# Zions Bancorporation (ZION.US)

Canonical: https://gigainvestors.com/s/ZION

Analysis as of: 2026-10-16T07:33:21.983Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $63.01 per share; close as of 2026-10-15.

Estimated value: low $59.84 per share, central $74.80 per share, high $99.74 per share. Buy at or below the central value $74.80 per share. Valuation as of 2026-10-16T07:33:21.983Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 9

- Return on common equity variation (informational): 0.57×

Chart: Net income; fiscal year observations.

- FY2016: $411M

- FY2017: $550M

- FY2018: $850M

- FY2019: $782M

- FY2020: $505M

- FY2021: $1.1B

- FY2022: $878M

- FY2023: $648M

- FY2024: $737M

- FY2025: $895M

### moat: fail

- Tangible common book per share

- return on tangible common equity below 5% in more than one year

- Bank / P&C ROTE, median of available years: 13.9%

- Required median return: 12.0%

- Return uses tangible common equity: Yes

- Bank ROTE, second-lowest year: 1.2%

- Cost / income, median: 62.3%

- Years with reported combined ratio: 0

Chart: Return on tangible common equity; fiscal year observations.

- FY2016: 7.0%

- FY2017: 9.0%

- FY2018: 14.2%

- FY2019: 13.5%

- FY2020: 0.6%

- FY2021: 1.2%

- FY2022: 25.9%

- FY2023: 15.5%

- FY2024: 14.7%

- FY2025: 14.9%

### economics: pass

- Tangible common book per share

- Book value per share + reinvested dividends, annualized return: 7.7%

- Book return interval: 10 years

- Starting book value per share: $27.73

- Ending book value per share: $40.93

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 4.2%

- FY2017: 2.8%

- FY2018: 3.8%

- FY2019: 11.4%

- FY2020: 1437.8%

- FY2021: 19.7%

- FY2022: -95.7%

- FY2023: 34.3%

- FY2024: 26.8%

- FY2025: 25.7%

### management: pass

- Tangible common book per share

- Diluted shares, 10-year annual growth: -3.2%

- Diluted shares, 5-year annual growth: -2.3%

- Share growth excluding flagged crisis recapitalisations: -3.2%

- Five-year share growth excluding flagged crisis recapitalisations: -2.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.92×

- Book value created per share: $13.20

- Earnings retained per share after dividends and buybacks: $6.89

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 103

- FY2018: 101

- FY2019: 92

- FY2020: 81

- FY2021: 79

- FY2022: 74

- FY2023: 73

- FY2024: 72

- FY2025: 72

### accounting: pass

- Financial accounting warning count: 0

- Deposits, annualized growth: 4.1%

- Known restatement years: 0

- Years loan growth exceeded twice deposit growth: 1

- Years credit losses exceeded peer median: 1

## Holders

## Price story

The price assumes profits grow 5.3% a year forever · "ZION Q1 Deep Dive: Fee Income Expansion and Deposit Growth Shape Outlook" (finance.yahoo.com, Apr 2026) · net income +21.4%

Story as of 2026-10-16T09:59:55.463Z; price observation 2026-10-15.

The price assumes profits grow 5.3% a year forever

- 2025-06-23: ZION Q1 Deep Dive: Deposit Cost Improvements Offset Uncertainty, Loan Growth Remains Tepid ([finance.yahoo.com](https://finance.yahoo.com/news/zion-q1-deep-dive-deposit-133045889.html))

- 2025-07-25: Zions Bancorporation Q2 2025 slides: earnings surge 28% YoY as NIM expands ([investing.com](https://www.investing.com/news/company-news/zions-bancorporation-q2-2025-slides-earnings-surge-28-yoy-as-nim-expands-93CH-4153225))

- 2025-10-16: Zions Bancorp stock falls after $50 million loan charge-off ([finance.yahoo.com](https://finance.yahoo.com/news/zions-bancorp-stock-falls-50-150113098.html))

- 2026-04-21: ZION Q1 Deep Dive: Fee Income Expansion and Deposit Growth Shape Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zion-q1-deep-dive-fee-222151874.html))

- 2026-07-21: Zions Q2 Earnings Beat as Revenues Rise, Stock Dips on Cost Woes ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/zions-q2-earnings-beat-revenues-144000840.html))

### Net income · FY2025

net income +21.4%; source https://www.sec.gov/Archives/edgar/data/109380/000010938026000046/zions-20251231.htm; observed 2026-02-24.

