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): fair value, margin of safety and Wheel Score

Is FCNCN undervalued?

FCNCN has a margin of safety of 99%: the stock closed at 22.96 on 16 Oct 2026 against a GLS average fair value of 2,881.25. 8 of the 9 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.

The 9 models disagree widely: Lynch gives 13.48 while DCF gives 17,636.30. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.

The nightly engine files FCNCN under Value: positive earnings at a P/E of 18 or less.

Nine valuation models for FCNCN

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.

Quality and financial health

On financial health FCNCN scores 8/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 4.6 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.

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 Deposit Fees and Service Charges 29%, Asset Management 24%, Credit and Debit Card 15% (quarter Q2 FY2026).

Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.

Wheel Score 39: No options

FCNCN has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.

Volume runs at 75k shares a day on a market cap of $23.2B, with a beta of 0.06 - 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.

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. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E reports earnings on 22 Oct 2026 - 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. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E 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.

⚖ Compare FCNCN with 7 of them   All Financial Services stocks →