FirstSun Capital Bancorp (FSUN) AI Stock Analysis

• Market Cap: $970.34M
• Dividend Yield: N/A
• Average Volume (3M): 136.97K
• Price to Earnings (P/E): 10.6
• Beta (1Y): 0.65
• Revenue Growth: 4.44%
• EPS Growth: 3.19%
• Country: US
• Employees: 1,127
• Sector: Financial
• Sector Strength: 70
• Industry: Banks - Regional
• EPS (TTM): 0.95
• Shares Outstanding: 27,923,332
• 10 Day Avg. Volume: 122,752
• 30 Day Avg. Volume: 136,969
• PEG Ratio: 0.36
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 1.84
• P/FCF Ratio: 10.08
• Enterprise Value/Market Cap: 0.40
• Enterprise Value/Revenue: 0.68
• Enterprise Value/Gross Profit: 0.98
• Enterprise Value/Ebitda: 2.90
• 1Y Price Target: $45.50
• Price Target Upside: 30.94% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): 3.92
• Revenue Forecast (FY): $694.04M

• Rating: 71 Outperform
• Price Target: $39.00 ▲(12.23% Upside)
• Action: Reiterated Date: 03/12/26
• Date: Action: Reiterated 03/12/26

Score driven primarily by strong financial fundamentals (profitability with significant deleveraging) and a reasonable valuation (low P/E). These are partially offset by weak technical momentum (below key moving averages with negative MACD) and manageable but notable credit/funding risks discussed on the earnings call, while merger approvals add a modest positive catalyst.

Positive Factors

Balance-sheet deleveraging

Sustained deleveraging materially strengthens resilience versus cyclical shocks, lowers financial risk and interest burden, and increases capacity for organic investment or M&A. A stronger capital base supports regulatory buffers and long-term ability to absorb credit losses without forcing asset sales.

Stable NIM and profitability

Consistent NIM and solid net margins indicate durable core earnings power and pricing discipline in lending and funding. This margin stability supports predictable operating cash flow, funds reinvestment in growth initiatives and enhances the bank's ability to absorb gradual deposit cost increases over multiple rate cycles.

Merger increases scale & product breadth

Closing the First Foundation merger materially expands geographic presence and wealth management capabilities, diversifies revenue mix and should create scale economies. Structural growth in branches and advisory services can improve fee revenue durability and reduce concentration risk over the medium term.

Negative Factors

C&I credit concentration

Heavy reliance on C&I lending creates idiosyncratic loss volatility; single-name events produced outsized charge-offs that drove provisioning. Persistent concentration raises the probability of episodic earnings hits and greater allowance volatility, complicating capital planning and credit underwriting discipline long term.

Deposit competition and funding pressure

Flat deposit growth and elevated competitive pricing signal structurally higher funding costs ahead. If deposit betas reassert, NIM compression could persist absent stronger loan repricing or fee offsets. Reliance on higher-cost funding raises structural pressure on margins and the bank's ability to finance growth cheaply.

Uneven free cash flow generation

Irregular FCF history reduces predictability of internal funding for dividends, buybacks or acquisitions. Volatile cash conversion increases reliance on capital markets or retained earnings for strategic moves and can constrain disciplined balance-sheet actions during downturns or when credit costs rise.

FirstSun Capital Bancorp Business Overview & Revenue Model

Company Description

FirstSun Capital Bancorp operates as a bank holding company for Sunflower Bank that provides a range of commercial and consumer banking, and financial services to small and medium-sized companies. The company offers deposit products, including noninterest bearing accounts, interest-bearing demand products, checking and savings accounts, money market and term certificate accounts, and certificates of deposit. It also provides commercial and industrial, owner-occupied and non-owner occupied commercial real estate mortgage, 1-4 family, home equity, and multi-family loans, as well as consumer loans comprising direct consumer installment loans, credit card accounts, overdrafts, and other revolving loans. In addition, it provides remote deposit and cash management products; treasury management products and services; and wealth management 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. It provides its services through branches in Kansas, Colorado, New Mexico, Texas, and Arizona. 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.

How the Company Makes Money

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FirstSun Capital Bancorp Financial Statement Overview

Summary

Solid overall fundamentals: meaningful multi-year revenue growth and mid-to-high teen net margins, plus a markedly stronger balance sheet from sharp deleveraging. Offsets include some post-2023 margin normalization and historically uneven cash flow (notably 2020 and uneven FCF growth).

