First Citizens BancShares, Inc. (FCNCA) Key Metrics
FCNCA valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $23.98B
- Enterprise value
- $36.16B
- P/E (TTM)
- 11.4 10-yr median 11.9
- Forward P/E
- 10.8
- PEG ratio
- 1.15
- Price / sales
- 2.6 10-yr median 2.9
- Price / book
- 1.2 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 5.4
- Dividend yield
- 0.36% $8.40 a year
- Beta
- 0.58
FCNCA key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFCNCA valuation Price multiples at each fiscal year-end price.
FCNCA returns How much profit the business earns on the capital it uses.
FCNCA per-share figures Results divided by the shares outstanding at year-end.
FCNCA financial health Debt, liquidity and how easily interest is covered.
FCNCA efficiency & capital use Working capital cycle and where the cash goes.
FCNCA valuation history
FCNCA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FCNCA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FCNCA cash returned to shareholders
FCNCA price vs earnings per share
FCNCA key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $26.53B | $30.31B | $20.63B | $11.79B | $8.15B | $5.78B | $5.93B | $4.50B | $4.84B | $4.26B |
| Enterprise value | $41.71B | $11.63B | $4.23B | $19.67B | −$9.28B | $2.32B | $5.51B | −$247.1M | −$2.50B | −$3.72B |
| P/E ratio | 12.0 | 10.9 | 1.8 | 10.7 | 14.9 | 11.7 | 13.0 | 11.2 | 14.9 | 18.9 |
| Price / sales | 1.8 | 2.0 | 1.6 | 2.3 | 4.3 | 3.0 | 3.3 | 2.8 | 3.3 | 3.2 |
| Price / book | 1.2 | 1.4 | 1.0 | 1.2 | 0.1 | 0.1 | 0.2 | 1.3 | 1.5 | 1.4 |
| Price / free cash flow | 12.8 | 20.9 | 16.7 | 6.3 | — | 27.9 | 14.1 | 14.4 | 17.9 | 28.7 |
| Price / operating cash flow | 9.1 | 10.1 | 7.8 | 4.2 | — | 17.0 | 11.0 | 9.9 | 13.6 | 18.5 |
| EV / sales | 2.9 | 0.8 | 0.3 | 3.9 | -4.9 | 1.2 | 3.1 | -0.2 | -1.7 | -2.8 |
| EV / EBITDA | 12.4 | 3.1 | 0.4 | 10.4 | — | 3.1 | 7.7 | — | — | — |
| EV / free cash flow | 20.1 | 8.0 | 3.4 | 10.5 | — | 11.2 | 13.1 | — | — | — |
| Earnings yield | 8.3% | 9.2% | 55.6% | 9.3% | 6.7% | 8.5% | 7.7% | 8.9% | 6.7% | 5.3% |
| Free cash flow yield | 7.8% | 4.8% | 6.0% | 15.8% | −4.8% | 3.6% | 7.1% | 7.0% | 5.6% | 3.5% |
| Dividend yield | 0.6% | 0.5% | 0.6% | 0.7% | 0.5% | 0.5% | 0.3% | 0.4% | 0.3% | 0.3% |
| Shareholder yield (dividends + buybacks) | 12.0% | 6.0% | 2.7% | 11.2% | 0.5% | 6.3% | 7.9% | 4.0% | 0.3% | 0.3% |
| Share price at fiscal year-end | $2,146.18 | $2,113.02 | $1,418.97 | $758.36 | $829.84 | $574.27 | $532.21 | $377.05 | $403.00 | $355.00 |
| Per share | ||||||||||
| Revenue per share | $1,172.61 | $1,041.62 | $869.19 | $327.72 | $193.45 | $190.52 | $160.70 | $133.13 | $120.96 | $111.58 |
| Earnings per share | $178.44 | $193.61 | $788.58 | $70.61 | $55.72 | $48.92 | $41.05 | $33.53 | $26.96 | $18.77 |
