FCNCAFIRST CITIZENS BANCSHARES INC /DE/
State Commercial Banks
- Revenue
- $9.5B
- 2.2% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $27.6B
- Employees
- 18,141
- $526K revenue each
- Net debt / EBITDA
- —
- $23.2B net debt
- AI in 10-K
- 1.6
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo133% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowYes109% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$526K · 89th pctBottom quartile of its SIC industry
- Quiet on AINo1.6 per 10K words · 48th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$27.6B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | — | $5.1B | $18.8B | $9.8B | $9.5B | 2.2% |
| Net income | $547M | $1.1B | $11.5B | $2.8B | $2.2B | 21% |
| Operating cash flow | −$284M | $2.8B | $2.7B | $3.0B | $2.9B | 2.2% |
| Capex | $107M | $155M | $405M | $429M | $710M | 66% |
| Stock-based comp | $0 | $19M | $5M | $0 | $0 | |
| Buybacks | $0 | $1.2B | $0 | $1.6B | $3.0B | 84% |
| Dividends | $42M | $83M | $117M | $158M | $161M | 1.9% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 11, 2026 | HOLDING FRANK B JR | SCHEDULE 13D/A | 24.9% | Passive |
| Apr 8, 2026 | HOLDING FRANK B JR | SCHEDULE 13D/A | 25.0% | Passive |
| Dec 22, 2025 | HOLDING FRANK B JR | SCHEDULE 13D/A | 66.9% | Active |
| Jun 25, 2025 | HOLDING FRANK B JR | SCHEDULE 13D/A | 21.6% | Active |
| Oct 22, 2024 | HOLDING FRANK B JR | SC 13D/A | 19.9% | Passive |
| Dec 28, 2023 | HOLDING FRANK B JR | SC 13D/A | 75.2% | Passive |
| Jan 14, 2022 | HOLDING FRANK B JR | SC 13D/A | 19.2% | Passive |
| Jan 14, 2022 | HOLDING FRANK B JR | SC 13D/A | 63.5% | Passive |
| Oct 21, 2020 | HOLDING FRANK B JR | SC 13D/A | 7.1% | Passive |
| Oct 21, 2020 | HOLDING FRANK B JR | SC 13D/A | 18.3% | Passive |
Insider trading
- Open-market buys, 12 mo
- $14M · 62
- Open-market sells, 12 mo
- $16M · 11
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.