First Merchants Corporation FRME R2K

Financial Services · Banks - Regional · United States

https://www.firstmerchants.com

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. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

Market & Price

Market Cap

$2.54B

Current Price

$40.30

High / Low (52W)

$42.14 / $34.33

Beta

0.87

Valuation

Stock P/E

11.89

Industry PE

12.01

Forward P/E

8.85

PEG Ratio

1.40

Book Value

$42.35

Price to Book

0.95

P/S

3.98

EV/EBITDA

Dividend Yield

3.67%

Profitability & Returns

ROCE

ROE

7.95%

ROA

1.01%

Profit Margin

31.17%

Op Margin

22.58%

EPS (Latest Qtr)

$0.45

EPS (TTM)

$3.39

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$1.69B

Total Assets

$19.03B

Current Assets

Working Capital

Ownership

Promoter Holding

2.06%

Chg in Prom Hold

FII / Inst Holding

75.26%

Chg in FII Hold

0.00%

Financial Snapshot

Enterprise Value

$3.94B

Total Revenue (TTM)

$637.81M

EBITDA

Free Cash Flow

Operating Cash Flow

$280.54M

Shares Outstanding

63.02M

Gross Margin

0.00%

Payout Ratio

42.48%

Growth (CAGR)

Revenue 5Y

1.81%

Profit 5Y

0.58%

Revenue (YoY)

-2.50%

Earnings (YoY)

-52.10%

PROS

Excellent profit margin of 31.2%.
Attractive dividend yield of 3.67%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	FRME First Merchants Corporation R2K	40.30	11.89	$2.54B	3.67%	-	7.95%	1.81%	0.58%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	160.32M	164.32M	166.14M	172.17M	157.13M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	92.25M	96.72M	101.43M	98.38M	97.27M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	63.22M	65.12M	65.28M	65.50M	27.09M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	7.88M	8.29M	8.52M	8.43M	-1.07M
Net Income	17.97M	17.07M	14.18M	17.69M	20.01M	21.06M	22.29M	23.19M	24.14M	24.36M	24.38M	36.68M	39.63M	41.11M	41.71M	38.82M	41.06M	36.76M	47.83M	34.26M	32.99M	36.21M	45.13M	49.47M	55.56M	52.77M	48.59M	38.99M	63.75M	64.08M	60.86M	56.37M	47.94M	39.92M	49.19M	55.34M	56.83M	56.77M	57.06M	28.16M
Diluted EPS	0.47	0.45	0.37	0.43	0.49	0.51	0.55	0.56	0.57	0.50	0.49	0.74	0.80	0.83	0.85	0.78	0.83	0.71	0.87	0.62	0.62	0.67	0.83	0.91	1.03	0.98	0.91	0.63	1.08	1.07	1.02	0.94	0.80	0.68	0.84	0.94	0.98	0.98	0.99	0.45

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	628.14M	651.00M	626.71M	662.95M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	84.80M	348.49M	426.89M	388.78M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	255.67M	259.23M	231.73M	259.11M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	33.59M	35.45M	30.33M	33.11M
Net Income	-40.76M	6.91M	25.25M	45.12M	44.53M	60.16M	65.38M	81.05M	96.07M	159.14M	164.46M	148.60M	-	222.09M	223.79M	201.40M	226.00M
Diluted EPS	-2.17	0.48	0.34	1.41	1.41	1.65	1.72	1.98	2.12	3.22	3.19	2.74	-	3.81	3.73	3.41	3.88

Compounded Sales Growth

5 Years:	1.81%
1 Year:	-2.50%

Compounded Profit Growth

5 Years:	0.58%
1 Year:	-52.10%

Stock Price Performance

1 Year:	+10.99%
6 Months:	+10.38%
3 Months:	+4.09%
1 Month:	+1.21%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2008	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	4.17B	4.17B	4.30B	5.44B	5.82B	6.76B	7.21B	9.37B	9.88B	12.46B	14.07B	-	18.00B	18.41B	18.31B	19.03B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	-	179.15M	58.31M	73.31M	101.46M	109.43M	118.62M	102.17M	127.93M	154.91M	139.25M	177.20M	-	-	248.66M	548.73M	386.51M	280.46M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	-	-	-	-	85.07M	97.66M	91.83M	93.37M
Total Liabilities	-	-	3.72B	3.66B	3.75B	4.80B	5.10B	5.91B	6.31B	8.06B	8.48B	10.67B	12.19B	-	15.97B	16.16B	16.01B	16.56B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	974.97M	871.50M	916.08M	856.18M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-	974.97M	871.50M	916.08M	856.18M
Total Equity	395.90M	463.79M	454.41M	514.47M	552.24M	634.92M	726.83M	850.51M	901.66M	1.30B	1.41B	1.79B	1.88B	-	2.03B	2.25B	2.30B	2.47B
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	-	-	-	59.17M	59.42M	57.97M	56.95M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	17.61M	81.05M	85.48M	70.27M	183.13M	75.84M	56.66M	103.72M	126.50M	180.24M	176.73M	203.83M	215.34M	284.29M	258.83M	266.21M	283.65M
Investing Cash Flow	258.49M	109.85M	-28.16M	11.89M	-138.16M	-125.99M	-340.39M	-448.70M	-635.33M	-575.58M	-1.01B	-1.55B	-1.48B	-462.69M	-344.43M	-252.42M	-773.82M
Financing Cash Flow	-247.44M	-311.74M	-42.32M	-54.01M	-36.99M	59.33M	267.29M	370.74M	535.81M	379.68M	867.63M	1.36B	1.24B	133.84M	75.65M	-38.82M	486.72M
Capital Expenditure	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-	-	-	-	-	-	284.29M	258.83M	266.21M	283.65M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-44.55M	-9.95M	-25.03M	-3.46M
Share Buybacks	193.00K	76.00K	126.00K	235.00K	491.00K	1.07M	1.64M	1.98M	0	0	19.04M	55.91M	25.44M	0	0	56.17M	46.89M

Ratios (Annual)

Figures in %.

Metric	Dec 2009	Dec 2010	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-	35.4%	34.4%	32.1%	34.1%
ROE %	-8.8%	1.5%	4.9%	8.2%	7.0%	8.3%	7.7%	9.0%	7.4%	11.3%	9.2%	7.9%	-	10.9%	10.0%	8.7%	9.2%
ROCE %	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

2.06%

Institutions

75.26%

Public Float

76.84%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	7.77%	4.90M	$197.44M
2	Dimensional Fund Advisors LP	5.71%	3.60M	$144.92M
3	Vanguard Portfolio Management LLC	5.33%	3.36M	$135.37M
4	Vanguard Capital Management LLC	4.33%	2.73M	$110.04M
5	Earnest Partners LLC	3.58%	2.26M	$90.90M
6	State Street Corporation	3.55%	2.24M	$90.26M
7	Geode Capital Management, LLC	2.50%	1.57M	$63.42M
8	Goldman Sachs Group Inc	1.80%	1.14M	$45.83M
9	Nuveen, LLC	1.66%	1.04M	$42.05M
10	Wellington Management Group, LLP	1.60%	1.01M	$40.59M

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