First Citizens BancShares, Inc. FCNCA

FinancialsBanking ServicesUnited States of America

Last close 2,368.26 USD on Nov 2, 2026, +10.7% year to date

Quant rating

Quant rating A Rank 58 of 799 in Financials

Growth B 153 of 799
Valuation B 167 of 799
Quality C 523 of 799
Revisions A 5 of 799
Momentum A 104 of 799

Wall Street consensus Hold (2.92)Average target 2,526.67 USD +6.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 28.2B
Enterprise value: 61.9B
52-week range: 1,761.33 – 2,428.72
3-year range: 1,373.91 – 2,428.72
Dividend yield: 0.38%
Beta (5 years): 0.60
Shares outstanding: 12.1M
Next earnings: Jan 21, 2027

About the company

First Citizens BancShares, Inc. is the financial holding company for First-Citizens Bank & Trust Company (First Citizens Bank). The Company’s General Bank segment delivers products and services to consumers and businesses through its network of branches and various digital channels. It offers a full suite of deposit products, loans, cash management, private banking and wealth management, payment services, and treasury services. The Commercial Bank segment provides a range of lending, leasing, capital markets, asset management, and other financial and advisory services, primarily to small and middle market companies. The SVB Commercial segment offers products and services to commercial clients and investors across stages, sectors and regions in the innovation ecosystem, as well as private equity and venture capital firms. The Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers throughout North America.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,778	12,353	10,391	3,413	1,451	–
Revenue growth	−4.7%	18.9%	204.5%	135.2%	−2.2%	51.3%
EPS (basic, normalized)	172.76	199.78	173.63	55.95	59.15	–
EPS growth	−13.5%	15.1%	210.3%	−5.4%	14.3%	27.3%
Gross margin	–	–	–	–	–	–
Net margin	18.2%	22.0%	109.8%	30.7%	36.5%	43.4%
ROE	–	13.1%	14.9%	11.2%	12.8%	13.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Tier 1 risk-adjusted capital ratio	11.7%
Long-term debt (mil)	32,036
Net debt (mil)	–
Total equity (mil)	21,900
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	11,778	−4.7%	5.3x	1,718.65	+10.4%	1.4x	165.24	−15.2%	14.3x
2026	9,321	−20.9%	6.6x	1,810.44	+5.3%	1.3x	197.96	+19.8%	12.0x
2027	9,836	+5.5%	6.3x	1,998.03	+10.4%	1.2x	215.18	+8.7%	11.0x
2028	10,414	+5.9%	5.9x	2,202.02	+10.2%	1.1x	232.90	+8.2%	10.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,321	+0.7%	+1.2%	+2.3%	197.96	+2.7%	+2.7%	+12.3%
2027	9,836	+1.6%	+2.3%	+2.9%	215.18	+8.8%	+8.0%	+7.8%
2028	10,414	+2.5%	+3.5%	+3.6%	232.90	+6.3%	+7.6%	+6.2%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,295	2,460	2,446	2,408	2,298	2,373	2,433	2,437	2,313	2,432
Sales mean (mil)	2,355	2,328	2,386	2,265	2,259	2,269	2,288	2,289	2,258	2,236
Surprise	−2.6%	+5.7%	+2.5%	+6.3%	+1.7%	+4.6%	+6.3%	+6.5%	+2.4%	+8.8%
EPS reported	52.92	50.87	45.87	45.10	37.79	42.36	43.08	45.81	44.86	57.09
EPS mean	43.34	44.78	47.40	39.23	37.91	39.31	41.97	43.91	39.41	40.54
Surprise	+22.1%	+13.6%	−3.2%	+15.0%	−0.3%	+7.8%	+2.6%	+4.3%	+13.8%	+40.8%

Peer comparison Banking Services

Peers in the same industry group, by market capitalization
Company	Market cap	Tier 1 ratio	Net margin	Deposits/loans	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
FCNCA First Citizens BancShares, Inc.	28.2B	11.7%	18.2%	1.10x	12.0x	11.0x	1.3x	1.2x
JPM JPMorgan Chase & Co.	905.3B	15.2%	28.8%	1.74x	13.7x	13.4x	2.5x	2.3x
BAC Bank of America Corporation	342.0B	14.0%	21.0%	1.72x	11.2x	9.6x	1.2x	1.1x
WFC Wells Fargo & Company	257.8B	11.3%	23.2%	1.47x	11.7x	10.7x	1.6x	1.4x
AXP American Express Company	219.9B	–	13.8%	–	18.4x	16.3x	6.3x	5.6x
COF Capital One Financial Corp	126.8B	14.8%	3.1%	1.11x	9.7x	8.8x	1.2x	1.1x
Mean		13.4%	18.0%	1.43x	12.8x	11.6x	2.4x	2.1x
Median		14.0%	19.6%	1.47x	11.8x	10.8x	1.4x	1.3x

