First Citizens Bancshares FCNCA

Nasdaq · State Commercial Banks · $30.3B

Every report since 2023 →

No closes on file for FCNCA yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$30.3B

EV / True FCF29.8x

Revenue$9.5B −2.2%

True FCF (ex-SBC)$2.2B −13.5%

Rule of 4021.0%

True FCF Yield7.3%

EPS, diluted$165.24 −12.8%

Modern Valuation (EOD)

Market Cap$30.3B

Enterprise Value$65.9B

EV / True FCF29.77

EV / FCF29.77

EV / Gross Profit—

EV / EBIT—

EV / Sales6.90

P / E (GAAP)13.74

P / FCF13.70

P / Oper. CF10.37

P / Book1.36

Owner & Cash Yields

True FCF Yield7.3%

FCF Yield7.3%

Owner Earn. Yield6.0%

Earnings Yield7.3%

Shareholder Yield+10.5%

Buyback Yield10.0%

Dividend Yield—

Dividend / sh$7.95

Payout Ratio7%

FCF / sh—

EPS (diluted)$165.24

Compounder & Returns

Rule of 4021.0%

ROIC—

Cash ROIC (CROIC)3.8%

GP / Assets—

ROE9.9%

ROA1.0%

Gross Margin—

Oper. Margin—

Net Margin23.1%

FCF Margin23.2%

True FCF Margin23.2%

Quality & Dilution

Cash Conversion100%

Accrual Ratio−0.3%

SBC % of FCF0.0%

SBC % of Rev0.0%

Reinvest. Rate24%

Sales Growth Y/Y−2.2%

Sales 3Y CAGR+23.4%

EPS Growth Y/Y−12.8%

FCF Growth Y/Y−13.5%

FCF 3Y CAGR−5.7%

Share Change Y/Y−9.3%

Balance Sheet & Scale

Revenue (FY)$9.5B

Gross Profit (FY)—

Oper. Income (FY)—

GAAP Net Income$2.2B

True FCF (ex-SBC)$2.2B

Cash & Equiv$801.0M

Total Debt$36.4B

Net Cash (Debt)$-35.6B

Net Cash % MCap−117.3%

Debt / FCF (yrs)16.4y

Current Ratio—

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of FCNCA revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$0 ($0.0 / $100)

Operating Expenses$0 ($0.0 / $100)

Tax & Non-Operating$7.3B ($76.9 / $100)

Net Profit Kept$2.2B ($23.1 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$2.2B (23.1% margin)

Operating Cash Flow (OCF)$2.9B(30.6% of rev)

Less: Capital Expenditures−$710.0M(7.4% of rev)

Standard Free Cash Flow (FCF)$2.2B(23.2% margin)

Less: Stock-Based Comp (SBC)−$0(0.0% of FCF)

True FCF (Owner Cash ex-SBC)$2.2B(23.2% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$1.5B	$5.1B	$18.8B	$9.8B	$9.5B	−2.2%	+60.1%
Interest Expense	$61.0M	$467.0M	$3.7B	—	$3.7B	—	+178.7%
Income Tax Expense	$154.0M	$264.0M	$611.0M	$815.0M	$765.0M	−6.1%	+49.3%
GAAP Net Income	$547.0M	$1.1B	$11.5B	$2.8B	$2.2B	−20.6%	+41.7%
Diluted EPS	$53.88	$67.40	$784.51	$189.41	$165.24	−12.8%	+32.3%
Diluted Shares	9.8M	15.5M	14.5M	14.3M	13.0M	−9.3%	+7.3%
Balance Sheet
Cash & Equivalents	$338.0M	$518.0M	$908.0M	$814.0M	$801.0M	−1.6%	+24.1%
Total Assets	$58.3B	$109.3B	$213.8B	$223.7B	$229.7B	+2.7%	+40.9%
Total Debt (Short + Long Term)	$1.8B	$5.0B	$37.7B	$37.3B	$36.4B	−2.4%	+113.0%
Total Liabilities	$53.6B	$99.6B	$192.5B	$201.5B	$207.5B	+3.0%	+40.3%
Stockholders' Equity	$4.7B	$9.7B	$21.3B	$22.2B	$22.2B	+0.0%	+47.2%
Net Cash / (Net Debt)	$-1.4B	$-4.5B	$-36.8B	$-36.4B	$-35.6B	+2.4%	—
Invested Capital	$6.2B	$14.2B	$58.1B	$58.7B	$57.8B	−1.5%	+75.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$-284.0M	$2.8B	$2.7B	$3.0B	$2.9B	−2.2%	—
Depreciation & Amortization (D&A)	$107.0M	$142.0M	$225.0M	$276.0M	$314.0M	+13.8%	+30.9%
Stock-Based Compensation (SBC)	$0	$19.0M	$5.0M	$0	$0	—	—
Capital Expenditures (CapEx)	$107.0M	$155.0M	$405.0M	$429.0M	$710.0M	+65.5%	+60.5%
Free Cash Flow (FCF)	$-391.0M	$2.6B	$2.3B	$2.6B	$2.2B	−13.5%	—
True FCF (ex-SBC Owner Cash)	$-391.0M	$2.6B	$2.3B	$2.6B	$2.2B	−13.5%	—
Share Repurchases (Buybacks)	$0	$1.2B	$0	$1.6B	$3.0B	+83.7%	—
Dividends Paid	$41.6M	$83.0M	$117.0M	$158.0M	$161.0M	+1.9%	+40.2%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what FCNCA did at the next close after each story

