| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 84 | 8.1x | 17.3x | Top tier | |
Growth | 53 | 4.2% | 7.1% | Around median | |
Quality | 87 | — | — | Top tier | |
Safety | 14 | — | — | Bottom tier | |
Capital Return | 91 | 2.74% | 0.06% | Top tier | |
Momentum | 80 | 33.9% | -1.6% | Top tier | |
Sentiment | 43 | 17 | 3 | Around median |
10-year US Treasury yield 4.96% as of 2026-10-22. Estimates computed from company data and analyst targets, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Zions Bancorporation operates in retail and corporate banking, gathering deposits to fund loans, alongside payments, treasury management, wealth management, and capital markets services. Its income comes from net interest income and fees for banking, advisory, and financing services. Its initiatives include the Business Beyond account for small businesses and the Gold account for individuals, while its capital markets activities are expanding its investment banking advisory and real estate financing services.
Net revenue in fiscal year 2026 quarter 3, ended 2026-09-30, was approximately $881.0 million, up 2.3% compared with the same quarter of the previous year, while net income was $263.0 million and diluted earnings per share were $1.78. The operating margin calculated by EL7 was 38.1%. By comparison, net revenue in fiscal year 2026 quarter 2 was $1.1 billion and net income was $453.0 million; the sequential comparison therefore shows a decline in reported results, while requiring consideration of the exceptional investment gains management explained on the 2026-07-20 call.
The business mix management presented on the fiscal year 2026 quarter 2 call dated 2026-07-20 shows that customer fees are expanding beyond traditional capital markets activities and that treasury management represents approximately 30% of fee income. In the same quarter, commercial real estate represented approximately 22% of total loans, with a portfolio valued at $14.1 billion. This combines an opportunity to diversify income sources with meaningful sensitivity to bank funding and real estate credit quality.
Q3 FY2026
When: 2027-01-19
Net revenue compared with the $881.0 million threshold recorded in fiscal year 2026 quarter 3, ended 2026-09-30
The operating margin calculated by EL7 compared with the 38.1% threshold recorded in fiscal year 2026 quarter 3, ended 2026-09-30
The median analyst target was $76 within a range of $67 to $84 among 6 analysts in the 2026-10-19 snapshot, a method that incorporates growth expectations and tends to be optimistic by nature. The industry-multiple valuation was $62 within a range of $52 to $75, based on a median price-to-book multiple of 1.2 among 335 companies, pricing the bank through comparison with its peers. The ranges of the two methods overlap, but the median analyst target is higher than the industry-multiple valuation, reflecting the difference between accounting for expected growth and pricing book value against a peer benchmark. Jefferies' reduction of its target to $75 on 2026-10-20 adds evidence that expectations continued to be revised after the target snapshot.
Figures in the text are as of 2026-10-20; the live price is shown at the top of the page.
Zions combines net interest income from banking activities with fees from treasury management, payments, wealth management, and capital markets. Management announced on the 2026-07-20 call that more than 10,000 accounts had been opened through Business Beyond for small businesses and Gold for individuals from the start of fiscal year 2026 through the call date. Net revenue reached $881.0 million in fiscal year 2026 quarter 3, ended 2026-09-30, but the impact of new accounts depends on the balances they attract and the cost of retaining them.
Net income reached $263.0 million in fiscal year 2026 quarter 3, ended 2026-09-30, compared with $453.0 million in fiscal year 2026 quarter 2. Management explained on the 2026-07-20 call that fiscal year 2026 quarter 2 included the $215 million pretax Visa gain and the $37 million unrealized SBIC gain net of a success fee. These exceptional items explain the importance of distinguishing between reported earnings and their repeatability, while net revenue growth in fiscal year 2026 quarter 3 reached 2.3% compared with the same quarter of the previous year.
Automated analysis for informational purposes only — not investment advice.
Achievement of underlying net revenue growth exceeding expense growth by 100 to 150 basis points for fiscal year 2026
The commercial real estate portfolio reached $14.1 billion, or approximately 22% of loans, in fiscal year 2026 quarter 2 according to the 2026-07-20 call. Management stated that construction loans represented 16% of the commercial real estate portfolio in the same quarter, with some construction loans transitioning into loans for completed properties. The bank's nonperforming asset ratio remained at 48 basis points in fiscal year 2026 quarter 2, but the size of its real estate exposure makes maintaining that quality important for earnings and provisions.
Management said on the 2026-07-20 call that the agreement covers Basis Investment Group's Fannie Mae and Freddie Mac multifamily real estate lending business, mortgage servicing rights, and supporting team. Closing was expected in fiscal year 2026 quarter 3 according to that call, and had not occurred when the call took place. Management explained at the time that its financial contribution was not included in the outlook and that benefits would build gradually as the platform was integrated and production volumes increased, so the expected date cannot be treated as proof that the transaction was completed.
Net revenue growth is a key item to monitor after revenue of $881.0 million and year-over-year growth of 2.3% in fiscal year 2026 quarter 3, ended 2026-09-30. The operating margin calculated by EL7, which reached 38.1% in the same quarter, warrants monitoring to assess how well funding and expense pressures are being contained. The announcement expected on 2027-01-19 also provides an opportunity to assess achievement of management's fiscal year 2026 goal of underlying net revenue growth exceeding expense growth by 100 to 150 basis points, a goal that excluded the Visa gain.