First Horizon (FHN) vs Western Alliance Bancorporation (WAL)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
First Horizon (FHN) has outperformed Western Alliance Bancorporation (WAL) over the past year, gaining 0.0% versus a loss of 13.5%. Over five years, FHN leads with a +36.8% price change compared with -35.0% for WAL. First Horizon is the larger company by market cap ($11.00 billion vs $8.19 billion), about 1.3 times the size, while Western Alliance Bancorporation is growing revenue faster (+99.7% vs +7.2%).
On valuation, Western Alliance Bancorporation trades at a lower forward P/E (6.7x vs 10.0x for First Horizon). First Horizon offers the higher dividend yield (2.76% vs 2.18%). Western Alliance Bancorporation converts more of its revenue into profit, with a net margin of 713.5% versus 28.7%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FHN | WAL |
|---|---|---|
| Share price | $23.23 | $75.11 |
| Market cap | $11.00B | $8.19B |
| 1-day change | +1.02% | +1.02% |
| YTD return | -3.81% | -11.56% |
| 1-year return | +0.04% | -13.55% |
| 5-year return | +36.85% | -35.00% |
| P/E ratio (TTM) | 11.17 | 8.48 |
| Forward P/E | 10.02 | 6.74 |
| EPS (TTM) | $2.08 | $8.86 |
| Dividend yield | 2.76% | 2.18% |
| Annual dividend | $0.64 | $1.64 |
| Revenue (latest FY) | $3.42B | $135.80M |
| Revenue growth (YoY) | +7.18% | +99.71% |
| Net income (latest FY) | $982.00M | $969.00M |
| Net margin | 28.72% | 713.55% |
| 52-week high | $26.56 | $97.23 |
| 52-week low | $19.80 | $65.82 |
| Distance from 52-week high | -12.56% | -22.75% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +18.19% | +22.15% |
| Average volume | 5.33M | 1.06M |
| Shares outstanding | 473.78M | 109.10M |
| Employees | 7,400 | 3,769 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FHN has outperformed WAL by 13.6 percentage points over the past year.
- First Horizon trades at a higher earnings multiple (11.2x vs 8.5x trailing P/E).
- Western Alliance Bancorporation is more profitable, keeping 713.5 cents of every revenue dollar as net income versus 28.7 cents for First Horizon.
- Western Alliance Bancorporation grew revenue faster in its latest fiscal year (+99.71% vs +7.18%).
About First Horizon
FHN stock →First Horizon Corporation operates as the bank holding company for First Horizon Bank that provides various financial services. It operates through Regional Banking, Specialty Banking, and Corporate segments.
Finance · Major Banks · 7,400 employees
About Western Alliance Bancorporation
WAL stock →Western Alliance Bancorporation operates as the bank holding company for Western Alliance Bank that provides various banking products and related services primarily in Arizona, California, and Nevada. It operates through Commercial and Consumer Related segments.
Finance · Major Banks · 3,769 employees
FHN vs WAL FAQ
Which is bigger, First Horizon or Western Alliance Bancorporation?
First Horizon (FHN) is larger, with a market capitalization of $11.00B compared with $8.19B for Western Alliance Bancorporation (WAL).
Which stock has performed better over the past year, FHN or WAL?
FHN returned +0.04% over the past 12 months, compared with -13.55% for WAL (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FHN or WAL?
WAL has the lower trailing P/E at 8.5, versus 11.2 for FHN. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Horizon or Western Alliance Bancorporation?
First Horizon has the higher yield at 2.76%, compared with 2.18% for Western Alliance Bancorporation.
Are First Horizon and Western Alliance Bancorporation in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.