South State Bank vs Western Alliance Bancorporation
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The short version
- Western Alliance Bancorporation is the larger business, with $3.5B of revenue in fiscal 2025 against $2.7B for South State Bank.
- South State Bank grew revenue faster (56.1%, against 12.1%).
- Investors pay more for each dollar of South State Bankβs earnings: a P/E of 11.1x against 8.6x for Western Alliance Bancorporation.
| Latest fiscal year | SSB Β· FY25 | WAL Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.7B | $8.3B |
| Revenue | $2.7B | $3.5B |
| Free cash flow | β | β |
| Net income | $799M | $969M |
| Growth | ||
| Revenue growth | 56.1% | 12.1% |
| 5-year growth | 18.7% | 23.4% |
| Share count change | 32.2% | 0.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β | β |
| Net margin | 29.8% | 27.4% |
| FCF margin | β | β |
| Return on capital | β | β |
| Return on equity | 10.7% | 13.5% |
| Balance sheet | ||
| Net debt | β | β |
| Net debt / EBITDA | β | β |
| Dividends and buybacks | $467M | $68.1M |
| Valuation & quality | ||
| P/E | 11.1x | 8.6x |
| Piotroski F-score | β | β |
Revenue
FY16
SSB $446M
WAL $700M
FY17
SSB $549M
WAL $830M
FY18
SSB $659M
WAL $959M
FY19
SSB $648M
WAL $1.1B
FY20
SSB $1.1B
WAL $1.2B
FY21
SSB $1.4B
WAL $2.0B
FY22
SSB $1.6B
WAL $2.5B
FY23
SSB $1.7B
WAL $2.6B
FY24
SSB $1.7B
WAL $3.2B
FY25
SSB $2.7B
WAL $3.5B
SSB
WAL
Operating margin
FY16
SSB β
WAL β
FY17
SSB β
WAL β
FY18
SSB β
WAL β
FY19
SSB β
WAL β
FY20
SSB β
WAL β
FY21
SSB β
WAL β
FY22
SSB β
WAL β
FY23
SSB β
WAL β
FY24
SSB β
WAL β
FY25
SSB β
WAL β
SSB
WAL
Free cash flow
FY16
SSB β
WAL β
FY17
SSB β
WAL β
FY18
SSB β
WAL β
FY19
SSB β
WAL β
FY20
SSB β
WAL β
FY21
SSB β
WAL β
FY22
SSB β
WAL β
FY23
SSB β
WAL β
FY24
SSB β
WAL β
FY25
SSB β
WAL β
SSB
WAL
Return on capital
FY16
SSB β
WAL β
FY17
SSB β
WAL β
FY18
SSB β
WAL β
FY19
SSB β
WAL β
FY20
SSB β
WAL β
FY21
SSB β
WAL β
FY22
SSB β
WAL β
FY23
SSB β
WAL β
FY24
SSB β
WAL β
FY25
SSB β
WAL β
SSB
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.