At a glance
Western Alliance Bancorporation is worth $8.17B, about 9 times its fiscal 2025 earnings. Revenue grew 12.0% to $3.54B in fiscal 2025, with 27.3% kept as profit; over 5 years it has grown 23.4% a year. It pays a 2.21% dividend yield, raised every year for at least 5 years, and returned $882.2M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.6% over the past year with dividends reinvested and −6.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 61.9% in the 2020 crash (S&P 500: 33.7%) and 48.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Western Alliance Bancorporation is the Phoenix-based parent company of Western Alliance Bank. The bank mainly serves businesses: small and middle-market companies, firms in niche industries, and the real estate industry. Besides loans and deposits, it offers treasury management, meaning services that help companies collect, move and manage cash. Its offices cluster in Arizona, Nevada and California, with others from New York to Seattle. On October 4, 2025, it consolidated five legacy division brands under the Western Alliance Bank name.
Most revenue comes from net interest income: the gap between interest earned on loans and securities and interest paid on deposits and borrowings. In 2025 that was $2.86 billion of $3.54 billion in revenue. Noninterest income, such as fees, added $678 million. Specialty businesses include AmeriHome mortgage banking, digital payments for the class action legal industry, and corporate trust services.
It reports three segments: Commercial, Consumer Related (banking for consumer-focused businesses plus residential mortgages) and Corporate & Other (its investment portfolio and borrowings). The 10-K gives no revenue split by segment, so the loan mix tells more. Of $58.7 billion in loans held for investment (loans it intends to keep) at December 31, 2025, commercial and industrial (general business) loans made up 48%, residential mortgages 25%, commercial real estate 20% and construction and land loans 7%.
Price history
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WAL -1.6% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $1.01B, up 8.1% from a year earlier, and net income was $270.1M (+6.6%).
- For fiscal 2025, revenue was $3.54B (+12.0% year over year; +23.4% a year from FY2020 to FY2025) with a 27.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +23.4% good |
|---|---|
| Return on equity | 12.7% good |
| Net income / revenue | 27.3% good |
| Deposits | $81.75B |
| Loans | $61.04B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.24B | $506.6M | — |
| FY2021 | $1.95B | $899.2M | — |
| FY2022 | $2.54B | $1.06B | — |
| FY2023 | $2.62B | $722.4M | — |
| FY2024 | $3.16B | $787.7M | — |
| FY2025 | $3.54B | $969.0M | — |
Valuation snapshot
| Market value | $8.17B |
|---|---|
| P/E ratio | 8.7 |
| Dividend yield | 2.21% |
Rank among 1514 US companies
Market value at each year end
Western Alliance Bancorporation’s market value went from $5.12B at the end of 2016 to $8.17B on Oct 28, 2026, up 60%; since the end of 2025 it is down 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $8.17B | -11.7% |
| 2025 | $9.25B | +0.6% |
| 2024 | $9.20B | +27.7% |
| 2023 | $7.20B | +11.0% |
| 2022 | $6.49B | -43.7% |
| 2021 | $11.52B | +90.6% |
| 2020 | $6.04B | +3.3% |
| 2019 | $5.85B | +39.9% |
| 2018 | $4.18B | -30.0% |
| 2017 | $5.97B | +16.7% |
| 2016 | $5.12B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WAL price data to Oct 28, 2026 | -8.3% | -1.6% | +26.3% | -6.1% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -8.3% |
| 2025 | +2.6% |
| 2024 | +29.6% |
| 2023 | +14.1% |
| 2022 | -43.7% |
| 2021 | +81.7% |
| 2020 | +7.8% |
| 2019 | +45.9% |
| 2018 | -30.3% |
| 2017 | +16.2% |
| 2016 | +35.8% |
| 2015 | +29.0% |
| 2014 | +16.5% |
| 2013 | +126.6% |
| 2012 | +69.0% |
| 2011 | -15.3% |
| 2010 | +94.7% |
| 2009 | -62.5% |
| 2008 | -46.2% |
| 2007 | -46.0% |
| 2006 | +16.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 81.6% over that stretch · deepest drop along the way 83.6%, back to its old high 67.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 55.1% over that stretch · deepest drop along the way 61.9%, back to its old high 8.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 42.2% over that stretch · deepest drop along the way 48.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 5.8% | Jun 30, 2026 |
| Invesco Ltd. | 5.4% | Jun 30, 2026 |
| Vanguard Capital Management | 5.02% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.99% | Sep 30, 2026 |
| STATE STREET CORPORATION | 4.5% | Mar 31, 2025 |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 2.15% | Mar 31, 2026 |
ETFs with the most weight in WAL
| KRE SPDR S&P Regional Banking ETF | 2.78% |
| DVLU First Trust Dorsey Wright Momentum & Value ETF | 2.53% |
| MVPA Miller Value Partners Appreciation ETF | 1.66% |
| IAT iShares U.S. Regional Banks ETF | 1.58% |
| KBWB Invesco KBW Bank ETF | 1.33% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 1.3% |
| KBE SPDR S&P Bank ETF | 1.02% |
| RFG Invesco S&P MidCap 400® Pure Growth ETF | 0.99% |
What could go wrong
- Heavy reliance on real estate loans. Residential, commercial property and construction loans were about half of all loans as of December 31, 2025. A property slump could raise defaults and cut collateral values, including $2.1 billion of office loans.
