First Merchants Corporation FRME

40.71 0.22 0.54% as of 25 Sep
Market cap
$2.5B
P/E
13.0×
Growth Flags show if company had growth for consecutive years

Insider Decisions

Total sells 1.73
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — 1 — — 3 — — 1 1 — 1 —
Insider Ownership 1.34%

Capital & Financial Ratios

Market Cap 2,540.00
Revenue 1,090.52
Net Income 185.97
Free Cash Flow 314.90
Net Debt 884.31
Current Ratio 0.95
Debt/Equity 0.56
P/E ratio 13.01
P/S ratio 2.33
P/B ratio 0.95
Past 5Y EPS Growth 1.34%
This Y EPS Growth (16.58%)
Next Y EPS Growth 38.72%
Next 5Y EPS Growth 8.09%
in millions of $

Dividends

Payout Ratio 0.30
Annual Dividend Rate 1.32
Annual Dividend Yield 4.14%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.47
0.36
0.37
0.37
2025 1.43
0.35
0.36
0.36
0.36
2024 1.39
0.34
0.35
0.35
0.35
2023 1.34
0.32
0.34
0.34
0.34
2022 1.25
0.29
0.32
0.32
0.32
2021 1.13
0.26
0.29
0.29
0.29
2020 1.04
0.26
0.26
0.26
0.26
2019 1.52
0.22
0.26
0.26
0.26
0.26
0.26
2018 0.84
0.18
0.22
0.22
0.22
2017 0.69
0.15
0.18
0.18
0.18
2016 0.54
0.11
0.14
0.14
0.15
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 549 387 280 616
Receivables — — — —
Inventory — — — —
Other — — — —
12,946 13,159 13,990 16,085
2023 2024 2025 Q'26
Payables 14,821 14,522 15,295 16,753
ST’ Debt — — — —
Other — — — —
14,998 14,780 15,457 16,874
in millions of $

Compound Annual Growth

10y 5y 3y
Sales 13.71% 13.50% 13.84%
Cash Flow 17.48% 6.83% (0.08%)
Earnings 13.11% 8.57% 0.52%
Book Value 11.24% 5.63% 6.63%

Revenue

Mar Jun Sep Dec Year
’26 254 298 — — —
’25 253 261 268 271 1,052
’24 263 268 266 277 1,074
’23 231 248 257 263 999
’22 135 169 193 215 713
’21 134 144 142 136 556
’20 150 136 132 141 558
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 59 88 — — —
’25 62 54 88 81 284
’24 59 63 77 68 266
’23 88 25 80 66 259
’22 50 45 50 140 284
’21 53 42 66 54 215
’20 71 43 30 60 204
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 59 88 — — —
’25 62 54 88 81 284
’24 59 63 77 68 266
’23 88 25 80 66 259
’22 50 45 50 140 284
’21 53 42 66 54 215
’20 71 43 30 60 204
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 0.45 0.70 — — —
’25 0.94 0.98 0.98 0.99 3.88
’24 0.80 0.68 0.84 1.10 3.41
’23 1.07 1.02 0.94 0.71 3.73
’22 0.91 0.63 1.08 1.19 3.81
’21 0.91 1.03 0.98 0.89 3.81
’20 0.62 0.62 0.67 0.83 2.74
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
21.10 35.26 32.49 33.00 21.18 33.98 34.07 24.52 30.55 33.13

Analyst estimates 2026–2028

Powerpack
Low Price
38.02 45.42 50.44 42.48 42.19 50.65 46.12 43.97 46.13 45.62
High Price
1,449 1,684 1,702 1,891 1,907 1,821 2,124 2,162 2,120 2,086
Employees
0 0 0 0 0 0 0 0 1 1
Revenue/Emp
319 386 484 552 558 556 713 999 1,074 1,052
Revenue
91.57% 90.25% 85.74% 80.30% 88.11% 93.53% 88.11% 65.13% 60.24% 63.03%
Gross Margin
109 134 188 194 170 241 256 259 232 259
EBT
34.11% 34.62% 38.84% 35.10% 30.44% 43.31% 35.86% 25.94% 21.58% 24.64%
EBT Margin
81 96 159 164 149 206 222 224 201 226
Net Income
7 8 9 9 11 11 12 12 27 29
Depreciation
7.81 8.54 9.83 10.74 10.33 10.34 12.36 16.85 18.41 18.30
Revenue/Sh
1.98 2.13 3.23 3.20 2.75 3.82 3.83 3.74 3.42 3.90
Earnings/Sh
2.54 2.80 3.66 3.44 3.77 4.00 4.93 4.36 4.57 4.94
Cash Flow/Sh
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capex/Sh
2.54 2.80 3.66 3.44 3.77 4.00 4.93 4.36 4.57 4.94
Free CF/Sh
22.12 28.85 28.59 34.75 34.70 35.56 35.27 37.90 39.53 42.93
Book Value/Sh
41 45 49 51 54 54 58 59 58 57
Shares
18.94 19.67 10.61 13.00 13.60 10.97 10.71 9.91 11.66 9.61
PE Ratio
4.83 4.91 3.49 3.87 3.62 4.05 3.32 2.20 2.17 2.05
PS Ratio
1.70 1.45 1.20 1.20 1.08 1.18 1.18 0.99 1.02 0.88
PB Ratio
5.69 5.85 4.06 4.22 3.48 3.71 4.34 2.53 2.66 2.60
EV/Sales
17.47 17.84 10.90 13.20 9.54 9.59 10.88 9.76 10.73 9.62
EV/FCF
104 127 180 177 204 215 284 259 266 284
Op' Cash Flow
— — — — — — — — — —
Capex
104 127 180 177 204 215 284 259 266 284
FCF
(571) (547) (612) (1,357) (1,786) (3,161) (2,606) (2,051) (1,621) (1,467)
Working Cap'
427 554 453 490 508 453 975 871 916 856
Total Debt
275 364 277 194 (77) (189) 726 323 530 576
Net Debt
902 1,303 1,408 1,786 1,876 1,913 2,035 2,248 2,305 2,467
Sh' Equity
1.16% 1.16% 1.65% 1.47% 1.12% 1.39% 1.32% 1.22% 1.09% 1.20%
ROA
5.77% 5.01% 6.98% 6.11% 5.91% 8.73% 5.79% 6.30% 5.11% 5.32%
ROIC
9.25% 8.71% 11.74% 10.30% 8.12% 10.85% 11.25% 10.49% 8.86% 9.49%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

