Western Alliance Bancorporation WAL

NYSE · State Commercial Banks · $8.6B

$76.77−2.42%Nov 3 close · Databento

Every report since 2023 →

🔒 Click to interact · scroll moves the page

WAL Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 3, 2026CLOSE $76.771D −2.42%3M −5.61%SMA20 $75.41SMA50 $77.02RSI(14) 51.6

76.77

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 51.6

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$8.6B

Enterprise value$6.4B

Revenue$4.7B +3.3%

EPS, diluted$8.73 +23.1%

Modern Valuation (EOD)

Market Cap$8.6B

Enterprise Value$6.4B

EV / True FCF—

EV / FCF—

EV / Gross Profit—

EV / EBIT—

EV / Sales1.36

P / E (GAAP)8.86

P / FCF—

P / Oper. CF—

P / Book1.08

Owner & Cash Yields

True FCF Yield—

FCF Yield—

Owner Earn. Yield—

Earnings Yield11.3%

Shareholder Yield+2.3%

Buyback Yield0.8%

Dividend Yield2.03%

Dividend / sh$1.56

Payout Ratio18%

FCF / sh—

EPS (diluted)$8.73

Compounder & Returns

Rule of 40—

ROIC—

Cash ROIC (CROIC)—

GP / Assets—

ROE12.2%

ROA1.0%

Gross Margin—

Oper. Margin—

Net Margin20.6%

FCF Margin—

True FCF Margin—

Quality & Dilution

Cash Conversion—

Accrual Ratio+3.9%

SBC % of FCF—

SBC % of Rev1.1%

Reinvest. Rate—

Sales Growth Y/Y+3.3%

Sales 3Y CAGR+20.4%

EPS Growth Y/Y+23.1%

FCF Growth Y/Y—

FCF 3Y CAGR—

Share Change Y/Y+0.2%

Balance Sheet & Scale

Revenue (FY)$4.7B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$969.0M

True FCF (ex-SBC)—

Cash & Equiv$3.6B

Total Debt$1.4B

Net Cash (Debt)$2.2B

Net Cash % MCap+25.7%

Debt / FCF (yrs)—

Current Ratio—107.55M sh

Price & Technicals (EOD)

Perf Week+0.48%

Perf Month+0.99%

Perf Quarter−7.48%

Perf Half Y−6.22%

Perf YTD−3.37%

SMA 20 Dist+1.80%$75.41

SMA 50 Dist−0.32%$77.02

SMA 100 Dist−3.11%$79.23

Window High−8.96%$84.33

Window Low+6.30%$72.22

RSI (14) · Vol51.629%v

Income Distribution & Cash Flow ConversionHow every dollar of WAL revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$3.7B ($79.4 / $100)

Net Profit Kept$969.0M ($20.6 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$969.0M (20.6% margin)

Operating Cash Flow (OCF)$-2.7B(-57.1% of rev)

