WALWESTERN ALLIANCE BANCORPORATION
State Commercial Banks
- Revenue
- $136M
- 100% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $7.7B
- Employees
- 3,769
- $36K revenue each
- Net debt / EBITDA
- —
- −$782M net debt
- AI in 10-K
- 1.5
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 2 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$9M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes-276% of net incomeCash flow under 80% of net income
- Dilutive SBCYes38% of revenueOver 10% of revenue
- Payouts exceed cash flowNo-9% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo1% of assetsOver 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$36K · 37th pctBottom quartile of its SIC industry
- Quiet on AINo1.5 per 10K words · 46th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$7.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $38M | $44M | $99M | $68M | $136M | 100% |
| Net income | $899M | $1.1B | $722M | $788M | $969M | 23% |
| Operating cash flow | −$2.7B | $2.2B | −$329M | −$2.7B | −$2.7B | 2.3% |
| Stock-based comp | $35M | $40M | $34M | $48M | $51M | 7.8% |
| Buybacks | $0 | $0 | $0 | $0 | $68M | |
| Dividends | $128M | $166M | $172M | $177M | — |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $6M · 9
- Net
- −$6M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $11M | $11M | 155 | 153 |
| FY2024 | $10M | $15M | 151 | 143 |
| FY2023 | $9M | $4M | 117 | 127 |
| FY2022 | $8M | $2M | 102 | 127 |
| FY2021 | $7M | $22M | 182 | 137 |