First Citizens BancShares (FCNCA)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $24.4B, First Citizens BancShares's free cash flow of $2.2B (fiscal 2025) would need to grow about -3% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from First Citizens BancShares's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from FCNCA's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from First Citizens BancShares's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $5.1B | $18.8B | $9.8B | $9.5B |
| Net income | $547M | $1.1B | $11.5B | $2.8B | $2.2B |
| Free cash flow | -$391M | $2.6B | $2.3B | $2.6B | $2.2B |
| EPS (diluted) | $53.88 | $67.40 | $784.51 | $189.41 | $165.24 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own FCNCA
From each investor's latest 13F filing (what a 13F shows). 6 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Bill Nygren Harris Associates LP |
Trimmed | $1.9B | 2.5% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Added | $841M | 0.44% | Q2 2026 |
| Philippe Laffont Coatue Management |
Held | $290M | 0.60% | Q2 2026 |
| David Einhorn Greenlight Capital |
Added | $35M | 1.7% | Q4 2023 |
| Cliff Asness AQR Capital Management |
Trimmed | $10M | 0.00% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Held | $374,542 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by First Citizens BancShares's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 19, 2026 | Frank B Holding Jr |
92 | $1,550.00 | $142,600 |
| Mar 19, 2026 | Frank B Holding Jr |
4 | $1,550.00 | $6,200 |
| Mar 17, 2026 | Frank B Holding Jr |
2 | $1,550.00 | $3,100 |
| Mar 13, 2026 | Frank B Holding Jr |
15 | $1,550.00 | $23,250 |
| Mar 13, 2026 | Frank B Holding Jr |
134 | $1,550.00 | $207,700 |
| Mar 5, 2026 | Ralph Mattox Snow Iii |
11 | $1,944.22 | $21,386 |
| Feb 5, 2026 | Thomas H. Kean, Jr. |
0 | $2,122.95 | — |
| Feb 5, 2026 | Thomas H. Kean, Jr. |
0 | $2,122.95 | — |
| Nov 26, 2025 | Frank B Holding Jr |
135 | $1,629.67 | $220,005 |
| Nov 13, 2025 | Ro Khanna |
0 | $1,824.98 | — |
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In the full deep dive
Questions
What growth does First Citizens BancShares's stock price imply?
At a market value of $24.4B, First Citizens BancShares would need its free cash flow to grow about -3% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 35% a year.
Are First Citizens BancShares insiders buying the stock?
10 open-market insider purchases of FCNCA in the last 12 months, from SEC Form 4 filings.
Which superinvestors own First Citizens BancShares?
6 of the superinvestors Investingly tracks hold FCNCA in their latest 13F, including Bill Nygren, Dodge & Cox, Philippe Laffont.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.