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Western Alliance Bancorporation

WAL
52
Banks - Regional · Financial Services
Price
$74.51
+0.16 (+0.22%)
Market Cap
$8.13B
Exchange
New York Stock Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 18, 2026 · filings through Jun 30, 2026

§How the score breaks down

Bank Quality
Good
15/30
Growth
Good
12/20
Capital Strength
Strong
7/10
Asset Quality
Weak
2/10
Valuation
Good
6/10
Ownership
Mixed
6/15
Dividends
Strong
4/5

52 of 100 counted points = Winston Score 52.

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Share count rising — dilution

+6.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 103.3M (2021) → 109.5M (2025)

§Winston Score History

The full picture

Western Alliance Bancorporation is a regional bank headquartered in Phoenix, Arizona. It offers loans, deposits, and banking services to businesses, real estate developers, and specialized industries like technology, healthcare, and homebuilding. It is one of the larger regional banks in the western United States, with a strong focus on commercial clients rather than everyday consumers.

The bank makes money primarily through net interest income — the difference between what it earns on loans and what it pays on deposits. It operates mainly across the western U.S., with national lending businesses that reach clients in many states, giving it broader reach than a typical regional bank. Western Alliance grew quickly in recent years but faced deposit outflows during the 2023 regional banking crisis, which highlighted the key risk: heavy reliance on business depositors who can move money quickly when confidence wavers. Rebuilding deposit stability and growing its national lending platforms are the main factors that will shape its performance going forward.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-30.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+16.4% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

4.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$112.1B cash & investments at current burn rate

Revenue declining

Western Alliance Bancorporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Bank Quality

Return on owners' money
Return on Equity
9.0%
no trend
Below its cost of capital — 9.0%

Standard mid-range return on equity. Acceptable.

Profit on lending
Net Interest Margin
3.49%
no trend
Healthy — 3.49% net interest margin
Cost of running the bank
Efficiency Ratio
59.4%
no trend
Efficient — 59.4% efficiency ratio

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Growth

Sales growth
Sales YoY
+0.9%
Nearly flat sales (+0.9% YoY)
Profit growth
EPS YoY
+17.8%
Earnings growing fast (+17.8% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Capital Strength

Safety cushion
Capital Ratio
11.6%
no trend
Well capitalised — 11.6% CET1

A solid capital cushion. The bank can take some loan losses and keep going.

Asset Quality

Loans not being repaid
Non-Performing Loans
2.82%
no trend
Elevated — 2.82% non-performing loans

Over 2% of loans are troubled. That is elevated and can eat into profits.

Loans written off
Net Charge-Offs
1.33%
no trend
Heavy losses — 1.33% net charge-offs

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Valuation

Price vs profit
P/E Ratio (TTM)
8.3x
Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-0.4
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
2.20%
Moderate income — 2.20% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+10.5%
Dividend growing fast (10.5% YoY)
Payout Ratio
19%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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