What is Zions Bancorporation, N.A. (ZION) DCF Fair Value and Intrinsic Value in 2026?

Zions Bancorporation, N.A. (ZION) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is Zions Bancorporation, N.A.'s historical Return on Invested Capital (ROIC) and Moat Rating?

Zions Bancorporation, N.A. operates in the Financials sector (Banks - Regional) with an economic moat rating of NONE. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is Zions Bancorporation, N.A.'s financial health rating and Piotroski F-Score?

Zions Bancorporation, N.A.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor Zions Bancorporation, N.A. (ZION) for quarterly SEC filing thesis breaks?

LocalAlpha audits Zions Bancorporation, N.A.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksZION

ZION

Zions Bancorporation N.A.Financial Services / Banks - RegionalINTACT

Zions Bancorporation, National Association provides various banking products and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company operates through Zions Bank, California Bank & Trust, Amegy Bank, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and The Commerce Bank of Washington segments. It offers commercial and small business banking services to small- and medium-sized businesses, such as commercial, industrial, and owner-occupied lending and leasing; municipal and public finance services; depository account and cash management services; commercial and small business cards; merchant processing services; corporate trust services; and correspondent banking and international lending services. The company also provides capital markets and investment banking services, including loan syndications, foreign exchange services, interest rate derivatives, fixed income securities underwriting, mergers and acquisitions advisory services, advisory and capital raising, commercial mortgage-backed security conduit lending, and power and project financing; and commercial real estate lending services consisting of term and construction/land development financing for commercial and residential purposes. In addition, it offers retail banking services comprising residential mortgages lending, home equity lines of credit, personal lines of credit, installment consumer loans, depository account services, consumer cards, and personal trust services; and wealth management services consisting of investment management, fiduciary and estate, and advanced business succession and estate planning services. The company was formerly known as ZB, National Association and changed its name to Zions Bancorporation, National Association in September 2018. Zions Bancorporation, National Association was founded in 1873 and is headquartered in Salt Lake City, Utah.

Share Price

$68.75

52W: $46.19 - $73.34

DCF Fair Value

$238.32

+71.2% MoS

Thesis Hub

P/E (TTM)

8.8x

ROIC

39.1%

Operating Margin

52.1%

FCF Yield

10.8%

Debt / Equity

0.65x

Piotroski Score

7/9

Altman Z-Score

4.13

Market Cap

$10B

Price vs. Intrinsic Value Corridor

Margin of Safety Buy Zone (<25% Discount)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$238.32

MOS Buy Target (-25%)

$178.74

Valuation Overlays: DCF Fair Value ($238.32) 25% MOS Buy Target ($178.74) Revised Graham ($277.04) Graham Number ($96.00)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$68.75

DCF Fair Value

$238.00

+71.1% MoS

Starting Free Cash Flow ($M)$1,088M

$100M$1,088M (Reported)$50,000M

Stage 1 Growth (Years 1-5)18.0%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$0M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$14.1B

PV of Terminal Value

$20.7B

Implied Enterprise Value

$34.7B

Implied Equity Value

$34.7B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$1,284	$1,515	$1,788	$2,109	$2,489	$2,601	$2,718	$2,840	$2,968	$3,102
Present Value (PV)	$1,178	$1,275	$1,380	$1,494	$1,618	$1,551	$1,487	$1,426	$1,367	$1,310

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number+28.4% MoS

$96.00

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $7.85BVPS: $52.18

Revised Graham Formula+75.2% MoS

$277.04

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings10.3% Yield

$7.08 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $1.0BYield: 10.3%

Reverse DCF: Market Growth Expectation

EXTREMELY LOW BARRIER

-4.7% CAGR (Next 10 Yrs)

At the current price of $68.75, the market is assuming the business will compound Free Cash Flow at -4.7% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

✓ Low market hurdle: Easy for a wide-moat compounder to beat.

Autonomous Thesis Underwriting

Surveil ZION with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for Zions Bancorporation N.A.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 52.1% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: Zions Bancorporation N.A. (ZION) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for Zions Bancorporation N.A..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, Zions Bancorporation N.A. has an estimated DCF intrinsic fair value of $238.32 per share compared to its current market price of $68.75. This represents an estimated 71.2% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $96.00.