First Citizens Bancshares, Inc. Financial Ratios — FIZN

Profitability (USD)

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Return on Common Equity (%)	- -	13.61	13.43	16.33	35.29	338.45	12.71	9.65	9.46	12.25	13.28
Return on Assets (%)	- -	0.88	0.92	1.17	2.57	28.42	0.89	0.68	0.7	0.96	1.14
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	5.36	6.53	- -	17.92	13.53	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	24.39	22.62	26.02	- -	40.3	9.86	8.49	9	8.51	7.92	7.61
Operating Margin (%)	24.39	22.62	26.02	- -	36.44	1.93	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	-0.15	197.02	-1,982.76	1,648.26	0.03	-36.7	- -	- -	- -	- -
Pretax Margin (%)	24.39	22.62	23.48	32.49	36.44	29.1	20.97	27.05	27.02	37.9	31.82
Profit Margin (%)	17.84	18.3	19.12	25.23	28.11	18.09	14.27	17.12	17.35	22.57	25.3
Net Income to Common Margin (%)	17.84	18.3	19.12	25.23	28.11	18.09	14.27	17.12	17.35	22.57	25.3
Effective Tax Rate (%)	26.88	19.09	18.56	22.36	22.86	37.84	31.94	36.71	35.77	40.45	20.51
Dvd Payout Ratio (%)	55.85	45.26	40.87	33.49	32.04	5.19	8.33	8.56	6.39	4.45	4.19
Sustainable Growth Rate (%)	- -	7.45	7.94	10.86	23.99	320.88	11.65	8.83	8.86	11.7	12.73

Credit (USD)

API ChatGPT

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Total Debt	74	75	52	47	- -	51	1,042	704	843	975	348
ST Debt	- -	- -	- -	- -	- -	- -	490	- -	10	90	28
LT Debt	74	75	52	47	- -	51	551	704	833	885	320
Total Debt/EBITDA	7.17	7.31	4.33	- -	- -	0.56	12.63	6.37	7.62	8.58	2.89
Net Debt/EBITDA	5.43	5.26	2.51	- -	- -	0.1	5.27	1.45	2.69	5.56	0.06
Total Debt/EBIT	7.17	7.31	4.33	- -	- -	2.87	- -	- -	- -	- -	- -
Net Debt/EBIT	5.43	5.26	2.51	- -	- -	0.53	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.35	6.63	7.05	7.27	- -	8.4	6.92	7.24	7.54	8.1	9.12
Long-Term Debt/Equity (%)	95.89	89.23	58.53	45.74	- -	45.44	20.51	24.52	27.65	26.55	9.17
Long-Term Debt/Capital (%)	55.63	54.24	42.48	37.57	- -	33.7	17.64	23.62	25	23.46	8.94
Long-Term Debt/Total Assets (%)	7.96	7.87	5.36	4.49	- -	4.36	1.83	2.24	2.52	2.56	0.9
Total Debt/Equity (%)	95.89	89.23	58.53	45.74	- -	45.44	38.75	24.52	27.99	29.25	9.98
Total Debt/Capital (%)	55.63	54.24	42.48	37.57	- -	33.7	33.33	23.62	25.3	25.85	9.73
Total Debt/Total Assets (%)	7.96	7.87	5.36	4.49	- -	4.36	3.46	2.24	2.56	2.82	0.98
Net Debt to Equity	72.66	64.13	34.01	-11.86	- -	8.46	16.16	5.6	9.88	18.94	0.22
Net Debt/Capital (%)	48.72	46	30.03	-18.49	- -	8.64	17.22	6.57	10.66	18.37	0.23
EBITDA	10	10	12	- -	19	91	82	111	111	114	120
EBITDA-CapEx	7	10	11	-1	13	25	- -	21	29	29	-20
Operating Income (Loss)	10	10	12	- -	18	18	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	6.35	6.63	7.05	7.27	- -	8.4	6.92	7.24	7.54	8.1	9.12
Long-Term Debt/Equity (%)	95.89	89.23	58.53	45.74	- -	45.44	20.51	24.52	27.65	26.55	9.17
Long-Term Debt/Capital (%)	55.63	54.24	42.48	37.57	- -	33.7	17.64	23.62	25	23.46	8.94
Long-Term Debt/Total Assets (%)	7.96	7.87	5.36	4.49	- -	4.36	1.83	2.24	2.52	2.56	0.9
Total Debt/Equity (%)	95.89	89.23	58.53	45.74	- -	45.44	38.75	24.52	27.99	29.25	9.98
Total Debt/Capital (%)	55.63	54.24	42.48	37.57	- -	33.7	33.33	23.62	25.3	25.85	9.73
Total Debt/Total Assets (%)	7.96	7.87	5.36	4.49	- -	4.36	3.46	2.24	2.56	2.82	0.98
CFO/Total Liabilities	1.84	0.96	1.98	1.98	- -	31.17	0.67	0.81	0.77	1.14	2.4
CFO/CapEx	4.73	13.29	11.4	16.81	2.2	5.01	2.2	2.6	2.82	4.19	5.45
Altman's Z-Score	0.22	0.22	0.23	0.2	- -	1.17	0.14	0.15	0.16	0.17	0.19

