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First Citizens BancShares, Inc. (FCNCA)

Juste valeur
Financial ServicesBanks - RegionalUnited States

Fondamental

70

Prix

$2043.96

Capitalisation boursière

$23.23B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

First Citizens BancShares is a bank holding company that combines a traditional branch bank with two acquired specialty franchises: the technology and life-sciences-focused commercial bank it bought from the failed Silicon Valley Bank in 2023, and a railcar and locomotive leasing business inherited from its 2022 purchase of CIT Group. It banks everyday consumers and businesses through branches while also lending to and leasing equipment for niche industries most regional banks do not serve.

Comment l'entreprise gagne de l'argent

Most revenue is net interest income — the spread between interest earned on loans and paid on deposits — across its General Bank branch network and its Commercial Bank division, which now includes the former SVB Commercial franchise serving technology and venture-backed clients. The Rail segment is different: it earns rental income from leasing railcars and locomotives under long-term contracts, a fee-based, noninterest-income business layered on top of the core bank.

Avantage concurrentiel

Économies d'échelle · Étroit

Absorbing Silicon Valley Bank's commercial banking franchise and CIT's railcar leasing fleet at scale gives First Citizens a combination of specialty lending relationships and equipment assets a typical regional bank cannot quickly assemble. The advantage rests on those inherited franchises rather than a single durable barrier, and each still competes against specialists in its own niche.

Ce qui stimule la demande

Cyclique

Traditional banking revenue follows loan demand, deposit costs and interest rates like any commercial bank. The former SVB franchise adds sensitivity to the health of the technology and venture capital ecosystem specifically, while the Rail segment depends on freight and industrial shipping volumes and railcar utilization rates, a distinct cycle of its own.

Principaux risques

  • Concentration in the technology and venture capital economy — The former Silicon Valley Bank franchise concentrates deposits and lending among technology and life-sciences companies and their investors, a client base whose funding and deposit behavior can move together sharply in a downturn — the exact dynamic that caused SVB's original failure.
  • Integration of acquired franchises — The company has repeatedly reorganized how it reports the SVB Commercial and Commercial Bank segments, reflecting an ongoing integration; combining systems, risk management and client relationships across a traditional bank, a tech-focused lender and a railcar lessor carries execution risk.
  • Interest rate and credit risk — Net interest income depends on the spread between deposit costs and asset yields, and credit losses can rise if borrowers across its diverse loan book — from consumer to specialty commercial lending — face economic stress.
  • Cyclicality of the railcar leasing business — Rail segment revenue depends on freight volumes, railcar utilization and lease re-pricing, all of which track industrial and commodity shipping activity and can soften in a broader economic slowdown.

Les arguments en faveur

Buyers argue that the SVB acquisition gave First Citizens a technology-banking franchise it could not have built organically at a favorable price, that the Rail segment provides a source of noninterest income uncorrelated with typical bank lending cycles, and that continued capital returns to shareholders signal confidence the integration is working.

Les arguments contre

Sellers fear that the technology and venture-capital deposit base inherited from SVB carries the same concentration risk that caused its original collapse, that combining three quite different businesses — retail banking, specialty tech lending and railcar leasing — under one roof raises the odds something is managed less well than a focused competitor would manage it, and that the Rail segment adds a cyclical, capital-intensive business unusual for a bank holding company.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 10.6Score: 65Market cap: $57.64B

Also headquartered in North Carolina, Truist competes branch for branch with First Citizens for retail deposits, small-business and middle-market commercial lending across the Carolinas and the wider Southeast.

P/E: 11.5Score: 72Market cap: $31.84B

M&T is a regional bank of almost identical size (roughly $210 billion in assets) built on the same model — a dense branch network funding commercial and commercial-real-estate lending — and bids for the same mid-sized business clients on the East Coast.

P/E: 10.9Score: 65Market cap: $23.22B

Regions overlaps directly with First Citizens' core Southeastern footprint, chasing the same consumer checking accounts, wealth clients and regional commercial borrowers.

P/E: 17.3Score: 66Market cap: $46.67B

Fifth Third is a comparable large regional bank whose commercial and middle-market lending, treasury-management and payments offer competes for the same corporate relationships First Citizens' Commercial Bank targets.

