First Citizens BancShares, Inc. (FCNCA) Fair Value & Analysis
Financial Services · US · Market cap $24.2B · ISIN US31946M1036
What is First Citizens BancShares, Inc. really worth?
First Citizens BancShares, Inc.
FCNCA · US
Below-average quality, trading 22% below our fair value of $2,790.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 6 valuation models · updated 4 days ago
Share price −1.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range $502.92 – $2,337 · fair‑value band $2,093 – $3,488 · the $2,177 price screens below the $2,790 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
First Citizens BancShares, Inc. (FCNCA) currently trades at $2,177, while our model-based Fair Value estimate is $2,790, implying the stock looks roughly 22.0% undervalued today. The Quality Score stands at 49/100 (below-average quality), in the Financial Services sector. Bull case: the Multiples group reads highest at a median of $2,710 per share, and 2 of the 6 models we run sit above the $2,177 price. Bear case: the Asset-Based group reads lowest at $1,408, and 4 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, First Citizens BancShares, Inc. generated revenue of $9.1B at a net margin of 24.7%. Revenue grew 4.9% year over year. It earns a return on equity of 10.2%. Net debt stands at $15.4B. Fundamentals as of Sep 1, 2026
Our scenario range runs from $2,093 (bear case) to $3,488 (bull case); at $2,177, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −10% fair-value upside, at 28%, FCNCA screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $112.33 per share, which is 4.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Multiples ($2,710) versus Dividend Discount ($244.93). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 66
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally. It operates through the General Bank, Commercial Bank, and Rail segments.
Full company description
First Citizens BancShares, Inc. operates as the holding company for First-Citizens Bank & Trust Company that provides retail and commercial banking services to individuals, businesses, and professionals in the United States and internationally. It operates through the General Bank, Commercial Bank, and Rail segments. The General Bank segment offers deposit products, including checking, savings, money market, and time deposit accounts; conforming and jumbo residential mortgage, and business and commercial loans; brokerage, investment advisory, private stock loans, other secured and unsecured lending products, and vineyard development loans; planning-based financial strategies, family office, financial planning, tax planning, and trust services; and payment and treasury services. This segment also includes a community association bank business that supports deposit, cash management, and lending to homeowner associations and property management companies. Its Commercial Bank segment provides a range of leasing, capital markets, asset management, and other financial and advisory services; factoring, receivable management, supply chain financing, and secured financing services; and commercial deposit products and services through online and mobile banking platforms, as well as physical locations. The Rail segment offers customized leasing and financing solutions on a fleet of railcars and locomotives to railroads and shippers. Its railcar types include covered hopper cars used to ship grain and agricultural products, plastic pellets, sand, and cement; tank cars for energy products and chemicals; gondolas for coal, steel coil and mill service products; open-top hopper cars for coal and aggregates; boxcars for paper and auto parts; and centerbeams and flat cars for lumber. First Citizens BancShares, Inc. was founded in 1898 and is headquartered in Raleigh, North Carolina.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
First Citizens BancShares, Inc. reported revenue of $14.5B in FY2025 versus $1.9B in FY2021, a compound +66.2%/yr. Reported net income was $2.2B in FY2025, compounding +41.7%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
of which total revenue +31.0 % · buybacks/dilution −2.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Revman International Secures $87 million from First Citizens Bank
- First Citizens Bank Introduces Working Capital Finance Group
- FCNCA Q2 Deep Dive: Balance Sheet Optimization and Relationship Banking Define 2026 Transition
- First Citizens Bank Appoints Stacie Bales Barton and Sharon Thompson to Lead Growth Across Central U.S.
Peer Group
Banks - Regional · 1071 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Banks - Regional median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 78/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| DBS Group D05 | 75.65 SGD | 40.48 SGD | −46% |
| China Merchants Bank Co 3968 | HK$47.96 | HK$76.51 | +60% |
| Intesa Sanpaolo S.p.A ISP | €6.78 | €5.66 | −17% |
| HDFC Bank Limited HDB | $23.17 | $24.12 | +4% |
| BNP Paribas SA BNP | €102.56 | €144.64 | +41% |
| UniCredit S.p.A UCG | €84.71 | €77.62 | −8% |
| Mizuho Financial Group MFG | $10.74 | $9.69 | −10% |
| ICICI Bank Limited ICICIBANK | ₹1,443 | ₹835.21 | −42% |
| Oversea-Chinese Banking Corporation O39 | 31.07 SGD | 19.80 SGD | −36% |
| CaixaBank, S.A CABK | €13.52 | €8.85 | −35% |
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