- Concentrated bets on specialized business lending. Business loans were 48% of loans as of December 31, 2025, including loans to nonbank lenders not overseen by federal bank regulators. Credit-linked notes, which pass some loan risk to investors, won't cover every loss.
- Deposit flight and confidence shocks. Losing a big depositor, or deposits concentrated in one industry, could strain cash available for withdrawals or raise funding costs. Worries about banks seen as similar have triggered deposit and stock swings before.
- Mortgage loan buybacks at AmeriHome. Through its AmeriHome mortgage business, the company may have to buy back loans it sold or compensate investors if problems surface. Mortgage banking revenue also moves with interest rates.
- Higher costs past $100 billion in assets. Total assets were $98.7 billion as of June 30, 2026. The company expects regulatory requirements and compliance spending to rise once it crosses $100 billion, which could weigh on profits.
- Interest rate swings can squeeze margins. Net interest income, the gap between interest earned on loans and paid on deposits, was $2.86 billion of $3.54 billion revenue in fiscal 2025. Rate moves and competition for deposits can shrink it.
Recent events
- Other company announcement
- Quarterly results released
- Other company announcement
- Quarterly results released
- Shareholder vote results
- Executive or board change
- Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Asset impairment; Investor presentation or announcement
For income and retirement investors
Western Alliance raised its dividend per share five years in a row through 2025, though the raises after 2021 were small: $1.20 in 2021 and $1.56 in 2025. The 2025 dividend used just 17.8% of earnings of $8.73 per share. Still, the 10-K says future dividends and buybacks are not assured. The yield was 2.21% as of October 28, 2026. Buybacks have been limited: $68.1 million in 2025, after none from 2021 to 2024. The share count rose 4.7% from October 2021 to July 2026.
The stock has fallen hard in downturns. It dropped 83.6% in the 2008 financial crisis and took about 68 months, until October 2014, to recover. In the 2020 COVID crash it fell 61.9% but regained its peak by December 2020. In the 2022 bear market it lost 48.2% and had not regained its January 2022 high as of October 28, 2026. Single stocks, and bank stocks in particular, carry more risk than diversified funds.
Questions investors ask
How does Western Alliance Bancorporation make money?
Mostly by lending, largely to businesses. In 2025, net interest income was $2.86 billion of $3.54 billion in revenue. Net interest income is the gap between interest earned on loans and securities and interest paid on deposits and borrowings. Noninterest income, such as fees, added $678 million. At December 31, 2025, commercial and industrial loans were 48% of its $58.7 billion in loans held for investment, and residential mortgages were 25%. Net income was $969 million, a 12.7% return on equity (profit as a share of shareholders' equity).
Does Western Alliance raise its dividend every year?
It did for five straight years through 2025, though the raises were modest. Dividends per share reached $1.56 in 2025, up from $1.20 in 2021. The 2025 payout used 17.8% of earnings, a low share of profits. The yield was 2.21% as of October 28, 2026. The 10-K cautions that there is no assurance the company will keep declaring dividends or buying back stock as it has in the past.
How much office real estate exposure does Western Alliance have?
About $2.1 billion, or 3.7% of loans held for investment, at December 31, 2025. That was down from $2.3 billion, or 4.4%, a year earlier. These are loans on office buildings owned by investors. The company says they are mainly shorter-term bridge loans that help borrowers upgrade buildings, mostly in suburban areas. Central business districts account for less than 1% of office loans. Commercial real estate overall was about 20% of loans, and the 10-K lists heavy dependence on real estate as a risk.
What happens when Western Alliance reaches $100 billion in assets?
Its regulatory costs are likely to rise. The 10-K warns that compliance requirements and expenses will likely increase once the company reaches $100 billion in assets. Total assets were $98.7 billion as of June 30, 2026, with $81.9 billion of deposits and $60.5 billion of loans. Banks above that size generally face stricter capital, liquidity and risk-management standards, which take extra staff, systems and money to meet.
How did Western Alliance stock hold up in past market crashes?
Poorly, and recoveries varied. The shares fell 83.6% in the 2008 financial crisis and needed about 68 months, until October 2014, to regain their peak. They dropped 61.9% in the 2020 COVID crash but recovered by December 2020. In the 2022 bear market they lost 48.2% and had not regained their January 2022 high as of October 28, 2026. Over the year to that date, the stock's beta was 1.18. Beta measures how much a stock moves with the market, and 1.18 means it swung a bit more than the market.