Western Alliance Bancorporation Financial Ratios — WAL Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	111.17	66.18	47.49	40.9	23.02	15.72	22.03	19.77	14.13	17.14	18.33
Return on Assets (%)	0.48	1	1.36	1.49	1.56	1.65	1.73	2.01	2	1.6	1.95	1.71	1.04	1.04	1.12
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	4.15	3.12	2.69	- -	1.63	1.8	1.63	1.51	2.63	2.79	2.64	3	3.38	3.83	3.75
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	19.66	33.02	42.49	48.34	49.91	51.94	54.96	53.71	54.84	50.23	59.35	52.95	36.46	32.04	34.75
Profit Margin (%)	12.3	23.73	33.54	36.21	37.5	37.36	39.59	45.87	45.31	40.88	47.52	42.54	28.21	25.46	27.89
Net Income to Common Margin (%)	5.97	22.49	33.12	35.87	37.35	37.36	39.59	45.87	45.31	40.88	47.33	42.03	27.71	25.05	27.53
Effective Tax Rate (%)	33.47	25.66	20.48	24.5	24.87	28.07	27.96	14.6	17.38	18.62	19.93	19.66	22.62	20.53	17.94
Dvd Payout Ratio (%)	-53.07	- -	- -	- -	- -	- -	- -	- -	10.28	20	13.86	14.69	22.36	21.16	17.21
Sustainable Growth Rate (%)	- -	- -	- -	- -	111.17	66.18	47.49	40.9	20.65	12.57	18.98	16.87	10.97	13.51	15.18

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	390	230	383	431	360	448	767	595	472	634	1,849	6,710	7,747	6,617	6,476
ST Debt	278	120	29	180	150	80	390	235	- -	5	35	4,325	6,227	3,137	3,848
LT Debt	112	110	354	251	210	368	377	360	472	629	1,814	2,385	1,520	3,480	2,628
Total Debt/EBITDA	36.74	24.05	41.46	- -	42.56	35.85	57.26	41.64	16.27	18.31	36.98	89.95	89.56	55.84	49.78
Net Debt/EBITDA	22.15	2.65	8.38	- -	16.03	13.08	26.14	6.78	-1.41	-61.21	23.8	73.49	69.27	19.93	20.91
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-3.56	-2.29	-0.66	0.81	1.84	3.04	4.17	5.55	11.39	9.3	8.47	8.6	5.95	5.96	6.04
Long-Term Debt/Equity (%)	17.59	14.47	41.39	25.03	13.22	19.45	16.9	13.79	15.64	18.42	36.55	44.53	25.01	51.89	33.07
Long-Term Debt/Capital (%)	38.91	55.95	76.49	42.7	33.76	37.92	23.33	19.19	13.38	15.61	26.35	18.59	12.4	29.65	20.74
Long-Term Debt/Total Assets (%)	1.64	1.44	3.8	2.36	1.47	2.14	1.85	1.56	1.76	1.72	3.24	3.52	2.15	4.3	2.83
Total Debt/Equity (%)	61.3	30.27	44.76	43.03	22.64	23.68	34.4	22.78	15.64	18.56	37.26	125.28	127.46	98.66	81.5
Total Debt/Capital (%)	135.62	117.03	82.74	73.42	57.84	46.16	47.48	31.7	13.38	15.74	26.86	52.29	63.2	56.37	51.11
Total Debt/Total Assets (%)	5.7	3.02	4.11	4.06	2.52	2.6	3.77	2.58	1.76	1.74	3.3	9.91	10.93	8.18	6.98
Net Debt to Equity	36.96	3.33	9.05	26.61	8.53	8.64	15.7	3.71	-1.36	-62.05	23.98	102.35	98.59	35.22	34.23
Net Debt/Capital (%)	177.18	-310.48	49.22	63.07	34.06	23.83	29.21	7.02	-1.33	-156.4	18.69	46.5	56.1	30.91	29.97
EBITDA	11	10	9	- -	8	12	13	14	29	35	50	75	86	118	130
EBITDA-CapEx	11	10	9	- -	-2	2	5	12	-5	8	-19	-66	-28	35	16
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-3.56	-2.29	-0.66	0.81	1.84	3.04	4.17	5.55	11.39	9.3	8.47	8.6	5.95	5.96	6.04