| Operating cash flow per share | $236.43 | $208.32 | $182.94 | $179.49 | −$28.91 | $33.81 | $48.52 | $38.01 | $29.58 | $19.19 |
| Free cash flow per share | $167.52 | $101.30 | $84.73 | $119.94 | −$39.85 | $20.55 | $37.65 | $26.25 | $22.52 | $12.38 |
| Cash per share | $1,685.19 | $3,910.34 | $3,745.05 | $33.31 | $1,900.48 | $468.29 | $133.25 | $475.96 | $741.40 | $784.26 |
| Book value per share | $1,798.75 | $1,549.75 | $1,461.83 | $621.35 | $5,818.20 | $4,843.51 | $3,495.23 | $292.26 | $277.61 | $250.83 |
| Tangible book value per share | $1,754.99 | $1,506.38 | $1,414.86 | $588.49 | $5,778.55 | $4,803.63 | $3,457.74 | $266.40 | $258.98 | $231.79 |
| Dividends per share | $13.02 | $11.02 | $8.05 | $5.34 | $4.24 | $3.02 | $1.63 | $1.41 | $1.20 | $1.20 |
| Capex per share | $68.92 | $107.02 | $98.21 | $59.55 | $10.94 | $13.26 | $10.87 | $11.76 | $7.06 | $6.81 |
| Debt per share | $2,912.56 | $2,608.10 | $2,616.92 | $539.87 | $125.75 | $125.03 | $95.71 | $78.21 | $130.23 | $119.60 |
| Shares outstanding | 12.4M | 14.3M | 14.5M | 15.5M | 9.8M | 10.1M | 11.1M | 11.9M | 12.0M | 12.0M |
| Change in shares outstanding | −13.8% | −1.4% | −6.5% | +58.4% | −2.4% | −9.7% | −6.7% | −0.6% | 0.0% | −0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.9% | 12.8% | 74.2% | 3.3% | 1.0% | 1.1% | 2.2% | 11.7% | 10.2% | 7.7% |
| Return on invested capital (ROIC) | 10.8% | 66.1% | 102.4% | 3.8% | 1.3% | 1.2% | 2.5% | — | — | — |
| Return on assets (ROA) | 1.0% | 1.3% | 7.1% | 1.3% | 1.0% | 1.1% | 1.2% | 1.1% | 1.0% | 0.7% |
| Return on tangible assets | 1.0% | 1.2% | 5.4% | 1.0% | 0.9% | 1.0% | 1.2% | 1.1% | 0.9% | 0.7% |
| Free cash flow margin | 14.3% | 9.7% | 9.7% | 36.6% | −20.6% | 10.8% | 23.4% | 19.7% | 18.6% | 11.1% |
| Income quality (OCF / net income) | 1.33 | 1.08 | 0.23 | 2.54 | −0.52 | 0.69 | 1.18 | 1.13 | 1.10 | 1.02 |
| Financial health | ||||||||||
| Total debt | $36.01B | $37.41B | $38.05B | $8.39B | $1.23B | $1.26B | $1.07B | $933.7M | $1.56B | $1.44B |
| Cash & short-term investments | $20.83B | $56.09B | $54.45B | $518.0M | $18.66B | $4.71B | $1.48B | $5.68B | $8.90B | $9.42B |
| Net debt | $15.17B | −$18.68B | −$16.40B | $7.88B | −$17.42B | −$3.45B | −$418.2M | −$4.75B | −$7.34B | −$7.98B |
| Debt / equity | 1.62 | 1.68 | 1.79 | 0.87 | 0.02 | 0.03 | 0.03 | 0.27 | 0.47 | 0.48 |
| Debt / assets | 0.16 | 0.17 | 0.18 | 0.08 | 0.02 | 0.03 | 0.03 | 0.03 | 0.05 | 0.04 |
| Net debt / EBITDA | 4.49 | −5.02 | −1.36 | 4.16 | −20.64 | −4.60 | −0.58 | −7.61 | −11.17 | −17.29 |
| Current ratio | 1.03 | 0.38 | 0.39 | 0.15 | 0.54 | 0.18 | 0.07 | 0.19 | 0.30 | 0.33 |
| Quick ratio | 1.03 | 0.38 | 0.42 | 2.73 | 0.85 | 0.36 | 0.14 | 0.18 | 0.30 | 0.33 |
| Interest coverage | 0.6 | 0.7 | 3.3 | 2.9 | 11.5 | 6.4 | 6.4 | 13.7 | 12.4 | 8.1 |
| Working capital | $5.05B | −$96.15B | −$89.21B | −$3.03B | −$15.83B | −$22.47B | −$21.51B | −$25.45B | −$20.95B | −$19.27B |
