First Citizens BancShares, Inc. Financial Ratios — FCNCA

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	11.44	7.38	8.89	6.87	9.65	9.46	12.25	13.28	13.26	12.67	12.8	21.4	102.93	15.03	10.7
Return on Assets (%)	0.93	0.63	0.79	0.54	0.68	0.7	0.96	1.14	1.22	1.1	1.01	1.31	7.1	1.27	0.97
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	5.5	6.54	7.26	8.28	8.77	8.53	8.07	7.76	7.52	7.31	7.78	11.78	-0.65	1.37	4.38
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	26.17	17.81	26.64	20.45	26.35	27.07	38.59	32.44	34.87	33.96	38.14	30.09	137.96	37.81	32.11
Profit Margin (%)	16.46	11.96	16.56	13.92	16.68	17.39	22.98	25.79	26.94	27.03	29.76	24.26	130.98	29.23	23.84
Net Income to Common Margin (%)	16.46	11.96	16.56	13.92	16.68	17.39	22.98	25.79	26.94	26.26	28.78	23.16	130.31	28.59	23.23
Effective Tax Rate (%)	37.11	32.84	37.84	31.94	36.71	35.77	40.45	20.51	22.75	20.39	21.97	19.38	5.06	22.69	25.75
Dvd Payout Ratio (%)	6.41	11.63	5.19	8.33	8.56	6.39	4.45	4.19	3.97	3.35	4.54	3.15	0.51	3.57	4.84
Sustainable Growth Rate (%)	10.71	6.52	8.43	6.3	8.83	8.86	11.7	12.73	12.73	12.25	12.22	20.72	102.41	14.5	10.19

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	1,128	899	923	1,042	704	843	975	377	884	1,248	1,259	6,561	37,565	37,041	36,113
ST Debt	440	454	412	490	- -	10	90	28	- -	- -	- -	1,750	- -	- -	- -
LT Debt	688	445	511	551	704	833	885	348	884	1,248	1,259	4,811	37,565	37,041	36,113
Total Debt/EBITDA	17.31	12.41	12.61	12.63	6.37	7.62	8.58	3.13	6.92	9.38	8.8	12.31	-659.04	284.93	89.17
Net Debt/EBITDA	8.16	3.44	5.23	5.27	1.45	2.69	5.56	0.41	3.97	6.62	-57.78	1.24	-46.39	111.47	37.31
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.5	8.47	9.21	6.92	7.24	7.54	8.1	9.12	9.21	7.76	7.53	4.95	7.84	8.66	9.05
Long-Term Debt/Equity (%)	36.95	23.87	24.66	20.51	24.52	27.65	26.55	9.98	24.65	29.51	26.57	49.79	176.73	166.64	162.39
Long-Term Debt/Capital (%)	23.61	16.47	17.76	17.65	23.62	25	23.46	9.65	19.42	22.84	21.03	37.44	68.05	64.65	61.98
Long-Term Debt/Total Assets (%)	3.27	2.09	2.41	1.83	2.24	2.52	2.56	0.98	2.22	2.5	2.16	4.4	17.57	16.56	15.72
Total Debt/Equity (%)	60.61	48.23	44.54	38.75	24.52	27.99	29.25	10.79	24.65	29.51	26.57	67.91	176.73	166.64	162.39
Total Debt/Capital (%)	38.74	33.28	32.09	33.35	23.62	25.3	25.85	10.44	19.42	22.84	21.03	51.06	68.05	64.65	61.98
Total Debt/Total Assets (%)	5.37	4.22	4.35	3.46	2.24	2.56	2.82	1.06	2.22	2.5	2.16	6	17.57	16.56	15.72
Net Debt to Equity	28.56	13.37	18.47	16.16	5.6	9.88	18.94	1.41	14.14	20.8	-174.38	6.82	12.44	65.19	67.95
Net Debt/Capital (%)	22.9	12.09	16.33	17.24	6.57	10.66	18.37	1.5	12.15	17.24	238.37	9.02	12.78	41.26	40.12
EBITDA	65	72	73	82	111	111	114	120	128	133	143	533	-57	130	405
EBITDA-CapEx	-12	-16	7	- -	21	29	29	-20	7	- -	36	-393	-1,485	-1,405	-1,157
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	8.5	8.47	9.21	6.92	7.24	7.54	8.1	9.12	9.21	7.76	7.53	4.95	7.84	8.66	9.05
Long-Term Debt/Equity (%)	36.95	23.87	24.66	20.51	24.52	27.65	26.55	9.98	24.65	29.51	26.57	49.79	176.73	166.64	162.39
