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First Citizens BancShares, Inc. (FCNCA)

合理估值
Financial ServicesBanks - RegionalUnited States

基本面

70

价格

$2043.96

市值

$23.23B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

护城河

规模效应 · 狭窄

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.

需求驱动因素

周期性

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.

主要风险

  • 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.

看多理由

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.

看空理由

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

Compare

Generated on 2026年9月18日 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.

资产负债表与流动性

营收

$9.62B

最近12个月(截至2026/6/30)

净利润

$2.35B

最近12个月(截至2026/6/30)

自由现金流

$2.21B

股东权益合计

$22.24B

负债合计

$207.46B

流动比率

-

利息覆盖率

0.47

债务/EBITDA

-

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

增长一览表

增长 — 营业收入

公允价值估算

银行合理估值

公允价值

$2225.94

当前价格

$2043.96

安全边际

+8.2%

公允价值区间

$1446.86 - $3005.01

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$2339.38
现金流折现法(DCF):不适用于此类公司
市盈率法(P/E):$1947.95
格雷厄姆成长公式:不适用于此类公司
盈利能力价值(EPV):不适用于此类公司
合理市净率(P/B):$3031.12
股息折现模型(戈登模型):$320.80
P/FFO(运营资金):不适用于此类公司
周期中段收益:不适用于此类公司
市销率法(P/S):不适用于此类公司
分析师共识:买入 (10B / 11H / 0S)
最近财报超预期:+36.73%

估值指标

市盈率(P/E)

11.04

ROE

9.9%

市净率(P/B)

0.97

P/FCF

8.63

毛利率

-

ROIC

-

盈利能力雷达图

价值创造(经济护城河)

ROIC

-

WACC

12.1%

ROIC − WACC

-

基本面分析标准

通过(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%

未通过(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

不可用(6)

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

Piotroski F-评分

4/9

信号混杂:部分领域需关注

score
criteria

盈利质量

1.35

高质量:盈利有现金流支撑

股权稀释

-8.9%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
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-

审计风险

4

董事会风险

9

薪酬风险

2

股东权利风险

10

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-24

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-07

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-14

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for FCNCA, sourced from Markets Gazette.

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