WAL

Western Alliance Bancorporation is a Phoenix-based commercial bank holding company that has emerged from the 2023 regional-bank stress as a strong grower. FY2025 net income rose 23.0% to $969M and diluted EPS climbed 23.1% to $8.73, on net revenue of $3.5 billion (up 12.0%) against non-interest expense growth of only 4.3% — driving pre-provision net revenue up $294.2 million to $1.4 billion and improving the efficiency ratio to 58.9% from 63.2%. The balance sheet expanded healthily: total loans held-for-investment of $58.7 billion (up $5.0 billion), total deposits of $77.2 billion (up $10.8 billion), and total equity up to $7.9 billion. Return on average assets improved to 1.12% and net interest margin held at a solid 3.51%.

Valuation is the standout. At a P/E of 9.2 the stock is inexpensive on growing earnings, and book value per common share rose 15.4% to $67.20 with tangible book value per share up 17.3% to $61.29 — meaning the $79.91 price is only modestly above tangible book for a bank compounding capital at a mid-teens rate. The liabilities/equity of 11.08x is normal leverage for a bank, and capital is adequate (tangible common equity ratio 7.3%). (Note the XBRL 'revenue' tag of $136M captures only non-interest contract revenue, so the P/S and net-margin figures in the data feed are not meaningful for a bank and are disregarded.)