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HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
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Relative valuation derived from Financials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 48.6GRADE C
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
3.9%
Sector: 8.5%
Dividend Analysis audit
GROWTH
1.33%
Trailing Yield
$1.33
Per $100 Invested
Modest dividend — capital prioritized for reinvestment.
Est. Payout Ratio
49%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, FB Financial Corp (FBK) receives a "Hold" rating with a composite score of 46.2/100, ranked #1837 out of 4446 stocks. Key factor scores: Quality 49/100, Value 60/100, Momentum 46/100. This is quantitative analysis only — not investment advice.
FB Financial Corp (FBK) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FB Financial Corp Do?
FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services to businesses, professionals, and individuals. The company operates in two segments, Banking and Mortgage. It offers checking, demand, money market, and savings accounts; deposit and lending products and services to corporate, commercial, and consumer customers; and time deposits and certificates of deposits, as well as engages in the mortgage origination business. The company also provides owner-occupied and non-owner-occupied real estate commercial, residential real estate 1-4 family mortgage, multi-family residential, commercial and industrial, construction, land acquisition, residential lines of credit, and land development loans; and consumer and other loans, such as car, boat, and other recreational vehicle loans, as well as manufactured homes without real estate and personal lines of credit. In addition, the company offers mortgage banking services through its bank branch networks in the southeastern United States; an internet delivery channel; and trust, insurance, and investment services, as well as online and mobile banking services. As of December 31, 2021, it operated 82 full-service bank branches and 9 limited-service branches locations throughout Tennessee, North Alabama, Southern Kentucky, and North Georgia; and 23 mortgage offices throughout the southeastern United States. The company was formerly known as First South Bancorp, Inc. and changed its name to FB Financial Corporation in 2016. FB Financial Corporation was founded in 1906 and is headquartered in Nashville, Tennessee. FB Financial Corp (FBK) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Christopher T. Holmes and employs approximately 1,760 people, headquartered in NASHVILLE, Tennessee. With a market capitalization of $2.7B, FBK is one of the notable companies in the Financials sector.
FB Financial Corp (FBK) Stock Rating — Hold (April 2026)
As of April 2026, FB Financial Corp receives a Hold rating with a composite score of 46.2/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FBK ranks #1,837 out of 4,446 stocks in our coverage universe. Within the Financials sector, FB Financial Corp ranks #534 of 891 stocks, placing it in the lower half of its Financials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
FBK Stock Price and 52-Week Range
FB Financial Corp (FBK) currently trades at $55.22. The stock lost $1.22 (2.2%) in the most recent trading session. The 52-week high for FBK is $62.37, which means the stock is currently trading -11.5% from its annual peak. The 52-week low is $38.83, putting the stock 42.2% above its annual trough. Recent trading volume was 94K shares, suggesting relatively thin trading activity.
Is FBK Overvalued or Undervalued? — Valuation Analysis
FB Financial Corp (FBK) carries a value factor score of 60/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 37.10x, compared to the Financials sector average of 14.88x — a premium of 149%. The price-to-book ratio stands at 1.44x, versus the sector average of 1.22x. The price-to-sales ratio is 3.59x, compared to 0.90x for the average Financials stock. On an enterprise value basis, FBK trades at 32.85x EV/EBITDA, versus 3.26x for the sector.
Overall, FBK's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
FB Financial Corp Profitability — ROE, Margins, and Quality Score
FB Financial Corp (FBK) earns a quality factor score of 49/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 3.9%, compared to the Financials sector average of 8.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 0.5% versus the sector average of 1.2%.
On a margin basis, FB Financial Corp reports gross margins of 0.0%. The operating margin is 10.1% (sector: 21.8%). Net profit margin stands at 9.7%, versus 17.7% for the average Financials stock. Revenue growth is running at 33.5% on a trailing basis, compared to 9.4% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
FBK Debt, Balance Sheet, and Financial Health
FB Financial Corp has a debt-to-equity ratio of 11.0%, compared to the Financials sector average of 121.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. The current ratio is 1.14x, suggesting adequate working capital coverage. Total debt on the balance sheet is $213M. Cash and equivalents stand at $154M.