No Wire story has named FCNCA yet.

What happened · big days

18 big days in a year, and what we hold on each

A big day is a close more than 2.79% from the one before, three times FCNCA’s median day (0.93%). On 5 of the 18, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.79%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayFCNCAWhat we hold that dayGroup (median of 4) · each

1 Nov 17, 2025−3.04%
Before our storiesgroup −3.4%, moved with FCNCA
1Nov 17, 2025−3.04%
Before our stories
−3.4% moved with FCNCANTRS −3.7 · STT −3.4 · FITB −3.4 · BNY +0.8
2 Dec 10, 2025+4.33%
Before our storiesgroup +2.7%, moved with FCNCA
2Dec 10, 2025+4.33%
Before our stories
+2.7% moved with FCNCAFITB +5.3 · NTRS +3.1 · STT +2.2 · BNY −0.2
3 Jan 23, 2026−8.49%
Resultsgroup −1.1%, did not move with it
3Jan 23, 2026−8.49%
ResultsFirst close after the Jan 23 results filing
−1.1% did not move with itNTRS −2.9 · STT −1.8 · FITB −0.3 · BNY +0.2
4 Feb 4, 2026+3.43%
Before our storiesgroup +1.1%, did not move with it
4Feb 4, 2026+3.43%
Before our stories
+1.1% did not move with itFITB +2.5 · STT +1.5 · NTRS +0.6 · BNY +0.3
5 Feb 12, 2026−4.67%
Before our storiesgroup −2.1%, did not move with it
5Feb 12, 2026−4.67%
Before our stories
−2.1% did not move with itSTT −4.0 · FITB −2.1 · NTRS −1.6
6 Feb 18, 2026+3.48%
Before our storiesgroup +1.1%, did not move with it
6Feb 18, 2026+3.48%
Before our stories
+1.1% did not move with itSTT +1.3 · FITB +1.1 · NTRS +0.2
7 Feb 27, 2026−5.15%
Before our storiesgroup −3.0%, moved with FCNCA
7Feb 27, 2026−5.15%
Before our stories
−3.0% moved with FCNCAFITB −4.8 · NTRS −3.0 · STT −2.8
8 Mar 11, 2026−2.80%
Before our storiesgroup +2.1%, did not move with it
8Mar 11, 2026−2.80%
Before our stories
+2.1% did not move with itFITB −3.3 · NTRS +2.1 · STT +2.8
9 Mar 13, 2026−3.01%
Before our storiesgroup −0.4%, did not move with it
9Mar 13, 2026−3.01%
Before our stories
−0.4% did not move with itSTT −1.5 · FITB −0.4 · NTRS −0.3
10 Mar 27, 2026−3.22%
Before our storiesgroup −2.2%, moved with FCNCA
10Mar 27, 2026−3.22%
Before our stories
−2.2% moved with FCNCASTT −2.5 · NTRS −2.2 · FITB −1.9
11 Apr 23, 2026−3.40%
Resultsgroup −0.8%, did not move with it
11Apr 23, 2026−3.40%
ResultsFirst close after the Apr 23 results filing
−0.8% did not move with itNTRS −1.4 · STT −0.8 · FITB +0.7
12 Jun 2, 2026+2.92%
Before our storiesgroup +0.4%, did not move with it
12Jun 2, 2026+2.92%
Before our stories
+0.4% did not move with itFITB +3.6 · NTRS +0.9 · STT −0.0 · BNY −0.9
13 Jun 4, 2026+4.72%
Before our storiesgroup +2.9%, moved with FCNCA
13Jun 4, 2026+4.72%
Before our stories
+2.9% moved with FCNCAFITB +4.7 · STT +3.1 · NTRS +2.7 · BNY +2.5
14 Jul 16, 2026+4.15%
Nothing on FCNCAgroup −0.7%, did not move with it
14Jul 16, 2026+4.15%
Nothing on FCNCANo FCNCA story, brief or results filing in our record that day
−0.7% did not move with itFITB +2.5 · STT −0.5 · BNY −0.9 · NTRS −1.4
15 Jul 23, 2026+6.51%
Resultsgroup −0.5%, did not move with it
15Jul 23, 2026+6.51%
ResultsFirst close after the Jul 23 results filing
−0.5% did not move with itBNY −0.2 · NTRS −0.4 · STT −0.6 · FITB −0.9
16 Jul 28, 2026+2.84%
Nothing on FCNCAgroup −0.9%, did not move with it
16Jul 28, 2026+2.84%
Nothing on FCNCANo FCNCA story, brief or results filing in our record that day
−0.9% did not move with itFITB +1.4 · BNY −0.8 · NTRS −0.9 · STT −1.1
17 Sep 16, 2026−2.82%
Nothing on FCNCAgroup −1.2%, did not move with it
17Sep 16, 2026−2.82%
Nothing on FCNCANo FCNCA story, brief or results filing in our record that day
−1.2% did not move with itFITB −4.1 · STT −1.2 · NTRS −1.2 · BNY −0.8
18 Oct 23, 2026+8.15%
Resultsgroup −0.0%, did not move with it
18Oct 23, 2026+8.15%
ResultsFirst close after the Oct 23 results filing
−0.0% did not move with itNTRS +1.3 · STT −0.0 · BNY −0.0 · FITB −0.5

