TakeoverPE & activists

ZIONZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/

National Commercial Banks · $9.5B market cap · 9,195 employees

0.2×

Less likely than average to be taken private

Top 50% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

0of 15 firedHow well they predict deals →

No signals fired.

15 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    119% of net income
    Cash flow under 80% of net income
  • Dilutive SBCNo
    7% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    29% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    1% of assets
    Over 40% of assets
  • Shareholder dissentNo
    95% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $58K · 47th pct
    Bottom quartile of its SIC industry
  • Quiet on AINo
    3.0 per 10K words · 69th pct
    Bottom quartile of AI mentions in 10-Ks
  • Net cashNo
    —
    More cash than debt, positive EBITDA
  • Buyout-sizedNo
    $9.5B market cap
    Market cap $500M–$5B
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$10M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Jul 24, 2018DEFM14AZB, N.A.——
Jul 13, 2018PREM14AZB, N.A.——

Key numbers

Revenue
$529MFY2021: $449MFY2022: $495MFY2023: $503MFY2024: $513MFY2025: $529M
3.1% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—
$1.2B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$449M$495M$503M$513M$529M 3.1% FY2021: $449MFY2022: $495MFY2023: $503MFY2024: $513MFY2025: $529M
Net income$1.1B$907M$680M$784M$899M 15% FY2021: $1.1BFY2022: $907MFY2023: $680MFY2024: $784MFY2025: $899M
Operating cash flow$629M$1.5B$885M$1.1B$1.1B 6.5% FY2021: $629MFY2022: $1.5BFY2023: $885MFY2024: $1.1BFY2025: $1.1B
Capex$206M$190M$113M$97M$121M 25% FY2021: $206MFY2022: $190MFY2023: $113MFY2024: $97MFY2025: $121M
Stock-based comp$28M$30M$33M$33M$35M 6.1% FY2021: $28MFY2022: $30MFY2023: $33MFY2024: $33MFY2025: $35M
Buybacks$800M$202M$51M$36M$41M 14% FY2021: $800MFY2022: $202MFY2023: $51MFY2024: $36MFY2025: $41M
Dividends$261M$269M$282M$289M$267M 7.6% FY2021: $261MFY2022: $269MFY2023: $282MFY2024: $289MFY2025: $267M

13D filers

None on file.

Insider trading

−$10Mnet selling by insiders, open market, last 12 months
Bought $266K · 1 tradeSold $10M · 21 trades

Pay vs performance

No pay-versus-performance disclosure yet.