First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E

FCNCN

Banks - Regional · Financial Services

Price

$25.25

-0.02 (-0.08%)

Market Cap

$22.74B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+32.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 9.8M (2021) → 13.0M (2025)

First Citizens BancShares, Inc. is a bank holding company, which provides retail and commercial banking services through its subsidiaries. The company operates under the following segments: General Banking, Commercial Banking, Rail, and Corporate. The General Banking delivers services to individuals through branch networks. The Commercial Banking provides lending, leasing and other financial and advisory services to small and middle market companies. The Rail segment deals with the provision of

Winston Score History

Score breakdown

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Quality

Gross Margin

64.2%

Premium pricing power — 64.2% gross margin

Operating Margin

20.4%

Excellent — 20.4% operating margin

ROCE

1.3%

Weak — 1.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-1.2%

Shrinking sales (-1.2% YoY)

EPS YoY

-0.4%

Earnings shrinking (-0.4% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

133%

Turns 133% of profit into real cash

FCF Margin

9.6%

Modest free cash flow (9.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

1.54

Elevated debt (1.54)

Interest Cover

0.62x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

0.1x

Attractive valuation — P/E 0.1

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

+0.0

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

2.34%

Moderate income — 2.34% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

N/A

no trend

Data not available

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