A story on the same day is not a cause, and a group move is not proof either. Group: the median of BNY, FITB, STT and NTRS that day, the largest companies in FCNCA’s SEC industry; “moved with FCNCA” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). FCNCA reports before the open, so day 1 is that day’s close. Each time, day 6 ended on the same side as day 1.

Reported Jan 23, 2026

day 1−8.49%day 6−6.08%

Reported Apr 23, 2026

day 1−3.40%day 6−3.03%

Reported Jul 23, 2026

day 1+6.51%day 6+3.79%

Reported Oct 23, 2026

day 1+8.15%day 6+7.10%

Next report: expected late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 23 report: +6.15%. Four reports is a small sample.

Every report since 2023 →

Each line is FCNCA’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

FCNCA against four bank peers, a year at 100

FCNCA is up 28.2% in a year. Bank of New York Mellon is up 15.1 times, State Street is up 46.6% and Northern Trust 37.0%. Of these four, only Fifth Third Bancorp (+27.6%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 15-fold rise and a 27.6% rise both read honestly.

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FCNCA +28.2%. Bank of New York Mellon ×15.1, State Street +46.6%, Northern Trust +37.0%, Fifth Third Bancorp +27.6%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in FCNCA’s SEC industry (State Commercial Banks) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

BNY	Bank of New York Mellon	$103.6B	—
FITB	Fifth Third Bancorp	$49.6B	—
STT	State Street	$47.6B	—
NTRS	Northern Trust	$32.6B	—
MTB	M&T Bank	$32.4B	—
CFG	Citizens Financial	$27.8B	—
EWBC	East West Bancorp	$18.4B	—
ALLY	Ally Financial	$12.0B	—