First Citizens BancShares, Inc. Series C Preferred Stock (FCNCO) Key Metrics
FCNCO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFCNCO valuation Price multiples at each fiscal year-end price.
FCNCO returns How much profit the business earns on the capital it uses.
FCNCO per-share figures Results divided by the shares outstanding at year-end.
FCNCO financial health Debt, liquidity and how easily interest is covered.
FCNCO efficiency & capital use Working capital cycle and where the cash goes.
FCNCO valuation history
FCNCO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FCNCO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FCNCO cash returned to shareholders
FCNCO price vs earnings per share
FCNCO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $262.0M | $321.9M | $314.5M | $316.4M | — | — | — | — | — | — |
| Enterprise value | $15.44B | −$18.36B | −$16.09B | −$7.22B | — | — | — | — | — | — |
| P/E ratio | 0.1 | 0.1 | 0.0 | 0.3 | — | — | — | — | — | — |
| Price / sales | 0.0 | 0.0 | 0.0 | 0.1 | — | — | — | — | — | — |
| Price / book | 0.0 | 0.0 | 0.0 | 0.0 | — | — | — | — | — | — |
| Price / free cash flow | 0.1 | 0.2 | 0.3 | 0.2 | — | — | — | — | — | — |
| Price / operating cash flow | 0.1 | 0.1 | 0.1 | 0.1 | — | — | — | — | — | — |
| EV / sales | 1.1 | -1.2 | -1.3 | -1.4 | — | — | — | — | — | — |
| EV / EBITDA | 4.6 | — | — | — | — | — | — | — | — | — |
| EV / free cash flow | 7.5 | — | — | — | — | — | — | — | — | — |
| Earnings yield | 842.1% | 862.8% | 3,645.8% | 347.0% | — | — | — | — | — | — |
| Free cash flow yield | 790.5% | 451.4% | 391.7% | 589.4% | — | — | — | — | — | — |
| Dividend yield | 61.5% | 49.1% | 37.2% | 26.2% | — | — | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 1,216.9% | 561.1% | 179.7% | 418.1% | — | — | — | — | — | — |
| Share price at fiscal year-end | $21.19 | $22.44 | $21.63 | $20.35 | — | — | — | — | — | — |
| Per share | ||||||||||
| Revenue per share | $1,172.61 | $1,041.62 | $869.19 | $327.72 | $193.46 | $190.51 | $160.70 | $133.13 | $120.96 | $111.58 |
| Earnings per share | $178.44 | $193.61 | $788.58 | $70.61 | $55.73 | $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 | $934.92 | $1,900.57 | $1,165.72 | $766.92 | $475.96 | $741.40 | $784.26 |
| Book value per share | $1,798.75 | $1,549.75 | $1,461.83 | $621.35 | $482.68 | $420.53 | $321.89 | $292.26 | $277.61 | $250.83 |
| Tangible book value per share | $1,754.99 | $1,506.38 | $1,414.86 | $588.49 | $443.15 | $380.65 | $284.40 | $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 | $449.97 | $181.74 | $187.89 | $119.10 | $78.21 | $130.23 | $119.60 |
| Shares outstanding | 12.4M | 14.3M | 14.5M | 15.6M | 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% | 15.2% | 12.2% | 12.6% | 12.9% | 11.7% | 10.2% | 7.7% |
| Return on invested capital (ROIC) | 10.8% | 66.1% | 328.9% | — | — | — | — | — | — | — |
| 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 | $7.00B | $1.78B | $1.89B | $1.33B | $933.7M | $1.56B | $1.44B |
| Cash & short-term investments | $20.83B | $56.09B | $54.45B | $14.54B | $18.66B | $11.72B | $8.54B | $5.68B | $8.90B | $9.42B |
| Net debt | $15.17B | −$18.68B | −$16.40B | −$7.54B | −$16.87B | −$9.83B | −$7.22B | −$4.75B | −$7.34B | −$7.98B |
| Debt / equity | 1.62 | 1.68 | 1.79 | 0.72 | 0.38 | 0.45 | 0.37 | 0.27 | 0.47 | 0.48 |
| Debt / assets | 0.16 | 0.17 | 0.18 | 0.06 | 0.03 | 0.04 | 0.03 | 0.03 | 0.05 | 0.04 |
| Net debt / EBITDA | 4.49 | −5.02 | −1.36 | −3.98 | −19.99 | −13.09 | −10.03 | −7.61 | −11.17 | −17.29 |
| Current ratio | 1.03 | 0.38 | 0.39 | 0.19 | 0.38 | 0.27 | 0.25 | 0.19 | 0.30 | 0.33 |
| Quick ratio | 1.03 | 0.38 | 0.42 | 0.29 | 0.58 | 0.38 | 0.30 | 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 | −$74.52B | −$32.10B | −$32.10B | −$26.21B | −$25.45B | −$20.95B | −$19.27B |
