First Citizens BancShares Inc (FCNCB) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of First Citizens BancShares Inc $1,808, price $1,675, upside +7.9%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range $264.17 – $1,950 · fair‑value band $1,606 – $2,510 · the $1,675 price screens below the $1,808 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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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.
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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.
Stock analysis
First Citizens BancShares Inc (FCNCB) currently trades at $1,675, while our model-based Fair Value estimate is $1,808, so the stock looks roughly fairly valued today (gap 7.3%).
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Valuation
Bull case: the Multiples group reads highest at a median of $2,320 per share, and 3 of the 6 models we run sit above the $1,675 price.
Bear case: the Dividend Discount group reads lowest at $209.64, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $1,606 (bear) to $2,510 (bull), the price of $1,675 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $20.7B · P/E ratio 11.0 · P/S ratio 1.67 · EPS (TTM) $173.33 · Dividend yield 0.5% · Net margin 15.2% · Return on equity 10.2% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 12% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −36% fair-value upside, at 8%, FCNCB screens cheaper than that median.
Fair Value models
Bear $1,606Fair Value $1,808Bull $2,510
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($124.94 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.89/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−3.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+49.9%
Start year 2020 (pandemic). Over 10 years: +27.2% a year
Revenue growth 35 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+30.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+30.0%
Dividend (yield on the price)0.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.29.5% vs 26.1%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.32% → 21%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−6.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +0.8% a year for the price and −8.6% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (97 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare First Citizens BancShares Inc with another stock
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Peer Groupⓘ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.Banks - Regional · 1053 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+5.2% · Above median
Profitability
Return on equity (TTM)10.2% · Below median
Return on assets1.0% · Below median
Net margin (TTM)24.7% · Below median
Operating margin (TTM)34.2% · Below median
Growth and dividend
Revenue growth4.9% · Below median
Dividend yield (TTM)0.5% · Bottom 25%
Balance sheet
Debt / equity1.61× · Highest 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
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Is First Citizens BancShares Inc (FCNCB) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $1,808 versus a price of $1,675, about +8% upside (fairly valued).
What is the fair value of FCNCB?
Our model-based fair value for First Citizens BancShares Inc is $1,808 (as of Sep 29, 2026), built from audited fundamentals. The current price: $1,675.
What is the quality score of FCNCB?
First Citizens BancShares Inc has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Citizens BancShares Inc (FCNCB)?
Our model-based price target is the fair value of $1,808 (as of Sep 29, 2026) from 6 valuation models. Cautious scenario $1,606, optimistic scenario $2,510. It is a calculation from audited fundamentals, not an analyst target.
What is the First Citizens BancShares Inc stock forecast for 2026?
Our models put fair value at $1,808, about +8% upside versus a price of $1,675 (fairly valued). Cautious scenario $1,606, optimistic scenario $2,510. The calculation is refreshed regularly with new filings.
What is the revenue of First Citizens BancShares Inc (FCNCB)?
First Citizens BancShares Inc reported trailing-twelve-month revenue of about $9.1B (latest available figure, as of Sep 29, 2026).
Does First Citizens BancShares Inc pay a dividend?
First Citizens BancShares Inc currently shows a dividend yield of about 0.48% relative to its recent price (as of Sep 29, 2026).
What growth is priced into First Citizens BancShares Inc (FCNCB)?
For today's price to be fair in a discounted-cash-flow model, First Citizens BancShares Inc would have to grow free cash flow by +3.2 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +49.9 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of FCNCB use?
Our models discount First Citizens BancShares Inc at 8.4 %: a base by market capitalisation (large), damped by beta 0.62, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Citizens BancShares Inc that is +3.2 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has First Citizens BancShares Inc (FCNCB) delivered so far?
Over the past 5 years revenue at First Citizens BancShares Inc grew +49.9 % a year. The price currently implies +3.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Citizens BancShares Inc (FCNCB) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into First Citizens BancShares Inc (+3.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Citizens BancShares Inc (FCNCB)?
