First Horizon vs Western Alliance Bancorporation
Add, change or remove companies; up to four.
The short version
- Western Alliance Bancorporation is the larger business, with $3.5B of revenue in fiscal 2025 against $3.4B for First Horizon.
- Western Alliance Bancorporation grew revenue faster (12.1%, against 7.2%).
- Investors pay more for each dollar of First Horizonβs earnings: a P/E of 11.3x against 8.6x for Western Alliance Bancorporation.
| Latest fiscal year | FHN Β· FY25 | WAL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.0B | $8.3B |
| Revenue | $3.4B | $3.5B |
| Free cash flow | β | β |
| Net income | $982M | $969M |
| Growth | ||
| Revenue growth | 7.2% | 12.1% |
| 5-year growth | 1.6% | 23.4% |
| Share count change | β6.1% | 0.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 28.7% | 27.4% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 11.1% | 13.5% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $1.2B | $68.1M |
| Valuation & quality | ||
| P/E | 11.3x | 8.6x |
| Piotroski F-score | β | β |
Revenue
FY16
FHN $1.3B
WAL $700M
FY17
FHN $1.3B
WAL $830M
FY18
FHN $1.9B
WAL $959M
FY19
FHN $1.8B
WAL $1.1B
FY20
FHN $3.2B
WAL $1.2B
FY21
FHN $3.1B
WAL $2.0B
FY22
FHN $3.2B
WAL $2.5B
FY23
FHN $3.5B
WAL $2.6B
FY24
FHN $3.2B
WAL $3.2B
FY25
FHN $3.4B
WAL $3.5B
FHN
WAL
Operating margin
FY16
FHN β
WAL β
FY17
FHN β
WAL β
FY18
FHN β
WAL β
FY19
FHN β
WAL β
FY20
FHN β
WAL β
FY21
FHN β
WAL β
FY22
FHN β
WAL β
FY23
FHN β
WAL β
FY24
FHN β
WAL β
FY25
FHN β
WAL β
FHN
WAL
Free cash flow
FY16
FHN β
WAL β
FY17
FHN β
WAL β
FY18
FHN β
WAL β
FY19
FHN β
WAL β
FY20
FHN β
WAL β
FY21
FHN β
WAL β
FY22
FHN β
WAL β
FY23
FHN β
WAL β
FY24
FHN β
WAL β
FY25
FHN β
WAL β
FHN
WAL
Return on capital
FY16
FHN β
WAL β
FY17
FHN β
WAL β
FY18
FHN β
WAL β
FY19
FHN β
WAL β
FY20
FHN β
WAL β
FY21
FHN β
WAL β
FY22
FHN β
WAL β
FY23
FHN β
WAL β
FY24
FHN β
WAL β
FY25
FHN β
WAL β
FHN
WAL
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.