Latest Ratios: P/E Ratio 12.3x · EV/EBITDA 11.4x · ROE 9.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.2B | $26.5B | $30.3B | $20.6B | $11.8B | $8.1B | $5.8B | $5.9B | $4.5B | $4.8B | $4.3B |
| Enterprise Value | $38.6B | $41.9B | $45.5B | $24.2B | $13.2B | $477M | $7.3B | $6.9B | $5.1B | $6.1B | $5.2B |
| P/E Ratio → | 12.30 | 12.95 | 11.16 | 1.81 | 11.25 | 15.40 | 12.09 | 12.96 | 11.25 | 14.95 | 18.91 |
| P/S Ratio | 2.44 | 2.78 | 3.11 | 2.30 | 2.55 | 4.43 | 3.17 | 3.49 | 2.90 | 3.44 | 3.29 |
| P/B Ratio | 1.13 | 1.19 | 1.36 | 0.97 | 1.22 | 1.72 | 1.37 | 1.65 | 1.29 | 1.45 | 1.42 |
| P/FCF | 11.22 | 12.81 | 20.86 | 16.75 | 6.32 | — | 23.77 | 12.97 | 14.37 | 17.90 | 28.68 |
| P/OCF | 7.95 | 9.08 | 10.14 | 7.76 | 4.23 | — | 15.36 | 10.25 | 9.92 | 13.62 | 18.50 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.40 | 4.68 | 2.70 | 2.86 | 0.26 | 4.01 | 4.05 | 3.29 | 4.31 | 3.98 |
| EV / EBITDA | 11.37 | 12.34 | 12.23 | 2.01 | 6.99 | 0.56 | 9.72 | 9.56 | 8.18 | 9.23 | 11.18 |
| EV / EBIT | 13.00 | 14.12 | 12.68 | 2.00 | 9.73 | 0.68 | 11.82 | 11.62 | 10.14 | 11.16 | 14.70 |
| EV / FCF | — | 20.25 | 31.34 | 19.61 | 7.10 | — | 30.05 | 15.05 | 16.30 | 22.44 | 34.71 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.4% | 61.4% | 62.2% | 60.0% | 78.2% | 98.7% | 92.0% | 93.1% | 95.9% | 95.2% | 94.3% |
| Operating Margin | 20.5% | 20.5% | 24.0% | 95.6% | 26.7% | 36.9% | 32.3% | 33.1% | 31.7% | 37.4% | 26.2% |
| Net Profit Margin | 15.2% | 15.2% | 18.6% | 90.7% | 21.5% | 28.8% | 25.7% | 25.5% | 25.2% | 22.3% | 16.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.9% | 9.9% | 12.8% | 74.2% | 15.3% | 12.2% | 12.6% | 12.9% | 11.7% | 10.2% | 7.7% |
| ROA | 1.0% | 1.0% | 1.3% | 7.1% | 1.3% | 1.0% | 1.1% | 1.2% | 1.1% | 1.0% | 0.7% |
| ROIC | 3.8% | 3.8% | 4.5% | 23.8% | 8.8% | 8.3% | 8.4% | 9.5% | 8.1% | 8.7% | 6.1% |
| ROCE | 4.4% | 4.4% | 5.3% | 28.7% | 11.5% | 11.5% | 11.4% | 13.0% | 11.5% | 12.3% | 8.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.62 | 1.62 | 1.68 | 1.79 | 0.72 | 0.38 | 0.45 | 0.37 | 0.27 | 0.47 | 0.48 |
| Debt / EBITDA | 10.60 | 10.60 | 10.05 | 3.17 | 3.69 | 2.11 | 2.52 | 1.84 | 1.50 | 2.38 | 3.11 |
| Net Debt / Equity | — | 0.69 | 0.69 | 0.17 | 0.15 | -1.62 | 0.36 | 0.26 | 0.17 | 0.37 | 0.30 |
| Net Debt / EBITDA | 4.53 | 4.53 | 4.09 | 0.29 | 0.77 | -9.09 | 2.03 | 1.32 | 0.97 | 1.87 | 1.94 |
| Debt / FCF | — | 7.44 | 10.48 | 2.87 | 0.78 | — | 6.29 | 2.08 | 1.93 | 4.54 | 6.03 |
| Interest Coverage | 0.60 | 0.60 | 0.69 | 3.28 | 2.92 | 11.49 | 6.44 | 6.39 | 13.66 | 12.41 | 8.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.03 | 1.03 | 0.38 | 0.39 | 0.19 | 0.38 | 0.27 | 0.25 | 0.19 | 0.30 | 0.33 |
| Quick Ratio | 1.03 | 1.03 | 0.38 | 0.39 | 0.19 | 0.38 | 0.27 | 0.25 | 0.19 | 0.30 | 0.33 |
| Cash Ratio | 0.13 | 0.13 | 0.14 | 0.24 | 0.06 | 0.18 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 |
| Asset Turnover | — | 0.06 | 0.07 | 0.06 | 0.05 | 0.03 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 0.5% | 0.6% | 0.7% | 0.5% | 0.5% | 0.3% | 0.4% | 0.3% | 0.3% |
| Payout Ratio | 7.3% | 7.3% | 5.7% | 1.0% | 7.6% | 7.7% | 6.1% | 4.0% | 4.2% | 4.5% | 6.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.1% | 7.7% | 9.0% | 55.3% | 8.9% | 6.5% | 8.3% | 7.7% | 8.9% | 6.7% | 5.3% |
| FCF Yield | 8.9% | 7.8% | 4.8% | 6.0% | 15.8% | — | 4.2% | 7.7% | 7.0% | 5.6% | 3.5% |
| Buyback Yield | 13.0% | 11.4% | 5.4% | 0.0% | 10.5% | 0.0% | 5.8% | 7.6% | 3.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.7% | 12.0% | 6.0% | 0.6% | 11.2% | 0.5% | 6.3% | 7.9% | 4.0% | 0.3% | 0.3% |
| Shares Outstanding | — | $12M | $14M | $15M | $16M | $10M | $10M | $11M | $12M | $12M | $12M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying FCNCA stock.