Working Capital (USD)

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	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Accounts Receivable Turnover	- -	8.28	8.74	8.94	18.12	368.21	172.32	392.67	- -	- -	- -
Days Sales Outstanding	- -	44.06	41.76	40.84	20.14	0.99	2.12	0.93	- -	- -	- -
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)

API ChatGPT

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Market Capitalization	72	54	61	79	136	364	440	583	613	703	740
- Cash & Cash Equivalents	18	21	22	60	- -	42	604	534	540	336	327
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	2	2	- -	2	2	- -	- -	- -	- -
+ Total Debt	74	75	52	47	- -	51	1,042	704	843	975	348
Enterprise Value	128	109	93	69	136	-81	-6,293	-6,109	-6,091	-5,838	-3,796
Total Capital	133	139	123	126	- -	152	3,125	2,982	3,332	3,773	3,578
Total Debt/Capital (%)	55.63	54.24	42.48	37.57	- -	33.7	33.33	23.62	25.3	25.85	9.73
Total Debt / EV	0.58	0.69	0.56	0.68	- -	-0.63	-0.17	-0.12	-0.14	-0.17	-0.09
EV/Sales	3.04	2.39	2.01	1.47	2.84	- -	- -	- -	- -	- -	- -
EV/EBITDA	12.47	10.55	7.73	- -	7.04	- -	- -	- -	- -	- -	- -
EV/EBIT	12.47	10.55	7.73	- -	7.78	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	8.21	12.95	5.34	3.67	10.24	- -	- -	- -	- -	- -	- -
EV/Free Cash Flow to Firm	6.78	12.05	4.9	3.47	7.04	- -	- -	- -	- -	- -	- -
Diluted Market Cap	72	54	61	79	136	364	440	583	613	703	740
Diluted Enterprise Value	128	109	93	69	136	375	879	753	916	1,342	761
EV per Share	35.43	29.96	25.74	19.13	37.8	- -	- -	- -	- -	- -	- -
TTM Sales	42	46	46	47	48	923	971	1,229	1,299	1,435	1,582
TTM EBITDA	10	10	12	- -	19	91	82	111	111	114	120
TTM Operating Income	10	10	12	- -	18	18	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	16	8	17	19	13	331	182	233	231	355	766
TTM Free Cash Flow to Firm	19	9	19	20	19	397	265	323	312	440	906

Multiples (USD)

API ChatGPT

	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y
As of date	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018

