Latest Ratios: P/E Ratio 12.6x · EV/EBITDA 11.7x · 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 | $24.2B | $26.5B | $30.3B | $20.6B | $11.8B | $8.1B | $5.8B | $5.9B | $4.5B | $4.8B | $4.3B |
| Enterprise Value | $39.7B | $41.9B | $45.5B | $24.2B | $13.2B | $477M | $7.3B | $6.9B | $5.1B | $6.1B | $5.2B |
| P/E Ratio → | 12.62 | 12.95 | 11.16 | 1.81 | 11.25 | 15.40 | 12.09 | 12.96 | 11.25 | 14.95 | 18.91 |
| P/S Ratio | 1.67 | 1.83 | 2.03 | 1.63 | 2.31 | 4.29 | 3.01 | 3.31 | 2.83 | 3.33 | 3.18 |
| P/B Ratio | 1.16 | 1.19 | 1.36 | 0.97 | 1.22 | 1.72 | 1.37 | 1.65 | 1.29 | 1.45 | 1.42 |
| P/FCF | 11.71 | 12.81 | 20.86 | 16.75 | 6.32 | — | 23.77 | 12.97 | 14.37 | 17.90 | 28.68 |
| P/OCF | 8.29 | 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 | — | 2.89 | 3.05 | 1.91 | 2.60 | 0.25 | 3.81 | 3.84 | 3.21 | 4.18 | 3.85 |
| EV / EBITDA | 11.67 | 12.34 | 12.23 | 2.01 | 6.99 | 0.56 | 9.72 | 9.56 | 8.18 | 9.23 | 11.18 |
| EV / EBIT | 13.35 | 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 | 7.9% | 7.7% | 9.0% | 55.3% | 8.9% | 6.5% | 8.3% | 7.7% | 8.9% | 6.7% | 5.3% |
| FCF Yield | 8.5% | 7.8% | 4.8% | 6.0% | 15.8% | — | 4.2% | 7.7% | 7.0% | 5.6% | 3.5% |
| Buyback Yield | 12.5% | 11.4% | 5.4% | 0.0% | 10.5% | 0.0% | 5.8% | 7.6% | 3.6% | 0.0% | 0.0% |
| Total Shareholder Yield | 13.1% | 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 |
Integration and credit volatility
Based on recent market data, FCNCA trades at a P/B of 1.16, which appears to reflect a persistent complexity discount relative to regional peers, as investors struggle to reconcile the bank's unique distressed-acquirer model with its current, more modest return on tangible equity profile.
The current valuation suggests that the market remains skeptical of the bank's ability to normalize earnings following the SVB integration. Investors should monitor whether the P/B multiple expands as the purchase accounting benefits burn down and the underlying organic earnings power becomes more transparent to the broader market.
As reported in financial statements, the bank's ROE has remained constrained between 2.2% and 3.4% over the last ten quarters, indicating that the current profitability profile is heavily impacted by the integration of high-cost operating models and the ongoing compression of net interest margins.
The decomposition of ROE suggests that asset utilization is currently hampered by the significant overhead required to maintain the specialized SVB and Rail divisions. This indicates that profitability may remain strained until the bank can successfully leverage its expanded scale to drive greater operational efficiency across its diverse business segments.
According to recent SEC filings, the efficiency ratio has fluctuated between 35.7% and 46.2%, highlighting the significant operational overhead required to maintain the specialized service models of the legacy bank and the newly integrated innovation-focused divisions following the recent large-scale acquisition activities.
The stagnant NIM of 0.7% suggests that the bank is facing persistent challenges in managing its funding costs relative to asset yields. This warrants further investigation into whether the current liability structure can be optimized to improve margins as the bank moves past the initial integration phase.
Based on the provided balance sheet data, the equity-to-assets ratio has remained remarkably consistent at approximately 0.09 to 0.10 over the last ten quarters, suggesting that management is successfully maintaining a stable capital cushion despite the significant volatility inherent in their recent large-scale acquisition activities.
This consistent capital positioning appears to provide the bank with the strategic flexibility to pursue further opportunistic acquisitions or continue its capital return program. Investors should monitor whether this stability persists as the bank navigates the potential for higher-than-expected clawback payments to the FDIC.
As indicated by recent financial disclosures, the P/E ratio is a frequently misapplied metric for FCNCA, as it fails to account for the massive, non-recurring bargain purchase gains and subsequent purchase accounting adjustments that significantly distort the bank's reported earnings per share figures.
Relying on P/E ratios in this context obscures the bank's true organic earnings power and may lead to incorrect conclusions regarding its valuation. Analysts should instead prioritize P/TBV and adjusted ROE metrics to better assess the bank's long-term performance and the success of its distressed-acquirer strategy.
Includes 30+ ratios · 30 years · Updated daily
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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 12.6x. The historical average is 13.4x. This places it at the 40th percentile of its historical range.
First Citizens BancShares, Inc.'s current EV/EBITDA is 11.7x. 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 12.6x. This is at the 40th 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 0.62% 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.