| Invested capital | $37.41B | $3.55B | $4.85B | $17.54B | $39.69B | $45.26B | $38.52B | −$1.26B | −$4.01B | −$4.97B |
| Tangible asset value | $21.70B | $21.61B | $20.57B | $9.15B | $56.72B | $48.31B | $38.52B | $3.18B | $3.11B | $2.78B |
| Net current asset value | −$39.46B | −$141.92B | −$134.84B | −$99.12B | $17.60B | $3.61B | $723.8M | −$26.13B | −$22.19B | −$20.48B |
| Graham number | $2,687.31 | $2,598.30 | $5,092.88 | $993.57 | $2,700.86 | $2,309.02 | $1,796.80 | $469.58 | $410.34 | $325.51 |
| Graham net-net per share | −$6,216.37 | −$9,955.27 | −$9,473.44 | −$6,530.30 | $1,256.17 | $111.12 | −$12.04 | −$2,188.92 | −$1,847.81 | −$1,703.73 |
| Capital allocation | ||||||||||
| Dividends paid | $161.0M | $158.0M | $117.0M | $83.0M | $41.6M | $30.4M | $18.1M | $16.8M | $14.4M | $14.4M |
| Share buybacks (net) | $3.03B | $1.65B | $448.0M | $1.24B | $0 | $333.8M | $453.1M | $163.1M | $0 | $0 |
| Dividend payout ratio | 7.3% | 5.7% | 1.0% | 7.6% | 7.6% | 6.2% | 4.0% | 4.2% | 4.5% | 6.4% |
| Dividends + buybacks / free cash flow | 153.9% | 124.3% | 45.9% | 70.9% | — | 176.2% | 112.3% | 57.4% | 5.3% | 9.7% |
| Capex / revenue | 5.9% | 10.3% | 11.3% | 18.2% | 5.7% | 7.0% | 6.8% | 8.8% | 5.8% | 6.1% |
| Capex / operating cash flow | 29.1% | 51.4% | 53.7% | 33.2% | — | 39.2% | 22.4% | 31.0% | 23.9% | 35.5% |
| Capex / depreciation | 2.10 | 11.81 | — | 1.74 | 0.81 | 0.94 | 0.95 | 1.17 | 0.75 | 0.74 |
| Stock-based compensation / revenue | 0.0% | 0.0% | 0.0% | 0.4% | −6.6% | −3.8% | −2.2% | — | −2.2% | −3.9% |
| SG&A / revenue | 29.3% | 23.5% | 23.9% | 33.0% | 41.2% | 38.9% | 39.3% | 43.2% | 44.2% | 42.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 1,886.5 | 81.8 | 87.8 | 107.7 | 26.9 | 25.6 | 23.8 | 23.6 | 22.0 | 11.4 |
| Days of inventory on hand | — | — | -482.6 | -3,221.2 | -116,863.2 | -7,774.4 | -2,362.5 | 276.9 | 332.9 | 340.0 |
| Days payables outstanding | 8.9 | 8.8 | 40.9 | 8,600.0 | 721,161.7 | 92,272.5 | 95,753.8 | 167,452.3 | 150,829.5 | 132,253.5 |
| Cash conversion cycle (days) | 1,877.5 | 73.1 | -435.7 | -11,713.5 | -837,998.0 | -100,021.3 | -98,092.6 | -167,151.8 | -150,474.6 | -131,902.0 |
| Receivables turnover | 0.19 | 4.46 | 4.16 | 3.39 | 13.57 | 14.25 | 15.36 | 15.49 | 16.59 | 31.95 |
| Payables turnover | 40.80 | 41.63 | 8.93 | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Inventory turnover | — | — | — | — | — | — | — | 1.32 | 1.10 | 1.07 |
| Asset turnover | 0.06 | 0.07 | 0.08 | 0.06 | 0.04 | 0.04 | 0.05 | 0.05 | 0.04 | 0.04 |
| Average receivables | $74.93B | $3.35B | $3.04B | $1.50B | $140.0M | $134.4M | $116.5M | $102.6M | $87.5M | $41.9M |
| Average payables | $137.0M | $135.5M | $566.0M | $26.20B | $47.42B | $38.93B | $32.55B | $29.97B | $28.71B | $27.55B |
