FCNCA (First Citizens BancShares) Beneish M-Score: -3.17 (As of Aug. 20, 2026)

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FCNCA First Citizens BancShares Inc FCNCA
75 GF Score
Price $2,162.63
GF Value $2,203.12
Valuation Fairly Valued
! 4 Warning Signs
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What is First Citizens BancShares Beneish M-Score?

First Citizens BancShares FCNCA -0.33% 75 Beneish M-Score is -3.17 as of Aug. 20, 2026. GuruFocus rates FCNCA with a GF Score™ of 75/100 and a GF Value™ of $2,203.12 (Fairly Valued). The stock has 4 warning signs investors should review. Among 1,393 Banks companies, First Citizens BancShares ranks better than 94.97% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.17 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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

FCNCA' s Beneish M-Score Range Over the Past 10 Years
Min: -4.38   Med: -2.4   Max: 8.01
Current: -3.17

During the past 13 years, the highest Beneish M-Score of First Citizens BancShares was 8.01. The lowest was -4.38. And the median was -2.40.

FCNCA
75GF Score
First Citizens BancShares Inc FCNCA
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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First Citizens BancShares Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of First Citizens BancShares for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.2555+0.528 * 1+0.404 * 0.9987+0.892 * 1.0068+0.115 * 0.6434
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0592+4.679 * -0.003492-0.327 * 0.8254
=-3.17

* 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 (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $1,591 Mil.
Revenue was 2425 + 2310 + 2164 + 2430 = $9,329 Mil.
Gross Profit was 2425 + 2310 + 2164 + 2430 = $9,329 Mil.
Total Current Assets was $0 Mil.
Total Assets was $236,842 Mil.
Property, Plant and Equipment(Net PPE) was $12,556 Mil.
Depreciation, Depletion and Amortization(DDA) was $548 Mil.
Selling, General, & Admin. Expense(SGA) was $3,937 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $32,346 Mil.
Net Income was 672 + 534 + 580 + 568 = $2,354 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 1043 + 172 + 1050 + 916 = $3,181 Mil.
 Total Receivables was $6,186 Mil.
Revenue was 2365 + 2293 + 2167 + 2441 = $9,266 Mil.
Gross Profit was 2365 + 2293 + 2167 + 2441 = $9,266 Mil.
Total Current Assets was $0 Mil.
Total Assets was $229,653 Mil.
Property, Plant and Equipment(Net PPE) was $11,899 Mil.
Depreciation, Depletion and Amortization(DDA) was $329 Mil.
Selling, General, & Admin. Expense(SGA) was $3,692 Mil.
Total Current Liabilities was $0 Mil.
Long-Term Debt & Capital Lease Obligation was $37,997 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(1591 / 9329) / (6186 / 9266)
=0.170543 / 0.667602
=0.2555

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(9266 / 9266) / (9329 / 9329)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 12556) / 236842) / (1 - (0 + 11899) / 229653)
=0.946986 / 0.948187
=0.9987

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=9329 / 9266
=1.0068

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(329 / (329 + 11899)) / (548 / (548 + 12556))
=0.026905 / 0.041819
=0.6434

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(3937 / 9329) / (3692 / 9266)
=0.422017 / 0.398446
=1.0592

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((32346 + 0) / 236842) / ((37997 + 0) / 229653)
=0.136572 / 0.165454
=0.8254

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(2354 - 0 - 3181) / 236842
=-0.003492

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

First Citizens BancShares has a M-score of -3.17 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -3.17 mean?
First Citizens BancShares (FCNCA) has a Beneish M-Score of -3.17 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Citizens BancShares and its competitors. According to the industry distribution chart, First Citizens BancShares ranks #70 out of 1393 companies in the Banks industry, placing it in the top 5%.
Is First Citizens BancShares' Beneish M-Score too high?
First Citizens BancShares' current Beneish M-Score is -3.17. Based on the distribution chart, First Citizens BancShares ranks #70 out of 1393 companies in the Banks industry, which is in the top quartile — a strong position relative to peers. Overall, First Citizens BancShares has a GF Score™ of 75/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does First Citizens BancShares' Beneish M-Score compare to KEY and RF?
According to the Banks industry distribution chart, First Citizens BancShares ranks #70 out of 1393 companies for Beneish M-Score. This places First Citizens BancShares in the top 5% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Banks company?
A good Beneish M-Score depends on the Banks industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on First Citizens BancShares and its competitors. First Citizens BancShares's current Beneish M-Score is -3.17. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Citizens BancShares stock overvalued right now?
Based on GuruFocus' analysis, First Citizens BancShares (FCNCA) is currently considered Fairly Valued. The stock's GF Value™ is $2,203.12, compared to a current price of $2,162.63 — trading 1.8% below its estimated fair value. The current Beneish M-Score is -3.17. First Citizens BancShares' overall GF Score™ is 75/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For First Citizens BancShares (FCNCA), the current Beneish M-Score is -3.17 as of Aug. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is First Citizens BancShares (FCNCA) Overvalued in 2026?

Based on GuruFocus' analysis, First Citizens BancShares stock appears to be undervalued. The current stock price of $2,162.63 is trading 1.8% below its estimated GF Value™ of $2,203.12. GuruFocus considers First Citizens BancShares to be Fairly Valued.

Key valuation signals for FCNCA:

  • Beneish M-Score: -3.17
  • GF Value™: $2,203.12 vs. price of $2,162.63 (1.8% below fair value)
  • GF Score™: 75/100 with 4 warning signs

No single metric tells the full story. See the FCNCA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

First Citizens BancShares Business Description

Address 4300 Six Forks Road, Raleigh, NC, USA, 27609
First Citizens is a US regional bank with total assets of around $236 billion as of March 31, 2026. Headquartered in Raleigh, North Carolina, First Citizens' largest markets are North Carolina, South Carolina, and California. The bank has a track record of acquiring troubled banks from the FDIC, such as Silicon Valley Bridge Bank in 2023, 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 2025.
75GF Score

Get the complete analysis for FCNCA

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$2,162.63
Price
$2,203.12
GF Value