First Merchants Corporation peers in Banks Regional

All 325 Banks Regional stocks →

First Merchants Corporation (FRME) key facts

  • First Merchants Corporation (FRME) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • First Merchants Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, down 2.04% from fiscal 2024.
  • Net income was $226.0 million, or $3.90 per share (basic), a net margin of 21.3%.
  • As of September 25, 2026, FRME traded at $40.71, a market capitalization of $2.5 billion.
  • At that price the stock trades at 13.0× trailing-twelve-month earnings and 2.3× sales.
  • First Merchants Corporation pays an annual dividend of $1.32 per share, a yield of 4.14%, with a payout ratio of 29.8%.
  • Return on equity was 9.49% and debt-to-equity 0.56.

Source: company filings (standardised) and stockrow calculations.

First Merchants Corporation (FRME) Latest News

News by impact score

Fine-tune

23 Sep

3

First Merchants priced a $100 million issue of 6.750% Fixed-to-Floating Subordinated Notes due 2036 in a registered offering. Interest is 6.75% from Sept. 25, 2026 to Oct. 1, 2031, payable semiannually. Beginning Oct. 1, 2031, interest resets quarterly to a rate equal to Three-Month Term SOFR plus 202 basis points, payable quarterly. The notes may be redeemed wholly or partly on Oct. 1, 2031 and on any payment date thereafter at 100% of principal plus accrued interest. Maturity is Oct. 1, 2036 if not redeemed. Proceeds will be used for general corporate purposes, including common-share repurchases; the notes qualify as Tier 2 capital. Piper Sandler is sole book-running manager; Keefe, Bruyette & Woods, A Stifel Company, Hovde Group and Brean Capital are co-managers. Closing expected on or about Sept. 25, 2026. Contact: Nicole Weaver. Issuance of $100 million subordinated notes increases Tier 2 capital and funds general corporate purposes, including share repurchases.

30 Jul

3

First Merchants (FRME) missed earnings expectations, leaving uncertainty over whether the stock remains undervalued. Earnings miss can moderately shift near-term valuation and investor sentiment for First Merchants.

23 Jul

3

First Merchants Corp reported strong loan growth in Q2 2026 earnings amid credit challenges. Quarterly earnings details on loans and credit typically produce moderate effects on performance outlook.

3 transcript

First Merchants Q2 earnings call highlights financial results, strategic updates and outlook for the bank. Q2 earnings provide key financial metrics that moderately shape near-term investor sentiment and performance expectations.

3 transcript

First Merchants Corporation held its Q2 2026 earnings call, reporting financial results and operational updates for the quarter. Quarterly earnings updates provide performance data that can shift near-term investor sentiment without guaranteeing major strategic shifts.

22 Jul

3

First Merchants (FRME) Q2 earnings include key metrics such as revenue and EPS compared directly to analyst estimates, revealing performance variances in core banking operations. Q2 earnings metrics versus estimates offer moderate insight into financial results that can influence near-term stock sentiment.

3

First Merchants (FRME) posted Q2 earnings below analyst estimates. Q2 earnings miss indicates weaker financial performance likely to pressure near-term stock price and sentiment.

3

First Merchants (NASDAQ:FRME) missed Q2 CY2026 sales expectations. Missing quarterly sales expectations typically triggers short-term negative shifts in stock price and investor sentiment.

3

First Merchants Corporation reported second quarter 2026 financial results. Quarterly results disclosure supplies performance data that may shift near-term valuation.

29 Jun

3

First Merchants Corporation reported Q1 earnings, with results positioned against other regional bank stocks on key metrics including revenue, profitability and loan growth. Standard quarterly earnings comparison offers moderate short-term insight into FRME positioning versus peers but does not signal structural change.

