Zions Bancorporation (ZION) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Zions Bancorporation stock $54.18, price $64.93, that is 16.6% below the price, quality 59 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $17.47 – $72.82 · fair‑value band $45.92 – $75.01 · the $64.93 price screens above the $54.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
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The company operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments.
It offers commercial and small business banking services to small- and medium-sized businesses, such as commercial, industrial, and owner-occupied lending and leasing; municipal and public finance services; depository account and cash management services; commercial and small business cards; merchant processing services; corporate trust services; and correspondent banking and international lending services.
The company also provides capital markets and investment banking services, including loan syndications, foreign exchange services, interest rate derivatives, fixed income securities underwriting, mergers and acquisitions advisory services, advisory and capital raising, commercial mortgage-backed security conduit lending, and power and project financing; and commercial real estate lending services consisting of term and construction/land development financing for commercial and residential purposes.
In addition, it offers retail banking services comprising residential mortgages lending, home equity lines of credit, personal lines of credit, installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management services consisting of investment management, fiduciary and estate, and advanced business succession and estate planning services.
The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.
Stock analysis
Zions Bancorporation (ZION) currently trades at $64.93, while our model-based Fair Value estimate is $54.18, 17% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $57.85 per share, and 1 of the 6 models we run sit above the $64.93 price.
Bear case: the Dividend Discount group reads lowest at $26.99, and 5 of the 6 models stay below the price. Data coverage for this calculation is high.
Scenario range: $45.92 (bear) to $75.01 (bull), the price of $64.93 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 59/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Zions Bancorporation reported revenue of $4.9B in FY2025 versus $3.0B in FY2021, a compound +13.6%/yr. Reported net income was $899M in FY2025, compounding −5.5%/yr from FY2021.
Key figures
Market cap $9.5B Mid · P/E ratio 8.0 · P/S ratio 2.52 · EPS (TTM) $8.15 · Dividend yield 2.8% · Net margin 32.2% · Return on equity 16.7% · Return on assets (EBIT) 1.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −17%, ZION screens cheaper than that median.
Fair Value models
Bear$45.92Fair Value $54.18Bull$75.01
Price $64.93 · Downside -16.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($5.37 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $6.5M and none bought.
SaleScott A. LawExecutive Vice President4,608 shares at $72.42$333,731Aug 4, 2026
SaleScott J McLeanPresident3× since Feb 2, 2026: 118,915 shares, avg. $64.41$7.7MAug 4, 2026
SaleDerek StewardExecutive Vice President2× since Feb 2, 2026: 1,663 shares, avg. $65.40$108,761Jul 28, 2026
SaleJennifer Anne SmithExecutive Vice President4× since Feb 6, 2026: 13,406 shares, avg. $63.64$853,180May 8, 2026
BuyHarris H SimmonsChairman & CEO, Director4,500 shares at $59.03$265,635Feb 24, 2026
SaleJason D. ArbuckleSVP - Controller190 shares at $61.77$11,736Feb 20, 2026
SaleSteven Dan StephensExecutive Vice President15,476 shares at $65.90$1.0MFeb 6, 2026
SaleEric EllingsenExecutive VP &1,519 shares at $61.27$93,069Feb 2, 2026
Plus 6 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−1.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.9%
Start year 2020 (pandemic). Over 10 years: +8.5% a year
Revenue growth 42 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+0.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.8%
Dividend (yield on the price)2.8%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.6.9% vs 11.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.23% → 24%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−3.8%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −6.0% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Moderate moat typical of regional banks provides basic stability in deposits and lending, yet limited durable differentiation and heavy regulatory exposure constrain lasting advantages over peers.
Main risk: Leadership transitions at a time of possible lighter oversight could constrain the bank's ability to scale its deposit base and lending operations faster than peers.
Regional banks like Zions stand to gain breathing room if the Federal Reserve raises asset thresholds that trigger heavier oversight and compliance. Recent finance leadership changes coincide with this potential shift, raising questions about how smoothly the bank can scale its deposit base and lending. Will lighter regulation enable faster expansion than peers still under stricter rules, or will internal transitions constrain the advantage?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 1002 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score59 · Above median
Fair Value upside−16.6% · Above median
Profitability
Return on equity (12 months)16.7% · Top 25%
Return on assets1.0% · Above median
Net margin (12 months)32.2% · Above median
Operating margin (12 months)39.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)9.5% · Above median
Dividend yield (12 months)2.8% · Above median
Balance sheet
Debt / equity0.20× · Below median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Zions Bancorporation Fair Value". https://www.fairvalue-calculator.com/stock/ZION
Frequently asked questions
Is Zions Bancorporation (ZION) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $54.18 versus a price of $64.93, about 17% lower (overvalued).
What is the fair value of ZION?
Our model-based fair value for Zions Bancorporation is $54.18 (as of Nov 6, 2026), built from audited fundamentals. The current price: $64.93.
What is the quality score of ZION?
