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First Citizens BancShares Inc (FCNCP) stock analysis

FCNCPNasdaqState Commercial BanksFiscal year ends December 31Also trades as FCNCA, FCNCB, FCNCN, FCNCO
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026Score 13/303% above fair value
$17.86+0.01 (+0.06%)

Close on Oct 30, 2026Market cap $26.57BP/E 12.6Yield 0.34%

StockData Score

Prices as of Oct 30, 2026How the score works

Value2Growth2Performance2Health3Dividend4

Mixed13 of 30 checks passed

First Citizens BancShares passes 13 of the 30 checks behind our score; 2 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
2/6
Growth
2/6
Past performance
2/6
Financial health
3/6
Dividend
4/6

What stands out

  • Earnings grew over 5 years

    Net income grew 35.0% a year on average over the last five fiscal years.

  • Revenue growing 10%+ a year

    Revenue grew 23.4% a year over the last three fiscal years.

  • EPS growing 10%+ a year

    Diluted EPS grew 34.8% a year over the last three fiscal years.

  • Covered by free cash flow

    Dividends take 7.5% of free cash flow.

What to watch

  • Margin of safety under 20%

    The price is 2.8% above fair value, so there is no margin of safety.

  • Trading above fair value

    The share price of $2352.64 is above our fair value estimate of $2288.61.

  • Return on equity under 15%

    Return on equity was 10.7% over the last twelve months and averaged 24.9% over five years; we look for 15% on both.

  • Heavy borrowings

    Borrowings other than deposits are 147% of equity.

Valuation2/6

  • P/E above its 5-year median

    First Citizens BancShares's P/E of 12.6 is above its own 5-year median of 11.5.

  • P/E above the industry

    First Citizens BancShares's P/E of 12.6 is above the Commercial Banks median of 12.3.

  • P/S below the industry

    First Citizens BancShares's price-to-sales of 2.76 is below the Commercial Banks median of 3.64.

  • P/B below the industry

    First Citizens BancShares's price-to-book of 1.21 is below the Commercial Banks median of 1.27.

  • Trading above fair value

    The share price of $2352.64 is above our fair value estimate of $2288.61.

  • Margin of safety under 20%

    The price is 2.8% above fair value, so there is no margin of safety.

Growth2/6

  • Revenue growing 10%+ a year

    Revenue grew 23.4% a year over the last three fiscal years.

  • EPS growing 10%+ a year

    Diluted EPS grew 34.8% a year over the last three fiscal years.

  • Earnings growth not accelerating

    Net income grew -1.8% over the last twelve months, against a 5-year average of 35.0% a year.

  • Growing slower than the industry

    Revenue grew 0.9% over the last twelve months; the Commercial Banks median is 11.4%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance2/6

  • Return on equity under 15%

    Return on equity was 10.7% over the last twelve months and averaged 24.9% over five years; we look for 15% on both.

  • Return on assets over 1%

    Return on assets was 1.0%; for a bank or insurer, 1% or more is considered good.

  • Return on equity below the industry

    First Citizens BancShares's return on equity of 10.7% is below the Commercial Banks median of 11.2%.

  • Earnings grew over 5 years

    Net income grew 35.0% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 24.5% over the last twelve months, against a 5-year average of 32.6%.

  • Net margin below the industry

    First Citizens BancShares's net margin of 24.5% is below the Commercial Banks median of 30.0%.

Financial health3/6

  • Well capitalized

    Equity is 9.2% of total assets; 8% or more is a comfortable cushion.

  • Loans funded by deposits

    Loans equal 86.2% of deposits, so lending is funded by customer deposits.

  • Thin loan-loss reserve

    The allowance for credit losses is 1.0% of loans; we look for at least 1%.

  • High cost base

    Non-interest expense takes 64.0% of revenue; under 60% is efficient for a bank.

  • Deposits growing

    Deposits grew 8.4% over the past year.

  • Heavy borrowings

    Borrowings other than deposits are 147% of equity.

Dividend4/6

  • Pays a dividend

    First Citizens BancShares paid dividends worth 0.4% of the share price over the last twelve months.

  • Yield below Treasuries

    The 0.4% yield is below the 4.4% on a 1-year Treasury.

  • Yield below the top quarter

    The top quarter of US dividend payers yield 4.0% or more; First Citizens BancShares yields 0.4%.

  • Dividend not cut

    The dividend per share has not fallen by more than 10% in any of the last 10 fiscal years.

  • Covered by earnings

    Dividends take 7.9% of net income.

  • Covered by free cash flow

    Dividends take 7.5% of free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$2,288.61

The share price is 3% above this estimate.

20%+ below
Near fair value
20%+ above
$2,352.64Price
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E11.9×11.5×12.3×$2,219.1850%
P/B1.2×1.2×1.3×$2,358.0350%
Fair value$2,288.61100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 11.5
  • Commercial Banks median 12.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$169.48M
Value traded per 1% price move
$122.68M

Downside

Low risk

Typical loss in a bad month
11.8%
Volatility (annualized)
27%
Sharpe ratio, 1 year
1.01
Beta to the S&P 500 (5Y)
1.02

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2011 to 2025

Net margin

23.1%−3.3 pts over 5 years