Long-Term Debt/Equity (%)	17.59	14.47	41.39	25.03	13.22	19.45	16.9	13.79	15.64	18.42	36.55	44.53	25.01	51.89	33.07
Long-Term Debt/Capital (%)	38.91	55.95	76.49	42.7	33.76	37.92	23.33	19.19	13.38	15.61	26.35	18.59	12.4	29.65	20.74
Long-Term Debt/Total Assets (%)	1.64	1.44	3.8	2.36	1.47	2.14	1.85	1.56	1.76	1.72	3.24	3.52	2.15	4.3	2.83
Total Debt/Equity (%)	61.3	30.27	44.76	43.03	22.64	23.68	34.4	22.78	15.64	18.56	37.26	125.28	127.46	98.66	81.5
Total Debt/Capital (%)	135.62	117.03	82.74	73.42	57.84	46.16	47.48	31.7	13.38	15.74	26.86	52.29	63.2	56.37	51.11
Total Debt/Total Assets (%)	5.7	3.02	4.11	4.06	2.52	2.6	3.77	2.58	1.76	1.74	3.3	9.91	10.93	8.18	6.98
CFO/Total Liabilities	2.3	0.28	0.69	0.4	1.74	1.83	2.12	2.64	3.02	2.03	-5.2	3.6	-0.51	-3.69	-3.16
CFO/CapEx	- -	- -	- -	- -	20.3	26.54	43.31	284.74	21.24	25.01	-38.24	15.92	-2.87	-32.72	-23.44
Altman's Z-Score	0.04	0.08	0.17	0.2	0.22	0.28	0.3	0.24	0.28	0.22	0.24	0.18	0.19	0.2	0.19

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Sales Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	504	866	2,044	2,410	3,391	5,019	5,899	4,133	5,852	6,007	11,056	6,385	7,125	9,072	9,147
- Cash & Cash Equivalents	155	205	306	164	225	284	417	499	435	2,672	516	1,043	1,576	4,096	3,596
+ Preferred Equity and Hybrid Capital	141	141	141	70	- -	- -	- -	- -	- -	- -	295	295	295	295	295
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	293
+ Total Debt	390	230	383	431	360	448	767	595	472	634	1,849	6,710	7,747	6,617	6,476
Enterprise Value	-310	93	892	1,227	1,544	2,573	2,749	953	2,543	-740	6,495	5,255	2,426	-1,580	2,254
Total Capital	288	196	463	587	623	970	1,615	1,878	3,526	4,026	6,883	12,832	12,257	11,738	12,671
Total Debt/Capital (%)	135.62	117.03	82.74	73.42	57.84	46.16	47.48	31.7	13.38	15.74	26.86	52.29	63.2	56.37	51.11
Total Debt / EV	-1.26	2.47	0.43	0.35	0.23	0.17	0.28	0.62	0.19	-0.86	0.28	1.28	3.19	-4.19	2.87
EV/Sales	- -	0.3	2.6	3	2.98	3.7	3.34	1	2.31	- -	3.43	2.11	0.95	2.41	0.65
EV/EBITDA	- -	9.75	96.58	- -	182.43	205.96	205.27	66.66	87.68	- -	129.89	70.44	28.05	62.88	17.32
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	4.9	15.27	31.98	7.01	9.17	7.16	1.76	3.54	- -	- -	2.34	- -	- -	- -
EV/Free Cash Flow to Firm	- -	4.9	15.27	31.98	6.68	8.84	7	1.76	3.38	- -	- -	2.2	- -	- -	- -
Diluted Market Cap	506	873	2,065	2,433	3,415	5,058	5,945	4,161	5,879	6,025	11,120	6,409	7,138	9,131	9,206
Diluted Enterprise Value	882	1,039	2,283	2,769	3,550	5,222	6,295	4,258	5,916	3,987	12,748	12,371	13,604	11,947	12,674
EV per Share	- -	1.13	10.41	14.15	16.33	24.97	26.39	9.11	24.77	- -	63.24	49.02	22.4	68.61	20.72
TTM Sales	256	306	343	409	518	695	822	950	1,102	1,239	1,892	2,485	2,561	3,094	3,474
TTM EBITDA	11	10	9	- -	8	12	13	14	29	35	50	75	86	118	130
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	142	19	58	38	220	281	384	541	718	670	-2,654	2,245	-329	-2,742	-2,679
TTM Free Cash Flow to Firm	142	19	58	38	231	291	393	543	752	697	-2,585	2,386	-214	-2,658	-2,565

