WESTERN ALLIANCE BANCORPORATION WAL
WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of customized loan, deposit, and treasury management capabilities, including funds transfer and other digital payment offerings through its wholly-owned banking subsidiary, WAB. Effective as of October 4, 2025, the Company completed its brand unity initiative, consolidating its legacy division bank brands: ABA, BON, FIB, Bridge, and TPB, under a single unified name, Western Alliance Bank.
The Company also serves business customers through a national platform of specialized financial services, including mortgage banking services through AmeriHome and digital payment services for the class action legal industry. In addition, the Company has the following non-bank subsidiaries: CSI, a captive insurance company formed and licensed under the laws of the state of Arizona and established as part of the Company's overall enterprise risk management strategy and WATC, which provides corporate trust services and levered loan administration solutions.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $135.8M | $68.0M | $98.6M | $44.1M | $37.6M | $1.26B | $1.23B | $1.03B | $845.5M | $700.5M |
| Interest expense | $2.86B | $2.62B | $2.34B | $2.22B | $109.9M | $94.9M | $184.6M | $117.6M | $60.8M | $43.3M |
| Pre-tax income | $1.21B | $991.2M | $933.6M | $1.32B | $1.12B | $622.5M | $604.2M | $510.3M | $451.8M | $361.2M |
| Income tax | $216.6M | $203.5M | $211.2M | $258.8M | $223.8M | $115.9M | $105.0M | $74.5M | $126.3M | $101.4M |
| Net income | $991.0M | $788.0M | $722.0M | $1.06B | $899.0M | $506.6M | $499.2M | $435.8M | $325.5M | $259.8M |
| EPS, basic | 8.79 | 7.14 | 6.55 | 9.74 | 8.72 | 5.06 | 4.86 | 4.16 | 3.12 | 2.52 |
| EPS, diluted | 8.73 | 7.09 | 6.54 | 9.70 | 8.67 | 5.04 | 4.84 | 4.14 | 3.10 | 2.50 |
| Shares, diluted (wtd. avg.) | $109.5M | $109.3M | $108.5M | $107.6M | $103.3M | $100.5M | $103.1M | $105.4M | $105.0M | $103.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $3.60B | $4.10B | $1.58B | $1.04B | $516.4M | $2.67B | $434.6M | $498.6M | $416.8M | $284.5M |
| Property, plant and equipment | $442.0M | $361.0M | $339.0M | $276.0M | $182.0M | $134.1M | $125.8M | $119.5M | $118.7M | $119.8M |
| Goodwill | $527.0M | $527.0M | $527.0M | $527.0M | $491.0M | $199.8M | $289.9M | $289.9M | $289.9M | $290.0M |
| Other intangibles | $122.0M | $132.0M | $142.0M | $153.0M | $143.0M | $8.2M | $7.3M | $9.3M | $10.9M | $12.9M |
| Total assets | $92.77B | $80.93B | $70.86B | $67.73B | $55.98B | $36.46B | $26.82B | $23.11B | $20.33B | $17.20B |
| Short-term debt | $3.85B | $3.15B | $6.78B | $4.99B | $727.0M | $21.0M | $0 | $491.0M | $390.0M | $80.0M |
| Long-term debt | $1.39B | $2.42B | $446.0M | $1.31B | $775.0M | $0 | — | — | — | — |
| Total liabilities | $84.83B | $74.23B | $64.78B | $62.38B | $51.02B | $33.05B | $23.81B | $20.50B | $18.10B | $15.31B |
| Retained earnings | $5.61B | $4.83B | $4.21B | $3.66B | $2.77B | $2.00B | $1.68B | $1.28B | $848.5M | $522.4M |
| Total equity | $7.65B | $6.71B | $6.08B | $5.36B | $4.96B | $3.41B | $3.02B | $2.61B | $2.61B | $1.89B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.68B | -$2.74B | -$328.6M | $2.25B | -$2.65B | $670.2M | $717.8M | $541.0M | $383.8M | $280.6M |
| Depreciation and amortisation | $86.7M | $71.0M | $49.5M | $31.8M | $20.7M | $15.2M | $13.5M | — | — | — |
| Stock-based compensation | $51.4M | $47.7M | $34.3M | $39.8M | $35.1M | $28.7M | $26.2M | $25.7M | $23.6M | $20.3M |
| Investing cash flow | -$9.95B | -$5.97B | -$2.16B | -$13.13B | -$14.71B | -$7.54B | -$3.72B | -$2.71B | -$2.96B | -$2.89B |
| Financing cash flow | $12.13B | $11.23B | $3.02B | $11.41B | $15.21B | $9.10B | $2.94B | $2.25B | $2.70B | $2.67B |
| Dividends paid | — | $176.8M | $171.5M | $166.2M | $127.6M | $101.3M | $51.3M | $0 | $0 | — |
| Buybacks | $68.1M | $0 | $0 | $0 | $0 | $71.6M | $120.2M | $35.7M | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170399.
Others in SIC 6022
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| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
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| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |