First Citizens BancShares, Inc. (FCNCA) vs M&T Bank Corporation (MTB)

First Citizens BancShares, Inc. and M&T Bank Corporation are both Banks Regional companies. M&T Bank Corporation is the larger, with a market value of $31.6B against $22.9B — 1.4× the size. First Citizens BancShares, Inc. trades at the lower P/E: 11.2× against 11.6×. M&T Bank Corporation grew revenue faster over the last twelve months: 1.00% against −1.26%. M&T Bank Corporation has the higher net margin (21.5% vs 15.7%) and the higher return on invested capital (10.2% vs 7.30%). Both pay a dividend; M&T Bank Corporation yields more (4.05% vs 0.35%). Across the 20 metrics below, M&T Bank Corporation leads on 13 and First Citizens BancShares, Inc. on 7.

Valuation

Metric FCNCA MTB Banks Regional median
P/E 11.18 11.60 12.15
P/S 1.67 2.42 2.37
P/B 1.20 1.26 1.21
Price to free cash flow 9.64 8.98 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.27 2.13 2.27
Earnings yield 8.95% 8.62% 8.11%
Free cash flow yield 10.38% 11.14% 8.98%

Profitability

Metric FCNCA MTB Banks Regional median
Gross margin 66.51% 74.61% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 15.69% 21.53% 18.66%
Free cash flow margin 17.31% 26.93% 21.18%
Return on equity 10.92% 11.13% 10.64%
Return on assets 0.97% 1.33% 1.13%
Return on invested capital 7.30% 10.18% 8.33%

Growth

Metric FCNCA MTB Banks Regional median
Revenue growth (TTM) (1.26%) 1.00% 6.61%
EPS growth (last fiscal year) (12.76%) 16.12% —
Revenue growth, 5-year CAGR 49.21% 16.06% 12.30%
Net income growth, 5-year CAGR 35.07% 16.11% 9.71%

Health

Metric FCNCA MTB Banks Regional median
Debt to equity 1.46 0.49 0.22
Current ratio 1.00 0.96 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric FCNCA MTB Banks Regional median
Dividend yield 0.35% 4.05% 3.75%
Payout ratio 0.00 0.29 0.27

Size

Metric FCNCA MTB Banks Regional median
Market cap 22.89b 31.58b 921.07m

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