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	3.55	45.95	35.34	63.43	14.76	17.37	15.14	7.66	7.82	8.64	-4.3	2.69	-33.31	-3.44	-3.59
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-310	93	892	1,227	1,544	2,573	2,749	953	2,543	-740	6,495	5,255	2,426	-1,580	2,254
Low Price	4.44	6.32	10.77	20.56	24.52	26.6	44.64	37.39	38.55	20.9	57.98	54.86	7.46	53.75	57.05
EV/Sales	- -	0.3	2.6	3	2.98	3.7	3.34	1	2.31	- -	3.43	2.11	0.95	2.41	0.65
EV/EBITDA	- -	9.75	96.58	- -	182.43	205.96	205.27	66.66	87.68	- -	129.89	70.44	28.05	62.88	17.32
Price/Earnings	32.97	12.59	18	16.44	17.53	19.32	18.12	9.48	11.72	11.86	12.34	6.11	10.04	11.71	9.57
Price/Earnings Average	36.3	10.89	12.61	14.21	15.69	14.39	16.2	13.45	9.52	8.26	11.25	8.07	7.39	10.07	9.16
Price/Earnings High	44.72	13.14	18.67	16.75	19.11	20.12	19.28	15.39	11.85	12.11	14.32	12.82	12.39	13.75	10.74
Price/Earnings Low	23.5	7.55	8.13	12.16	11.98	10.55	14.29	8.98	7.93	4.13	6.65	5.63	1.14	7.53	6.49
Price/Book Value	-2.07	-4.97	-33.46	28.2	12.91	9.61	6.95	3.22	1.92	1.77	2.33	1.1	1.69	1.88	1.63
Price/Book Value Average	-2.28	-4.3	-23.43	24.37	11.56	7.16	6.21	4.57	1.56	1.23	2.13	1.45	1.24	1.62	1.56
Price/Book Value High	-2.81	-5.18	-34.69	28.72	14.08	10	7.4	5.23	1.94	1.81	2.71	2.3	2.09	2.21	1.83
Price/Book Value Low	-1.48	-2.98	-15.1	20.86	8.83	5.25	5.48	3.05	1.3	0.62	1.26	1.01	0.19	1.21	1.11
Price/Tangible Book Value	1.1	1.47	2.98	2.66	2.64	3.16	3.06	1.79	2.15	1.93	3.31	1.97	1.79	1.96	1.66
Price/Tangible Book Value Average	1.21	1.27	2.08	2.3	2.36	2.35	2.73	2.53	1.75	1.34	3.02	2.61	1.31	1.69	1.59
Price/Tangible Book Value High	1.49	1.54	3.08	2.71	2.88	3.29	3.25	2.9	2.18	1.97	3.84	4.14	2.2	2.3	1.86
Price/Tangible Book Value Low	0.78	0.88	1.34	1.97	1.8	1.73	2.41	1.69	1.46	0.67	1.78	1.82	0.2	1.26	1.13
Price/Sales	1.97	2.83	5.96	5.9	6.55	7.22	7.18	4.35	5.31	4.85	5.84	2.57	2.78	2.93	2.63
Price/Sales Average	2.17	2.45	4.18	5.1	5.86	5.38	6.41	6.17	4.31	3.38	5.33	3.39	2.05	2.52	2.52
Price/Sales High	2.67	2.95	6.18	6.01	7.14	7.52	7.64	7.06	5.37	4.95	6.78	5.39	3.43	3.44	2.96
Price/Sales Low	1.4	1.7	2.69	4.36	4.48	3.94	5.66	4.12	3.59	1.69	3.15	2.37	0.32	1.89	1.79
Price/Cash Flow	3.54	45.6	34.99	62.84	15.39	17.88	15.37	7.64	8.15	8.96	-4.17	2.84	-21.68	-3.31	-3.41
Price/Cash Flow Average	3.89	39.45	24.5	54.31	13.77	13.32	13.74	10.83	6.62	6.24	-3.8	3.75	-15.96	-2.85	-3.27
Price/Cash Flow High	4.8	47.59	36.28	63.99	16.78	18.62	16.35	12.39	8.24	9.15	-4.83	5.96	-26.75	-3.89	-3.83
Price/Cash Flow Low	2.52	27.37	15.79	46.47	10.52	9.77	12.12	7.23	5.51	3.12	-2.24	2.62	-2.46	-2.13	-2.32
Price/Free Cash Flow Average	3.91	39.75	24.75	54.82	13.21	12.94	13.53	10.87	6.35	6.02	-3.92	3.55	-24.51	-2.95	-3.44
Price/Free Cash Flow High	4.81	47.95	36.64	64.59	16.1	18.09	16.11	12.43	7.91	8.83	-4.99	5.63	-41.1	-4.03	-4.03