Income Statement

Revenue has scaled meaningfully over the last several years (strong growth through 2022–2023 and continued growth in 2024–2025), and profitability remains solid with net margins holding in the mid-to-high teens recently. That said, profitability appears to have peaked in 2023 (higher net margin and operating margin than 2024–2025), suggesting some normalization/pressure even as revenue rises.

Balance Sheet

The balance sheet shows a notable deleveraging trend, with debt-to-equity improving dramatically from elevated levels in 2022 to very low leverage by 2025, which strengthens resilience. Return on equity is positive and generally steady, though it is below the 2023 high, indicating earnings power is good but not consistently improving year over year.

Cash Flow

Cash generation is generally healthy: operating cash flow is positive in most years and free cash flow closely tracks earnings (near 1x in 2021–2025), which supports earnings quality. The main weakness is volatility—2020 saw negative operating and free cash flow, and free cash flow growth has been uneven (down in 2022 and 2024 before rebounding strongly in 2025).

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	569.65M	540.07M	485.21M	347.92M	287.36M
Gross Profit	394.67M	349.89M	346.71M	304.68M	270.23M
EBITDA	133.07M	105.26M	143.72M	86.19M	60.44M
Net Income	97.94M	75.63M	103.53M	59.18M	43.16M
Balance Sheet
Total Assets	8.49B	8.10B	7.88B	7.43B	5.67B
Cash, Cash Equivalents and Short-Term Investments	1.12B	620.44M	996.12M	880.50M	1.24B
Total Debt	36.68M	114.92M	515.90M	792.11M	162.01M
Total Liabilities	7.33B	7.06B	7.00B	6.66B	5.14B
Stockholders Equity	1.15B	1.04B	877.20M	774.54M	524.04M
Cash Flow
Free Cash Flow	103.97M	95.71M	120.91M	94.72M	109.65M
Operating Cash Flow	111.48M	101.12M	125.18M	96.92M	113.11M
Investing Cash Flow	-330.20M	-80.87M	-327.28M	-538.12M	-293.92M
Financing Cash Flow	255.39M	116.31M	337.94M	116.27M	647.30M

FirstSun Capital Bancorp Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 34.75
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FSUN, the sentiment is Negative. The current price of 34.75 is below the 20-day moving average (MA) of 36.75, below the 50-day MA of 38.19, and below the 200-day MA of 37.06, indicating a bearish trend. The MACD of -1.00 indicates Positive momentum. The RSI at 35.08 is Neutral, neither overbought nor oversold. The STOCH value of 25.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FSUN.

FirstSun Capital Bancorp Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AMAL	74 Outperform	$1.10B	9.00	13.88%	1.70%	4.33%	-2.20%
FMBH	73 Outperform	$938.98M	10.15	9.74%	2.43%	3.54%	12.23%
FSUN	71 Outperform	$970.34M	10.56	8.28%	―	4.44%	3.19%
BHRB	71 Outperform	$914.64M	7.80	14.60%	3.49%	53.68%	290.47%
UVSP	70 Outperform	$912.71M	10.37	9.82%	2.59%	4.49%	20.44%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SBSI	53 Neutral	$881.36M	10.81	8.53%	4.59%	-4.08%	-16.80%

FirstSun Capital Bancorp Corporate Events

FirstSun Capital Bancorp Gains Final Approval for Merger

On March 12, 2026, FirstSun Capital Bancorp and First Foundation Inc. said they had received final U.S. bank regulatory approvals, including from the Federal Reserve and the Office of the Comptroller of the Currency, for First Foundation’s merger into FirstSun. The deal, already endorsed by stockholders of both companies, is slated to close on April 1, 2026, pending satisfaction or waiver of remaining customary conditions.

The merger will combine FirstSun’s multi-state commercial and mortgage banking footprint with First Foundation’s branch and wealth management presence across key growth markets such as California, Texas and Florida. The transaction is expected to expand FirstSun’s scale and product breadth, potentially enhancing its competitive position among mid-sized regional financial institutions and broadening service options for clients of both franchises.

The most recent analyst rating on (FSUN) stock is a Buy with a $41.00 price target. To see the full list of analyst forecasts on FirstSun Capital Bancorp stock, see the FSUN Stock Forecast page.