FBK has a beta of 0.94, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for FB Financial Corp is 76/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FB Financial Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, FB Financial Corp reported revenue of $784M and earnings per share (EPS) of $2.47. Net income for the quarter was $76M. Gross margin was 0.0%. Operating income came in at $80M.
In FY 2025, FB Financial Corp reported revenue of $834M and earnings per share (EPS) of $2.47. Net income for the quarter was $123M. Revenue grew 14.9% year-over-year compared to FY 2024. Operating income came in at $139M.
In Q3 2025, FB Financial Corp reported revenue of $237M and earnings per share (EPS) of $0.44. Net income for the quarter was $23M. Revenue grew 27.6% year-over-year compared to Q3 2024. Operating income came in at $30M.
In Q2 2025, FB Financial Corp reported revenue of $182M and earnings per share (EPS) of $0.06. Net income for the quarter was $3M. Revenue grew 2.6% year-over-year compared to Q2 2024. Operating income came in at $-10M.
Over the past 8 quarters, FB Financial Corp has demonstrated a growth trajectory, with revenue expanding from $177M to $784M. Investors analyzing FBK stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FBK Dividend Yield and Income Analysis
FB Financial Corp (FBK) currently pays a dividend yield of 1.3%. At this yield, a $10,000 investment in FBK stock would generate approximately $$133.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning FBK yields less than the typical sector peer. The net margin of 9.7% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
FBK Momentum and Technical Analysis Profile
FB Financial Corp (FBK) has a momentum factor score of 46/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 11/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FBK vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing FBK against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FBK vs S&P 500 (SPY) comparison to assess how FB Financial Corp stacks up against the broader market across all factor dimensions.
FBK Next Earnings Date
No upcoming earnings date has been announced for FB Financial Corp (FBK) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FBK? — Investment Thesis Summary
FB Financial Corp presents a balanced picture with arguments on both sides. The value score of 60/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 76/100) reduces downside risk.
In summary, FB Financial Corp (FBK) earns a Hold rating with a composite score of 46.2/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on FBK stock.
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Institutional Research Dossier
FB Financial Corp (FBK) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on FB Financial Corp (FBK), driven by a mixed assessment of its financial performance and valuation. While the company has demonstrated strong revenue growth, its profitability metrics lag behind sector averages, and its free cash flow generation is concerning. The current valuation, while seemingly attractive on an EV/EBITDA basis, is less compelling when considering its higher P/E ratio compared to the sector and its lower ROE. Therefore, we believe a Hold rating is warranted until FBK can demonstrate sustained improvement in profitability and cash flow generation.
The primary concern revolves around FBK's ability to translate its revenue growth into improved bottom-line performance and free cash flow. While the company operates in a relatively stable banking sector, its profitability metrics, such as ROE and net margin, are significantly below the sector median. This discrepancy raises questions about the efficiency of its operations and its ability to compete effectively. Furthermore, the negative free cash flow raises concerns about its long-term financial sustainability and its ability to fund future growth initiatives. Until these issues are addressed, we believe a more bullish stance is not justified.
Business Strategy & Overview
FB Financial Corp (FBK), operating as FirstBank, provides a comprehensive suite of banking services, including commercial and consumer banking, catering to businesses, professionals, and individuals. The company generates revenue primarily through net interest income from its lending activities and fee income from services like mortgage origination, trust services, and insurance. FBK operates through two segments: Banking and Mortgage. The Banking segment focuses on deposit and lending products, while the Mortgage segment focuses on mortgage origination.
FBK's strategic positioning centers on serving the Southeastern United States, with a significant presence in Tennessee, North Alabama, Southern Kentucky, and North Georgia. The company operates a network of full-service and limited-service bank branches, complemented by mortgage offices and digital channels. This multi-channel approach aims to provide convenient access to its services for a diverse customer base. The company's growth strategy appears to be a combination of organic expansion within its existing footprint and strategic acquisitions to expand its market share and geographic reach.
The company's product pipeline includes a range of deposit accounts, loan products, and other financial services. FBK offers various types of loans, including commercial real estate, residential mortgages, and consumer loans. The company also provides online and mobile banking services, reflecting the increasing importance of digital channels in the banking industry. FBK's focus on technology and innovation is crucial for maintaining competitiveness and attracting tech-savvy customers.
FBK operates in the highly competitive banking industry, facing competition from national and regional banks, credit unions, and non-bank financial institutions. The industry is subject to stringent regulations and is influenced by macroeconomic factors such as interest rates, economic growth, and unemployment. FBK's success depends on its ability to effectively manage its credit risk, maintain its net interest margin, and control its operating expenses. The company's ability to adapt to changing market conditions and regulatory requirements is also critical for its long-term success.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
33.5%
Sector: 9.4%
+257% VS SCTR
Economic Moat Analysis
FB Financial Corp's economic moat appears to be narrow. While the company operates in a stable industry with established relationships, it lacks the distinct competitive advantages necessary for a wide moat. The banking industry is characterized by intense competition, and FBK's size and market share are relatively modest compared to larger national and regional players.
One potential source of a narrow moat is the company's established presence in its core markets. FBK has built a strong reputation and customer base in Tennessee, North Alabama, Southern Kentucky, and North Georgia. This regional focus allows the company to develop a deep understanding of local market conditions and customer needs. However, this regional advantage is not insurmountable, as larger banks can easily expand into these markets and offer similar or superior services.
Switching costs in the banking industry are moderate. While customers may develop relationships with their bankers and prefer the convenience of local branches, they can easily switch to other banks if they find better rates or services. The increasing prevalence of online and mobile banking has further reduced switching costs, as customers can manage their accounts from anywhere and are less reliant on physical branches.
FBK's intangible assets, such as its brand reputation and customer relationships, contribute to its narrow moat. However, these assets are not unique or difficult to replicate. Other banks can invest in marketing and customer service to build their own brand reputation and customer relationships. Furthermore, the banking industry is heavily regulated, which limits the ability of banks to differentiate themselves through innovation or product development.
Efficient scale is not a significant factor in FBK's economic moat. While there are economies of scale in banking, FBK's size is not large enough to give it a significant cost advantage over its competitors. Larger banks can spread their fixed costs over a larger asset base, giving them a lower cost structure. Therefore, FBK's economic moat is primarily based on its regional presence and established customer relationships, which are not strong enough to warrant a wide moat rating.
Financial Health & Profitability
FB Financial Corp's financial health presents a mixed picture. The company has demonstrated strong revenue growth, with revenue increasing from $678.41 million in FY2023 to $833.93 million in FY2025. This represents a significant increase, indicating the company's ability to expand its business and generate more revenue. However, the company's profitability metrics are less impressive. The net margin of 9.7% is significantly lower than the sector average of 17.8%, suggesting that FBK is less efficient at converting revenue into profit compared to its peers. The ROE of 3.9% is also significantly lower than the sector average of 8.5%, indicating that the company is not generating as much return on equity as its competitors.
The company's balance sheet appears to be relatively healthy. The total debt of $212.76 million is relatively low compared to its market cap of $2.64 billion, resulting in a low debt-to-equity ratio of 11.00, which is significantly lower than the sector average of 115.00. This indicates that the company is not overly leveraged and has a strong financial position. The current ratio of 1.14 indicates that the company has sufficient current assets to cover its current liabilities.
However, the company's free cash flow is a concern. The free cash flow of $-423.87 million indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. This negative free cash flow raises concerns about the company's long-term financial sustainability and its ability to fund future growth initiatives. The company may need to raise additional capital through debt or equity financing to cover its cash shortfall.
Analyzing the quarterly financial history reveals some volatility in the company's performance. While revenue has generally been increasing, net income and operating margin have fluctuated from quarter to quarter. For example, in Q2 FY2025, the company reported a net income of only $2.92 million and an operating margin of -5.3%, which is significantly lower than the other quarters. This volatility suggests that the company's performance is sensitive to changes in market conditions and that it may face challenges in maintaining consistent profitability.
Overall, FB Financial Corp's financial health is mixed. While the company has demonstrated strong revenue growth and has a healthy balance sheet, its profitability metrics are below sector averages, and its free cash flow is a concern. The volatility in its quarterly performance also raises questions about its ability to maintain consistent profitability. Therefore, investors should carefully monitor the company's financial performance and assess its ability to improve its profitability and cash flow generation.
Valuation Assessment
FB Financial Corp's valuation presents a mixed picture. The company's P/E ratio of 20.6x is higher than the sector average of 15.5x, suggesting that the stock is relatively expensive compared to its peers. However, the company's EV/EBITDA ratio of 4.7x is higher than the sector average of 3.5x, suggesting that the stock is relatively cheap compared to its peers. This discrepancy in valuation metrics makes it difficult to assess the company's true valuation.
The higher P/E ratio may reflect investors' expectations for future growth. FBK has demonstrated strong revenue growth in recent years, and investors may be willing to pay a premium for the stock in anticipation of continued growth. However, the company's profitability metrics are below sector averages, which raises questions about its ability to sustain its growth and generate attractive returns for investors.
The lower EV/EBITDA ratio may reflect concerns about the company's profitability and cash flow generation. FBK's net margin and ROE are below sector averages, and its free cash flow is negative. These factors may be weighing on the company's valuation and making it appear relatively cheap on an EV/EBITDA basis.
Compared to its historical valuation, FBK's current valuation appears to be in line with its historical averages. The company's P/E ratio and EV/EBITDA ratio have fluctuated over time, but they are currently within their historical ranges. This suggests that the stock is not significantly overvalued or undervalued compared to its historical valuation.
Overall, FB Financial Corp's valuation is mixed. The stock appears to be relatively expensive on a P/E basis but relatively cheap on an EV/EBITDA basis. This discrepancy makes it difficult to assess the company's true valuation. Investors should carefully consider the company's growth prospects, profitability, and cash flow generation when evaluating its valuation.
Risk & Uncertainty
FB Financial Corp faces several risks and uncertainties that could impact its financial performance and valuation. One significant risk is the potential for increased competition in the banking industry. The industry is becoming increasingly competitive, with national and regional banks, credit unions, and non-bank financial institutions all vying for market share. Increased competition could put pressure on FBK's net interest margin and fee income, reducing its profitability.
Another risk is the potential for changes in interest rates. FBK's profitability is sensitive to changes in interest rates, as its net interest margin is affected by the difference between the interest rates it charges on loans and the interest rates it pays on deposits. A decrease in interest rates could reduce FBK's net interest margin and profitability.
Credit risk is also a significant concern for FBK. The company's lending activities expose it to the risk of borrowers defaulting on their loans. An economic downturn or a deterioration in credit quality could lead to an increase in loan losses, reducing FBK's profitability and capital.
Regulatory risk is another important consideration. The banking industry is heavily regulated, and changes in regulations could impact FBK's operations and profitability. For example, changes in capital requirements or lending regulations could increase FBK's costs and reduce its ability to generate profits.
Finally, FBK faces operational risks, such as the risk of fraud, cyberattacks, and other disruptions to its operations. These risks could result in financial losses, reputational damage, and regulatory penalties.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFBK's strong revenue growth demonstrates its ability to capture market share in the attractive Southeastern US market.
BULL VIEWThe company's low debt-to-equity ratio provides financial flexibility for future acquisitions and growth initiatives.
BULL VIEWFBK's focus on digital banking and technology positions it well to attract and retain tech-savvy customers.
The Bear Case
BEAR VIEWFBK's significantly lower ROE compared to the sector indicates inefficient capital allocation and poor profitability.
BEAR VIEWThe negative free cash flow raises serious concerns about the company's long-term financial sustainability and ability to fund growth.
BEAR VIEWFBK's higher P/E ratio compared to the sector suggests the stock is overvalued, given its weaker profitability metrics.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score FBK and 4,400+ other equities.
FB Financial Corp exhibits a 343% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
0.5%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
10.1%
Sector: 21.8%
Net Margin
Bottom-line profitability
9.7%
Sector: 17.7%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.48%
Yield Delta-46%
Income Projection audit
A $10,000 investment would generate approximately $133 annually in dividends at the current trailing rate.
