FB Financial (FBK) vs First Merchants (FRME)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
First Merchants (FRME) has outperformed FB Financial (FBK) over the past year, gaining 3.3% versus a loss of 11.2%. Over five years, FBK leads with a +15.9% price change compared with -8.4% for FRME. FB Financial is the larger company by market cap ($2.61 billion vs $2.47 billion), about 1.1 times the size.
On valuation, First Merchants trades at a lower forward P/E (8.8x vs 10.1x for FB Financial). First Merchants offers the higher dividend yield (3.69% vs 1.53%). First Merchants converts more of its revenue into profit, with a net margin of 34.1% versus 21.9%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FBK | FRME |
|---|---|---|
| Share price | $52.26 | $39.29 |
| Market cap | $2.61B | $2.47B |
| 1-day change | -0.76% | -0.96% |
| YTD return | -6.34% | +4.83% |
| 1-year return | -11.21% | +3.26% |
| 5-year return | +15.90% | -8.41% |
| P/E ratio (TTM) | 13.83 | 12.63 |
| Forward P/E | 10.14 | 8.76 |
| EPS (TTM) | $3.78 | $3.11 |
| Dividend yield | 1.53% | 3.69% |
| Annual dividend | $0.80 | $1.45 |
| Revenue (latest FY) | $560.01M | $662.95M |
| Revenue growth (YoY) | +22.92% | +2.51% |
| Net income (latest FY) | $122.62M | $226.00M |
| Net margin | 21.90% | 34.09% |
| 52-week high | $62.66 | $45.33 |
| 52-week low | $49.24 | $34.66 |
| Distance from 52-week high | -16.59% | -13.32% |
| Analyst consensus | strong_buy | buy |
| Avg. price target upside | +26.94% | +19.19% |
| Average volume | 454.52K | 458.51K |
| Shares outstanding | 49.98M | 62.80M |
| Employees | 1,594 | 2,086 |
| Sector | Finance | Finance |
| Industry | Major Banks | Major Banks |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- FRME has outperformed FBK by 14.5 percentage points over the past year.
- First Merchants offers a meaningfully higher dividend yield (3.69% vs 1.53%).
- First Merchants is more profitable, keeping 34.1 cents of every revenue dollar as net income versus 21.9 cents for FB Financial.
- FB Financial grew revenue faster in its latest fiscal year (+22.92% vs +2.51%).
About FB Financial
FBK stock →FB Financial Corporation operates as a bank holding company for FirstBank that provides a suite of commercial and consumer banking services. The company operates in two segments, Banking and Mortgage.
Finance · Major Banks · 1,594 employees
About First Merchants
FRME stock →First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products.
Finance · Major Banks · 2,086 employees
FBK vs FRME FAQ
Which is bigger, FB Financial or First Merchants?
FB Financial (FBK) is larger, with a market capitalization of $2.61B compared with $2.47B for First Merchants (FRME).
Which stock has performed better over the past year, FBK or FRME?
FRME returned +3.26% over the past 12 months, compared with -11.21% for FBK (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FBK or FRME?
FRME has the lower trailing P/E at 12.6, versus 13.8 for FBK. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, FB Financial or First Merchants?
First Merchants has the higher yield at 3.69%, compared with 1.53% for FB Financial.
Are FB Financial and First Merchants in the same industry?
Yes. Both are classified in the Major Banks industry within the Finance sector.