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Friday 6 November 2026 Export FRME’s income statement to Excel — free account

First Merchants Corporation

FRME Financial Banks Regional

First Merchants Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, down 2.04% from fiscal 2024.

Revenue
+12.9%
EPS
+11.2%
Free cash flow
−10.5%
Total debt
+27.1%

Quarter to September 2026, against a year earlier

41.09 0.80 −1.91%
Market cap
$2.6B
P/E
12.7×
Fwd P/E
12.5×
Dividend yield
3.55%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

First Merchants Corporation (FRME) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, First Merchants Corporation (FRME) trades at a P/B ratio of 1.0×. Over the past ten years it has ranged from 0.6× (September 2020) to 1.9× (February 2017); the current reading is higher than 29% of that period. That is below the Banks Regional industry median of 1.2× and below the Financial sector median of 1.3×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 0.9× (13.55%)
FY2024 1.0× 2.90%
FY2023 1.0× (15.76%)
FY2022 1.2× (0.09%)
FY2021 1.2× 9.26%
FY2020 1.1× (9.92%)
FY2019 1.2× (0.16%)
FY2018 1.2× (17.46%)
FY2017 1.5× (14.80%)
FY2016 1.7× 50.81%

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.0× (6.64%)
Jun 2026 1.0× 14.63%
Mar 2026 0.9× 0.73%
Dec 2025 0.9× (2.78%)
43 more quarters

Against its own ten years

Low 0.6× High 1.9×
Ten-year median 1.2×
Current reading's percentile 32

P/B ratio against peers

Company P/B ratio
FRME First Merchants Corporation 1.0×
BBT Beacon Financial Corporation compare 1.0×
BANR Banner Corporation compare 1.1×
TRMK Trustmark Corporation compare 1.2×
FBK FB Financial Corporation compare 1.4×
NBTB NBT Bancorp Inc. compare 1.4×
FBNC First Bancorp compare 1.6×
BOH Bank of Hawaii Corporation compare 1.9×
SYBT Stock Yards Bancorp, Inc. compare 1.9×
Banks Regional industry median 1.2×
Financial sector median 1.3×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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