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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) Price to free cash flow

Alert me on Price to free cash flow

As of 5 November 2026, First Merchants Corporation (FRME) trades at a price to free cash flow of 8.4×. Over the past ten years it has ranged from 4.6× (May 2023) to 21.0× (August 2016); the current reading is higher than 26% of that period. That is below the Banks Regional industry median of 10.6× and below the Financial sector median of 9.7×.

Price to free cash flow, daily

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Annual newest first

Period Price to free cash flow Change
FY2025 7.6× (13.11%)
FY2024 8.7× 2.63%
FY2023 8.5× 2.33%
FY2022 8.3× (20.48%)
FY2021 10.5× 5.45%
FY2020 9.9× (18.00%)
FY2019 12.1× 29.17%
FY2018 9.4× (37.41%)
FY2017 15.0× 0.99%
FY2016 14.8× (12.66%)

Quarterly newest first

Period Price to free cash flow Change
Sep 2026 8.1× (6.04%)
Jun 2026 8.6× 3.07%
Mar 2026 8.4× 10.43%
Dec 2025 7.6× (5.20%)
43 more quarters

Against its own ten years

Low 4.6× High 21.0×
Ten-year median 10.4×
Current reading's percentile 26

Price to free cash flow against peers

Company Price to free cash flow
FRME First Merchants Corporation 8.4×
FBNC First Bancorp compare 9.4×
BANR Banner Corporation compare 10.0×
BOH Bank of Hawaii Corporation compare 10.3×
NBTB NBT Bancorp Inc. compare 11.2×
BBT Beacon Financial Corporation compare 11.9×
SYBT Stock Yards Bancorp, Inc. compare 12.7×
TRMK Trustmark Corporation compare 14.4×
FBK FB Financial Corporation compare 15.4×
Banks Regional industry median 10.6×
Financial sector median 9.7×
Market median 14.1×

What Price to free cash flow is

Price to Free Cash Flow Ratio shows how much investors pay for each dollar of cash a company generates after its capital spending.

Stock Price ÷ ((Operating Cash Flow (TTM) + Property, Plant, Equipment Change (Net) (TTM) + Intangible Assets Change (Net) (TTM)) ÷ (Shares (Basic, Weighted) (latest quarter)))

The full definition of Price to free cash flow →

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