FBK vs FHN: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
FBK (FB Financial Corporation) and FHN (First Horizon Corporation) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
FBK vs FHN: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | FBK | FHN | What it tells you |
|---|---|---|---|
| Forward P/E | 11.76 | 11.12 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 15.97 | 12.88 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.95 | 0.61 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 87% of range | 86% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 1.56 | 1.43 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how FBK and FHN affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. FBK and FHN share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined FBK and FHN exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does FB Financial Corporation (FBK) do?
FB Financial Corporation is the parent of FirstBank, a community and commercial bank headquartered in Nashville, Tennessee, operating branches across Tennessee, Alabama, Georgia, Kentucky, and North Carolina. The bank makes most of its money the traditional way: gathering deposits from consumers and businesses and lending that money out as commercial, commercial real estate, construction, and residential loans, earning the spread (net interest margin) between what it pays on deposits and what it charges on loans. It supplements this with fee income from mortgage banking, wealth management, and deposit services. After completing its acquisition of Southern States Bancshares in July 2025, the combined company reached roughly $16 billion in assets, extending its reach deeper into Alabama and Georgia.
What does First Horizon Corporation (FHN) do?
First Horizon Corporation is the holding company for First Horizon Bank, a regional lender headquartered in Memphis, Tennessee with roughly $82 billion in assets and operations across about 12 states in the Southeast and Texas. The bank offers commercial and private banking, consumer and small-business services, wealth and trust management, retail brokerage, capital markets, and fixed income. It holds leading deposit market share positions in Tennessee and Louisiana, with additional density in Florida, the Carolinas, Virginia, Atlanta, and the Dallas and Houston markets.
FBK vs FHN: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- FBK drivers: Southeastern expansion and M&A; Net interest margin and rate environment.
- FHN drivers: Sun Belt regional growth; Net interest income and margin.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: As a regional bank, FBK is exposed to interest-rate risk: sharp rate moves can squeeze the net interest margin that drives most of its earnings. For FHN, as a regional bank, First Horizon carries interest rate risk, since a falling or inverted yield curve can compress margins.
FBK or FHN: which should you pick?
FBK vs FHN: the full fundamentals
FBK. As of April 2026, FBK traded around 11x to 12x earnings and roughly 1.7x tangible book value (tangible book value near $31 per share), a moderate valuation for a growing Southern regional bank. Net interest margin of about 3.94% and an efficiency ratio near 54% adjusted place it toward the stronger end of its peer group. These figures reflect the first full quarters after the Southern States acquisition and can shift with rates and credit conditions.
FHN. First Horizon reported first-quarter 2026 revenue of about $862 million, up roughly 6 percent year over year, with net income available to common shareholders near $257 million and earnings per share of about $0.53, up 21 percent from a year earlier. The shares trade around 12 times trailing earnings and roughly 1.8 times tangible book value, broadly in line with regional-bank peers.
Headline figures (approximate, APRIL 2026): FBK shows net income (q1 2026) ~$57.5M, diluted eps (q1 2026) ~$1.10 (~$1.12 adjusted), total revenue (q1 2026) ~$172M, total deposits ~$14.1B; FHN shows market cap ~$12.4B, revenue (q1 2026) ~$862M, net income to common (q1 2026) ~$257M, eps (q1 2026) ~$0.53.
The bottom line: FBK vs FHN
FBK and FHN are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined FBK and FHN exposure against your real portfolio. It is not an investment adviser.
Wondering how FBK or FHN fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in FB Financial Corporation with AI
Connect the broker you already use and ask Walnut's AI how FBK fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between FBK and FHN?
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FB Financial Corporation is the parent of FirstBank, a community and commercial bank headquartered in Nashville, Tennessee, operating branches across Tennessee, Alabama, Georgia, Kentucky, and North Carolina. First Horizon Corporation is the holding company for First Horizon Bank, a regional lender headquartered in Memphis, Tennessee with roughly $82 billion in assets and operations across about 12 states in the Southeast and Texas. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is FBK or FHN the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, FBK or FHN?
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On forward P/E (as of August 2026), FBK trades at 11.76x and FHN at 11.12x, so FHN is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both FBK and FHN?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of FBK vs FHN?
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FBK: As a regional bank, FBK is exposed to interest-rate risk: sharp rate moves can squeeze the net interest margin that drives most of its earnings. It carries meaningful commercial real estate and construction lending exposure, which can deteriorate quickly in a regional economic downturn or property slump. Acquisition-led growth adds integration risk, and overpaying or mismanaging a deal can dilute shareholders. Deposit competition and any flight of uninsured deposits (a sector-wide concern since 2023) could raise funding costs. Finally, its concentration in the Southeast means a regional recession would hit it harder than a nationally diversified bank. FHN: As a regional bank, First Horizon carries interest rate risk, since a falling or inverted yield curve can compress margins. Credit risk is meaningful because a downturn in its Southeastern and Texas markets, including commercial real estate exposure, could raise charge-offs from the low levels seen recently. Deposit competition and the possibility of funding outflows remain a concern after the 2023 regional-banking stress. The stock also lost the premium tied to the TD takeover when that deal collapsed, and regulatory capital requirements could limit buybacks.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell FBK or FHN; figures are approximate and dated (as of August 2026). Verify current data before investing.