Technical analysis

1M+14.2%
3M+8.4%
1Y+30.3%
3Y+72.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, First Citizens BancShares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Interest income	11,778	12,353	10,391	3,413	1,451	1,484
Total interest expense	4,964	5,210	3,679	467	60.7	95.9
Net interest income	6,814	7,143	6,712	2,946	1,390	1,388
Loan loss provision	514	431	1,375	645	−73.6	22.3
Net interest income after loan loss provision	6,300	6,712	5,337	2,301	1,464	1,366
Non-interest income	2,727	2,615	12,075	2,136	508	477
Non-interest expense	−6,056	−5,735	−5,335	−3,075	−1,270	−1,225
Net income before taxes	2,971	3,592	12,077	1,362	702	618
Provision for taxes	765	815	611	264	154	126
Minority interest & equity in affiliates	–	–	–	–	–	–
Other	0	0	0	0	0	0
Net income before extraordinary items	2,206	2,777	11,466	1,098	547	492
Extraordinary items	–	–	–	–	–	–
Net income	2,206	2,777	11,466	1,098	547	492
Basic weighted average shares (mil)	13.0	14.3	14.5	15.5	9.8	10.1
Diluted weighted average shares (mil)	13.0	14.3	14.5	15.5	9.8	10.1
Basic EPS excluding extraordinary items	165.28	189.38	785.18	67.47	53.88	47.50
Basic EPS, normalized	172.76	199.78	173.63	55.95	59.15	51.73

Balance sheet in millions of USD, fiscal years

Balance sheet, First Citizens BancShares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & due from banks	801	814	908	518	338	362
Other earning assets	62,401	65,697	64,157	24,454	22,324	14,395
Net loans	146,364	138,545	131,555	69,859	32,193	32,568
Property, plant & equipment	12,362	11,645	10,977	9,957	1,297	1,319
Goodwill	346	346	346	346	346	350
Intangibles	195	249	312	140	43.1	50.8
Long-term investments	–	–	–	–	–	–
Other long-term assets	–	–	–	–	–	–
Other assets	7,229	6,424	5,503	4,024	1,768	912
Total assets	229,698	223,720	213,758	109,298	58,308	49,958
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	329	357	396	352	64.4	68.3
Total deposits	161,578	155,229	145,854	89,408	51,406	43,432
Other bearing liabilities	–	–	–	–	645	655
Short-term borrowings	1,372	1,383	1,574	3,181	589	641
Current portion of long-term debt	–	–	–	–	–	–
Long-term debt	35,784	36,684	37,169	4,459	550	593
Minority interest	–	–	–	–	–	–
Other liabilities	8,397	7,839	7,510	2,236	317	339
Total liabilities	207,460	201,492	192,503	99,636	53,571	45,728
Shareholders' equity
Preferred stock	1,375	881	881	881	340	340
Common stock	12.0	14.0	15.0	15.0	9.8	9.8
Additional paid-in capital	0	2,417	4,108	4,109	–	0
Retained earnings (accumulated deficit)	20,768	19,361	16,742	5,392	4,378	3,867
Treasury stock	–	–	–	–	–	–
Other equity	83.0	−445	−491	−735	9.8	12.3
Total equity	22,238	22,228	21,255	9,662	4,737	4,229
Total liabilities & shareholders' equity	229,698	223,720	213,758	109,298	58,308	49,958

Cash flow statement in millions of USD, fiscal years

Cash flow statement, First Citizens BancShares, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,206	2,777	11,466	1,098	547	492
Depreciation, depletion & amortization	–	–	–	533	132	141
Deferred taxes	−111	6.0	−165	206	−7.6	−25.5
Non-cash items	390	124	−9,810	−429	11.4	−122
Changes in working capital	438	81.0	1,169	1,383	−967	−110
Cash from operations	2,923	2,988	2,660	2,791	−284	376
Investing activities
Capital expenditures	−1,562	−1,535	−1,428	−926	−107	−133
Other investing cash flows	−4,049	−8,620	3,857	1,001	−7,461	−9,774
Cash from investing	−5,611	−10,155	2,429	75.0	−7,568	−9,908
Financing activities
Financing cash flow items	6,381	9,329	297	−1,868	7,976	8,979
Cash dividends paid	−161	−158	−117	−83.0	−41.6	−30.4
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−3,545	−2,098	−4,879	−735	−107	569
Cash from financing	2,675	7,073	−4,699	−2,686	7,828	9,517
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−13.0	−94.0	390	180	−24.2	−14.7
Free cash flow	1,361	1,453	1,232	1,865	−391	242

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.