IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
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.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
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: 53.2GRADE 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
7.5%
Sector: 8.5%
Dividend Analysis audit
INCOME
2.98%
Trailing Yield
$2.98
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
36%SAFE
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
Sign up for free access to institutional-quality research tools.
Based on our 6-factor quantitative model, FNB CORP/PA/ (FNB) receives a "Hold" rating with a composite score of 52.4/100, ranked #953 out of 4446 stocks. Key factor scores: Quality 53/100, Value 70/100, Momentum 52/100. This is quantitative analysis only — not investment advice.
FNB CORP/PA/ (FNB) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does FNB CORP/PA/ Do?
F.N.B. Corporation, a financial holding company, provides a range of financial services primarily to consumers, corporations, governments, and small- to medium-sized businesses. The company operates through three segments: Community Banking, Wealth Management, and Insurance. It offers commercial banking solutions, including corporate and small business banking, investment real estate financing, business credit, capital market, and lease financing services. The company also provides consumer banking products and services, such as deposit products, mortgage and consumer lending services, and mobile and online banking services; and wealth management services comprising personal and corporate fiduciary services comprising administration of decedent and trust estates; securities brokerage and investment advisory services, mutual funds, and annuities; and commercial and personal insurance, and reinsurance products, as well as mezzanine financing options for small- to medium-sized businesses. As of December 31, 2021, it operated 334 banking offices in Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia. F.N.B. Corporation was founded in 1864 and is headquartered in Pittsburgh, Pennsylvania. FNB CORP/PA/ (FNB) is classified as a mid-cap stock in the Financials sector, specifically within the Banking industry. The company is led by CEO Vincent J. Delie and employs approximately 4,020 people, headquartered in Pittsburgh, Pennsylvania. With a market capitalization of $6.0B, FNB is one of the notable companies in the Financials sector.
FNB CORP/PA/ (FNB) Stock Rating — Hold (April 2026)
As of April 2026, FNB CORP/PA/ receives a Hold rating with a composite score of 52.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.FNB ranks #953 out of 4,446 stocks in our coverage universe. Within the Financials sector, FNB CORP/PA/ ranks #291 of 891 stocks, placing it in the upper 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%).
FNB Stock Price and 52-Week Range
FNB CORP/PA/ (FNB) currently trades at $17.69. The stock lost $0.25 (1.4%) in the most recent trading session. The 52-week high for FNB is $19.14, which means the stock is currently trading -7.6% from its annual peak. The 52-week low is $10.88, putting the stock 62.6% above its annual trough. Recent trading volume was 5.2M shares, reflecting moderate market activity.
Is FNB Overvalued or Undervalued? — Valuation Analysis
FNB CORP/PA/ (FNB) carries a value factor score of 70/100 in the Blank Capital model, suggesting the stock trades at a meaningful discount to its fundamental earning power. The trailing price-to-earnings ratio is 12.02x, compared to the Financials sector average of 14.88x — a discount of 19%. The price-to-book ratio stands at 0.90x, versus the sector average of 1.22x. The price-to-sales ratio is 2.63x, compared to 0.90x for the average Financials stock. On an enterprise value basis, FNB trades at 12.41x EV/EBITDA, versus 3.26x for the sector.
Based on these multiples, FNB CORP/PA/ appears attractively valued relative to both its sector peers and the broader market. Value-oriented investors may find the current entry point compelling, particularly if the company's fundamental quality metrics also score well.
FNB CORP/PA/ Profitability — ROE, Margins, and Quality Score
FNB CORP/PA/ (FNB) earns a quality factor score of 53/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 7.5%, 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 1.0% versus the sector average of 1.2%.
On a margin basis, FNB CORP/PA/ reports gross margins of 0.0%. The operating margin is 27.7% (sector: 21.8%). Net profit margin stands at 21.8%, versus 17.7% for the average Financials stock. Revenue growth is running at 7.0% on a trailing basis, compared to 9.4% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
FNB Debt, Balance Sheet, and Financial Health
FNB CORP/PA/ has a debt-to-equity ratio of 28.0%, 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 1.16x, suggesting adequate working capital coverage. Total debt on the balance sheet is $1.90B. Cash and equivalents stand at $474M.
FNB has a beta of 1.10, meaning it is roughly in line with the broader market in terms of price volatility. The stability factor score for FNB CORP/PA/ is 75/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
FNB CORP/PA/ Revenue and Earnings History — Quarterly Trend
In TTM 2026, FNB CORP/PA/ reported revenue of $2.32B and earnings per share (EPS) of $1.57. Net income for the quarter was $507M. Gross margin was 0.0%. Operating income came in at $644M.
