Stock fact sheet · data as of
First Citizens BancShares, Inc. (FCNCA): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Value
Is FCNCA undervalued?
At 2,097.20 (close of 16 Oct 2026), FCNCA trades 66% below the GLS average fair value of 6,195.01. That average comes from 9 models run on the latest filings, and 7 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns First Citizens BancShares, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
There is a wide gap between DDM (123.60) and DCF (17,636.30). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files FCNCA under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for FCNCA
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 17,636.30 | +741% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 2,952.36 | +41% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 4,104.08 | +96% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1,231.42 | -41% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 12,492.61 | +496% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 6,156.49 | +194% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 8,790.90 | +319% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 123.60 | -94% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 2,267.34 | +8% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -3,493.99 | -267% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 2,289.83 | +9% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
First Citizens BancShares, Inc. scores 8 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. A GLS Moat score of 4.6/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC 3.8%, ROE 9.9%, ROA 1.0% - with debt at 1.62 times equity and a free-cash-flow yield of 10.8%.
The dividend yield is 0.40% with a payout ratio of 8% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Commercial Bank 46%, General Bank 41%, Rail 7% (quarter Q2 FY2026).
Institutional ownership scores 7/10, insider activity 5/10 and Congressional trading 10/10 on the GLS smart-money scales.
| Piotroski F-score | 8 / 9 | ROIC | 3.8% |
|---|---|---|---|
| GLS Moat | 4.6 / 10 | ROE | 9.9% |
| Debt / equity | 1.62 | ROA | 1.0% |
| Free-cash-flow yield | 10.8% | Payout ratio | 8% |
| Institutions | 7 / 10 | Insiders · Congress | 5 · 10 / 10 |
Wheel Score 79: Good
With a Wheel Score of 79 - the Good band - First Citizens BancShares, Inc. clears the Sunday Scan's "70 or higher" rule. The parts: Value 25/25, Health 18/20, Moat 7/15, Premium 17/20, Stability 12/20; Moat (7/15) scores lowest.
Implied volatility is 32% on the near-the-money contracts 20-60 days out: some premium, but under the 35-60% range the Wheel Score pays full marks for (17 of 20 points). Chain open interest is thin - 1,737 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 51k shares a day on a market cap of $23.7B, with a beta of 0.58 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 12 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 66% margin of safety | |
| Health | 18 / 20 | Piotroski 8/9 | |
| Moat | 7 / 15 | moat 4.6/10 | |
| Premium | 17 / 20 | implied volatility 32% | |
| Stability | 12 / 20 | 51k shares/day, $23.7B cap, beta 0.58 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
First Citizens BancShares, Inc. reports earnings on 22 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to First Citizens BancShares, Inc. by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| FCNCP First Citizens BancShares, Inc. | 17.60 | 2,869.41 | +99% | 39No options | $23.5B |
| FCNCN 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 | 22.96 | 2,881.25 | +99% | 39No options | $23.2B |
| CIB Grupo Cibest S.A. | 97.65 | 164,799.35 | +100% | 90Prime | $23.1B |
| RF Regions Financial Corporation | 26.89 | 34.44 | +22% | 87Prime | $22.9B |
| FCNCB First Citizens BancShares, Inc. | 1,680.00 | 5,724.12 | +71% | 39No options | $22.4B |
| FCNCO First Citizens BancShares, Inc. | 18.40 | 2,871.18 | +99% | 39No options | $22.2B |
| KEY KeyCorp | 19.94 | 26.98 | +26% | 80Prime | $21.5B |
| CFG Citizens Financial Group, Inc. | 63.43 | 89.86 | +29% | 86Prime | $26.7B |
| BCH Banco de Chile | 39.10 | 4,791.92 | +99% | 45Weak | $19.7B |
| HBAN Huntington Bancshares Incorporated | 15.35 | 17.54 | +12% | 74Good | $31.0B |
| HBANP Huntington Bancshares Incorporated | 15.83 | 17.77 | +11% | 39No options | $31.1B |
| HBANM Huntington Bancshares Incorporated | 19.48 | 19.52 | +0% | 39No options | $31.1B |
⚖ Compare FCNCA with 7 of them All Financial Services stocks →
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about FCNCA
Is FCNCA undervalued right now?
By the GLS models, yes: at 2,097.20 the stock is 66% below the average fair value of 6,195.01 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of FCNCA and what does it mean?
FCNCA scores 79 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for FCNCA?
6,195.01 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does First Citizens BancShares, Inc. report earnings next?
The next earnings report is due on 22 Oct 2026 (before the open), 6 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does FCNCA have listed options, and how liquid are they?
Yes. The nightly snapshot found 1,000 listed contracts with 1,737 open interest across all expiries and implied volatility of 32% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.