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Arphra AIPlain-English read on First Citizens BancShares, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin61.4%
Operating margin20.5%
Net margin15.2%
ROE9.9%
ROA1.0%
ROIC5.9%
Liquidity & leverage
Current ratio1.03×
Quick ratio1.03×
Debt / equity1.62×
Net debt / EBITDA4.53×
Interest coverage1×
Efficiency & per-share
Asset turnover0.06×
Inventory days0
Days sales out.3685
FCF / share$167.52
Book value / share$1798.75
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $30.3B | $26.53B | — | — | — |
| Enterprise value | — | — | — | $45.53B | $41.94B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.05 | 2.89 | — | — | — |
| EV / FCF | — | — | — | 31.34 | 20.25 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +9.16% | +8.31% | — | — | — |
| Free cash flow yield | — | — | — | +4.79% | +7.81% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +98.74% | +78.18% | +60.01% | +62.24% | +61.44% | +60.12% | +60.38% | +59.82% |
| Operating margin | +36.91% | +26.73% | +95.56% | +24.04% | +20.49% | +47.94% | +45.74% | +45.94% |
| EBITDA margin | +44.44% | +37.19% | +95.11% | +24.91% | +23.44% | +48.88% | +49.03% | +48.10% |
| EBIT margin | +36.91% | +26.73% | +95.56% | +24.04% | +20.49% | +46.23% | +46.66% | +46.95% |
| Pre-tax margin | +36.91% | +26.73% | +95.56% | +24.04% | +20.49% | +46.92% | +46.54% | +45.89% |
| Net margin | +28.80% | +21.55% | +90.73% | +18.59% | +15.22% | +42.09% | +40.99% | +40.78% |
| Cost structure | ||||||||
| Cost of revenue / sales | +1.26% | +21.82% | +39.99% | +37.76% | +38.56% | +38.97% | +37.90% | +38.37% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +41.23% | +32.99% | +24.67% | +23.50% | +29.30% | +25.89% | +25.97% | +25.98% |
| Effective tax rate | +21.97% | +19.38% | +5.06% | +22.69% | +25.75% | +17.98% | +18.19% | +18.03% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +11.54% | +11.36% | +53.94% | +12.49% | +9.92% | +26.26% | +26.28% | +26.17% |
| Return on assets (ROA) | +0.94% | +1.00% | +5.36% | +1.24% | +0.96% | +2.68% | +2.59% | +2.61% |
| Return on capital (ROC) | +10.75% | +8.18% | +20.36% | +6.02% | +5.10% | +11.39% | +10.75% | +10.85% |
| Return on invested capital (ROIC) | +8.39% | +6.59% | +19.33% | +4.66% | +3.79% | +10.00% | +9.63% | +9.63% |
| Asset turnover | +3.26% | +4.66% | +5.91% | +6.68% | +6.31% | +6.36% | +6.31% | +6.39% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +28.80% | +21.55% | +90.73% | +18.59% | +15.22% | +42.09% | +40.99% | +40.78% |
| Asset turnover (× revenue / assets) | +3.26% | +4.66% | +5.91% | +6.68% | +6.31% | +6.36% | +6.31% | +6.39% |
| Equity multiplier (× assets / equity) | +1230.67% | +1131.22% | +1005.68% | +1006.48% | +1032.91% | +980.44% | +1016.19% | +1004.15% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.03 | 0.05 | 0.06 | 0.07 | 0.06 | 0.06 | 0.06 | 0.06 |
| Fixed-asset turnover | 1.46 | 0.51 | 1.15 | 1.28 | 1.20 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 1.58 | 1.77 | 3.94 | 4.28 | 0.10 | — | — | — |
| Payables turnover | 3.00 | 19.51 | 36.89 | 42.10 | — | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 231.42 | 205.78 | 92.68 | 85.26 | 3685.10 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 121.67 | 18.71 | 9.89 | 8.67 | — | — | — | — |
| Cash conversion cycle | 109.75 | 187.07 | 82.79 | 76.59 | 3685.10 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -0.52 | 2.54 | 0.23 | 1.08 | 1.33 | 0.50 | 0.48 | 0.51 |
| FCF / Net income | -0.71 | 1.70 | 0.11 | 0.52 | 0.94 | 0.27 | 0.27 | 0.28 |
| FCF margin | -20.59% | +36.60% | +9.75% | +9.73% | +14.29% | +11.32% | +10.93% | +11.33% |
| OCF margin | -14.96% | +54.77% | +21.05% | +20.00% | +20.16% | +20.84% | +19.80% | +20.90% |