25 Jun

3

First Merchants Bank and NCRC announce new $2 billion community benefits agreement to expand impact across the Midwest. $2 billion community benefits agreement may enhance regulatory standing and regional footprint without directly altering earnings trajectory.

24 Apr

4

First Merchants Corp (FRME) reported strong financial performance in Q1 2026 earnings call highlights amid ongoing challenges. Strong Q1 2026 earnings demonstrate robust financial health, poised to significantly boost investor sentiment and stock trajectory.

4

First Merchants Corporation (FRME) Q1 featured strong loan growth, shifting deposit mix toward lower-cost sources, and advancing integration of recent acquisitions, collectively driving optimistic outlook amid stable margins and credit quality. Strong loan growth, improved deposit mix, and integration progress signal major enhancements to financial performance and competitive positioning.

23 Apr

4

First Merchants Corporation (FRME) released highlights from its Q1 earnings call, covering financial performance, strategic updates, and forward guidance. Q1 earnings call highlights reveal key financial metrics and outlook that significantly shape investor expectations and stock trajectory.

4 transcript

First Merchants (FRME) Q1 2026 earnings call transcript released, covering quarterly financial results, management discussion, and forward guidance. Q1 earnings transcripts detail financial performance and strategic outlook, significantly influencing FRME's market trajectory and investor sentiment.

3

First Merchants Corporation reported Q1 2026 earnings, highlighting financial results, operational updates, and forward guidance during its earnings call. Quarterly earnings summaries influence financial performance and market sentiment but are balanced by ongoing operations.

22 Apr

4

First Merchants Corporation (FRME) Q1 earnings key metrics compared to Wall Street estimates. Q1 earnings metrics versus estimates significantly affect FRME's financial performance and investor sentiment.

4

First Merchants Corporation (FRME) Q1 earnings key metrics compared to Wall Street estimates, highlighting performance in revenue, EPS, net interest income, and loan growth. Q1 earnings metrics versus estimates significantly affect FRME's financial outlook, stock price, and investor confidence.

4

First Merchants Corporation (FRME) reported first-quarter earnings that beat analyst estimates. Beating Q1 earnings estimates signals strong financial health and boosts investor sentiment for FRME's future performance.

4

First Merchants Corporation announced its first quarter 2026 results. Quarterly earnings releases significantly impact financial performance metrics and investor sentiment for regional banks like FRME.

3

First Merchants Corporation (FRME) beat Q1 earnings estimates. Beating Q1 earnings estimates positively influences financial performance and market sentiment without fundamentally altering long-term trajectory.

3

First Merchants Corporation (FRME) reported Q1 CY2026 sales below analyst estimates. Sales shortfall versus estimates highlights revenue weakness, moderately impacting financial performance and market sentiment.

21 Apr

4 transcript

First Merchants Corporation (FRME) released its Q4 2025 earnings call transcript, detailing quarterly financial results, performance highlights, and forward-looking statements. Q4 2025 earnings transcript discloses key financial metrics, strategic updates, and guidance that significantly influence FRME's market trajectory and investor sentiment.

3

First Merchants Corporation (FRME) emerges as highly attractive to investors thanks to robust earnings growth, efficient operations, strong asset quality, and undervalued stock metrics. Positive attributes like earnings beats and low valuation signal moderate uplift in investor sentiment and performance outlook.

3

First Merchants Corporation (FRME) reports earnings tomorrow, with previews of expected revenue, EPS, and key financial metrics including net interest income and loan growth. Upcoming earnings preview can moderately influence FRME's short-term stock performance and investor sentiment based on met or missed expectations.

5 Apr

3

Questions persist on whether First Merchants Corporation (FRME) stock pricing accurately reflects its reassessed position in the regional banking sector. Reassessment in the regional banking sector could moderately impact FRME's valuation and investor sentiment without fundamentally altering its trajectory.

3 Apr

3

First Merchants Corporation (FRME) stands out as a potentially excellent investment choice due to its strong fundamentals and attractive valuation. Positive investment recommendation highlights solid fundamentals likely to moderately enhance investor sentiment and stock performance.

31 Mar

3

First Merchants Bank selects Spiral to enable personalized savings and community giving features integrated directly into everyday banking. Adopting Spiral's platform enhances customer engagement through innovative savings and giving tools, moderately impacting product offerings and competitive edge.

16 Feb

4

First Merchants Corporation (FRME) Q4 earnings prompt buy, sell, or hold analysis, evaluating revenue growth, net income, deposit trends, loan portfolio, and future outlook amid economic pressures. Q4 earnings reveal key financial metrics and strategic outlook that could significantly sway investor sentiment and stock performance.

13 Feb

3

Larry Myers has been appointed to the board of First Merchants Corporation as the company addresses a valuation gap that has attracted investor attention. His experience in financial services is expected to contribute positively to the company's strategic direction and governance. The appointment of a new board member may influence the company's governance and strategic decisions, but the overall impact on performance is expected to be limited.

stockrow.com/FRME · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com