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FCNCA (First Citizens BancShares) Piotroski F-Score : 5 (As of Jul. 22, 2025)


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What is First Citizens BancShares Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

First Citizens BancShares has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for First Citizens BancShares's Piotroski F-Score or its related term are showing as below:

FCNCA' s Piotroski F-Score Range Over the Past 10 Years
Min: 3   Med: 6   Max: 9
Current: 5

During the past 13 years, the highest Piotroski F-Score of First Citizens BancShares was 9. The lowest was 3. And the median was 6.


First Citizens BancShares Piotroski F-Score Historical Data

The historical data trend for First Citizens BancShares's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

First Citizens BancShares Piotroski F-Score Chart

First Citizens BancShares Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4.00 4.00 6.00 7.00 5.00

First Citizens BancShares Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 6.00 5.00 5.00

Competitive Comparison of First Citizens BancShares's Piotroski F-Score

For the Banks - Regional subindustry, First Citizens BancShares's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


First Citizens BancShares's Piotroski F-Score Distribution in the Banks Industry

For the Banks industry and Financial Services sector, First Citizens BancShares's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where First Citizens BancShares's Piotroski F-Score falls into.


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How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Net Income was 707 + 639 + 700 + 483 = $2,529 Mil.
Cash Flow from Operations was 417 + 991 + 1119 + 98 = $2,625 Mil.
Revenue was 2398 + 2441 + 2397 + 2293 = $9,529 Mil.
Average Total Assets from the begining of this year (Mar24)
to the end of this year (Mar25) was
(217836 + 219827 + 220567 + 223720 + 228822) / 5 = $222154.4 Mil.
Total Assets at the begining of this year (Mar24) was $217,836 Mil.
Long-Term Debt & Capital Lease Obligation was $38,296 Mil.
Total Assets was $228,822 Mil.
Total Liabilities was $206,527 Mil.
Net Income was 682 + 752 + 514 + 731 = $2,679 Mil.

Revenue was 2505 + 2583 + 2535 + 2436 = $10,059 Mil.
Average Total Assets from the begining of last year (Mar23)
to the end of last year (Mar24) was
(214658 + 209502 + 213765 + 213758 + 217836) / 5 = $213903.8 Mil.
Total Assets at the begining of last year (Mar23) was $214,658 Mil.
Long-Term Debt & Capital Lease Obligation was $37,542 Mil.
Total Assets was $217,836 Mil.
Total Liabilities was $195,988 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

First Citizens BancShares's current Net Income (TTM) was 2,529. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

First Citizens BancShares's current Cash Flow from Operations (TTM) was 2,625. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar24)
=2529/217836
=0.01160965

ROA (Last Year)=Net Income/Total Assets (Mar23)
=2679/214658
=0.01248032

First Citizens BancShares's return on assets of this year was 0.01160965. First Citizens BancShares's return on assets of last year was 0.01248032. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

First Citizens BancShares's current Net Income (TTM) was 2,529. First Citizens BancShares's current Cash Flow from Operations (TTM) was 2,625. ==> 2,625 > 2,529 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar25)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar24 to Mar25
=38296/222154.4
=0.17238461

Gearing (Last Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=37542/213903.8
=0.1755088

First Citizens BancShares's gearing of this year was 0.17238461. First Citizens BancShares's gearing of last year was 0.1755088. ==> This year is lower or equal to last year. ==> Score 1.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

* Note that for banks and insurance companies, there's no Total Current Assets and Total Current Liabilities reported. Thus, we use Total Assets and Total Liabilities to calculate current ratio for banks and insurance companies.

Current Ratio (This Year: Mar25)=Total Assets/Total Liabilities
=228822/206527
=1.10795199

Current Ratio (Last Year: Mar24)=Total Assets/Total Liabilities
=217836/195988
=1.11147621

First Citizens BancShares's current ratio of this year was 1.10795199. First Citizens BancShares's current ratio of last year was 1.11147621. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

First Citizens BancShares's number of shares in issue this year was 13.575. First Citizens BancShares's number of shares in issue last year was 14.536. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

* Note that for banks and insurance companies, there's no Gross Profit reported. Thus, we use net income instead of gross profit and calculate Net Margin for this score.

Net Margin (This Year: TTM)=Net Income/Revenue
=2529/9529
=0.26540036

Net Margin (Last Year: TTM)=Net Income/Revenue
=2679/10059
=0.26632866

First Citizens BancShares's net margin of this year was 0.26540036. First Citizens BancShares's net margin of last year was 0.26632866. ==> Last year's net margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar24)
=9529/217836
=0.04374392

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar23)
=10059/214658
=0.04686059

First Citizens BancShares's asset turnover of this year was 0.04374392. First Citizens BancShares's asset turnover of last year was 0.04686059. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+1+0+1+0+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

First Citizens BancShares has an F-score of 5 indicating the company's financial situation is typical for a stable company.

First Citizens BancShares  (NAS:FCNCA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


First Citizens BancShares Piotroski F-Score Related Terms

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First Citizens BancShares Business Description

Traded in Other Exchanges
Address
4300 Six Forks Road, Raleigh, NC, USA, 27609
First Citizens BancShares Inc is the bank holding company of First Citizens Bank and Trust Company. The company's segments include the General Bank, the Commercial Bank, SVB Commercial, and Rail. The General Bank segment delivers products and services to consumers and businesses through our extensive network of branches and various digital channels. The Commercial Bank segment provides financial services, including lending, leasing, and advisory, to small and mid-market businesses across various industries. The SVB Commercial provides financial services to innovators, investors, and venture firms. The Rail segment provides tailored leasing and financing for railcars and locomotives across North America. It generates the majority of its revenue from the General Banking segment.
Executives
Holding Frank B Jr director, officer: President and CAO 4300 SIX FORKS ROAD, RALEIGH NC 27609
Craig L Nix officer: Vice President-Finance 4300 SIX FORKS ROAD, RALEIGH NC 27609
Ellen R Alemany director, officer: Vice Chairwoman ONE ADP BOULEVARD, ROSELAND NJ 07068
Olivia Britton Holding 10 percent owner 4300 SIX FORKS ROAD, RALEIGH NC 27609
Hope Holding Connell officer: Executive Vice President PO BOX 29550, RALEIGH NC 27626
Carson H Brice 10 percent owner PO BOX 1352, SMITHFIELD NC 27577
Randolph R Martin officer: Chief Credit Officer-General 4300 SIX FORKS ROAD, RALEIGH NC 27609
Andrew Giangrave officer: Chief Credit Officer 4300 SIX FORKS ROAD, RALEIGH NC 27609
Eugene Jr Flood director 151 DETROIT STREET, DENVER CO 80206
Jeffery L Ward officer: Chief Strategy Officer 4300 SIX FORKS ROAD, RALEIGH NC 27604
Daniel L Heavner director 4300 SIX FORKS ROAD, RALEIGH NC 27609
Marisa Harney officer: Chief Credit Officer C/O CIT GROUP INC., 1 CIT DRIVE, #3251-9, LIVINGSTON NJ 07039
Robert R Hoppe director 4300 SIX FORKS ROAD, RALEIGH NC 27609
Robert T Newcomb director 4300 SIX FORKS ROAD, RALEIGH NC 27609
West Ludwig officer: Chief Human Resources Officer 4300 SIX FORKS ROAD, RALEIGH NC 27609