First Citizens BancShares, Inc. (FCNCA)
適正価値ファンダメンタル
70
株価
$2043.96
時価総額
$23.23B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
競争優位性(moat)
規模の経済 · 狭い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.
需要を左右する要因
景気循環型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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
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.
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.
Regions overlaps directly with First Citizens' core Southeastern footprint, chasing the same consumer checking accounts, wealth clients and regional commercial borrowers.
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.
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.
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.
貸借対照表と流動性
売上高
$9.62B
直近12か月(2026/6/30まで)
純利益
$2.35B
直近12か月(2026/6/30まで)
フリーキャッシュフロー
$2.21B
自己資本合計
$22.24B
負債合計
$207.46B
流動比率
-
利払い倍率
0.47
負債/EBITDA
-
一株当たり利益(EPS)
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$2225.94
現在株価
$2043.96
安全マージン
+8.2%
適正価値レンジ
$1446.86 - $3005.01
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
11.04
ROE
9.9%
P/B レシオ
0.97
P/FCF
8.63
粗利益率
-
ROIC
-
収益性レーダー
価値創造(経済的モート)
ROIC
-
WACC
12.1%
ROIC − WACC
-
ファンダメンタル分析基準
合格(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%
不合格(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
データなし(6)
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Current Ratio
- Debt/EBITDA
- Revenue Growth 5Y (Finnhub)
Piotroski F-スコア
まちまちのシグナル:一部の領域に注意が必要
利益の質
高品質:利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Frank Brown Holding Jr. | Chairman & CEO | 64 |
| Ms. Hope Holding Bryant | Vice Chairwoman | 62 |
| Mr. Peter McDonald Bristow | President & Director | 59 |
| Mr. Craig Lockwood Nix CPA | Chief Financial Officer | 53 |
| Mr. Gregory L. Smith | Chief Information & Operations Officer | 60 |
| Ms. Deanna W. Hart | Senior Vice President of Investor Relations | 47 |
| Mr. Matthew G. T. Martin | General Counsel & Corporate Secretary | 45 |
| Ms. Barbara Thompson | Director of Corporate Communications & Brand Marketing | - |
| Mr. West L. Ludwig | Chief Human Resources Officer | 56 |
| Mr. Tom A. Eklund | Chief Risk Officer | - |
監査リスク
4
取締役会リスク
9
報酬リスク
2
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for FCNCA, sourced from Markets Gazette.