Zions Bancorporation has a Quality Score of 59/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zions Bancorporation (ZION)?
Our model-based price target is the fair value of $54.18 (as of Nov 6, 2026) from 6 valuation models. Cautious scenario $45.92, optimistic scenario $75.01. It is a calculation from audited fundamentals, not an analyst target.
What is the Zions Bancorporation stock forecast for 2026?
Our models put fair value at $54.18, about 17% lower versus a price of $64.93 (overvalued). Cautious scenario $45.92, optimistic scenario $75.01. The calculation is refreshed regularly with new filings.
What is the revenue of Zions Bancorporation (ZION)?
Zions Bancorporation reported trailing-twelve-month revenue of about $3.8B (latest available figure, as of Nov 6, 2026).
Does Zions Bancorporation pay a dividend?
Zions Bancorporation currently shows a dividend yield of 2.82% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Zions Bancorporation (ZION)?
For today's price to be fair in a discounted-cash-flow model, Zions Bancorporation would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ZION use?
Our models discount Zions Bancorporation at 9.3 %: a base by market capitalisation (mid), damped by beta 0.83, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Zions Bancorporation that is less than minus 40 % per year a year over ten years, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Zions Bancorporation (ZION) delivered so far?
Over the past 5 years revenue at Zions Bancorporation grew +10.9 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Zions Bancorporation (ZION) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Zions Bancorporation (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Zions Bancorporation (ZION)?
The free-cash-flow yield on the price is 10.33 %: that much free cash flow Zions Bancorporation produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zions Bancorporation (ZION)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zions Bancorporation it is $54.18 per share (as of Nov 6, 2026), against a price of $64.93. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Zions Bancorporation stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ZION trades above its calculated fair value: price $64.93, fair value $54.18, a gap of about −17% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ZION?
No. The price is what the market pays today ($64.93); the fair value is what the company's own numbers justify ($54.18). For Zions Bancorporation the two are $10.75 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zions Bancorporation worth?
The market values Zions Bancorporation at about $9.5B (market capitalisation, as of Nov 6, 2026). Per share that is $64.93; our models calculate a fair value of $54.18 per share.
What do the bullish and bearish scenarios say about ZION?
Our models span a range for Zions Bancorporation: cautious scenario $45.92, base $54.18, optimistic $75.01 per share (as of Nov 6, 2026, price $64.93). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZION?
Zions Bancorporation trades at a price-to-earnings ratio of 8.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $54.18 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 4 of the years ex one-offs: 9.6. Other multiples: PEG 4.0, P/B 1.3, P/S 2.5, EV/EBITDA 6.3.
What is the PEG ratio of ZION?
The PEG ratio of Zions Bancorporation is 3.98 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Zions Bancorporation (ZION)?
Balance-sheet figures for Zions Bancorporation (as of Nov 6, 2026): return on equity 16.7%, debt of 0.20 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is ZION from its 52-week high?
Zions Bancorporation trades at $64.93, about 11% below its 52-week high of $72.82 and 36% above the low of $47.88 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $54.18 is for.
Which stocks are comparable to Zions Bancorporation?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zions Bancorporation stock attractive at the current price?
The data as of Nov 6, 2026: price $64.93, calculated fair value $54.18 (−17%), Quality Score 59/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ZION calculated?
We run Zions Bancorporation through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $54.18, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Zions Bancorporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Zions Bancorporation (ZION)?
The closing price on Nov 5, 2026 was $64.93. Our model-based fair value is $54.18, about 17% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zions Bancorporation right now?
Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Zions Bancorporation (ZION) come from?
Earnings per share at Zions Bancorporation grew +11.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.2 %, EBIT margin −2.0 %, tax rate +1.7 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Zions Bancorporation
How large is the market capitalisation of Zions Bancorporation (ZION)?
The market capitalisation of Zions Bancorporation is $9.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zions Bancorporation (ZION)?
The price-to-sales ratio of Zions Bancorporation is 2.52 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zions Bancorporation (ZION)?
Earnings per share at Zions Bancorporation are $8.15 (price ÷ EPS = P/E 8.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zions Bancorporation (ZION)?
The dividend yield of Zions Bancorporation is 2.8% (payout 22.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zions Bancorporation (ZION)?
The net margin of Zions Bancorporation is 32.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zions Bancorporation (ZION)?
The return on equity (ROE) of Zions Bancorporation is 16.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zions Bancorporation (ZION)?
On an EBIT basis the return on assets of Zions Bancorporation is 1.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zions Bancorporation (ZION)?
The operating margin of Zions Bancorporation is 39.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zions Bancorporation (ZION)?
Revenue at Zions Bancorporation is growing +9.5% versus a year earlier (3y avg +14.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zions Bancorporation (ZION)?
Earnings per share at Zions Bancorporation are growing +20.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Zions Bancorporation (ZION) carry?
The net debt of Zions Bancorporation is $1.5B (fiscal year 2025, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026