- FY2016: $411M 

- FY2017: $550M 

- FY2018: $850M 

- FY2019: $782M 

- FY2020: $505M 

- FY2021: $1.1B 

- FY2022: $878M 

- FY2023: $648M 

- FY2024: $737M 

- FY2025: $895M 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in regional banking; annual sales are USD 3.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/109380/000010938026000046/zions-20251231.htm#000010938026000046 (filed 2026-02-24); FY2025: revenue 3385000000.

### Why customers stay

It earns 13.9% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on tangible equity observations [[2016,0.06963380075516247],[2017,0.09020829916352305],[2018,0.14173753543438386],[2019,0.13548163548163547],[2020,0.006428371394383767],[2021,0.01212348318693309],[2022,0.25914994096812277],[2023,0.15458015267175573],[2024,0.1472233320015981],[2025,0.1485970446621285]]; median 0.13860958545800967. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 41 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,108000000],[2017,129000000],[2018,236000000],[2019,260000000],[2020,259000000],[2021,261000000],[2022,269000000],[2023,282000000],[2024,289000000],[2025,267000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/109380/000010938026000046/zions-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 41000000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ZION.US SharesStats.PercentInsiders = 1.269 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 5.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Price 63.01; FX 1; original perpetual distributable cash 2.99210917341538; discount 0.1; growth 0.05251374109799429. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $32.21 per share