P/E: 11.7Score: 67Market cap: $31.04B

Huntington pairs a regional branch bank with one of the largest US equipment-finance and specialty-lending platforms, competing head-on with the equipment finance and leasing business First Citizens acquired with CIT.

Western Alliance BancorporationWAL

Through Bridge Bank and its technology and life-sciences lending teams, Western Alliance fights First Citizens' SVB division for venture-backed startups, capital-call lines and the deposits of innovation-economy companies.

Bilan & Liquidités

Chiffre d'affaires

$9.62B

12 derniers mois (au 30/06/2026)

Résultat net

$2.35B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$2.21B

Capitaux propres totaux

$22.24B

Passif total

$207.46B

Ratio de liquidité général

-

Couverture des intérêts

0.47

Dette/EBITDA

-

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

BanqueJustement valorisé

Juste valeur

$2225.94

Prix actuel

$2043.96

Marge de sécurité

+8.2%

Fourchette de juste valeur

$1446.86 - $3005.01

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$2339.38
Flux de trésorerie actualisés (DCF):Non applicable à ce type d'entreprise
Multiple de résultat (P/E):$1947.95
Formule de croissance de Graham:Non applicable à ce type d'entreprise
Valeur de la capacité bénéficiaire (EPV):Non applicable à ce type d'entreprise
P/B justifié:$3031.12
Actualisation des dividendes (Gordon):$320.80
P/FFO, les fonds provenant de l'exploitation:Non applicable à ce type d'entreprise
Bénéfices de milieu de cycle:Non applicable à ce type d'entreprise
Multiple sur le chiffre d'affaires:Non applicable à ce type d'entreprise
Consensus des analystes:Acheter (10B / 11H / 0S)
Dernière surprise sur les résultats:+36.73%

Indicateurs de valorisation

Ratio P/E

11.04

ROE

9.9%

Ratio P/B

0.97

P/FCF

8.63

Marge brute

-

ROIC

-

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

-

WACC

12.1%

ROIC − WACC

-

Critères d'analyse fondamentale

Réussi (14)

  • EPS shows upward trend
  • EPS CAGR 16.80%
  • Price CAGR 19.11%
  • P/FCF 8.63
  • P/B Ratio 0.97
  • Operating Margin 32.8%
  • Positive Free Cash Flow
  • Low reliance on intangibles
  • Price below Graham Number
  • ROE 10.7%
  • Earnings Surprise avg 12.0%
  • PEG Ratio 0.34
  • Earnings Quality (OCF/NI) 1.35
  • Share Dilution -8.9%

Échoué (8)

  • Debt/Equity ratio
  • CapEx intensity
  • Interest Coverage
  • Return on Tangible Assets
  • DCF valuation (Unknown)
  • Analyst Consensus 48% Buy
  • Net Margin Trend 24.5% vs 25.2%
  • Piotroski F-Score 4/9

Indisponible (6)

  • ROIC NaN%
  • Gross Margin NaN%
  • Dividend Payout NaN%
  • Current Ratio
  • Debt/EBITDA
  • Revenue Growth 5Y (Finnhub)

Score F de Piotroski

4/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.35

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-8.9%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Frank Brown Holding Jr.Chairman & CEO64
Ms. Hope Holding BryantVice Chairwoman62
Mr. Peter McDonald BristowPresident & Director59
Mr. Craig Lockwood Nix CPAChief Financial Officer53
Mr. Gregory L. SmithChief Information & Operations Officer60
Ms. Deanna W. HartSenior Vice President of Investor Relations47
Mr. Matthew G. T. MartinGeneral Counsel & Corporate Secretary45
Ms. Barbara ThompsonDirector of Corporate Communications & Brand Marketing-
Mr. West L. LudwigChief Human Resources Officer56
Mr. Tom A. EklundChief Risk Officer-

Risque d'audit

4

Risque du conseil

9

Risque de rémunération

2

Risque droits des actionnaires

10

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-24

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-08-07

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-09-14

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for FCNCA, sourced from Markets Gazette.

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