| CapEx / Revenue | +5.63% | +18.17% | +11.30% | +10.27% | +5.88% | +8.96% | +9.36% | +9.27% |
| CapEx / D&A | 0.75 | 1.74 | -25.05 | 11.81 | 2.10 | — | — | — |
| Stock-based comp / Revenue | 0.00% | +0.37% | +0.04% | 0.00% | 0.00% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 53.88 | 67.40 | 784.55 | 189.41 | 165.76 | 177.45 | 198.25 | 216.81 |
| EPS · basic | 53.88 | 67.47 | 785.18 | 189.42 | 165.76 | 178.23 | 195.50 | 218.92 |
| Book value / share | 482.68 | 621.35 | 1461.83 | 1549.75 | 1798.75 | 1136.32 | 1165.65 | 1268.39 |
| Tangible BV / share | 443.15 | 588.49 | 1414.86 | 1506.38 | 1754.99 | 1136.32 | 1165.65 | 1268.39 |
| Sales / share | 193.46 | 327.72 | 869.19 | 1041.62 | 1172.61 | 708.93 | 747.29 | 813.77 |
| Operating CF / share | -28.93 | 179.49 | 182.94 | 208.32 | 236.43 | 147.73 | 147.98 | 170.12 |
| Free cash flow / share | -39.83 | 119.94 | 84.73 | 101.30 | 167.52 | 80.28 | 81.71 | 92.19 |
| Dividends / share | 4.28 | 5.34 | 8.05 | 11.02 | 13.02 | 7.36 | 7.93 | 8.15 |
| Payout ratio | +7.68% | +7.56% | +1.02% | +5.69% | +7.30% | +2.47% | +2.59% | +2.46% |
| Retention ratio | +92.32% | +92.44% | +98.98% | +94.31% | +92.70% | +97.53% | +97.41% | +97.54% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +168.35% | +148.00% | +18.21% | -2.97% | -39.56% | +4.91% | +8.42% | +26.72% |
| Gross profit · YoY | — | +112.48% | +90.36% | +22.61% | -4.22% | -40.85% | +5.36% | +7.41% | +17.97% |
| Profit | |||||||||
| Operating income · YoY | — | +94.29% | +786.71% | -70.26% | -17.29% | +41.40% | +0.08% | +8.90% | +30.75% |
| EBITDA · YoY | — | +124.53% | +534.30% | -69.03% | -8.70% | +26.06% | +5.23% | +6.36% | +28.17% |
| Net income · YoY | — | +100.73% | +944.26% | -75.78% | -20.56% | +67.21% | +2.15% | +7.88% | +33.18% |
| Operating | |||||||||
| EBIT · YoY | — | +94.29% | +786.71% | -70.26% | -17.29% | +36.34% | +5.90% | +9.10% | +31.16% |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +25.09% | +1064.02% | -75.86% | -12.49% | +7.05% | +11.72% | +9.36% | +22.01% |
| EPS · basic · YoY | — | +25.22% | +1063.75% | -75.88% | -12.49% | +7.52% | +9.69% | +11.98% | +22.17% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $1.78B | $7B | $38.05B | $37.41B | $36.01B | $22.84B | $24.78B | $26.65B |
| Net debt | -$7.67B | $1.45B | $3.53B | $15.23B | $15.41B | $6.15B | $7.51B | $7.66B |
| Net debt / EBITDA | -9.09 | 0.77 | 0.29 | 4.09 | 4.53 | 1.44 | 1.67 | 1.60 |
| Debt / equity | 0.38 | 0.72 | 1.79 | 1.68 | 1.62 | 1.63 | 1.73 | 1.72 |
| Debt / assets | +3.06% | +6.40% | +17.80% | +16.72% | +15.68% | +16.58% | +17.01% | +17.09% |
| Equity / assets | +8.13% | +8.84% | +9.94% | +9.94% | +9.68% | +10.20% | +9.84% | +9.96% |
| Coverage | ||||||||
| EBITDA / interest expense | 13.84 | 4.06 | 3.27 | 0.71 | 0.68 | 1.53 | 1.51 | 1.44 |
| Operating income / interest | 11.49 | 2.92 | 3.28 | 0.69 | 0.60 | 1.50 | 1.41 | 1.38 |
| Interest expense | $61M | $467M | $3.68B | $5.21B | $4.96B | $2.8B | $2.99B | $3.32B |
| Liquidity | ||||||||
| Current ratio | 0.38 | 0.19 | 0.39 | 0.38 | 1.03 | — | — | — |
| Quick ratio | 0.38 | 0.19 | 0.39 | 0.38 | 1.03 | — | — | — |
| Cash ratio | 0.18 | 0.06 | 0.24 | 0.14 | 0.13 | — | — | — |
| Working capital | -$32.1B | -$74.52B | -$89.21B | -$96.15B | $5.05B | — | — | — |
| Working capital / revenue | -1690.22% | -1462.23% | -705.89% | -643.60% | +34.85% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.89x | 3.05x |
| Earnings yield | 8.3% | 9.2% |
| FCF yield | 7.8% | 4.8% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 9.9% | 12.5% |
| ROA | 1.0% | 1.2% |
| ROIC | 3.3% | 4.1% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 4.53 | 4.09 |
| Interest coverage | — | — |
| Current ratio | 1.03x | 0.38x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).