Long-Term Debt/Capital (%)	23.61	16.47	17.76	17.65	23.62	25	23.46	9.65	19.42	22.84	21.03	37.44	68.05	64.65	61.98
Long-Term Debt/Total Assets (%)	3.27	2.09	2.41	1.83	2.24	2.52	2.56	0.98	2.22	2.5	2.16	4.4	17.57	16.56	15.72
Total Debt/Equity (%)	60.61	48.23	44.54	38.75	24.52	27.99	29.25	10.79	24.65	29.51	26.57	67.91	176.73	166.64	162.39
Total Debt/Capital (%)	38.74	33.28	32.09	33.35	23.62	25.3	25.85	10.44	19.42	22.84	21.03	51.06	68.05	64.65	61.98
Total Debt/Total Assets (%)	5.37	4.22	4.35	3.46	2.24	2.56	2.82	1.06	2.22	2.5	2.16	6	17.57	16.56	15.72
CFO/Total Liabilities	1.75	1.04	1.73	0.67	0.81	0.77	1.14	1.42	1.6	0.82	-0.53	2.8	1.38	1.48	1.41
CFO/CapEx	4.37	2.26	5.01	2.2	2.6	2.82	4.19	3.23	4.78	2.83	-2.65	3.01	1.86	1.95	1.87
Altman's Z-Score	0.23	0.22	0.24	0.19	0.21	0.23	0.25	0.26	0.27	0.22	0.23	0.18	0.22	0.25	0.25

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	2.04	4.1	- -	- -	- -	- -	- -	- -	- -	- -	27.43	19.55	15.08	10.96	10.2
Days Sales Outstanding	179.09	88.95	- -	- -	- -	- -	- -	- -	- -	- -	13.31	18.67	24.2	33.31	35.78
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	1,816	1,675	2,141	2,584	3,101	4,264	4,840	4,501	5,929	5,775	8,146	11,779	20,615	30,305	27,906
- Cash & Cash Equivalents	591	640	534	604	534	540	336	327	377	362	9,453	5,543	34,517	22,178	20,602
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	340	340	881	881	881	1,375
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	1,128	899	923	1,042	704	843	975	377	884	1,248	1,259	6,561	37,565	37,041	36,113
Enterprise Value	-2,138	-3,735	-3,716	-5,876	-5,654	-4,312	-3,089	-804	-1,731	-4,360	-8,911	4,683	4,608	12,299	13,002
Total Capital	2,912	2,701	2,876	3,123	2,982	3,332	3,773	3,607	4,553	5,465	5,987	12,849	55,203	57,297	58,268
Total Debt/Capital (%)	38.74	33.28	32.09	33.35	23.62	25.3	25.85	10.44	19.42	22.84	21.03	51.06	68.05	64.65	61.98
Total Debt / EV	-0.53	-0.24	-0.25	-0.18	-0.12	-0.2	-0.32	-0.47	-0.51	-0.29	-0.14	1.4	8.15	3.01	2.78
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.03	0.53	1.29	1.41
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.79	- -	94.61	32.1
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.68	1.73	4.12	4.45
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.26	1.13	2.72	2.9
Diluted Market Cap	1,816	1,675	2,141	2,584	3,101	4,264	4,840	4,501	5,929	5,775	8,146	11,792	20,631	30,306	27,906
Diluted Enterprise Value	2,353	1,934	2,531	3,021	3,271	4,567	5,479	4,551	6,437	7,001	292	13,691	24,560	46,050	44,792
EV per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	301.49	317.16	857.54	999.93
TTM Sales	1,185	1,107	1,008	996	1,261	1,297	1,409	1,552	1,698	1,820	1,838	4,526	8,754	9,500	9,252
TTM EBITDA	65	72	73	82	111	111	114	120	128	133	143	533	-57	130	405
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	336	201	331	182	233	231	355	454	578	376	-284	2,791	2,660	2,988	2,923
TTM Free Cash Flow to Firm	413	290	397	265	323	312	440	594	699	509	-177	3,717	4,088	4,523	4,485

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	4.4	5.77	5.39	9.75	9.61	13.65	11	7.58	8.48	11.35	-46.02	3.17	5.05	6.7	6.22
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-2,138	-3,735	-3,716	-5,876	-5,654	-4,312	-3,089	-804	-1,731	-4,360	-8,911	4,683	4,608	12,299	13,002
Low Price	137.1	155	165.5	206.14	213.74	217.41	319.4	355.18	371.3	276.08	558.44	598.01	505.84	1,363.97	1,473.62
EV/Sales	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	1.03	0.53	1.29	1.41
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	8.79	- -	94.61	32.1
Price/Earnings	9.31	12.65	12.83	18.65	14.74	18.91	14.95	11.24	12.96	12.08	15.4	11.24	1.81	11.16	12.99
Price/Earnings Average	9.57	13.14	11.4	17.1	14.12	14.53	13.54	12.84	11.06	9.05	15.06	11.19	1.49	9.5	11.65
Price/Earnings High	11.1	14.53	13.26	20.06	15.39	19.55	16.17	14.57	13.21	12.96	16.99	14.05	1.95	12.61	14.6
Price/Earnings Low	7.29	11.99	9.54	15.21	12.2	11.58	11.85	10.59	9.04	5.81	10.36	8.86	0.64	7.2	8.92
Price/Book Value	1.02	0.93	1.1	1.24	1.36	1.71	1.73	1.39	1.62	1.49	1.86	2.18	1.23	1.56	1.34
Price/Book Value Average	1.05	0.97	0.97	1.14	1.3	1.32	1.57	1.59	1.38	1.12	1.81	2.17	1.02	1.33	1.21
Price/Book Value High	1.21	1.07	1.13	1.34	1.42	1.77	1.87	1.81	1.65	1.6	2.05	2.72	1.32	1.77	1.51
Price/Book Value Low	0.8	0.88	0.82	1.01	1.13	1.05	1.37	1.31	1.13	0.72	1.25	1.72	0.44	1.01	0.92
Price/Tangible Book Value	1.04	0.95	1.09	1.06	1.17	1.53	1.56	1.42	1.87	1.66	2.03	1.42	1.05	1.46	1.38
Price/Tangible Book Value Average	1.07	0.99	0.97	0.97	1.12	1.18	1.41	1.62	1.6	1.24	1.99	1.42	0.86	1.24	1.23
Price/Tangible Book Value High	1.24	1.09	1.12	1.14	1.23	1.58	1.68	1.83	1.91	1.78	2.24	1.78	1.13	1.65	1.55
Price/Tangible Book Value Low	0.81	0.9	0.81	0.86	0.97	0.94	1.23	1.33	1.31	0.8	1.37	1.12	0.37	0.94	0.94
Price/Sales	1.53	1.51	2.13	2.6	2.46	3.29	3.44	2.9	3.49	3.17	4.43	2.6	2.35	3.19	3.02
Price/Sales Average	1.58	1.57	1.89	2.38	2.36	2.53	3.11	3.31	2.98	2.38	4.33	2.59	1.94	2.72	2.71
Price/Sales High	1.83	1.74	2.2	2.79	2.57	3.4	3.72	3.76	3.56	3.4	4.89	3.25	2.54	3.61	3.39
Price/Sales Low	1.2	1.43	1.58	2.12	2.04	2.01	2.72	2.73	2.44	1.53	2.98	2.05	0.84	2.06	2.07
Price/Cash Flow	5.41	8.32	6.47	14.18	13.3	18.5	13.62	9.92	10.25	15.36	-28.68	4.22	7.75	10.14	9.55
Price/Cash Flow Average	5.56	8.64	5.75	13	12.75	14.22	12.34	11.33	8.75	11.5	-28.04	4.2	6.4	8.63	8.57
Price/Cash Flow High	6.45	9.55	6.68	15.25	13.89	19.12	14.74	12.85	10.44	16.47	-31.64	5.27	8.35	11.47	10.73
Price/Cash Flow Low	4.24	7.89	4.81	11.56	11.01	11.33	10.8	9.34	7.15	7.38	-19.3	3.33	2.76	6.55	6.56
Price/Free Cash Flow Average	4.53	6	4.79	8.94	9.21	10.49	9.96	8.65	7.23	8.5	-45	3.16	4.17	5.7	5.58
Price/Free Cash Flow High	5.24	6.63	5.57	10.49	10.03	14.11	11.9	9.81	8.64	12.17	-50.77	3.96	5.43	7.57	7
Price/Free Cash Flow Low	3.45	5.47	4.01	7.95	7.95	8.36	8.72	7.14	5.92	5.45	-30.97	2.5	1.8	4.33	4.27