The free-cash-flow yield on the price is 10.00 %: that much free cash flow First Citizens BancShares Inc produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Citizens BancShares Inc (FCNCB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Citizens BancShares Inc it is $1,808 per share (as of Sep 29, 2026), against a price of $1,675. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is First Citizens BancShares Inc stock overvalued or undervalued in 2026?
As of Sep 29, 2026, FCNCB trades below its calculated fair value: price $1,675, fair value $1,808, a gap of about +8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FCNCB?
No. The price is what the market pays today ($1,675); the fair value is what the company's own numbers justify ($1,808). For First Citizens BancShares Inc the two are $132.73 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Citizens BancShares Inc worth?
The market values First Citizens BancShares Inc at about $20.7B (market capitalisation, as of Sep 29, 2026). Per share that is $1,675; our models calculate a fair value of $1,808 per share.
What do the bullish and bearish scenarios say about FCNCB?
Our models span a range for First Citizens BancShares Inc: cautious scenario $1,606, base $1,808, optimistic $2,510 per share (as of Sep 29, 2026, price $1,675). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FCNCB?
First Citizens BancShares Inc trades at a price-to-earnings ratio of 11.0 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1,808 is built from several models across several years. Other multiples: PEG 1.3, P/B 0.9, P/S 2.3, EV/EBITDA 10.6.
What is the PEG ratio of FCNCB?
The PEG ratio of First Citizens BancShares Inc is 1.26 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of First Citizens BancShares Inc (FCNCB)?
Balance-sheet figures for First Citizens BancShares Inc (as of Sep 29, 2026): return on equity 10.2%, debt of 1.61 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is FCNCB from its 52-week high?
First Citizens BancShares Inc trades at $1,675, about 12% below its 52-week high of $1,905 and 14% above the low of $1,474 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $1,808 is for.
Which stocks are comparable to First Citizens BancShares Inc?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Citizens BancShares Inc stock attractive at the current price?
The data as of Sep 29, 2026: price $1,675, calculated fair value $1,808 (+8%), Quality Score 46/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FCNCB calculated?
We run First Citizens BancShares Inc through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $1,808, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. First Citizens BancShares Inc currently trades 7 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of First Citizens BancShares Inc (FCNCB)?
The closing price on Oct 2, 2026 was $1,675. Our model-based fair value is $1,808, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Citizens BancShares Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of First Citizens BancShares Inc (FCNCB) come from?
Earnings per share at First Citizens BancShares Inc grew +42.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +28.4 %, EBIT margin +7.0 %, tax rate +3.5 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Citizens BancShares Inc
How large is the market capitalisation of First Citizens BancShares Inc (FCNCB)?
The market capitalisation of First Citizens BancShares Inc is $20.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Citizens BancShares Inc (FCNCB)?
The price-to-sales ratio of First Citizens BancShares Inc is 1.67 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Citizens BancShares Inc (FCNCB)?
Earnings per share at First Citizens BancShares Inc are $173.33 (price ÷ EPS = P/E 11.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Citizens BancShares Inc (FCNCB)?
The dividend yield of First Citizens BancShares Inc is 0.5% (payout 4.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Citizens BancShares Inc (FCNCB)?
The net margin of First Citizens BancShares Inc is 15.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Citizens BancShares Inc (FCNCB)?
The return on equity (ROE) of First Citizens BancShares Inc is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Citizens BancShares Inc (FCNCB)?
On an EBIT basis the return on assets of First Citizens BancShares Inc is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Citizens BancShares Inc (FCNCB)?
The operating margin of First Citizens BancShares Inc is 34.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Citizens BancShares Inc (FCNCB)?
Revenue at First Citizens BancShares Inc is growing +4.9% versus a year earlier (3y avg +41.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Citizens BancShares Inc (FCNCB)?
Earnings per share at First Citizens BancShares Inc are growing +23.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Citizens BancShares Inc (FCNCB) carry?
The net debt of First Citizens BancShares Inc is $15.4B (fiscal year 2025, ≈ 7.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 29, 2026