First Citizens BancShares, Inc. (FCNCA) Financial Ratios
30 years of historical data (1996–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
11.62
↑+70% vs avg
5yr avg: 6.83
30Y Low0.6·High12.3
P/FCF
↑
11.62
↓-18% vs avg
5yr avg: 14.18
30Y Low3.9·High84.0
P/B Ratio
↓
1.15
↓-11% vs avg
5yr avg: 1.29
30Y Low0.9·High2.0
ROE
↓
9.9%
↑-60% vs avg
5yr avg: 24.9%
30Y Low6%·High74%
Debt/EBITDA
↑
10.60
↑+79% vs avg
5yr avg: 5.92
30Y Low1.5·High10.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FCNCA Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
First Citizens BancShares, Inc. trades at 12.5x earnings, 19% above its 5-year average of 10.5x, sitting at the 40th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 8%. On a free-cash-flow basis, the stock trades at 11.6x P/FCF, 18% below the 5-year average of 14.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $24.1B | $26.5B | $30.3B | $20.6B | $11.8B | $8.1B | $5.8B | $5.9B | $4.5B | $4.8B | $4.3B |
| Enterprise Value | $39.5B | $41.9B | $45.5B | $24.2B | $13.2B | $477M | $7.3B | $6.9B | $5.1B | $6.1B | $5.2B |
| P/E Ratio → | 12.50 | 12.95 | 11.16 | 1.81 | 11.25 | 15.40 | 12.09 | 12.96 | 11.25 | 14.95 | 18.91 |
| P/S Ratio | 1.66 | 1.83 | 2.03 | 1.63 | 2.31 | 4.29 | 3.01 | 3.31 | 2.83 | 3.33 | 3.18 |
| P/B Ratio | 1.15 | 1.19 | 1.36 | 0.97 | 1.22 | 1.72 | 1.37 | 1.65 | 1.29 | 1.45 | 1.42 |
| P/FCF | 11.62 | 12.81 | 20.86 | 16.75 | 6.32 | — | 23.77 | 12.97 | 14.37 | 17.90 | 28.68 |
| P/OCF | 8.23 | 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
FCNCA EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
First Citizens BancShares, Inc.'s enterprise value stands at 11.6x EBITDA, 70% above its 5-year average of 6.8x. This is roughly in line with the Financial Services sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.89 | 3.05 | 1.91 | 2.60 | 0.25 | 3.81 | 3.84 | 3.21 | 4.18 | 3.85 |
| EV / EBITDA | 11.62 | 12.34 | 12.23 | 2.01 | 6.99 | 0.56 | 9.72 | 9.56 | 8.18 | 9.23 | 11.18 |
| EV / EBIT | 13.29 | 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 |
FCNCA Profitability
Margins and return-on-capital ratios measuring operating efficiency
First Citizens BancShares, Inc. earns an operating margin of 20.5%, roughly in line with the Financial Services sector average. Operating margins have compressed from 95.6% to 20.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.9% is modest. ROIC of 3.8% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
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% |
Return on Capital
| 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% |
FCNCA Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
First Citizens BancShares, Inc. carries a Debt/EBITDA ratio of 10.6x, which is highly leveraged (149% above the sector average of 4.3x). Net debt stands at $15.4B ($36.0B total debt minus $20.6B cash). Interest coverage of just 0.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| 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 |
FCNCA Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.03x means First Citizens BancShares, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.39x to 1.03x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
FCNCA Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
First Citizens BancShares, Inc. returns 13.2% to shareholders annually — split between a 0.6% dividend yield and 12.6% buyback yield. The payout ratio of 7.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 8.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 7.3% | 7.3% | 5.7% | 1.0% | 7.6% | 7.7% | 6.1% | 4.0% | 4.2% | 4.5% | 6.4% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.0% | 7.7% | 9.0% | 55.3% | 8.9% | 6.5% | 8.3% | 7.7% | 8.9% | 6.7% | 5.3% |
| FCF Yield | 8.6% | 7.8% | 4.8% | 6.0% | 15.8% | — | 4.2% | 7.7% | 7.0% | 5.6% | 3.5% |
| Buyback Yield | 12.6% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 13.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $12M | $14M | $15M | $16M | $10M | $10M | $11M | $12M | $12M | $12M |
Peer Comparison
Compare FCNCA with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FCNCAYou | $24B | 12.5 | 11.6 | 11.6 | 61.4% | 20.5% | 9.9% | 3.8% | 10.6 |
 HBAN | $27B | 12.1 | 16.1 | 11.7 | 61.7% | 21.5% | 10.0% | 5.1% | 6.9 |
 CFG | $29B | 17.4 | 10.3 | 14.3 | 69.8% | 20.9% | 7.2% | 4.7% | 4.2 |
 RF | $25B | 12.5 | 6.8 | 11.5 | 74.6% | 28.5% | 11.7% | 8.5% | 1.7 |
 FITB | $35B | 14.9 | 12.8 | 9.3 | 65.3% | 24.9% | 12.2% | 6.4% | 4.0 |
 KEY | $25B | 14.9 | 14.8 | 11.8 | 62.3% | 20.6% | 9.5% | 5.4% | 4.7 |
 CMA | $11B | 16.8 | 16.1 | — | 68.1% | 19.1% | 10.1% | 5.2% | 5.5 |
 ZION | $10B | 11.0 | 8.7 | 9.9 | 67.1% | 23.8% | 13.5% | 8.0% | 3.4 |
 WAL | $9B | 9.1 | 9.7 | — | 61.1% | 22.9% | 13.2% | 6.5% | 5.4 |
 BOKF | $8B | 14.2 | 13.7 | 13.8 | 63.7% | 21.4% | 10.1% | 5.2% | 5.8 |
 FHN | $12B | 13.2 | 11.9 | 12.9 | 67.3% | 25.7% | 10.8% | 7.0% | 3.4 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Includes 30+ ratios · 30 years · Updated daily
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FCNCA — Frequently Asked Questions
Quick answers to the most common questions about buying FCNCA stock.
What is First Citizens BancShares, Inc.'s P/E ratio?
First Citizens BancShares, Inc.'s current P/E ratio is 12.5x. The historical average is 13.4x. This places it at the 40th percentile of its historical range.
What is First Citizens BancShares, Inc.'s EV/EBITDA?
First Citizens BancShares, Inc.'s current EV/EBITDA is 11.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 8.0x.
What is First Citizens BancShares, Inc.'s ROE?
First Citizens BancShares, Inc.'s return on equity (ROE) is 9.9%. The historical average is 12.2%.
Is FCNCA stock overvalued?
Based on historical data, First Citizens BancShares, Inc. is trading at a P/E of 12.5x. This is at the 40th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is First Citizens BancShares, Inc.'s dividend yield?
First Citizens BancShares, Inc.'s current dividend yield is 0.63% with a payout ratio of 7.3%.
What are First Citizens BancShares, Inc.'s profit margins?
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.
How much debt does First Citizens BancShares, Inc. have?
First Citizens BancShares, Inc.'s Debt/EBITDA ratio is 10.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.