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First Merchants Corporation

Data quality: 100%
FRME
NASDAQ Financial Services Banks - Regional
$37.87
▲ $1.31 (3.58%)
Mkt Cap: 2.40B
Day Range
$37.20 $38.37
52-Week Range
$33.13 $43.22
Volume
462,772
50D / 200D Avg
$39.27 / $38.52
Prev Close
$36.56

Price History

Financial Trends

Peer Comparison

vs Financial Services sector median (854 peers)

Metric Stock Sector Median
P/E 10.6 10.3
P/B 1.0 1.1
ROE % 9.5 11.7
Net Margin % 21.5 16.8
Rev Growth 5Y % 17.2 11.7
D/E 0.4 0.5

Analyst Price Target

Hold
$49.00 +29.4%
Forward P/E
9.2
Forward EPS
$4.11
EPS Growth (est.)
+0.0%
Est. Revenue
800 M

Earnings Estimates

Period EPS Est. Revenue Est. Analysts
FY2027 $4.54
$4.49 – $4.63
850 M 5
FY2026 $4.11
$4.07 – $4.16
800 M 5

Key Takeaways

Revenue grew 17.24% annually over 5 years — strong growth
Net margin of 21.52% shows strong profitability
Debt/Equity of 0.41 — conservative balance sheet
Generating 283.65M in free cash flow
P/E of 10.62 — trading at a low valuation
PEG of 0.68 suggests growth is underpriced

Growth

Revenue Growth (5Y)
17.24%
Revenue (1Y)-0.32%
Earnings (1Y)12.21%
FCF Growth (3Y)4.68%

Quality

Return on Equity
9.47%
ROIC5.61%
Net Margin21.52%
Op. Margin24.67%

Safety

Debt / Equity
0.41
Current Ratio0.20
Interest Coverage0.67

Valuation

P/E Ratio
10.62
P/B Ratio0.97
EV/EBITDA12.80
Dividend Yield0.04%

All Fundamental Metrics

Growth
Revenue Growth (1Y) -0.32% Revenue Growth (3Y) 2.51%
Earnings Growth (1Y) 12.21% Earnings Growth (3Y) 0.49%
Revenue Growth (5Y) 17.24% Earnings Growth (5Y) 2.40%
Profitability
Revenue (TTM) 1.05B Net Income (TTM) 226.00M
ROE 9.47% ROA 1.19%
Gross Margin 60.96% Operating Margin 24.67%
Net Margin 21.52% Free Cash Flow (TTM) 283.65M
ROIC 5.61% FCF Growth (3Y) 4.68%
Safety
Debt / Equity 0.41 Current Ratio 0.20
Interest Coverage 0.67 Dividend Yield 0.04%
Valuation
P/E Ratio 10.62 P/B Ratio 0.97
P/S Ratio 2.29 PEG Ratio 0.68
EV/EBITDA 12.80 Dividend Yield 0.04%
Market Cap 2.40B Enterprise Value 3.32B

Income Statement

Annual, most recent first

Income statement data, annual, most recent first
Metric FY2025 FY2024 FY2023 FY2022 FY2021
Revenue 1.05B 1.05B 999.49M 712.95M 555.96M
Net Income 226.00M 201.40M 223.79M 222.09M 205.53M
EPS (Diluted) 3.88 3.41 3.73 3.81 3.81
Gross Profit 640.17M 591.01M 647.50M 611.39M 520.00M
Operating Income 259.11M 231.73M 259.23M 255.67M 240.79M

Balance Sheet

Annual, most recent first

Balance sheet data, annual, most recent first
Metric FY2025 FY2024 FY2023 FY2022 FY2021
Total Assets 19.03B 18.31B 18.41B 17.94B 15.45B
Total Liabilities 16.56B 16.01B 16.16B 15.90B 13.54B
Shareholders' Equity 2.47B 2.30B 2.25B 2.03B 1.91B
Total Debt 999.93M 1.16B 1.03B 1.31B 634.25M
Cash & Equivalents 84.16M 386.51M 548.73M 248.66M 641.30M
Current Assets 1.58B 1.86B 2.27B 2.31B 3.04B
Current Liabilities 7.93B 14.78B 15.00B 14.73B 12.92B

Strategy Scores

This stock passed the criteria for 1 strategy

Score = fit strength (0–100)
Rank = position among all matches
#750 of 820
16

Recent Activity

Entered Deep Value Investing (Seth Klarman)
Mar 24, 2026