First Citizens Bank - Public Comps and Valuation Multiples

First Citizens Bank Overview

About First Citizens Bank

First Citizens is a US regional bank with total assets of over $230 billion as of Sept. 30, 2025. Headquartered in Raleigh, North Carolina, First Citizens’ largest markets are North Carolina, South Carolina, and California. The bank has a track record of making troubled bank acquisitions from the FDIC, like the 2023 acquisition of Silicon Valley Bridge Bank, which doubled its asset base. First Citizens offers products and services across retail, commercial, wealth management, and railcar leasing. First Citizens derived over 95% of its earnings from banking and less than 5% from railcar leasing in 2024.

Founded

1986

HQ

Employees

17.5K+

Website

firstcitizens.com

Sectors

Commercial Banking

Financials

LTM Revenue $8.8B

Last FY EBITDA n/a

EV

$66.0B

Valuation Multiples

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First Citizens Bank Financials

As of December 2025, First Citizens Bank reported last 12-month revenue of $8.8B.

In the same period, First Citizens Bank achieved $2.1B in LTM net income.

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First Citizens Bank P&L

In the most recent fiscal year, First Citizens Bank reported revenue of $9.7B.

First Citizens Bank expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$8.8B	XXX	$9.7B	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBIT	$3.6B	XXX	n/a	XXX	XXX	XXX
EBIT Margin	41%	XXX	n/a	XXX	XXX	XXX
Net Profit	$2.1B	XXX	$2.8B	XXX	XXX	XXX
Net Margin	24%	XXX	29%	XXX	XXX	XXX
Net Debt	XXX	XXX	$14.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for First Citizens Bank including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $8.8B.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$8.8B	Analyst estimates available to subscribers	$9.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$3.6B	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	41.0% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$2.1B	Analyst estimates available to subscribers	$2.8B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	24.2% net profit margin	Analyst estimates available to subscribers	28.5% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$14.5B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for First Citizens Bank

This financial data table provides comprehensive performance metrics for First Citizens Bank, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

First Citizens Bank generated $8.8B in revenue over the last twelve months.
Net income over the last twelve months reached $2.1B.

Fiscal Year Performance

In the most recent fiscal year, First Citizens Bank reported $9.7B in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 28.5% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for First Citizens Bank. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

First Citizens Bank Stock Performance

First Citizens Bank has current market cap of $26.6B, and EV of $66.0B.

Market Cap Evolution

First Citizens Bank Stock Data

As of January 19, 2026, First Citizens Bank's stock price is $2138.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$66.0B	$26.6B	XXX	XXX	XXX	XXX	$169.28

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First Citizens Bank Valuation Multiples

First Citizens Bank's trades at 7.5x EV/Revenue multiple, and n/a EV/EBITDA.

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First Citizens Bank Financial Valuation Multiples

As of January 19, 2026, First Citizens Bank has market cap of $26.6B and EV of $66.0B.

Equity research analysts estimate First Citizens Bank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Citizens Bank has a P/E ratio of 12.4x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$26.6B	XXX	$26.6B	XXX	XXX	XXX
EV (current)	$66.0B	XXX	$66.0B	XXX	XXX	XXX
EV/Revenue	7.5x	XXX	7.5x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	18.2x	XXX	18.2x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	12.4x	XXX	12.4x	XXX	XXX	XXX
EV/FCF	n/a	XXX	45.4x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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First Citizens Bank Margins & Growth Rates

First Citizens Bank's last 12 month revenue growth is 2%

First Citizens Bank's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged n/a for the same period.

First Citizens Bank's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

First Citizens Bank's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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First Citizens Bank Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	2%	XXX	3%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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