The business behind the dividend
| Measure | FCNCA | Median | Formula |
|---|---|---|---|
| Return on equity | 9.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | — | — | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.81bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.21bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 31.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 23.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | — | — | Total debt ÷ shareholders’ equity |
| Interest cover | — | — | Operating income ÷ interest expense |
| Current ratio | — | — | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Current ratio, Debt to equity, Long-term debt to working capital, Interest cover, Return on capital employed — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 9.9% | 12.5% | 53.9% | 11.4% | 11.5% | 11.6% | 12.8% | 11.5% | 9.7% | 7.5% | 11.5% |
| Operating margin | 31.1% | 36.8% | 64.3% | 26.8% | 48.3% | 41.6% | 42.2% | 40.4% | 49.3% | 35.5% | 40.4% |
| Net margin | 23.1% | 28.5% | 61.0% | 21.6% | 37.7% | 33.2% | 32.6% | 32.1% | 29.3% | 22.8% | 29.3% |
How it compares in banks & insurers
Among the 48 banks & insurers companies here measured on GAAP earnings, First Citizens Bancshares pays out less than 45 of them. The median for that group is 34.0%, against this company’s 4.8%.
Closest on GAAP earnings
- Renaissancere Holdings (RNR) 2.9%
- Loews (L) 3.1%
- Allstate (ALL) 10.5%
- Chubb (CB) 14.9%
Same sector and same denominator, so the figures are comparable. All 48 in banks & insurers →