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FB Financial

FBK on NYSE. FB Financial Corporation sells banking and mortgage services to people and businesses. Market value $2.6bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Return on equity
five annual reports to December 2025
8.6%five-year median

Yearly profit per dollar of owners' money: 9 cents. Above 10 is good.

Price to book
quarterly report to June 2026
1.4×

What you pay for each dollar of net assets: $1.36.

Earnings yield
past 12 months to June 2026
7.5%

Profit per $100 you pay: $7.47.

Quality score: 85 of 100. Price score: 87 of 100. Our list needs 70 on quality and 60 on price.

$52.66 a share, 7% above its 1-year low

Over the past year the price has ranged from $49.24 to $62.65.

Dividend: 1.4% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
n/an/an/an/an/a
Operating margin
n/an/an/an/an/a
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.05bn0.05bn0.05bn0.05bn0.05bn

Health checks

  • Free cash flow positiveDoesn't apply to banks and insurers
  • Accounting checksDoesn't apply to banks and insurers
  • DebtDoesn't apply to banks and insurers
  • Revenue growth, five yearsUnknown
  • Buying back its own sharesNo, 6% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Profit: $59 million, up 1916% on a year ago.
  • Spare cash over the past 12 months: $200 million, up from $119 million.
  • 12% more shares than a year ago. Each share owns a bit less of the company.
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$10m
December 2024$38m
March 2025$39m
June 2025$3m
September 2025$23m
December 2025$57m
March 2026$58m
June 2026$59m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
26 February 2026
Next quarterly (estimated, 10-Q)
2 November 2026

Who owns it

2 long-term investors we follow own it, unchanged from 2 last quarter. 294 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • James Austin McPherson
    at least 23.8%
    (filed with 1 related holder)
    Since 29 April 2025
    What they said

    The information in Item 3 above is hereby incorporated by reference. Each of James Jonathan Ayers and James Austin McPherson acquired and presently holds the shares of Common Stock that he beneficially owns directly for individual investment purposes. Other than as described in…

    Read the filing
  • BlackRock, Inc.
    Passive investor
    11.7%
    Since 31 March 2025
  • 8.0%
    Since 30 September 2025
  • Estate of James W. Ayers
    Passive investor
    Sold down below 5%
    Since 21 May 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 1 insider bought $500,100 of shares on the open market. 2 sold $555,000.

  • JOYCE LYNN J
    Chief Accounting Officer
    Sold
    Date
    15 July 2026
    Shares
    7,000
    Price
    $59.03
    Value
    $413,210
  • Clark Agenia
    Director
    Sold
    Date
    11 December 2025
    Shares
    1,210
    Price
    $59.18
    Value
    $71,608
  • Clark Agenia
    Director
    Sold
    Date
    17 October 2025
    Shares
    1,345
    Price
    $52.18
    Value
    $70,182
  • Jubran Raja J.
    Director
    Bought
    Date
    16 October 2025
    Shares
    9,147
    Price
    $54.67
    Value
    $500,100

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 3 Aug 2026 and 9 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • The rise of artificial intelligence and generative AI presents risks to our operations, controls, and compliance.

    Could happen
    Even limited use of AI technologies exposes us to operational, regulatory, cybersecurity, third ‑ party, and reputational risks. AI ‑ enabled tools may produce inaccurate, incomplete, biased, or misleading outputs that can be difficult to validate or explain. If AI ‑ generated information is relied upon without appropriate human oversight, it could result in operational errors, weakened internal controls, customer harm, or regulatory or compliance issues, including fair lending or consumer protection concerns.
    Read more

  • We have a shareholder who owns a significant portion of our stock and that shareholder’s interests in our business may be different than our other shareholders.

    Could happen
    The shareholder agreement entered into in connection with the Company’s initial public offering, which previously provided Mr. Ayers with certain director designation and committee rights, terminated in accordance with its terms upon Mr. Ayers’ death, and the Estate does not have any contractual rights to designate directors or committee members.
    Read more

  • The rise of artificial intelligence and generative AI presents risks to our operations, controls, and compliance.

    Could happen
    The legal and regulatory framework governing AI and automated technologies is rapidly evolving. Federal and state banking regulators are increasingly applying existing principles relating to governance, model risk management, fairness, and explainability to AI ‑ enabled systems, and new laws, regulations, or supervisory expectations could require additional controls, documentation, oversight, or training, increase compliance costs, or limit permissible uses of AI. Regulators have also cautioned against overstating AI capabilities or benefits.
    Read more

  • The rise of artificial intelligence and generative AI presents risks to our operations, controls, and compliance.

    Could happen
    We make limited use of artificial intelligence technologies, including generative AI, and do not rely on them for core or mission ‑ critical banking activities such as credit decisions, pricing, transaction approvals, or other essential functions. Our current use of AI is confined to controlled, non ‑ critical administrative or productivity ‑ support purposes, such as research assistance, drafting, and data summarization. In addition, AI functionality may be embedded in certain third ‑ party software and services we use.
    Read more

  • The rise of artificial intelligence and generative AI presents risks to our operations, controls, and compliance.

    Could happen
    We are also exposed to risks arising from third ‑ party vendors that incorporate AI or automated technologies into their products or services, even where we do not directly control such functionality. Vendor failures, misuse, bias, or regulatory noncompliance could disrupt our operations, expose us to supervisory scrutiny, or require us to modify or discontinue certain services, potentially at significant cost.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.