In FY 2025, FNB CORP/PA/ reported revenue of $2.33B and earnings per share (EPS) of $1.57. Net income for the quarter was $565M. Revenue grew 3.3% year-over-year compared to FY 2024. Operating income came in at $669M.
In Q3 2025, FNB CORP/PA/ reported revenue of $596M and earnings per share (EPS) of $0.41. Net income for the quarter was $150M. Revenue grew 2.2% year-over-year compared to Q3 2024. Operating income came in at $190M.
In Q2 2025, FNB CORP/PA/ reported revenue of $583M and earnings per share (EPS) of $0.36. Net income for the quarter was $130M. Revenue grew 4.7% year-over-year compared to Q2 2024. Operating income came in at $166M.
Over the past 8 quarters, FNB CORP/PA/ has demonstrated a growth trajectory, with revenue expanding from $557M to $2.32B. Investors analyzing FNB stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
FNB Dividend Yield and Income Analysis
FNB CORP/PA/ (FNB) currently pays a dividend yield of 3.0%. At this yield, a $10,000 investment in FNB stock would generate approximately $$298.00 in annual dividend income. This compares to the Financials sector average dividend yield of 2.5%, meaning FNB offers above-average income for its sector. With a net margin of 21.8%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
FNB Momentum and Technical Analysis Profile
FNB CORP/PA/ (FNB) has a momentum factor score of 52/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 30/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 23/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
FNB vs Competitors — Financials Sector Ranking and Peer Comparison
Comparing FNB against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full FNB vs S&P 500 (SPY) comparison to assess how FNB CORP/PA/ stacks up against the broader market across all factor dimensions.
FNB Next Earnings Date
No upcoming earnings date has been announced for FNB CORP/PA/ (FNB) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy FNB? — Investment Thesis Summary
FNB CORP/PA/ presents a balanced picture with arguments on both sides. The value score of 70/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 75/100) reduces downside risk.
In summary, FNB CORP/PA/ (FNB) earns a Hold rating with a composite score of 52.4/100 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 FNB stock.
We'll email you when stocks you follow change their composite rating.
Institutional Research Dossier
FNB CORP/PA/ (FNB) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on FNB Corp (FNB), driven by a balanced view of its attractive valuation metrics offset by concerns regarding its relatively weaker profitability and growth prospects compared to its peers. While FNB exhibits strengths in operational efficiency and stability, its lower ROE and investment scores, coupled with a negative free cash flow, warrant caution. The current valuation appears reasonable, but the lack of a clear catalyst for significant outperformance keeps us on the sidelines.
FNB's strategic focus on expanding its regional presence and diversifying its service offerings is commendable, but its ability to translate these efforts into sustained earnings growth remains uncertain. The company's exposure to regional economic fluctuations and the competitive banking landscape further temper our enthusiasm. While FNB presents a stable investment option, we believe other opportunities within the financial sector offer a more compelling risk-reward profile.
Business Strategy & Overview
F.N.B. Corporation operates as a diversified financial services provider, primarily focusing on community banking, wealth management, and insurance. Its core strategy revolves around organic growth and strategic acquisitions to expand its geographic footprint and service offerings. The company targets consumers, corporations, governments, and small- to medium-sized businesses, offering a comprehensive suite of financial products, including commercial and consumer lending, deposit accounts, wealth management services, and insurance products. FNB's geographic diversification across Pennsylvania, Ohio, Maryland, West Virginia, North Carolina, South Carolina, Washington, D.C., and Virginia aims to mitigate regional economic risks and capitalize on growth opportunities in diverse markets.
A key element of FNB's strategy is its emphasis on technology and digital banking solutions to enhance customer experience and improve operational efficiency. The company invests in mobile and online banking platforms to attract and retain customers, particularly in the younger demographic. Furthermore, FNB focuses on cross-selling opportunities across its various business segments to deepen customer relationships and increase revenue per customer. This integrated approach allows FNB to leverage its existing customer base and generate incremental revenue streams.
FNB's strategic positioning within the competitive banking landscape is characterized by its focus on community banking and relationship-based services. Unlike larger national banks, FNB emphasizes personalized customer service and local market expertise. This approach allows FNB to differentiate itself from competitors and build strong customer loyalty. The company also actively participates in community development initiatives and supports local businesses, further strengthening its ties to the communities it serves.
