First Citizens BancShares Inc

State Commercial Banks

FCNCAMixed8 of 11 basics passed

$2 068.39

+0.12%

Market cap $23.4B

$2 068.39

+0.12%

Market cap $23.4B

First Citizens is a US regional bank with total assets of around $237 billion as of June 30, 2026. Headquartered in Raleigh, North Carolina, First Citizens' largest markets are North Carolina, South Carolina, and California.

It is a $23.4B financial services company. Revenue grew 4.9% over the last year, and it keeps 160¢ of every dollar of sales as profit. It trades at 9.8× earnings — around the middle of its own history.

Website: firstcitizens.com
Location: Raleigh, NC
Employees: 18 141
Sector: Financial Services

Share price · 3 years

$1 385.00 → $2 068.39+49.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.47B
Profit: keeps 160¢ of every $1 sold; $2.35B
Free cash flow: cash left after running the business; $2.46B
Net debt: debt minus cash on hand; $35.2B
P/E: years of profit in the price; 9.8
EPS: earnings per share, TTM; $181.04
Dividend: pays out 8% of profit · 8% of FCF; 0.81%
Shares: up 8% since 2016 — dilution; 13.0M
Volatility: beta vs the market — under 1 swings less; 0.64

Revenue, last 10 years

52-week range

Low $1 638.68$2 068.39High $2 291.33

Today's price is 66% of the way from the year's low to its high.

P/E vs its history5y

10.2×median 10.7×

Higher than 39% of past days — around the middle of its own history.

Valuation vs own history

P/E

10.2×

61%

P/S

4.3×

91%

EV/EBITDA

18.9×

96%

P/B

1.1×

69%

FCF yield

8.9%

26%

Share of the last ~5 years that was pricier than today (cheaper than usual). Based on the daily valuation record.

Insider activity · 90 days

-$28.3Knet selling

Purchases$108K

Sales$137K

Insiders trading, last 14d0 buy · 0 sell

Standing in Financial Services

Size$23.4Btop 52%
Return on equity11%top 64%
P/E9.8×top 15%
Dividend yield0.81%top 86%

Ranked against 129 Financial Services companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth; Profitability, Health and Moat lag behind.

Valuation65

P/E vs own history39th pct · 20/25
FCF yield10.5% · 25/25
P/Sn/a · 10/25
EV/EBITDAn/a · 10/25

Growth75

Revenue CAGR37.3% · 25/25
Net income CAGR41.7% · 25/25
EPS CAGR ~5Y28.3% · 25/25
Fwd implied growth-6.6% · 0/25

Profitability42

ROIC3.8% · 5/25
ROE10.7% · 12/25
Net margin159.8% · 25/25
Operating marginn/a · 0/25

Health40

Altman Z0.14 · 3/25
Current ration/a · 0/25
Interest coverageno interest expense · 25/25
Net cash / debtD/A 15% · 12/25

Quality57

Piotroski F6/9 · 15/25
Beneish M-2.41 · 20/25
FCF conversion90% · 22/25
Margin stabilityσ 874.7% · 0/25

Moat49

ROIC >12% years3/8 yrs · 6/25
Median gross marginn/a · 0/25
FCF-positive years9/10 yrs · 18/25
Worst-year net marginworst 15.3% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

Q3 2026Insiders
2 open-market insider purchases
~50 shares bought by insiders
Q2 2026Insiders
11 open-market insider purchases
~164 shares bought by insiders
2024Milestone
It is the 15th largest bank in the United States
FY2023Financial
Best year on record
$11.5B net income
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$1.48B in first reported year
1986Milestone
It reorganized as a holding company, First Citizens BancShares, Inc
1929Milestone
It changed its name to First Citizens Bank and Trust Company

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$24 489 today — price return only

$1.4B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 4 years in a row

18 141 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Strongly profitable — 159.8% net margin
Strong cash conversion — FCF is 166.8% of revenue

Watch-outs

Altman Z-Score 0.14 — elevated financial-distress risk
Net debt would take ~15.8 years of free cash flow to repay
Net debt equals ~14.3 years of free cash flow

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.9% YoY
Profitable — makes more than it spends$2.35B TTM
Profit growing — earnings are higher than last year+33.8% YoY
Generates cash — cash left after running and investing$2.46B TTM
Debt under control — could handle its obligations~14.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$23.4B market cap
Not printing shares — share count not ballooning — you keep your slice+29.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 0.1 — distress
Pays a dividend — returns cash to shareholdersyield 0.81%
Valuation not extreme — price not wildly above earningsP/E 9.8

Peer comparisonFirst Citizens BancShares Inc vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
FCNCA this company	$23.4B	9.8	+4.9%	159.8%	Mixed
BRK.A Berkshire Hathaway Inc.	$1.1T	11.6	+3.9%	22.3%	Mixed
BRK.B Berkshire Hathaway	$1.1T	11.6	+0.0%	18.0%	Strong
JPM JPMorgan Chase & Co.	$886.2B	13.6	+13.5%	32.6%	Strained
V VISA Inc.	$723.9B	31.9	+14.4%	50.8%	Solid
MA Mastercard Incorporated	$516.4B	31.7	+16.0%	46.3%	Mixed
BAC Bank of America Corporation	$380.4B	11.3	+15.9%	27.8%	Mixed

Head-to-head: FCNCA vs BRK.A · FCNCA vs BRK.B · FCNCA vs JPM

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 7Hold 11

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.47B · net income $2.35B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.47B

YoY 4.9%

Net income (TTM)

$2.35B

Margin 159.8%

P/E ratio

9.8

Dividend yield

0.81%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.0	0.4	0.7	1.2	1.4	1.4
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	0.6	0.7	1.4	12.1	3.6	3.0
Net income	0.5	0.5	1.1	11.5	2.8	2.2
EPS (diluted)	48.90	55.77	70.61	788.60	193.62	169.66

Cash flowFree cash flow $2.46B · operating cash flow $3.18B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$2.46B

Margin 166.8%

Operating cash flow (TTM)

$3.18B

FCF margin

38.3%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.3	-0.3	2.8	2.7	3.0	2.9
Capital expenditure	-0.1	-0.1	-0.2	-0.4	-0.4	-0.7
Free cash flow	0.2	-0.4	2.6	2.3	2.6	2.2
FCF margin	10.5%	-97.6%	380.4%	190.3%	186.5%	155.3%

Balance sheetAssets $230B · net debt $35.2B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $230B of assets is financed

90%

Liabilities $207B — borrowed moneyEquity $22.2B — owners' stake

Cash vs debt

Total debt $36.0B − cash $801M = net debt $35.2B

Cash on hand covers 2% of debt.

Altman Z-Score

0.14

Distress zone

Debt repayment

15.8 yrs

Years of free cash flow to clear net debt

ROE

10.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	4.3	9.1	0.5	0.9	0.8	0.8
Total assets	50.0	58.3	109.3	213.8	223.7	229.7
Total liabilities	45.7	53.6	99.6	192.5	201.5	207.5
Total debt	—	1.8	6.6	37.7	37.1	36.0
Equity	4.2	4.7	9.7	21.3	22.2	22.2
Net debt	—	-7.3	6.1	36.7	36.2	35.2

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of FCNCA on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $2 068.39 · market cap $23.4B.