EV/Sales Average	2.03	1.81	2.27	2.82	2.49	2.76	3.56	3.34	3.28	3.05	0.06	3.01	2.39	4.37	4.53
EV/Sales High	2.28	1.97	2.58	3.23	2.7	3.63	4.17	3.79	3.86	4.08	0.62	3.67	2.98	5.26	5.22
EV/Sales Low	1.65	1.67	1.97	2.56	2.17	2.25	3.18	2.76	2.74	2.2	- -	2.47	1.29	3.72	3.9
EV/EBITDA Average	36.89	27.61	31.33	34.04	28.4	32.38	44.19	43.09	43.58	41.73	0.77	25.56	-367.46	319.57	103.53
EV/EBITDA High	41.45	30.14	35.56	39.03	30.8	42.6	51.7	48.83	51.27	55.79	7.92	31.18	-458.41	384.64	119.16
EV/EBITDA Low	30.07	25.51	27.08	30.87	24.75	26.36	39.38	35.62	36.37	30.09	-16.59	20.99	-197.86	271.58	89
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	174.99	163.5	222.63	252.79	258.17	355	403	377.05	532.21	574.27	829.84	758.36	1,418.97	2,113.02	2,146.18
High Price	208.55	187.72	229.97	271.97	269.5	367	436	488.44	542.12	615.88	915.4	947.71	1,528.12	2,388.78	2,412.93
Enterprise Value Average	2,404	1,999	2,292	2,806	3,141	3,580	5,022	5,189	5,565	5,550	110	13,621	20,945	41,544	41,928
Enterprise Value High	2,701	2,182	2,601	3,217	3,407	4,711	5,876	5,880	6,547	7,420	1,132	16,619	26,129	50,004	48,260
Enterprise Value Low	1,960	1,847	1,981	2,544	2,737	2,915	4,475	4,289	4,644	4,002	-2,372	11,187	11,278	35,306	36,047

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	10	10	10	12	12	12	12	12	11	10	10	15	15	14	12
Diluted Weighted Avg Shares	10	10	10	10	12	12	12	12	11	10	10	16	15	14	13
Basic Weighted Avg Shares	10	10	10	10	12	12	12	12	11	10	10	16	15	14	13
Revenue per Share	114.19	108.05	104.75	97.39	105.02	107.99	117.31	130.04	152.38	180.97	187.24	291.4	602.56	662.4	711.56
EBITDA per Share	6.28	7.07	7.6	8.06	9.21	9.21	9.46	10.09	11.46	13.23	14.57	34.32	-3.92	9.06	31.15
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	18.8	12.92	17.35	13.56	17.52	18.77	26.96	33.53	41.05	47.53	53.89	67.47	785.18	189.38	165.28
Basic EPS from Cont Ops	18.8	12.92	17.35	13.56	17.52	18.77	26.96	33.53	41.05	48.92	55.72	70.69	789.24	193.63	169.66
Diluted EPS, GAAP	18.8	12.92	17.35	13.56	17.52	18.77	26.96	33.53	41.05	47.53	53.89	67.4	784.55	189.37	165.28
Diluted EPS from Cont Ops	18.8	12.92	17.35	13.56	17.52	18.77	26.96	33.53	41.05	48.92	55.72	70.61	788.6	193.62	169.66
Dividend per Share	1.2	1.5	0.9	1.13	1.5	1.2	1.2	1.41	1.63	2.98	4.28	5.34	8.05	11.02	12.38
Cash Flow per Share	32.35	19.65	34.41	17.83	19.4	19.19	29.58	38.01	51.9	37.39	-28.93	179.69	183.1	208.34	224.8
Free Cash Flow per Basic Share	24.94	10.97	27.55	9.74	11.93	12.38	22.52	26.25	41.03	24.16	-39.83	120.08	84.8	101.31	104.67
Cash & Equivalents per Share	489.78	615.86	704.92	929.49	787.53	784.23	741.38	475.94	766.91	1,165.76	1,900.49	936.01	3,748.17	3,899.63	4,029.39
Book Value per Share	171.92	175.93	203.03	203.65	189.64	207.21	232.92	270.57	329.31	385.52	447.01	348.12	1,153.44	1,350.94	1,598.16
Tangible Book Value per Share	168.79	171.59	204.55	238.83	219.92	231.78	258.97	266.39	284.4	346.86	408.5	532.45	1,355.39	1,445.07	1,560.47

First Citizens BancShares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)