | 3.4% | 3.7% | 3.7% | 10.8% | 3.7% | 2.5% | 5.2% | 10.5% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | 11.0% | 8.9% | 31.1% | 1.2% | 6.5% | 3.9% | -7.5% | 2.5% | -4.9% | 0.7% |
| Net margin | 248.9% | 135.5% | 148.6% | Unavailable | 148.8% | 107.6% | 160.0% | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 18.1% | 14.5% | 21.5% | 15.3% | 18.9% | 17.1% | 20.7% | 13.7% | 11.0% | 19.7% |
| Long-term debt / equity | 0.25x | Unavailable | 0.21x | 0.21x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open ZION in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.