| Invested capital | $37.41B | $3.55B | $4.85B | $2.12B | −$12.13B | −$5.60B | −$3.63B | −$1.26B | −$4.01B | −$4.97B |
| Tangible asset value | $21.70B | $21.61B | $20.57B | $9.15B | $4.35B | $3.83B | $3.17B | $3.18B | $3.11B | $2.78B |
| Net current asset value | −$39.46B | −$141.92B | −$134.84B | −$82.22B | −$33.67B | −$33.75B | −$27.57B | −$26.13B | −$22.19B | −$20.48B |
| Graham number | $2,687.31 | $2,598.30 | $5,092.88 | $993.56 | $777.94 | $680.36 | $545.28 | $469.58 | $410.34 | $325.51 |
| Graham net-net per share | −$6,216.37 | −$9,955.27 | −$9,473.44 | −$5,628.67 | −$3,997.88 | −$3,609.29 | −$2,551.73 | −$2,188.64 | −$1,847.92 | −$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 | $46.1M | $333.8M | $453.1M | $163.1M | $168.1M | $21.5M |
| 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% | 67.5% | 24.1% |
| 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% | 1.0% | −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 | 146.0 | 136.1 | 31.9 | 23.8 | 23.6 | 22.0 | 20.4 |
| Days of inventory on hand | — | — | -482.6 | -3,221.2 | -116,863.2 | -7,774.4 | -2,352.7 | 288.2 | 326.0 | 340.0 |
| Days payables outstanding | 8.9 | 8.8 | 7.0 | 10.7 | 1,354.0 | 389.9 | 387.6 | 557.3 | 478.5 | 425.3 |
| Cash conversion cycle (days) | 1,877.5 | 73.1 | -401.8 | -3,085.9 | -118,081.1 | -8,132.3 | -2,716.5 | -245.5 | -130.5 | -64.8 |
| Receivables turnover | 0.19 | 4.46 | 4.16 | 2.50 | 2.68 | 11.43 | 15.36 | 15.49 | 16.59 | 17.88 |
| Payables turnover | 40.80 | 41.63 | 52.10 | 34.22 | 0.27 | 0.94 | 0.94 | 0.65 | 0.76 | 0.86 |
| Inventory turnover | — | — | — | — | — | — | — | 1.27 | 1.12 | 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 | $2.04B | $708.1M | $167.7M | $116.5M | $102.6M | $87.5M | $74.9M |
| Average payables | $137.0M | $135.5M | $97.0M | $32.5M | $89.0M | $164.5M | $131.8M | $99.7M | $91.1M | $88.6M |
| Average inventory | — | — | −$6.68B | −$9.81B | −$7.68B | −$3.28B | −$799.8M | $51.6M | $62.1M | $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 FCNCO'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.
FCNCO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Citizens Series C Preferred traded at 0.1 times earnings, against a 10-year median of 0.1. First Citizens Series C Preferred 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 FCNCO income statement, the FCNCO chart for price history, or the FCNCO stock overview for the latest quote and news.
FCNCO key metrics FAQ
What is First Citizens Series C Preferred's P/E ratio?
First Citizens Series C Preferred traded at 0.1 times earnings at the end of fiscal 2025.
What is First Citizens Series C Preferred's EV/EBITDA?
First Citizens Series C Preferred's enterprise value was 4.6 times EBITDA at the end of fiscal 2025 (enterprise value $15.4 billion, EBITDA $3.4 billion).
What is First Citizens Series C Preferred's return on equity?
First Citizens Series C Preferred'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 Series C Preferred's ROIC?
First Citizens Series C Preferred'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 Series C Preferred have?
First Citizens Series C Preferred 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 Series C Preferred's dividend yield?
First Citizens Series C Preferred paid $161.0 million in dividends in fiscal 2025 ($13.02 per share), a payout ratio of 7.3%.
Does First Citizens Series C Preferred buy back its shares?
Yes. First Citizens Series C Preferred 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 Series C Preferred's free cash flow yield?
First Citizens Series C Preferred generated $2.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 790.5% on its market value at year-end ($262.0 million).
What is First Citizens Series C Preferred's current ratio?
First Citizens Series C Preferred's current ratio was 1.03 at the end of fiscal 2025: current assets were 1.03 times current liabilities.