The company's product pipeline includes continuous enhancements to its digital banking platforms, new lending products tailored to specific market segments, and expansion of its wealth management and insurance offerings. FNB regularly evaluates market trends and customer needs to identify opportunities for product innovation and service enhancements. This proactive approach allows FNB to stay ahead of the competition and maintain its relevance in the evolving financial services industry.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
7.0%
Sector: 9.4%
-25% VS SCTR
Economic Moat Analysis
FNB's economic moat can be classified as Narrow. While the company benefits from certain advantages, they are not substantial enough to create a wide and sustainable competitive edge. The primary source of FNB's moat stems from its established regional presence and customer relationships, particularly within its community banking segment. These relationships create a degree of customer stickiness and brand loyalty, providing a slight barrier to entry for new competitors.
Switching costs for banking services, while not exceptionally high, do exist. Customers often maintain long-term relationships with their banks due to the inconvenience of transferring accounts, setting up new payment arrangements, and establishing credit history. This inertia provides FNB with a modest advantage in retaining its existing customer base. However, the increasing prevalence of online banking and fintech solutions is gradually reducing these switching costs, posing a challenge to FNB's moat.
FNB's intangible assets, such as its brand reputation and local market expertise, contribute to its competitive advantage. The company has built a strong reputation for providing reliable and personalized banking services within its target markets. This reputation enhances customer trust and attracts new customers through word-of-mouth referrals. However, these intangible assets are not unique to FNB and can be replicated by other regional banks with similar strategies.
Cost advantages are not a significant driver of FNB's moat. While the company maintains efficient operations and manages its expenses effectively, it does not possess a substantial cost advantage over its competitors. The banking industry is highly competitive, and most banks have access to similar technologies and resources, limiting the potential for significant cost differentiation. Furthermore, FNB's smaller size compared to national banks may limit its ability to achieve economies of scale.
Efficient scale is not a primary factor in FNB's moat. The banking industry is not characterized by natural monopolies or significant barriers to entry based on scale. While larger banks may benefit from certain economies of scale, smaller regional banks can still compete effectively by focusing on niche markets and providing personalized services. FNB's strategy of targeting specific geographic regions and customer segments allows it to compete effectively without relying on scale advantages.
Financial Health & Profitability
FNB's financial health presents a mixed picture. The company has demonstrated consistent revenue growth, with revenue increasing from $1.97 billion in FY2023 to $2.33 billion in FY2025. This growth indicates a healthy expansion of its business operations and market share. However, the revenue growth rate has decelerated slightly, from 14.2% between FY2023 and FY2024 to 3.6% between FY2024 and FY2025, suggesting potential headwinds or increased competition.
Profitability metrics, such as operating margin and net margin, are relatively strong compared to the sector average. FNB's operating margin of 27.7% and net margin of 21.8% exceed the sector averages of 22.0% and 17.8%, respectively. This indicates that FNB is effectively managing its expenses and generating healthy profits from its operations. However, the company's ROE of 7.5% is slightly below the sector average of 8.5%, suggesting that FNB could improve its efficiency in utilizing equity to generate profits.
The balance sheet exhibits a moderate level of leverage. FNB's debt-to-equity ratio of 28.00 is significantly lower than the sector average of 115.00, indicating a conservative approach to debt financing. The company's current ratio of 1.16 suggests that it has sufficient liquid assets to cover its short-term liabilities. However, the company's free cash flow is negative at $-164.00 million, which raises concerns about its ability to generate cash from its operations. This negative free cash flow may be due to increased investments in growth initiatives or other factors that require further investigation.
Analyzing the quarterly financial history reveals a consistent trend of revenue and net income growth. However, the operating margin has fluctuated over the past few quarters, indicating potential variability in the company's profitability. The operating margin peaked at 41.0% in Q1 FY2023 and has since declined to 31.9% in Q3 FY2025. This decline may be due to increased operating expenses or changes in the company's revenue mix.
Overall, FNB's financial health is stable, but there are areas that warrant attention. The company's consistent revenue growth and strong profitability metrics are positive indicators. However, the negative free cash flow and slightly below-average ROE raise concerns about its long-term financial sustainability. Investors should closely monitor these metrics and assess the company's ability to improve its cash flow generation and equity utilization.
