What is Zions Bancorporation, National Association worth?
With the base-case assumptions below, a discounted cash flow model on Zions Bancorporation, National Association's reported free cash flow gives $54.36 per share. The share price was $66.32 on November 10, 2026, 22% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -10.0% | 10.0% | $30.30 | -54% |
| Base | -5.0% | 9.0% | $54.36 | -18% |
| Bull | 0.0% | 8.0% | $99.20 | +50% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $70.36 | $75.07 | $80.82 | $88.02 | $97.26 |
| 8.0% | $58.55 | $61.61 | $65.22 | $69.55 | $74.84 |
| 9.0% | $49.86 | $51.95 | $54.36 | $57.17 | $60.49 |
| 10.0% | $43.18 | $44.67 | $46.35 | $48.27 | $50.49 |
| 11.0% | $37.88 | $38.97 | $40.19 | $41.56 | $43.11 |
Where the presets come from
Base: years 1 to 5 grow at Zions Bancorporation, National Association's revenue growth rate over the last 5 fiscal years (-25.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions