Does First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E have an economic moat?
Not clearly
First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E earns 8.5% a year on the money invested in it, a return competitors could match.
The numbers behind it
Return on invested capital, average of recent years8.5%
Return on invested capital, latest year1.0%
Gross margin62.6%Share of each sale left after production costs
Net margin23.8%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about First Citizens BancShares, Inc. Depositary Shares, each representing a 1/40th interest in a share of 6.625% Non-Cumulative Perpetual Preferred Stock, Series E
Data as of Nov 13, 2026.