FirstSun Shareholders Approve Key Proposals for Merger

On February 27, 2026, FirstSun Capital Bancorp stockholders approved four key proposals at a special meeting related to its planned merger with First Foundation Inc., including adoption of the October 27, 2025 merger agreement under which First Foundation will merge into FirstSun. Shareholders also backed amendments to increase authorized common shares and to create a class of non-voting common stock for potential issuance to certain former First Foundation investors, solidifying the capital and governance structure needed to complete the transaction and signaling strong investor support for the combined bank’s future scale and strategic positioning.

Because a quorum was present and the merger, share increase, and non-voting stock proposals each received the requisite votes, the adjournment proposal was withdrawn and not put to a vote. The decisive approvals, reflected in large majorities voting in favor on all principal items, clear a significant procedural hurdle for FirstSun as it moves toward closing the merger and integrating First Foundation’s operations into its expanding regional banking platform.

The most recent analyst rating on (FSUN) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on FirstSun Capital Bancorp stock, see the FSUN Stock Forecast page.

FirstSun Capital Bancorp Merger Gains OCC Approval Milestone

FirstSun Capital Bancorp and First Foundation Inc., both diversified U.S. banking and wealth management providers, serve retail, commercial, and high-net-worth clients through multi-state branch networks and extensive digital and mortgage platforms. Their offerings span deposits, lending, and a wide range of advisory and wealth services aimed at delivering large-bank product breadth with community bank-style relationship focus.

On February 25, 2026, the two companies announced that the Office of the Comptroller of the Currency approved the merger of Sunflower Bank, N.A. and First Foundation Bank, with Sunflower Bank remaining as the surviving institution. The parent-level merger still awaits Federal Reserve approval, shareholder votes set for February 27, 2026, and customary closing conditions, with completion expected in early second-quarter 2026, positioning the combined bank for an expanded footprint and product platform.

The most recent analyst rating on (FSUN) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on FirstSun Capital Bancorp stock, see the FSUN Stock Forecast page.

FirstSun Capital Amends Merger Terms on Non‑Voting Stock

On October 27, 2025, FirstSun Capital Bancorp entered into a merger agreement to combine with First Foundation Inc., under which First Foundation will merge into FirstSun, with FirstSun as the surviving corporation. On February 6, 2026, the parties executed an amendment to the merger agreement that revises the terms governing a new class of non‑voting common stock in FirstSun’s charter: the previous broad ability of holders to convert non‑voting shares into voting shares up to a regulatory ownership cap has been removed and replaced with a more limited right to elect conversion only when a corporate action by FirstSun dilutes a holder’s percentage of voting securities, and only to the extent that the conversion does not increase that holder’s voting stake above its pre‑dilution level. The amendment leaves all other economic and mechanical aspects of the merger, including consideration, exchange ratio and voting procedures, unchanged, signaling that the strategic and financial contours of the transaction remain intact while tightening governance around voting‑power concentration and regulatory compliance.

The most recent analyst rating on (FSUN) stock is a Buy with a $43.00 price target. To see the full list of analyst forecasts on FirstSun Capital Bancorp stock, see the FSUN Stock Forecast page.

FirstSun Capital Posts Strong Q4 Results Amid Merger Progress

On January 23, 2026, FirstSun Capital Bancorp announced that longtime director Diane L. Merdian plans to resign from the boards of both the company and Sunflower Bank, effective at the earlier of the closing of its proposed merger with First Foundation Inc. or the 2026 annual shareholders’ meeting, while the board simultaneously appointed Wentworth Capital Management founder and CEO Peter E. Murphy as a Class III director and bank director, aligning with the nomination rights of the Mollie Hale Carter Trust Stockholder Group and reinforcing governance continuity. Separately, on January 26, 2026, FirstSun reported strong fourth-quarter 2025 results, with net income rising to $24.8 million and adjusted earnings of $26.9 million, supported by a 4.18% net interest margin, improved returns on assets and equity, stable loans and deposits, stronger capital ratios and an efficiency ratio that remained in the mid-60% range, underscoring solid profitability and balance-sheet resilience as the bank advances its strategic growth plans and integration work tied to the pending First Foundation merger.

The most recent analyst rating on (FSUN) stock is a Buy with a $46.00 price target. To see the full list of analyst forecasts on FirstSun Capital Bancorp stock, see the FSUN Stock Forecast page.