First Citizens BancShares, Inc.'s current P/E ratio is 12.3x. The historical average is 13.4x. This places it at the 37th percentile of its historical range.
First Citizens BancShares, Inc.'s current EV/EBITDA is 11.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
First Citizens BancShares, Inc.'s return on equity (ROE) is 9.9%. The historical average is 12.2%.
Based on historical data, First Citizens BancShares, Inc. is trading at a P/E of 12.3x. This is at the 37th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
First Citizens BancShares, Inc.'s current dividend yield is 0.64% with a payout ratio of 7.3%.
First Citizens BancShares, Inc. has 61.4% gross margin and 20.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
First Citizens BancShares, Inc.'s Debt/EBITDA ratio is 10.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Deposit contraction and NIM pressure
Metrics are mathematically derived from official filings.
Premium Priced for Distressed Acquirer
FCNCA trades at 1.20x book and 12.98x trailing earnings, a premium to regional peers like HBAN (1.05x) and KEY (1.17x), reflecting its unique franchise. According to recent market data, the market prices in superior returns.
The P/B premium over peers suggests the market assigns value to FCNCA's distressed acquisition capabilities and the SVB franchise, which may justify higher multiples if integration succeeds. However, the low dividend yield of 0.6% indicates investors are relying on capital appreciation rather than income, consistent with a growth-oriented, reinvestment-focused strategy. The forward P/E of 11.21 implies expectations of continued earnings growth, but this hinges on stabilizing deposits and NIM.
ROE Suppressed by Low Leverage
ROE has hovered around 2.2-3.4% over the past ten quarters, with 2026Q2 at 3.1%, according to financial statements. This is well below peers like ZION (13.8%) and RF (11.7%), reflecting a low-leverage, high-equity model.
The DuPont decomposition reveals that FCNCA's ROE is constrained by an equity-to-assets ratio of 9-10%, which is higher than many peers, reducing financial leverage. While NIM is low at 0.7%, the efficiency ratio of 42.4% is strong, indicating cost discipline. The fee income contribution has risen to 20.9% of revenue, but the overall profitability remains modest, suggesting that the bank's scale and mix have yet to translate into superior returns.
NIM Flat, Efficiency Improves
Net interest margin has remained at 0.7% for five consecutive quarters, as reported in quarterly filings, while the efficiency ratio improved to 42.4% in 2026Q2 from 46.2% in 2026Q1. This suggests stable but compressed spreads.
The flat NIM indicates that asset yields and funding costs are moving in tandem, but the deposit contraction noted in the balance sheet analysis may pressure future NIM if the bank must rely on more expensive funding. The efficiency ratio improvement is a positive sign, reflecting disciplined expense management, but it may be partly due to revenue decline rather than organic cost reduction. Investors should monitor whether the efficiency gains are sustainable as the SVB integration matures.
Fortress Balance Sheet with High Equity
Equity-to-assets ratio held steady at 9% in 2026Q2, with equity of $21.9B, according to reported figures. This provides a solid buffer, but it also limits ROE and may indicate excess capital.
FCNCA's capital position appears robust, with a higher equity ratio than many peers, which supports its ability to absorb losses and pursue acquisitions. However, this conservative approach may be suboptimal for shareholders if capital is not deployed efficiently. The slower pace of buybacks, as noted in the cash flow analysis, suggests management is prioritizing balance sheet strength over aggressive capital return, which could be a deliberate strategy given the uncertain rate environment.
Credit Trends Improving, Reserves Adequate
Provision for loan losses turned negative at $10 million in 2026Q2, compared to a $166 million charge in 2025Q4, as per financial statements. This indicates improving credit quality and may reduce future provisioning needs.
The negative provision suggests that credit conditions are stabilizing, possibly due to the performance of acquired SVB loans under FDIC loss-share agreements. However, the lack of formal guidance and the complexity of purchase accounting adjustments warrant caution. Investors should monitor the burn-down of the FDIC indemnification asset, as its amortization could affect future earnings quality.
P/E Misleading Due to One-Offs
The P/E ratio of 12.98 may be misleading due to one-off items like bargain purchase gains and provision reversals, as reported in the income statement. Analysts should adjust for these to assess underlying earnings power.
The EPS beat in 2026Q2 was flattered by a negative provision and potentially other non-recurring items, which inflate reported earnings and lower the P/E. A more appropriate metric is P/TBV, which at 1.16x (based on tangible book value of $1853.62) provides a cleaner valuation of the bank's tangible assets. Additionally, ROE should be evaluated on a normalized basis, excluding acquisition-related gains, to gauge sustainable profitability.