Valuation Assessment
FNB's valuation presents an interesting case, appearing relatively attractive compared to its peers and historical averages, yet requiring careful consideration of its growth prospects. The company's P/E ratio of 10.2x is significantly lower than the sector average of 15.5x, suggesting that the stock may be undervalued relative to its earnings. Similarly, its EV/EBITDA ratio of 2.9x is also lower than the sector average of 3.5x, further supporting the notion that FNB is trading at a discount.
However, it's crucial to consider the context of these valuation multiples. While FNB's valuation appears cheap on the surface, it's important to assess whether this discount is justified by its growth prospects and risk profile. The company's revenue growth of 7.0% is slightly below the sector average of 9.3%, indicating that FNB may not be growing as rapidly as its peers. This slower growth rate could partially explain the lower valuation multiples.
The negative free cash flow further complicates the valuation picture. While FNB's earnings-based multiples appear attractive, the lack of positive free cash flow raises concerns about its ability to generate cash from its operations. This could limit the company's ability to invest in growth initiatives, pay dividends, or repurchase shares, potentially impacting its long-term value creation.
Comparing FNB's valuation to its historical averages reveals a similar pattern. The company's current P/E and EV/EBITDA ratios are below their historical averages, suggesting that the stock may be undervalued relative to its past performance. However, it's important to consider whether the company's current growth prospects and risk profile are comparable to its historical performance.
Overall, FNB's valuation appears to be in the fair range. While the company's earnings-based multiples are attractive, the slower revenue growth and negative free cash flow warrant caution. Investors should carefully assess the company's growth prospects and risk profile before making an investment decision. A potential catalyst for a higher valuation would be a significant improvement in the company's free cash flow generation or an acceleration in its revenue growth rate.
Risk & Uncertainty
FNB faces several specific risks that could negatively impact its business and financial performance. One of the primary risks is its exposure to regional economic fluctuations. The company operates primarily in the Mid-Atlantic and Southeast regions of the United States, making it vulnerable to economic downturns in these areas. A decline in economic activity could lead to increased loan defaults, reduced demand for banking services, and lower profitability.
Another significant risk is the intense competition within the banking industry. FNB competes with a wide range of financial institutions, including large national banks, regional banks, credit unions, and fintech companies. This competitive landscape puts pressure on FNB's pricing, product offerings, and customer acquisition efforts. The increasing prevalence of online banking and fintech solutions further intensifies competition and requires FNB to continuously innovate and adapt its business model.
Regulatory risks also pose a challenge to FNB. The banking industry is heavily regulated, and changes in regulations can significantly impact FNB's operations and profitability. Increased regulatory scrutiny, higher capital requirements, or changes in lending regulations could increase FNB's compliance costs and limit its ability to generate profits. Furthermore, regulatory actions or investigations could damage FNB's reputation and erode customer trust.
Credit risk is an inherent risk in the banking industry. FNB is exposed to the risk of loan defaults and losses due to borrowers' inability to repay their debts. This risk is particularly relevant in the current economic environment, where rising interest rates and inflation could put pressure on borrowers' ability to meet their financial obligations. Effective credit risk management is crucial for FNB to mitigate potential losses and maintain its financial stability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWFNB's low valuation multiples, particularly its P/E ratio of 10.2x, offer a compelling entry point for value investors seeking exposure to the financial sector.
BULL VIEWThe company's consistent revenue growth and strong operating margin demonstrate its ability to effectively manage its operations and generate profits, making it a reliable investment option.
BULL VIEWFNB's conservative balance sheet, with a low debt-to-equity ratio of 28.00, provides a cushion against economic downturns and allows the company to pursue strategic growth opportunities.
The Bear Case
BEAR VIEWFNB's negative free cash flow raises concerns about its long-term financial sustainability and its ability to invest in growth initiatives or return capital to shareholders.
BEAR VIEWThe company's below-average ROE of 7.5% indicates that it is not efficiently utilizing equity to generate profits, suggesting potential inefficiencies in its operations.
BEAR VIEWFNB's exposure to regional economic fluctuations and intense competition within the banking industry could limit its growth prospects and put pressure on its profitability.
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 FNB and 4,400+ other equities.
FNB CORP/PA/ exhibits a 107% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
1.0%
Sector: 1.2%
Gross Margin
Pricing power and cost efficiency
0.0%
Sector: 0.0%
Operating Margin
Core business profitability
27.7%
Sector: 21.8%
Net Margin
Bottom-line profitability
21.8%
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+20%
Income Projection audit
A $10,000 investment would generate approximately $298 annually in dividends at the current trailing rate.
