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US regional bank serving business and commercial-real-estate clients in the Western US through specialized lending niches.
US regional bank serving business and commercial-real-estate clients in the Western US through specialized lending niches.
Earns mainly from the spread on loans to specialised niches, such as mortgage warehouse lines (short-term loans to mortgage originators), homeowner-association banking and tech-company lending, funded by deposits from those same niches. Its deposits are more business-heavy and less branch-based than a typical regional bank's, which exposed it to deposit flight in 2023.
Moat: narrow (customer qualification, process know-how). Specialized underwriting niches build sticky client relationships, but the bank faced 2023 deposit-flight scrutiny.
Headquarters: Phoenix, Arizona, United States · Founded: 1994 · Employees: 3,769
Size Western Alliance Bancorp (WAL) is a United States Financials company (Regional Banks) with a market value of $8.13B, the 876th largest of 3,117 United States companies the cockpit tracks. Shares closed at $75.55 on 6 Nov 2026.
Performance Over six months the shares fell 7.8%, against +6.1% for the median peer and -1.1% for the United States market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 8.5% over the last twelve months (peer median +7.8%); the operating margin is 31.3% (peer median 41.2%).
Valuation It trades at 1.11× book value against a peer median of 1.46× (4th cheapest of 21).
Price implies The share price implies a return on equity of about 12.9%; Western Alliance Bancorp delivers 13.2%, so the price asks less than the business earns today.
Backlog Backlog (remaining performance obligations) was $4.00M at 30 Sep 2026 — 0.0 years of trailing revenue. Backlog detail →
Credit Western Alliance Bancorp has 2 bonds outstanding ($1.00B), rated BBB- by the agencies.
Short interest Short interest is 5.8% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.63B | $5.39B | $5.02B | $4.36B | $2.72B |
| Revenue growth | — | +7% | +15% | +60% | — |
| Net income | $993M | $969M | $788M | $722M | $1.06B |
| Free cash flow | -$284M | -$2.79B | $89.1M | $110M | $946M |
| Capital expenditure | $121M | $114M | $884M | $114M | $488M |
| Total debt | $6.81B | $6.48B | $6.63B | $8.30B | $7.38B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Western Alliance Bancorp WAL | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% |
| East West Bancorp EWBC | $17.7B | +5% | +3% | 17% | 1.95× | 16.3% |
| First Citizens BancShares FCNCA | $25.2B | +16% | 0% | 11% | 1.29× | 9.3% |
| Banc of California BANC | $2.86B | -6% | -14% | 0% | 1.00× | 8.6% |
| Columbia Banking System COLB | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% |
| Texas Capital Bancshares TCBI | $4.39B | +1% | +3% | 10% | 1.34× | 9.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WAL | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | +3.6% | 6th lowest of 21 |
| 6-month return | -7.8% | +6.1% | 5th lowest of 21 |
| Return on equity | 13.2% | 9.7% | 7th highest of 21 |
| Price / book | 1.11× | 1.46× | 4th cheapest of 21 |
| Trailing P/E | 8.4× | 14.3× | cheapest of 20 |
| ROE the price implies | 12.9% | 10.5% | 6th most demanding of 20 |
| ROE delivered | 13.2% | 9.9% | 7th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Western Alliance Bancorp WAL | United States | $8.13B | -8% | +8% | 13% | 1.11× | 12.9% | 13.2% |
| Luzerner Kantonalbank LUKN.SW | Switzerland | $7.86B | +28% | -3% | 9% | 1.76× | n/a | 8.9% |
| Commerce Bancshares CBSH | United States | $7.82B | +6% | +9% | 15% | 1.87× | 12.1% | 14.9% |
| Prosperity Bancshares, Inc.(R) PB | United States | $8.60B | +4% | +19% | 6% | 0.88× | 7.5% | 6.5% |
| Columbia Banking System COLB | United States | $8.62B | +1% | +22% | 11% | 1.19× | 9.3% | 11.2% |
| Shanghai Commercial & Savings Bank 5876.TW | Taiwan | $7.56B | +34% | -17% | 9% | 1.17× | 4.0% | 8.6% |
| AU Small Finance Bank AUBANK.NS | India | $7.39B | -10% | +17% | 16% | 3.21× | 44.0% | 15.7% |
| Central Bancompany CBC | United States | $9.04B | +38% | +10% | 13% | 2.35× | 10.9% | 12.6% |
| KakaoBank 323410.KS | South Korea | $7.28B | -15% | +6% | 7% | 1.46× | 8.5% | n/a |
| SBI Shinsei Bank 8303.T | Japan | $9.20B | -11% | +27% | 10% | 1.15× | 4.7% | 9.9% |
| Kyoto Financial Group,Inc 5844.T | Japan | $7.14B | -11% | +19% | 8% | 0.79× | 5.9% | 7.9% |
| IDFC First Bank IDFCFIRSTB.NS | India | $7.05B | +10% | +13% | 6% | 1.35× | 24.3% | 6.3% |
| Bank Millennium MIL.WA | Poland | $7.04B | +26% | -2% | 16% | 2.80× | 38.0% | 15.6% |
| Cullen/Frost Bankers CFR | United States | $9.65B | +12% | +2% | 16% | 2.52× | 14.2% | 16.2% |
| Popular BPOP | United States | $9.83B | +5% | +4% | 17% | 1.58× | 11.1% | 16.6% |
| BNP Paribas Bank Polska Spolka Akcyjna BNP.WA | Poland | $6.65B | +20% | -8% | 16% | 1.59× | 14.8% | 16.2% |
| Shizuoka Financial 5831.T | Japan | $10.0B | +6% | +18% | 8% | 1.21× | 10.5% | 8.2% |
| United Bankshares UBSI | United States | $6.57B | +11% | +4% | 9% | 1.20× | 9.7% | 9.4% |
| Hachijuni Nagano Bank 8359.T | Japan | $6.53B | +6% | +20% | 7% | 0.85× | 5.6% | 6.5% |
| Chang Hwa Commercial Bank 2801.TW | Taiwan | $10.2B | +34% | +3% | 9% | 1.46× | 4.7% | 9.2% |
| Wintrust Financial WTFC | United States | $10.2B | 0% | +6% | 13% | 1.49× | 12.2% | 12.9% |
Western Alliance Bancorp has 2 bonds outstanding with $1.00B face value. The agencies rate it BBB-.
Western Alliance Bancorp reported $4.00M of remaining performance obligations at 30 Sep 2026 and up 33% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.02.