Price/Free Cash Flow	3.82	6.04	3.2	3.98	7.04	0.92	1.66	1.8	1.96	1.6	0.82
EV/EBIT	12.47	10.55	7.73	- -	7.78	- -	- -	- -	- -	- -	- -
Enterprise Value	128	109	93	69	136	-81	-6,293	-6,109	-6,091	-5,838	-3,796
Low Price	19.6	14.37	13.97	16.8	21.96	37.8	37.21	43	45.75	45.86	52.05
EV/Sales	3.04	2.39	2.01	1.47	2.84	- -	- -	- -	- -	- -	- -
EV/EBITDA	12.47	10.55	7.73	- -	7.04	- -	- -	- -	- -	- -	- -
Price/Earnings	9.62	6.54	6.86	6.69	10.09	2.18	3.17	2.77	2.72	2.17	1.85
Price/Earnings Average	9.73	7.17	6.46	6.6	7.45	2.18	3.14	2.68	2.62	1.97	1.67
Price/Earnings High	14.76	9.36	11.95	9.44	10.09	2.18	3.32	2.77	2.72	2.41	1.85
Price/Earnings Low	9.44	6.26	5.71	5.12	5.86	2.18	2.74	2.45	2.44	1.7	1.55
Price/Book Value	1.23	0.86	0.89	1.04	- -	3.69	0.21	0.26	0.25	0.25	0.23
Price/Book Value Average	1.24	0.94	0.83	1.02	- -	3.69	0.21	0.25	0.24	0.23	0.21
Price/Book Value High	1.89	1.23	1.54	1.46	- -	3.69	0.22	0.26	0.25	0.28	0.23
Price/Book Value Low	1.21	0.82	0.74	0.79	- -	3.69	0.18	0.23	0.22	0.2	0.19
Price/Tangible Book Value	1.12	0.75	0.79	0.87	- -	3.69	0.18	0.22	0.22	0.23	0.23
Price/Tangible Book Value Average	1.13	0.83	0.74	0.85	- -	3.69	0.18	0.21	0.21	0.21	0.21
Price/Tangible Book Value High	1.71	1.08	1.37	1.22	- -	3.69	0.19	0.22	0.22	0.25	0.23
Price/Tangible Book Value Low	1.09	0.72	0.66	0.66	- -	3.69	0.16	0.2	0.2	0.18	0.2
Price/Sales	1.72	1.2	1.31	1.69	2.84	0.39	0.45	0.47	0.47	0.49	0.47
Price/Sales Average	1.74	1.31	1.23	1.67	2.09	0.39	0.45	0.46	0.45	0.45	0.42
Price/Sales High	2.63	1.71	2.29	2.38	2.84	0.39	0.47	0.47	0.47	0.54	0.47
Price/Sales Low	1.68	1.14	1.09	1.29	1.65	0.39	0.39	0.42	0.42	0.38	0.39
Price/Cash Flow	4.63	6.49	3.48	4.22	10.24	1.1	2.41	2.5	2.66	1.98	0.97
Price/Cash Flow Average	4.68	7.12	3.28	4.16	7.56	1.1	2.38	2.42	2.56	1.8	0.87
Price/Cash Flow High	7.1	9.3	6.06	5.95	10.24	1.1	2.52	2.5	2.66	2.2	0.97
Price/Cash Flow Low	4.54	6.21	2.9	3.23	5.95	1.1	2.09	2.22	2.38	1.55	0.81
Price/Free Cash Flow Average	3.87	6.62	3.01	3.93	5.2	0.92	1.64	1.75	1.89	1.45	0.74
Price/Free Cash Flow High	5.86	8.65	5.57	5.62	7.04	0.92	1.74	1.8	1.96	1.77	0.82
Price/Free Cash Flow Low	3.75	5.78	2.66	3.04	4.09	0.92	1.44	1.6	1.76	1.25	0.69
EV/Sales Average	3.06	2.5	1.93	1.45	2.09	0.41	0.9	0.6	0.69	0.89	0.43
EV/Sales High	3.96	2.9	2.98	2.17	2.84	0.41	0.93	0.61	0.7	0.99	0.48
EV/Sales Low	3.01	2.33	1.79	1.07	1.65	0.41	0.84	0.56	0.66	0.83	0.41
EV/EBITDA Average	12.55	11.06	7.43	- -	5.2	4.12	10.6	6.63	8.08	11.24	5.71
EV/EBITDA High	16.22	12.83	11.47	- -	7.04	4.12	10.91	6.8	8.28	12.49	6.32
EV/EBITDA Low	12.33	10.32	6.88	- -	4.09	4.12	9.94	6.21	7.71	10.47	5.33
EV/EBIT Average	12.55	11.06	7.43	- -	5.75	21.05	- -	- -	- -	- -	- -
EV/EBIT High	16.22	12.83	11.47	- -	7.78	21.05	- -	- -	- -	- -	- -
EV/EBIT Low	12.33	10.32	6.88	- -	4.52	21.05	- -	- -	- -	- -	- -
Last Price	19.99	15.02	16.8	21.96	37.8	37.8	43	48.5	51	58.5	62
High Price	30.65	21.5	29.25	31	37.8	37.8	45	48.5	51	65	62
Enterprise Value Average	129	114	90	68	101	375	874	734	893	1,278	688
Enterprise Value High	167	132	138	102	136	375	899	753	916	1,420	761
Enterprise Value Low	127	106	83	51	79	375	820	687	853	1,190	642

Shares Outstanding	4	4	4	4	- -	4	4	11	11	11	- -
Diluted Weighted Avg Shares	4	4	4	4	4	10	10	12	12	12	12
Basic Weighted Avg Shares	4	4	4	4	4	10	10	12	12	12	12
Revenue per Share	11.64	12.55	12.8	13.01	13.33	95.91	95	102.33	108.19	119.45	132.55
EBITDA per Share	2.84	2.84	3.33	- -	5.37	9.46	8.06	9.21	9.21	9.46	10.09
Operating Income per Share	2.84	2.84	3.33	- -	4.86	1.85	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.08	2.3	2.45	3.28	3.75	17.35	13.56	17.52	18.77	26.96	33.53
Basic EPS from Cont Ops	2.08	2.3	2.45	3.28	3.75	17.35	13.56	17.52	18.77	26.96	33.53
Diluted EPS, GAAP	2.08	2.3	2.45	3.28	3.75	17.35	13.56	17.52	18.77	26.96	33.53
Diluted EPS from Cont Ops	2.08	2.3	2.45	3.28	3.75	17.35	13.56	17.52	18.77	26.96	33.53
Dividend per Share	1.16	1.04	1	1.1	1.2	0.9	1.13	1.5	1.2	1.2	1.41
Cash Flow per Share	4.32	2.31	4.82	5.21	3.69	34.41	17.83	19.4	19.19	29.58	64.15
Free Cash Flow per Basic Share	3.4	2.14	4.4	4.9	2.01	27.55	9.74	11.93	12.38	22.52	52.38
Cash & Equivalents per Share	4.93	5.84	6.04	16.49	- -	51.79	760.74	615.75	628.32	625.82	409.14
Book Value per Share	16.25	17.5	18.95	21.19	- -	10.25	203.65	189.64	207.21	232.92	270.57
Tangible Book Value per Share	17.9	19.96	21.33	25.35	- -	10.25	238.83	219.92	231.78	258.97	266.39

First Citizens Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)