Less: Capital Expenditures—

Standard Free Cash Flow (FCF)—

Less: Stock-Based Comp (SBC)−$51.4M

True FCF (Owner Cash ex-SBC)—

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.7B	$2.7B	$4.0B	$4.5B	$4.7B	+3.3%	+29.7%
Interest Expense	$109.9M	$475.5M	$1.7B	—	$1.7B	—	+98.2%
Income Tax Expense	$223.8M	$258.8M	$211.2M	$203.5M	$216.6M	+6.4%	−0.8%
GAAP Net Income	$899.0M	$1.1B	$722.0M	$788.0M	$969.0M	+23.0%	+1.9%
Diluted EPS	$8.67	$9.70	$6.54	$7.09	$8.73	+23.1%	+0.2%
Diluted Shares	103.3M	107.6M	108.5M	109.3M	109.5M	+0.2%	+1.5%
Balance Sheet
Cash & Equivalents	$516.4M	$1.0B	$1.6B	$4.1B	$3.6B	−12.2%	+62.4%
Total Assets	$56.0B	$67.7B	$70.9B	$80.9B	$92.8B	+14.6%	+13.5%
Total Debt (Short + Long Term)	$775.0M	$1.3B	$446.0M	$2.4B	$1.4B	−42.5%	+15.8%
Total Liabilities	$51.0B	$62.4B	$64.8B	$74.2B	$84.8B	+14.3%	+13.6%
Stockholders' Equity	$5.0B	$5.4B	$6.1B	$6.7B	$7.9B	+18.5%	+12.5%
Net Cash / (Net Debt)	$-258.6M	$-263.6M	$1.1B	$1.7B	$2.2B	+31.7%	—
Invested Capital	$5.2B	$5.6B	$4.9B	$5.0B	$5.7B	+14.1%	+2.4%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-2.7B	$2.2B	$-328.6M	$-2.7B	$-2.7B	+2.3%	—
Depreciation & Amortization (D&A)	$33.7M	$52.4M	$63.0M	$94.4M	$106.6M	+12.9%	+33.4%
Stock-Based Compensation (SBC)	$35.1M	$39.8M	$34.3M	$47.7M	$51.4M	+7.8%	+10.0%
Share Repurchases (Buybacks)	$0	$0	$0	$0	$68.1M	—	—
Dividends Paid	$127.6M	$166.2M	$171.5M	$176.8M	$176.8M	+0.0%	+8.5%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what WAL did at the next close after each story

Oct 19

Western Alliance tops earnings estimates by $0.02 as revenue beats

Investing.com · 4:26 PM ET

+2.27%

What happened · big days

19 big days in a year, and what we hold on each

A big day is a close more than 3.57% from the one before, three times WAL’s median day (1.19%). On 9 of the 19, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±3.57%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayWALWhat we hold that dayGroup (median of 4) · each

1 Nov 17, 2025−5.50%
Before our storiesgroup −3.3%, moved with WAL
1Nov 17, 2025−5.50%
Before our stories
−3.3% moved with WALSTT −3.4 · FITB −3.4 · MTB −3.2 · BNY +0.8
2 Nov 21, 2025+4.19%
Before our storiesgroup +1.9%, did not move with it
2Nov 21, 2025+4.19%
Before our stories
+1.9% did not move with itMTB +3.2 · FITB +2.8 · STT +0.9 · BNY +0.1
3 Dec 3, 2025+3.88%
Before our storiesgroup +2.0%, moved with WAL
3Dec 3, 2025+3.88%
Before our stories
+2.0% moved with WALFITB +2.7 · MTB +2.4 · STT +1.6 · BNY +0.6
4 Dec 10, 2025+4.78%
Before our storiesgroup +2.9%, moved with WAL
4Dec 10, 2025+4.78%
Before our stories
+2.9% moved with WALFITB +5.3 · MTB +3.5 · STT +2.2 · BNY −0.2
5 Jan 21, 2026+5.81%
Before our storiesgroup +2.4%, did not move with it
5Jan 21, 2026+5.81%
Before our stories
+2.4% did not move with itFITB +5.5 · MTB +3.5 · STT +1.3 · BNY 0.0
6 Jan 23, 2026−4.27%
Before our storiesgroup −1.0%, did not move with it
6Jan 23, 2026−4.27%
Before our stories
−1.0% did not move with itSTT −1.8 · MTB −1.7 · FITB −0.3 · BNY +0.2
7 Feb 6, 2026+3.60%
Before our storiesgroup +2.1%, moved with WAL
7Feb 6, 2026+3.60%
Before our stories
+2.1% moved with WALSTT +2.8 · FITB +2.4 · MTB +1.7 · BNY −0.3
8 Feb 19, 2026−4.04%
Before our storiesgroup −1.4%, did not move with it
8Feb 19, 2026−4.04%
Before our stories
−1.4% did not move with itFITB −1.4 · STT −1.4 · MTB −1.1
9 Feb 23, 2026−6.15%
Before our storiesgroup −4.5%, moved with WAL
9Feb 23, 2026−6.15%
Before our stories
−4.5% moved with WALFITB −5.4 · MTB −4.5 · STT −2.2
10 Feb 27, 2026−10.82%
Before our storiesgroup −3.7%, did not move with it
10Feb 27, 2026−10.82%
Before our stories
−3.7% did not move with itFITB −4.8 · MTB −3.7 · STT −2.8
11 Mar 6, 2026−8.46%
Before our storiesgroup −2.9%, did not move with it
11Mar 6, 2026−8.46%
Before our stories
−2.9% did not move with itSTT −3.3 · FITB −2.9 · MTB −2.6
12 Mar 11, 2026−3.69%
Before our storiesgroup −0.5%, did not move with it
12Mar 11, 2026−3.69%
Before our stories
−0.5% did not move with itFITB −3.3 · MTB −0.5 · STT +2.8
13 Mar 31, 2026+4.24%
Before our storiesgroup +2.8%, moved with WAL
13Mar 31, 2026+4.24%
Before our stories
+2.8% moved with WALFITB +4.0 · MTB +2.8 · STT +2.5
14 Apr 8, 2026+4.22%
Before our storiesgroup +3.3%, moved with WAL
14Apr 8, 2026+4.22%
Before our stories
+3.3% moved with WALSTT +3.8 · MTB +3.3 · FITB +3.2
15 May 11, 2026−6.04%
Before our storiesgroup −1.4%, did not move with it
15May 11, 2026−6.04%
Before our stories
−1.4% did not move with itMTB −2.0 · FITB −1.4 · STT +0.5
16 Jun 4, 2026+3.85%
Before our storiesgroup +3.3%, moved with WAL
16Jun 4, 2026+3.85%
Before our stories
+3.3% moved with WALFITB +4.7 · MTB +3.6 · STT +3.1 · BNY +2.5
17 Jun 17, 2026−3.74%
Nothing on WALgroup −0.6%, did not move with it
17Jun 17, 2026−3.74%
Nothing on WALNo WAL story, brief or results filing in our record that day
−0.6% did not move with itFITB −1.6 · MTB −1.1 · STT −0.1 · BNY +1.1
18 Jul 8, 2026−3.80%
Nothing on WALgroup −2.0%, moved with WAL
18Jul 8, 2026−3.80%
Nothing on WALNo WAL story, brief or results filing in our record that day
−2.0% moved with WALFITB −3.7 · MTB −2.1 · BNY −1.8 · STT −1.4
19 Jul 22, 2026+3.61%
Resultsgroup +0.9%, did not move with it
19Jul 22, 2026+3.61%
ResultsFirst close after the Jul 21 results filing
+0.9% did not move with itSTT +1.1 · BNY +0.9 · MTB +0.8 · FITB +0.0