- 2016-11: $39.79 per share

- 2016-12: $43.04 per share

- 2017-01: $42.19 per share

- 2017-02: $44.90 per share

- 2017-03: $42.00 per share

- 2017-04: $40.03 per share

- 2017-05: $40.07 per share

- 2017-06: $43.91 per share

- 2017-07: $45.32 per share

- 2017-08: $43.66 per share

- 2017-09: $47.18 per share

- 2017-10: $46.46 per share

- 2017-11: $49.55 per share

- 2017-12: $50.83 per share

- 2018-01: $54.03 per share

- 2018-02: $54.97 per share

- 2018-03: $52.73 per share

- 2018-04: $54.75 per share

- 2018-05: $54.81 per share

- 2018-06: $52.69 per share

- 2018-07: $51.70 per share

- 2018-08: $53.29 per share

- 2018-09: $50.15 per share

- 2018-10: $47.05 per share

- 2018-11: $48.66 per share

- 2018-12: $40.74 per share

- 2019-01: $47.59 per share

- 2019-02: $51.10 per share

- 2019-03: $45.41 per share

- 2019-04: $49.33 per share

- 2019-05: $43.07 per share

- 2019-06: $45.98 per share

- 2019-07: $45.07 per share

- 2019-08: $41.09 per share

- 2019-09: $44.52 per share

- 2019-10: $48.47 per share

- 2019-11: $49.78 per share

- 2019-12: $51.92 per share

- 2020-01: $45.49 per share

- 2020-02: $39.95 per share

- 2020-03: $26.76 per share

- 2020-04: $31.61 per share

- 2020-05: $32.91 per share

- 2020-06: $34.00 per share

- 2020-07: $32.47 per share

- 2020-08: $32.16 per share

- 2020-09: $29.22 per share

- 2020-10: $32.27 per share

- 2020-11: $38.59 per share

- 2020-12: $43.44 per share

- 2021-01: $44.14 per share

- 2021-02: $53.17 per share

- 2021-03: $54.96 per share

- 2021-04: $55.80 per share

- 2021-05: $57.88 per share

- 2021-06: $52.86 per share

- 2021-07: $52.15 per share

- 2021-08: $57.90 per share

- 2021-09: $61.89 per share

- 2021-10: $62.99 per share

- 2021-11: $63.08 per share

- 2021-12: $63.16 per share

- 2022-01: $67.82 per share

- 2022-02: $70.89 per share

- 2022-03: $65.56 per share

- 2022-04: $56.51 per share

- 2022-05: $57.04 per share

- 2022-06: $50.90 per share

- 2022-07: $54.55 per share

- 2022-08: $55.03 per share

- 2022-09: $50.86 per share

- 2022-10: $51.94 per share

- 2022-11: $51.82 per share

- 2022-12: $49.16 per share

- 2023-01: $53.16 per share

- 2023-02: $50.62 per share

- 2023-03: $29.93 per share

- 2023-04: $27.86 per share

- 2023-05: $27.29 per share

- 2023-06: $26.86 per share

- 2023-07: $38.25 per share

- 2023-08: $35.50 per share

- 2023-09: $34.89 per share

- 2023-10: $30.85 per share

- 2023-11: $35.63 per share

- 2023-12: $43.87 per share

- 2024-01: $41.90 per share

- 2024-02: $39.43 per share

- 2024-03: $43.40 per share

- 2024-04: $40.78 per share

- 2024-05: $43.19 per share

- 2024-06: $43.37 per share

- 2024-07: $51.67 per share

- 2024-08: $49.56 per share

- 2024-09: $47.22 per share

- 2024-10: $52.06 per share

- 2024-11: $60.52 per share

- 2024-12: $54.25 per share

- 2025-01: $57.86 per share

- 2025-02: $54.04 per share

- 2025-03: $49.86 per share

- 2025-04: $44.97 per share

- 2025-05: $47.36 per share

- 2025-06: $51.94 per share

- 2025-07: $53.62 per share

- 2025-08: $58.01 per share

- 2025-09: $56.58 per share

- 2025-10: $52.11 per share

- 2025-11: $53.23 per share

- 2025-12: $58.54 per share

- 2026-01: $59.91 per share

- 2026-02: $57.28 per share

- 2026-03: $57.62 per share

- 2026-04: $63.42 per share

- 2026-05: $62.45 per share

- 2026-06: $69.19 per share

- 2026-07: $69.70 per share

- 2026-08: $66.69 per share

- 2026-09: $62.65 per share

- 2026-10: $63.01 per share

## Annual estimated value (USD per share)

- FY2016: low $8.21 per share, central $9.42 per share, high $11.05 per share

- FY2017: low $7.54 per share, central $8.68 per share, high $10.22 per share

- FY2018: low $8.33 per share, central $9.73 per share, high $11.70 per share

- FY2019: low $11.13 per share, central $13.16 per share, high $16.11 per share

- FY2020: low $161.45 per share, central $190.42 per share, high $232.07 per share

- FY2021: low $175.87 per share, central $209.06 per share, high $257.70 per share

- FY2022: low $7.75 per share, central $9.25 per share, high $11.45 per share

- FY2023: low $13.41 per share, central $16.56 per share, high $21.63 per share

- FY2024: low $33.62 per share, central $42.03 per share, high $56.04 per share

- FY2025: low $59.35 per share, central $74.19 per share, high $98.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/109380/000010938026000046/zions-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations



# ZION — Zions Bancorp

Held by 1 investor · USD 2,182,094 total · 2026 Q1 · reported price USD 57.61 (split-adjusted).
Page: https://gigainvestors.com/s/ZION

## Holders (2026 Q1)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| William Browne (https://gigainvestors.com/TB) | USD 2,182,094 | 0.2% | add +57.15% |

## Total held by quarter

- 2025 Q1: USD 227,013 · 1 holder · USD 49.86
- 2025 Q2: USD 521,955 · 1 holder · USD 51.91
- 2025 Q3: USD 17,293,301 · 2 holders · USD 56.58
- 2025 Q4: USD 1,410,990 · 1 holder · USD 58.54
- 2026 Q1: USD 2,182,094 · 1 holder · USD 57.61
- 2026 Q2: USD 0 · 0 holders