ZION · Financials(national commercial banks) · 10 years of annual accounts filed with the SEC · latest fiscal year ended 2025-12-31
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Zions Bancorporation, National Association reported revenue of $529.0 million in fiscal 2025. Of the $8.7 billion its operations generated over 10 years, 37.8% went to buybacks and 25.8% to dividends; the share count fell 29.8%. On the accounting screens, it passes 6 of 7 Piotroski tests; none of the six cross-checks between its statements fires.
Revenue, fiscal 2025529.0M
Operating margin—gross margin —
Return on invested capital—
Free cash flow after stock pay917.0M173.3% of revenue
Net debt ÷ EBITDA—net debt 2.4B
Piotroski F-score6/7tests of improvement passed
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200M400M600M
2017
2018Revenue 412.0M
2019
2019Revenue 414.0M
2020Revenue 402.0M
2021Revenue 449.0M
2022Revenue 495.0M
2023Revenue 503.0M
2024Revenue 513.0M
2025Revenue 529.0M
2017201820192019202020212022202320242025
Compound growth a year
3 yrs
5 yrs
9 yrs
Revenue
+2.2%
+5.6%
—
Net income
-0.3%
+10.8%
+4.8%
Earnings per share
+0.4%
+13.4%
+9.0%
Free cash flow per share
-8.8%
+14.3%
+6.7%
Dividend per share
+0.5%
+3.0%
+12.8%
Shares
-0.7%
-2.3%
-3.9%
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
GrossOperatingNetFree cash flow
0%100%200%300%
2017
2018Net 214.6%Free cash flow 254.1%
2019
2019Net 197.1%Free cash flow 140.1%
2020Net 134.1%Free cash flow 136.3%
2021Net 251.4%Free cash flow 94.2%
2022Net 183.2%Free cash flow 258.6%
2023Net 135.2%Free cash flow 153.5%
2024Net 152.8%Free cash flow 204.9%
2025Net 169.9%Free cash flow 180.0%
2017201820192019202020212022202320242025
Return on invested capital
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
12.5%
Return on assets
1.0%
Asset turnover
0.01×
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
00.5B1.0B1.5B
2017Net income 592.0MFree cash flow 759.0MAfter stock-based pay 734.0M
2018Net income 884.0MFree cash flow 1.0BAfter stock-based pay 1.0B
2019
2019Net income 816.0MFree cash flow 580.0MAfter stock-based pay 553.0M
2020Net income 539.0MFree cash flow 548.0MAfter stock-based pay 522.0M
2021Net income 1.1BFree cash flow 423.0MAfter stock-based pay 395.0M
2022Net income 907.0MFree cash flow 1.3BAfter stock-based pay 1.2B
2023Net income 680.0MFree cash flow 772.0MAfter stock-based pay 739.0M
2024Net income 784.0MFree cash flow 1.1BAfter stock-based pay 1.0B
2025Net income 899.0MFree cash flow 952.0MAfter stock-based pay 917.0M
2017201820192019202020212022202320242025
Where 10 years of operating cash went, 2017–2025
8.7B generated by the business. Each band is its share of that total.
Reinvested in the business 15%1.3B
Acquisitions 6%509.0M
Dividends 26%2.3B
Share buybacks 38%3.3B
Kept, or used to pay down debt 15%1.4B
Over the same years it paid 263.0M in stock. The share count fell 29.8%. 3.0B of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.0$2.5$5.0$7.5$10.0
2017Earnings per share $2.82Free cash flow per share $3.62Dividend per share $0.62
2018Earnings per share $4.28Free cash flow per share $5.07Dividend per share $1.14
2019
2019Earnings per share $4.38Free cash flow per share $3.11Dividend per share $1.39
2020Earnings per share $3.25Free cash flow per share $3.31Dividend per share $1.56
2021Earnings per share $7.05Free cash flow per share $2.64Dividend per share $1.63
2022Earnings per share $6.04Free cash flow per share $8.52Dividend per share $1.79
2023Earnings per share $4.60Free cash flow per share $5.22Dividend per share $1.91
2024Earnings per share $5.33Free cash flow per share $7.14Dividend per share $1.96
2025Earnings per share $6.11Free cash flow per share $6.47Dividend per share $1.81
2017201820192019202020212022202320242025
Shares outstanding
Diluted shares
140M160M180M200M220M
2017Diluted shares 209.7M
2018Diluted shares 206.5M
2019Diluted shares 187.6M
2019Diluted shares 186.5M
2020Diluted shares 165.6M
2021Diluted shares 160.2M
2022Diluted shares 150.3M
2023Diluted shares 147.8M
2024Diluted shares 147.2M
2025Diluted shares 147.2M
2017201820192019202020212022202320242025
Debt and liquidity
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt
-5B05B10B15B
2017Net debt -165.0M
2018Net debt 5.8B
2019
2019Net debt 3.1B
2020Net debt 2.4B
2021Net debt 1.3B
2022Net debt 10.4B
2023Net debt 4.2B
2024Net debt 4.1B
2025Net debt 2.4B
2017201820192019202020212022202320242025
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
— current assets ÷ current liabilities
Cash conversion cycle
—
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
6of 7 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✓Profitability improvedReturn on assets higher than a year beforepassed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
✕Less long-term debtLong-term debt as a share of assets fellfailed
–More liquidCurrent ratio higher than a year before — not reportedno data
✓No new sharesShare count did not growpassed
–Better gross marginGross margin higher than a year before — not reportedno data
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
The accounts lack a line it needs (retained earnings, current assets or liabilities).
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
The accounts lack too many of the lines it needs.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
None of the six cross-checks fires for the latest year: receivables and inventory move with revenue, profit turns into cash, investment keeps up with depreciation, the tax rate is ordinary and debt is moderate.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
The SEC accounts lack the lines needed for revenue, free cash flow or the share count, so there is no DCF for this company.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 4 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$6.3M7 sale(s) by 3 insider(s)
Under pre-arranged plans0%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