Price/Free Cash Flow Low	2.53	27.58	15.95	46.91	10.1	9.49	11.94	7.26	5.29	3.01	-2.32	2.47	-3.78	-2.21	-2.44
EV/Sales Average	3.64	2.99	4.81	5.92	6.12	5.61	6.84	6.27	4.35	1.73	6.19	5.79	4.57	3.43	3.52
EV/Sales High	4.14	3.5	6.82	6.83	7.4	7.75	8.06	7.16	5.4	3.31	7.64	7.79	5.96	4.35	3.95
EV/Sales Low	2.87	2.24	3.33	5.19	4.74	4.18	6.08	4.22	3.63	0.05	4.01	4.77	2.84	2.8	2.79
EV/EBITDA Average	87.66	95.81	178.63	- -	374.54	312.28	419.76	416.65	165.09	61.98	234.12	192.94	135.37	89.62	93.95
EV/EBITDA High	99.78	111.98	253.14	- -	452.91	431.39	494.8	475.66	205.23	118.41	289.06	259.44	176.38	113.67	105.6
EV/EBITDA Low	69.24	71.79	123.55	- -	289.93	232.46	373.38	280.45	137.76	1.62	151.65	158.75	84.09	73.02	74.37
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	6.23	10.53	23.86	27.8	35.86	48.71	56.62	39.49	57	59.95	107.65	59.56	65.79	83.54	84.07
High Price	8.45	10.99	24.74	28.31	39.11	50.72	60.25	64.06	57.61	61.23	124.88	124.93	81.17	98.1	94.4
Enterprise Value Average	931	916	1,650	2,420	3,171	3,902	5,622	5,958	4,788	2,145	11,706	14,393	11,709	10,620	12,223
Enterprise Value High	1,060	1,071	2,338	2,791	3,834	5,390	6,627	6,802	5,952	4,097	14,453	19,354	15,257	13,470	13,739
Enterprise Value Low	736	686	1,141	2,119	2,455	2,904	5,001	4,010	3,995	56	7,583	11,843	7,274	8,653	9,675

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	82	86	87	89	103	105	105	105	103	103	107	109	109	110	110
Diluted Weighted Avg Shares	81	83	87	88	95	104	105	105	103	100	103	108	108	109	110
Basic Weighted Avg Shares	81	82	86	87	95	103	104	105	103	100	103	107	108	109	109
Revenue per Share	3.16	3.72	4	4.71	5.48	6.75	7.89	9.08	10.73	12.37	18.43	23.18	23.65	28.49	31.93
EBITDA per Share	0.13	0.12	0.11	- -	0.09	0.12	0.13	0.14	0.28	0.35	0.49	0.7	0.8	1.09	1.2
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.19	0.84	1.33	1.69	2.05	2.52	3.12	4.16	4.86	5.06	8.72	9.74	6.55	7.14	8.79
Basic EPS from Cont Ops	0.41	0.91	1.35	1.72	2.05	2.52	3.12	4.16	4.86	5.06	8.76	9.86	6.67	7.25	9.1
Diluted EPS, GAAP	0.19	0.83	1.31	1.67	2.03	2.5	3.1	4.14	4.84	5.04	8.67	9.71	6.54	7.09	8.73
Diluted EPS from Cont Ops	0.41	0.91	1.34	1.7	2.04	2.5	3.1	4.14	4.84	5.04	8.7	9.83	6.66	7.21	9.05
Dividend per Share	0.09	0.05	0.02	0.02	0.01	- -	- -	- -	0.5	1.01	1.24	1.55	1.58	1.63	1.7
Cash Flow per Share	1.76	0.23	0.68	0.44	2.33	2.72	3.68	5.17	6.99	6.69	-25.84	20.94	-3.03	-25.25	-24.62
Free Cash Flow per Basic Share	1.76	0.23	0.68	0.44	2.22	2.62	3.6	5.15	6.66	6.42	-26.52	19.63	-4.09	-26.02	-25.67
Cash & Equivalents per Share	16.63	13.91	19.56	19.43	23.34	28.08	37.59	36.07	36.83	73.65	65.29	75.89	117.65	161.73	128.28
Book Value per Share	-3.01	-2.12	-0.71	0.99	2.78	5.07	8.14	12.25	29.75	33.86	46.14	54.36	38.92	44.44	51.53
Tangible Book Value per Share	5.68	7.16	8.02	10.43	13.6	15.42	18.52	22.11	26.48	31.09	32.48	30.16	36.84	42.6	50.62

Western Alliance Bancorporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)