First Citizens BancShares, Inc. (FCNCA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+653.1%

$17,921.02

vs $2,379.58 price

Levered DCF

$9,246.98

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.3

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.95×	11.16×	1.81×	11.24×	15.4×	12.09×	12.96×	11.25×
P/B	1.19×	1.36×	0.97×	1.22×	1.72×	1.37×	1.65×	1.29×
P/S	1.83×	2.03×	1.63×	2.31×	4.29×	3.01×	3.31×	2.83×
EV / EBITDA	12.42×	12.23×	2.01×	6.98×	0.56×	9.72×	9.56×	8.18×
Gross margin	61.4%	62.2%	60.0%	78.2%	98.7%	92.0%	93.1%	95.9%
Operating margin	20.5%	24.0%	95.6%	26.7%	36.9%	32.3%	33.1%	31.7%
Net margin	15.2%	18.6%	90.7%	21.5%	28.8%	25.7%	25.5%	25.2%
Current ratio	1.03×	0.38×	0.39×	0.19×	0.38×	0.27×	0.25×	0.19×
Debt / equity	1.62×	1.68×	1.79×	0.72×	0.38×	0.45×	0.37×	0.27×
Interest coverage	0.6×	0.69×	3.28×	2.92×	11.49×	6.44×	6.39×	13.66×
Dividend yield	0.6%	0.5%	0.6%	0.7%	0.5%	0.5%	0.3%	0.4%
Payout ratio	7.3%	5.7%	1.0%	7.6%	7.7%	6.1%	4.0%	4.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	12.5%	53.9%	11.4%	11.5%	11.6%	12.8%	11.5%
Return on invested capital	3.3%	4.1%	17.1%	5.6%	7.9%	7.5%	8.5%	8.5%
Return on assets	1.0%	1.2%	5.4%	1.0%	0.9%	1.0%	1.1%	1.1%
Free cash flow yield	7.8%	4.8%	6.0%	15.8%	-4.8%	4.2%	7.7%	7.0%
Earnings yield	8.3%	9.2%	55.6%	9.3%	6.7%	8.5%	7.7%	8.9%
Enterprise value	$41.9B	$45.5B	$24.1B	$13.2B	$476.7M	$7.3B	$6.9B	$5.1B
Net debt / EBITDA	4.56×	4.09×	0.29×	0.77×	-9.09×	2.03×	1.32×	0.97×
Cash conversion cycle (days)	3,685	77	83	187	110	40	25	25