A story on the same day is not a cause, and a group move is not proof either. Group: the median of BNY, FITB, STT and MTB that day, the largest companies in WAL’s SEC industry; “moved with WAL” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). WAL reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Jan 26, 2026

day 1+1.16%day 6+3.31%

Reported Apr 21, 2026

day 1+0.69%day 6+2.36%

Reported Jul 21, 2026

day 1+3.61%day 6+0.25%

Reported Oct 19, 2026

day 1+2.27%day 6+3.76%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 19 report: +4.26%. Four reports is a small sample.

Every report since 2023 →

Each line is WAL’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

WAL against four bank peers, a year at 100

WAL is down 4.0% in a year. Bank of New York Mellon is up 14.7 times, State Street is up 43.4%, Fifth Third Bancorp 25.8% and M&T Bank 19.5%. All four did more. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 14.7-fold rise and a 4.0% fall both read honestly.

Share this chart

WAL −4.0%. Bank of New York Mellon ×14.7, State Street +43.4%, Fifth Third Bancorp +25.8%, M&T Bank +19.5%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in WAL’s SEC industry (State Commercial Banks) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

BNY	Bank of New York Mellon	$100.3B	+1.04%
FITB	Fifth Third Bancorp	$49.9B	−1.89%
STT	State Street	$46.5B	+0.24%
MTB	M&T Bank	$32.4B	−1.05%
NTRS	Northern Trust	$31.2B	+1.14%
FCNCA	First Citizens Bancshares	$30.8B	−1.94%
CFG	Citizens Financial	$27.3B	−0.86%
EWBC	East West Bancorp	$18.2B	−0.56%