Valuation, from the filing
| Public float | $17.26B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float / net income | 7.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
7.8× earnings today, against a median of 6.7× across 4 years on record. Above its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $17.26B | 7.8× | |
| 2024-06-30 | $17.29B | 6.2× | |
| 2023-06-30 | $14.26B | 1.2× | |
| 2022-06-30 | $7.87B | 7.2× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the State Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.61x | 100th | |
| SBC / revenue | 0.0% | 0th | |
| FCF margin | 23.2% | 12th | |
| Effective tax rate | 25.7% | 86th | |
| Revenue YoY growth | -2.2% | 21th | |
| Net margin | 23.1% | 27th | |
| CapEx / revenue | 7.4% | 44th |
FIRST CITIZENS BANCSHARES INC /DE/ (FCNCA) reported revenue of $9.54B and net income of $2.21B for the fiscal year ended 2025-12-31. This page shows 4 annual periods of income statement, balance sheet and cash flow figures normalized from FIRST CITIZENS BANCSHARES INC /DE/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under State Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | $9.54B | $9.76B | $18.79B | $5.08B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $2.21B | $2.78B | $11.47B | $1.10B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 13.00M | shares 14.34M | shares 14.54M | shares 15.55M |
| Pretax income | $2.97B | $3.59B | $12.08B | $1.36B |
| Income tax expense | $765.00M | $815.00M | $611.00M | $264.00M |
| Diluted EPS | $165.24 | $189.41 | $784.51 | $67.40 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash & equivalents | Unavailable | Unavailable | Unavailable | Unavailable |
| Total assets | $229.70B | $223.72B | $213.76B | $109.30B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $207.46B | $201.49B | $192.50B | $99.64B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $22.24B | $22.23B | $21.26B | $9.66B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $346.00M | $346.00M | $346.00M | $346.00M |
| Long-term debt | $35.78B | $36.68B | $37.17B | $4.46B |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Operating cash flow | $2.92B | $2.99B | $2.66B | $2.79B |
| Capital expenditures | $710.00M | $429.00M | $405.00M | $155.00M |
| Investing cash flow | -$5.61B | -$10.16B | $2.43B | $75.00M |
| Financing cash flow | $2.68B | $7.07B | -$4.70B | -$2.69B |
| Net change in cash | -$13.00M | -$94.00M | $390.00M | $180.00M |
| Stock-based compensation | $0 | $0 | $5.00M | $19.00M |
| Common dividends paid | $161.00M | $158.00M | $117.00M | $83.00M |
| Common share repurchases | $3.03B | $1.65B | $0 | $1.24B |
| Depreciation & amortization | $314.00M | $276.00M | $225.00M | $142.00M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free cash flow | $2.21B | $2.56B | $2.26B | $2.64B |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | 23.2% | 26.2% | 12.0% | 51.9% |
| SBC / revenue | 0.0% | 0.0% | 0.0% | 0.4% |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | -2.2% | -48.1% | 269.7% | Unavailable |
| Net margin | 23.1% | 28.5% | 61.0% | 21.6% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 7.4% | 4.4% | 2.2% | 3.0% |
| Long-term debt / equity | 1.61x | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 25.7% | 22.7% | 5.1% | 19.4% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FCNCA in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.