| Average inventory | — | — | −$6.68B | −$9.81B | −$7.68B | −$3.28B | −$803.1M | $49.6M | $63.4M | $70.8M |
| Intangibles / total assets | 0.2% | 0.3% | 0.3% | 0.5% | 0.7% | 0.8% | 1.0% | 0.9% | 0.6% | 0.7% |
Computed from FCNCA's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FCNCA valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Citizens BancShares traded at 12.0 times earnings, against a 10-year median of 11.9. Based on the latest twelve months, the trailing P/E is 11.4 and the forward P/E is 10.8. First Citizens BancShares earned a return on equity of 9.9% and a return on invested capital of 10.8% in fiscal 2025. It ended the year with $36.0 billion of debt and $20.8 billion in cash and short-term investments, net debt of $15.2 billion. It returned $3.2 billion to shareholders: $161.0 million in dividends and $3.0 billion in share buybacks, 154% of free cash flow.
See the FCNCA income statement, the FCNCA chart for price history, or the FCNCA stock overview for the latest quote and news.
FCNCA key metrics FAQ
What is First Citizens BancShares's P/E ratio?
First Citizens BancShares's trailing P/E ratio is 11.4 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.8. At the end of fiscal 2025 it was 12.0, compared with a 10-year median of 11.9.
What is First Citizens BancShares's EV/EBITDA?
First Citizens BancShares's enterprise value was 12.4 times EBITDA at the end of fiscal 2025 (enterprise value $41.7 billion, EBITDA $3.4 billion).
What is First Citizens BancShares's return on equity?
First Citizens BancShares's return on equity (ROE) was 9.9% in fiscal 2025: net income of $2.2 billion on average shareholders' equity of $22.2 billion.
What is First Citizens BancShares's ROIC?
First Citizens BancShares's return on invested capital was 10.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Citizens BancShares have?
First Citizens BancShares had total debt of $36.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.62 and $15.2 billion of net debt (4.49 times EBITDA).
What is First Citizens BancShares's dividend yield?
First Citizens BancShares's forward dividend yield is 0.36%. First Citizens BancShares paid $161.0 million in dividends in fiscal 2025 ($13.02 per share), a payout ratio of 7.3%.
Does First Citizens BancShares buy back its shares?
Yes. First Citizens BancShares spent $3.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed −13.8% over the year, to 12.4M..
What is First Citizens BancShares's free cash flow yield?
First Citizens BancShares generated $2.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 7.8% on its market value at year-end ($26.5 billion).
What is First Citizens BancShares's current ratio?
First Citizens BancShares's current ratio was 1.03 at the end of fiscal 2025: current assets were 1.03 times current liabilities.