First Citizens BancShares Inc. Depositary Shares (FCNCP)

FairStock Score: 53/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am looking at FCNCP, a depositary share tied to First Citizens BancShares, a regional bank. The economics are not easy: filed FY2025 showed revenue of $9.5B and net income of $2.2B, down from FY2024 revenue of $9.8B and net income of $2.8B, and far below FY2023's extraordinary $18.8B revenue and $11.5B net income. The latest quarter, fiscal Q2 2026, the quarter ended 2026-06-30, was better sequentially: revenue $2.4B, net income $672.0M, diluted EPS $55.52. But revenue growth is -0.14% and profit growth is -17.14%, so the trend is mixed. FairStock computes ROE of 10.65%, a Piotroski F-score of 7/9, a FairStock Score of 53/100, and a Lynch STALWART category based on 35% annual profit growth over five years. The price on 2026-10-13 was $17.67, with a FairStock P/E of 0.31 and P/B of 0.01; those are startlingly cheap, but because FCNCP is a depositary share and the market cap is only $203.8M, I suspect the ratios are bank-level calculations rather than a clean valuation of this security. The 7.60% dividend yield and low beta of 0.58 are attractive if safe. Without CET1, net interest margin, or credit-cost data, I cannot underwrite the bank's balance-sheet risk. Graham would demand a margin of safety; here the price offers one only if the earnings and dividend are durable. I would wait for bank-specific capital and credit metrics before trusting the apparent discount.

In plain English: First Citizens BancShares is a bank holding company that provides retail and commercial banking. The bank still earns solid profits, but earnings are down sharply from a huge 2023 peak, and growth has stalled. The shares trade at a very low price compared with reported profits and book value, which looks cheap on paper, but some key bank safety details are missing and the depositary share structure matters.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer