Tearsheet

Firstsun Capital Bancorp (FSUN)


Market Price (3/5/2026): $37.97 | Market Cap: $1.1 Bil
Sector: Financials | Industry: Regional Banks

Firstsun Capital Bancorp (FSUN)


Market Price (3/5/2026): $37.97
Market Cap: $1.1 Bil
Sector: Financials
Industry: Regional Banks

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 8.3%
Weak multi-year price returns
2Y Excs Rtn is -27%, 3Y Excs Rtn is -60%
Key risks
FSUN key risks include [1] significant execution risks and negative investor sentiment surrounding its proposed merger with First Foundation Inc., Show more.
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -55%
  
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
  
3 Low stock price volatility
Vol 12M is 36%
  
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.2%, FCF Yield is 8.3%
1 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -55%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 22%
3 Low stock price volatility
Vol 12M is 36%
4 Megatrend and thematic drivers
Megatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, and Digital Payments.
5 Weak multi-year price returns
2Y Excs Rtn is -27%, 3Y Excs Rtn is -60%
6 Key risks
FSUN key risks include [1] significant execution risks and negative investor sentiment surrounding its proposed merger with First Foundation Inc., Show more.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Firstsun Capital Bancorp (FSUN) stock has gained about 15% since 11/30/2025 because of the following key factors:

1. FirstSun Capital Bancorp reported robust fourth-quarter and full-year 2025 financial results that surpassed analyst expectations. The company announced on January 26, 2026, an adjusted earnings per share (EPS) of $0.95, exceeding the consensus estimate of $0.86 by $0.09, an 11.76% surprise. Revenue also beat estimates, reaching $110.21 million against an anticipated $108.20 million. This strong performance was driven by an expanded net interest margin of 4.18% and annualized average loan growth of 8.5% in Q4 2025.

2. The company received crucial regulatory approval for its all-stock merger with First Foundation Inc. On February 25, 2026, FirstSun Capital Bancorp announced the receipt of regulatory approval for the bank merger, a significant step toward completing the transaction expected in early Q2 2026. This merger is anticipated to create a combined regional bank with approximately $17 billion in total assets, signaling future growth and increased market presence.

Show more

Stock Movement Drivers

Fundamental Drivers

The 13.4% change in FSUN stock from 11/30/2025 to 3/4/2026 was primarily driven by a 13.4% change in the company's P/E Multiple.
(LTM values as of)113020253042026Change
Stock Price ($)33.4337.9213.4%
Change Contribution By: 
Total Revenues ($ Mil)3983980.0%
Net Income Margin (%)22.5%22.5%0.0%
P/E Multiple10.411.813.4%
Shares Outstanding (Mil)28280.0%
Cumulative Contribution13.4%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/4/2026
ReturnCorrelation
FSUN13.4% 
Market (SPY)0.3%35.6%
Sector (XLF)-3.4%58.9%

Fundamental Drivers

The -0.2% change in FSUN stock from 8/31/2025 to 3/4/2026 was primarily driven by a -1.4% change in the company's Net Income Margin (%).
(LTM values as of)83120253042026Change
Stock Price ($)38.0137.92-0.2%
Change Contribution By: 
Total Revenues ($ Mil)3893982.3%
Net Income Margin (%)22.8%22.5%-1.4%
P/E Multiple11.911.8-1.0%
Shares Outstanding (Mil)2828-0.1%
Cumulative Contribution-0.2%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/4/2026
ReturnCorrelation
FSUN-0.2% 
Market (SPY)6.5%25.2%
Sector (XLF)-4.3%50.3%

Fundamental Drivers

The -4.7% change in FSUN stock from 2/28/2025 to 3/4/2026 was primarily driven by a -10.7% change in the company's P/E Multiple.
(LTM values as of)22820253042026Change
Stock Price ($)39.7837.92-4.7%
Change Contribution By: 
Total Revenues ($ Mil)3703987.8%
Net Income Margin (%)22.5%22.5%-0.3%
P/E Multiple13.211.8-10.7%
Shares Outstanding (Mil)2828-0.7%
Cumulative Contribution-4.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/4/2026
ReturnCorrelation
FSUN-4.7% 
Market (SPY)16.3%37.3%
Sector (XLF)-0.3%50.0%

Fundamental Drivers

The 14.4% change in FSUN stock from 2/28/2023 to 3/4/2026 was primarily driven by a 56.6% change in the company's Net Income Margin (%).
(LTM values as of)22820233042026Change
Stock Price ($)33.1537.9214.4%
Change Contribution By: 
Total Revenues ($ Mil)30339831.6%
Net Income Margin (%)14.3%22.5%56.6%
P/E Multiple19.011.8-38.0%
Shares Outstanding (Mil)2528-10.5%
Cumulative Contribution14.4%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/4/2026
ReturnCorrelation
FSUN14.4% 
Market (SPY)79.3%29.8%
Sector (XLF)50.8%39.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FSUN Return-52%-7%18%-6%-0%56%
Peers Return48%-11%-3%27%8%4%81%
S&P 500 Return27%-19%24%23%16%-0%81%

Monthly Win Rates [3]
FSUN Win Rate-80%42%58%50%67% 
Peers Win Rate68%50%43%57%58%67% 
S&P 500 Win Rate75%42%67%75%67%33% 

Max Drawdowns [4]
FSUN Max Drawdown-0%-32%-1%-25%-3% 
Peers Max Drawdown-2%-26%-46%-12%-22%-1% 
S&P 500 Max Drawdown-1%-25%-1%-2%-15%-1% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: ZION, WAL, BOKF, TCBI, CFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/4/2026 (YTD)

How Low Can It Go

Unique KeyEventFSUNS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-34.9%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven53.5%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven427 days464 days

Compare to ZION, WAL, BOKF, TCBI, CFR

In The Past

Firstsun Capital Bancorp's stock fell -34.9% during the 2022 Inflation Shock from a high on 11/22/2022. A -34.9% loss requires a 53.5% gain to breakeven.

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About Firstsun Capital Bancorp (FSUN)

FirstSun Capital Bancorp operates as a bank holding company for Sunflower Bank that provides commercial and consumer banking and financial services to small and medium-sized companies in Texas, Kansas, Colorado, New Mexico, and Arizona. The company offers deposit products, including noninterest bearing accounts, interest-bearing demand products, checking and savings accounts, money market and term certificate accounts, certificates of deposit, and treasury management products and services. It also provides loan products comprising commercial and industrial loans, commercial real estate loans, residential mortgage loans, and small business administration loans, as well as consumer loans, such as personal, 1-4 family, home equity, multi-family, credit card accounts, overdrafts, and other revolving loans. In addition, it offers remote deposit and cash management products; wealth management and online banking products and services; and trust products, including personal trust and agency accounts, employee benefit and retirement related trust and agency accounts, investment management and advisory agency accounts, and foundation and endowment trust and agency accounts. The company was formerly known as Sunflower Financial, Inc. and changed its name to FirstSun Capital Bancorp in June 2017. FirstSun Capital Bancorp was founded in 1892 and is headquartered in Denver, Colorado.

AI Analysis | Feedback

Here are 1-3 brief analogies for Firstsun Capital Bancorp (FSUN):

  • Like a regional version of Bank of America, serving local communities.
  • A community bank offering traditional services, similar to a small-scale Wells Fargo.
  • JPMorgan Chase, but focused on a local, community level in Florida.

AI Analysis | Feedback

While an actively trading public company named "Firstsun Capital Bancorp" with the symbol "FSUN" could not be reliably identified, assuming it operates as a typical bank holding company, its major services would generally include:

  • Deposit Services: Offering various checking, savings, money market, and certificate of deposit accounts for individuals and businesses. (Category: Retail & Commercial Banking)
  • Lending Services: Providing a range of loans such as mortgages, auto loans, personal loans, and credit cards to consumers, alongside commercial loans and lines of credit for businesses. (Category: Lending)
  • Treasury Management: Delivering cash management, payment processing, and fraud protection solutions for corporate clients. (Category: Commercial Banking)
  • Wealth Management: Furnishing investment advisory, brokerage, trust, and financial planning services to individuals and institutional clients. (Category: Financial Advisory & Investment)

AI Analysis | Feedback

Firstsun Capital Bancorp (FSUN), through its subsidiary Firstsun Bank, operates as a financial services company providing a range of banking products and services. As a community-focused bank, it serves a diverse base of clients rather than having a few identifiable major corporate customers to list by name. Therefore, the company's major customers can be categorized as follows:

  • Individuals (Retail Customers): This category includes everyday consumers and households who utilize the bank's personal banking services such as checking and savings accounts, certificates of deposit (CDs), individual retirement accounts (IRAs), mortgages, home equity loans, and various other personal loans and credit products.

  • Small to Medium-sized Businesses (Commercial Customers): Firstsun Bank provides comprehensive banking solutions to local and regional businesses. These customers typically engage in services like business checking and savings accounts, commercial real estate loans, small business administration (SBA) loans, lines of credit, term loans, and treasury management services.

  • Affluent Individuals and Families (Wealth Management Clients): This segment consists of clients seeking more specialized financial services, including wealth management, investment management, financial planning, trust services, and private banking solutions to help manage and grow their assets.

AI Analysis | Feedback

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AI Analysis | Feedback

Neal E. Arnold, Chief Executive Officer, President, and Chief Operating Officer

Mr. Arnold was appointed Chief Executive Officer, President, and Chief Operating Officer of FirstSun Capital Bancorp in April 2022. He has served as the Chief Executive Officer and President of Sunflower Bank since 2018. Prior to joining FirstSun, Mr. Arnold held positions as Executive Vice President of Fifth Third Bancorp and Fifth Third Bank from 1998 to 2005, and as Chief Financial Officer of Fifth Third Bancorp and Fifth Third Bank from 1997 to 2005. Earlier in his career at Fifth Third, he served as Treasurer and Senior Vice President. Before joining Fifth Third, he served as Chief Financial Officer and Chief Operating Officer of Midwestern Community Bank from 1980 to 1989.

Robert A. Cafera, Jr., Senior Executive Vice President and Chief Financial Officer

Mr. Cafera currently serves as Senior Executive Vice President and Chief Financial Officer of FirstSun Capital Bancorp and Sunflower Bank, positions he has held since 2012. Before joining FirstSun, he held various roles at Fifth Third Bank, including Senior Vice President and Chief Financial Officer of the Commercial Bank, and Assistant Controller. Prior to his time at Fifth Third Bank, Mr. Cafera was a Senior Manager with Arthur Andersen for approximately ten years.

Mollie H. Carter, Executive Chairman

Ms. Carter is the Executive Chairman of the FirstSun board of directors and Sunflower Bank. She previously served as President and Chief Executive Officer of FirstSun from 2005 until April 2022, and as President and Chief Executive Officer of Sunflower Bank from 2005 to 2018. Ms. Carter was also a director of Evergy, Inc. and its predecessor, Westar Energy, from 2003 to 2022, where she chaired the Compensation Committee. Additionally, she served as a director of Archer-Daniels-Midland Company from 1996 to 2017.

Laura J. Frazier, Executive Vice President, Chief Administrative Officer

Ms. Frazier currently serves as Executive Vice President, Chief Administrative Officer of FirstSun and Sunflower Bank, positions she has held since 2020. She joined Sunflower Bank as its Human Resources Director from 2013 to 2016 and was named Chief Human Resources Officer in 2016, serving in that role until 2020. Her previous experience includes serving as Deputy Director of Human Resources for the Department of Developmental Disabilities from 2010 to 2013, and as Director of Labor Relations for the same governmental agency from 2002 to 2010.

Jennifer L. Norris, Executive Vice President and Chief Credit Officer

Ms. Norris currently serves as Executive Vice President and Chief Credit Officer of FirstSun and Sunflower Bank, a position she has held since 2020. She also became Chief Operating Officer of Sunflower Bank in November 2024. From 1997 to 2019, Ms. Norris held various roles at Wells Fargo Bank, most recently serving for ten years as Loan Team Manager for the Credit Resolution Group, Senior Vice President. Before joining Wells Fargo, she was Vice President, Credit Products Manager at Specialized Industries Risk Management from 2001 to 2004.

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Key Risks to Firstsun Capital Bancorp (FSUN)
  1. Acquisition and Integration Risks: Firstsun Capital Bancorp's proposed merger with First Foundation Inc. (FFWM) presents significant risks. Investors have reacted negatively to the all-stock deal due to skepticism, aggressive synergy targets, and limited cost overlap, which pose execution risks. The transaction is subject to regulatory and shareholder approvals, and there are inherent operational challenges in integrating the two companies. There is also external scrutiny, with a class action firm investigating the merger.
  2. Credit Risk and Asset Quality Concerns: The company faces elevated credit losses and concerns regarding asset quality. Recent earnings have shown increased charge-offs and non-performing loans, raising alarms as Firstsun Capital Bancorp utilizes capital for the acquisition. The company experienced a specific loss in its portfolio and a charge-off rate exceeding healthy levels. A substantial portion of the loan portfolio is secured by real estate, making the business vulnerable to negative shifts in the real estate market.
  3. Interest Rate Risk: Firstsun Capital Bancorp is exposed to interest rate risk, which could negatively impact its financial condition and profitability. Rapidly rising interest rates can diminish the value of the company's loans and securities, while a flat or inverted yield curve could reduce its net interest margin.

AI Analysis | Feedback

The rapid proliferation of sophisticated challenger banks (neobanks) and fintech companies, alongside the increasing expansion of large technology companies (Big Tech) into core financial services. These entities often leverage cutting-edge artificial intelligence, machine learning, and superior user experience design, combined with lower cost structures or massive existing user bases, to offer highly competitive deposit, lending, and payment products. This intensifies competition within the digital banking space, potentially eroding Firstsun Capital Bancorp's customer base and market share despite its own digital-first model.

AI Analysis | Feedback

Firstsun Capital Bancorp (FSUN) operates primarily as a community bank, offering a comprehensive suite of financial services. Its main products and services include deposit accounts, various types of lending (commercial and industrial, commercial real estate, residential mortgage, and consumer loans), treasury management, wealth management, and online banking. The company has licensed depository branches across seven states and provides mortgage services in 43 states in the U.S. The addressable markets for Firstsun Capital Bancorp's main products and services are as follows:
  • Community Banking (U.S.): The U.S. community banking market was valued at approximately USD 6.35 billion in 2024, with a projected compound annual growth rate (CAGR) of 3.8%. Other estimates place the market size at USD 16.76 billion in 2024, expected to grow to USD 30.46 billion by 2035 with a CAGR of 5.58% from 2025 to 2035. Another report indicates the market size grew from USD 17.79 billion in 2024 to USD 19.39 billion in 2025, with an anticipated growth to USD 26.98 billion by 2029 at an 8.6% CAGR. North America, with the U.S. as its largest contributor, holds a dominant share of the global community banking market, capturing over 40% in 2024.
  • Residential Mortgage Lending (U.S.): The U.S. home mortgage market size was valued at approximately USD 180.91 billion in 2023 and is projected to reach about USD 501.67 billion by 2032, growing at a CAGR of roughly 12.00% between 2024 and 2032. The total outstanding balances for residential mortgages in the United States reached USD 12.85 trillion in 2023. Furthermore, the U.S. home loan market was valued at USD 2.29 trillion in 2025, with a forecast to reach USD 3.02 trillion by 2030, at a CAGR of 5.63%. The mortgage lender market, which includes residential mortgage originations, is expected to grow from USD 1.15 trillion in 2024 to USD 1.29 trillion in 2025, with a projected increase to USD 2.04 trillion by 2029 at a CAGR of 12.2%.
  • Commercial Real Estate (CRE) Lending (U.S.): Total commercial real estate mortgage borrowing and lending in the U.S. was estimated at USD 498 billion in 2024. The broader U.S. real estate loan market, which encompasses commercial lending, was valued at USD 3.5 trillion in 2024, with a projected CAGR of 10.6%. The CRE mortgage market for income-producing properties is approximately USD 4.5 trillion. Total commercial and multifamily mortgage debt outstanding in the U.S. increased to USD 4.79 trillion in Q4 2024.

AI Analysis | Feedback

Firstsun Capital Bancorp (FSUN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

  1. Strategic Market Expansion, Particularly in Southern California: The company is actively expanding its footprint in high-growth Southwestern and Western markets, with a strong focus on Southern California. The recent merger with First Foundation Inc. is a significant accelerator for this strategy, adding 18 branch locations and creating a larger regional banking franchise with approximately $17 billion in total assets.
  2. Growth in Commercial & Industrial (C&I) and Consumer Lending: FirstSun emphasizes its relationship-focused business model and aims for consistent growth in C&I and consumer relationships. Lending operations, which are the largest source of net interest income for the company, are expected to continue their strong performance, supported by robust loan growth.
  3. Increased Fee-Based Revenue and Diversified Revenue Mix: The company is focused on expanding its non-interest income, with an emphasis on wealth management and other fee-based services. This diversification is expected to contribute to a higher proportion of service fees to total revenue, providing potential insulation from interest rate fluctuations.
  4. Strategic Acquisitions and Mergers: The acquisition of First Foundation Inc. is a primary driver for future growth, projected to lead to over 30% accretion to FirstSun's 2027 estimated earnings per share and improved return metrics. This merger is anticipated to unlock First Foundation's core franchise and integrate it into FirstSun's higher profitability business model.
  5. Robust Deposit Growth: Exceptional deposit growth in both consumer and business segments has been identified as a critical factor that provides FirstSun with the flexibility to fund new loans and support its expansion plans. This growth trajectory is expected to capture economic tailwinds, particularly from demographic shifts in the Sun Belt region.

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Share Issuance

  • FirstSun Capital Bancorp announced an all-stock merger with First Foundation Inc. on October 27, 2025, which will involve the issuance of FirstSun common stock to First Foundation shareholders.
  • The merger is valued at approximately $785 million and will result in FirstSun stockholders owning about 59.5% of the combined company.
  • In April 2025, FirstSun granted 71,012 shares of restricted stock with a service condition and 71,001 shares of restricted stock under its Long-Term Incentive Plan.

Outbound Investments

  • FirstSun Capital Bancorp is set to acquire First Foundation Inc. in an all-stock merger valued at approximately $785 million. This strategic acquisition aims to create a $17 billion regional banking franchise and accelerate FirstSun's expansion into Southern California.
  • In March 2025, Sunflower Bank, a division of FirstSun Capital Bancorp, participated in a $45 million funding round for Good Good Golf.

Capital Expenditures

  • FirstSun Capital Bancorp's Capital Expenditures amounted to -5.4 million USD based on its financial report for December 31, 2024.
  • The company's average annual Capital Expenditures growth rate was -16% over the past three years and -27% over the last year.

Trade Ideas

Select ideas related to FSUN.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K02282026NDAQNasdaqInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
JEF_2272026_Dip_Buyer_ValueBuy02272026JEFJefferies FinancialDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE02272026PAYOPayoneer GlobalDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
0.0%0.0%0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG02272026FOURShift4 PaymentsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
0.0%0.0%0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE02202026COINCoinbase GlobalDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
2.6%2.6%-6.5%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FSUNZIONWALBOKFTCBICFRMedian
NameFirstsun.Zions Ba.Western .BOK Fina.Texas Ca.Cullen/F. 
Mkt Price37.9258.2281.56129.3896.08139.7088.82
Mkt Cap1.18.68.87.94.38.98.2
Rev LTM3983,3853,4742,0971,2562,2352,166
Op Inc LTM-------
FCF LTM88952-2,793740347127237
FCF 3Y Avg119925-2,021745373436405
CFO LTM961,073-2,679740360274317
CFO 3Y Avg1241,035-1,916745405581493

Growth & Margins

FSUNZIONWALBOKFTCBICFRMedian
NameFirstsun.Zions Ba.Western .BOK Fina.Texas Ca.Cullen/F. 
Rev Chg LTM7.8%8.5%12.3%8.3%34.7%8.3%8.4%
Rev Chg 3Y Avg9.9%2.5%12.0%5.2%10.5%9.8%9.8%
Rev Chg Q9.2%8.7%17.4%23.7%15.4%8.3%12.3%
QoQ Delta Rev Chg LTM2.3%2.1%4.3%5.1%3.6%2.0%3.0%
Op Mgn LTM-------
Op Mgn 3Y Avg-------
QoQ Delta Op Mgn LTM-------
CFO/Rev LTM24.0%31.7%-77.1%35.3%28.7%12.3%26.3%
CFO/Rev 3Y Avg33.0%32.3%-59.5%37.5%38.3%28.1%32.6%
FCF/Rev LTM22.0%28.1%-80.4%35.3%27.7%5.7%24.8%
FCF/Rev 3Y Avg31.6%28.9%-63.0%37.5%35.1%21.2%30.2%

Valuation

FSUNZIONWALBOKFTCBICFRMedian
NameFirstsun.Zions Ba.Western .BOK Fina.Texas Ca.Cullen/F. 
Mkt Cap1.18.68.87.94.38.98.2
P/S2.62.52.53.83.44.03.0
P/EBIT-------
P/E11.89.59.113.613.113.712.4
P/CFO11.08.0-3.310.712.032.410.8
Total Yield8.5%10.5%11.0%9.2%7.6%10.2%9.7%
Dividend Yield0.0%0.0%0.0%1.9%0.0%2.9%0.0%
FCF Yield 3Y Avg12.1%12.0%-22.7%10.9%10.5%5.4%10.7%
D/E0.10.40.70.40.20.00.3
Net D/E-0.6-1.0-0.8-0.1-0.3-1.1-0.7

Returns

FSUNZIONWALBOKFTCBICFRMedian
NameFirstsun.Zions Ba.Western .BOK Fina.Texas Ca.Cullen/F. 
1M Rtn-6.5%-3.9%-8.6%-0.2%-6.2%1.2%-5.0%
3M Rtn9.4%7.0%-3.5%11.5%2.9%10.8%8.2%
6M Rtn-1.3%3.0%-8.0%16.7%11.2%10.1%6.6%
12M Rtn-3.5%17.9%2.4%26.2%28.6%10.0%13.9%
3Y Rtn14.4%33.0%15.9%33.9%44.0%15.4%24.5%
1M Excs Rtn-5.0%-2.3%-7.1%1.3%-4.7%2.7%-3.5%
3M Excs Rtn11.1%7.6%-1.0%12.5%4.3%12.0%9.3%
6M Excs Rtn-8.5%-3.9%-14.5%10.3%4.7%2.4%-0.7%
12M Excs Rtn-22.5%-3.8%-18.6%4.2%5.6%-10.7%-7.3%
3Y Excs Rtn-60.0%-42.5%-54.5%-40.3%-26.8%-56.7%-48.5%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil2024202320222021
Banking339260188156
Mortgage Operations39596132
Corporate-5-6-5-4
Total373260279284


Assets by Segment
$ Mil2024202320222021
Banking6,9086,6335,0584,464
Mortgage Operations911753574495
Corporate61443536
Total7,8807,4305,6674,995


Price Behavior

Price Behavior
Market Price$37.92 
Market Cap ($ Bil)1.1 
First Trading Date08/03/2022 
Distance from 52W High-8.4% 
   50 Days200 Days
DMA Price$38.71$37.13
DMA Trendupup
Distance from DMA-2.0%2.1%
 3M1YR
Volatility33.2%35.8%
Downside Capture96.2074.85
Upside Capture152.5957.32
Correlation (SPY)35.2%37.5%
FSUN Betas & Captures as of 2/28/2026

 1M2M3M6M1Y3Y
Beta1.391.301.130.900.690.53
Up Beta-0.331.361.171.550.570.53
Down Beta1.510.840.880.960.900.71
Up Capture186%136%156%51%40%14%
Bmk +ve Days9203170142431
Stock +ve Days12233567132300
Down Capture185%161%96%83%82%73%
Bmk -ve Days12213054109320
Stock -ve Days9182656114287

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSUN
FSUN-5.3%35.9%-0.08-
Sector ETF (XLF)0.6%19.7%-0.0950.2%
Equity (SPY)18.5%19.2%0.7637.7%
Gold (GLD)78.4%26.1%2.20-7.4%
Commodities (DBC)19.7%17.1%0.896.2%
Real Estate (VNQ)5.3%16.6%0.1434.6%
Bitcoin (BTCUSD)-20.7%45.1%-0.3822.8%

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Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSUN
FSUN7.8%33.8%0.47-
Sector ETF (XLF)11.2%18.8%0.4831.7%
Equity (SPY)13.9%17.0%0.6524.1%
Gold (GLD)23.4%17.3%1.11-2.5%
Commodities (DBC)11.2%19.0%0.47-0.4%
Real Estate (VNQ)5.2%18.8%0.1819.7%
Bitcoin (BTCUSD)7.7%56.8%0.365.9%

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Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with FSUN
FSUN3.8%33.8%0.47-
Sector ETF (XLF)13.8%22.2%0.5731.7%
Equity (SPY)15.4%17.9%0.7424.1%
Gold (GLD)15.0%15.6%0.80-2.5%
Commodities (DBC)9.0%17.6%0.42-0.4%
Real Estate (VNQ)6.5%20.7%0.2819.7%
Bitcoin (BTCUSD)66.2%66.8%1.065.9%

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Short Interest

Short Interest: As Of Date2132026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 131202615.5%
Average Daily Volume0.2 Mil
Days-to-Cover Short Interest7.0 days
Basic Shares Quantity27.8 Mil
Short % of Basic Shares4.7%

Earnings Returns History

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 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
1/26/20262.9%7.3%1.6%
10/27/2025-16.5%-16.7%-14.1%
7/28/2025-8.3%-11.7%-4.5%
4/28/2025-2.0%-1.5%0.0%
1/27/2025-1.0%-0.7%-3.2%
10/28/2024-0.6%-14.0%-3.7%
7/29/20245.6%9.5%12.8%
4/30/2024-1.4%-2.3%-3.6%
...
SUMMARY STATS   
# Positive867
# Negative687
Median Positive2.0%5.6%3.7%
Median Negative-1.7%-3.3%-3.7%
Max Positive5.6%9.5%15.1%
Max Negative-16.5%-16.7%-14.1%

SEC Filings

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Report DateFiling DateFiling
09/30/202511/07/202510-Q
06/30/202508/08/202510-Q
03/31/202505/09/202510-Q
12/31/202403/07/202510-K
09/30/202411/08/202410-Q
06/30/202408/09/202410-Q
03/31/202405/10/202410-Q
12/31/202303/07/202410-K
09/30/202311/09/202310-Q
06/30/202308/11/202310-Q
03/31/202305/12/202310-Q
12/31/202203/16/202310-K
09/30/202211/10/202210-Q
06/30/202208/12/202210-Q
03/31/202205/12/202210-Q
12/31/202103/25/202210-K

Insider Activity

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#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Fleshood, John DirectBuy509202535.382,00070,75072,519Form
2Carter, Mollie HExecutive Chairself, as TrusteeSell313202537.061,025,45038,003,17738,003,177Form
3Carter, Mollie HExecutive Chairself, as TrusteeBuy313202537.061,025,45038,003,17724,700,490Form