Is FNB or FRMEP more undervalued in 2026?

CirclFi compares F.N.B. Corporation (FNB) and First Merchants Corporation - D (FRMEP) using 13 institutional-grade valuation models. FNB has a Quality of Company score of 8.7/10 while FRMEP scores 8.1/10.

Which is a better buy — FNB or FRMEP?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FNB and FRMEP valuations compare?

FNB at $17.56 and FRMEP at $25.05 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FNB vs FRMEP Valuation Comparison 2026 — Intrinsic Value Analysis

FNB

Banks - Regional

F.N.B. Corporation

Quality

8.7

out of 10

Value Trap

SAFE

Price

$17.56

Last close

Models

11/13

Active

FRMEP

Banks - Regional

First Merchants Corporation - D

Quality

8.1

out of 10

Value Trap

SAFE

Price

$25.05

Last close

Models

10/13

Active

Model-by-Model Comparison

Model	Type	FNB Fair Value	FNB Upside	FRMEP Fair Value	FRMEP Upside
Bayesian DCF	Intrinsic	$7.11	-59.5%	$23.38	-6.7%
Earnings Power Value	Intrinsic	$7.96	-54.6%	$44.71	+78.5%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FNB vs FRMEP — Which Stock Is More Undervalued?

FNB scores higher with a 8.7/10 quality rating vs FRMEP's 8.1/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing F.N.B. Corporation (FNB) and First Merchants Corporation - D (FRMEP) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FNB currently trades at $17.56 with a QOC of 8.7/10, while FRMEP trades at $25.05 with a QOC of 8.1/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).