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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

40.98 0.08 −0.19%
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/S ratio

Alert me on P/S ratio

As of 5 November 2026, First Merchants Corporation (FRME) trades at a P/S ratio of 2.3×. Over the past ten years it has ranged from 1.6× (October 2023) to 6.0× (October 2017); the current reading is higher than 24% of that period. That is in line with the Banks Regional industry median of 2.4× and in line with the Financial sector median of 2.3×.

P/S ratio, daily

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Annual newest first

Period P/S ratio Change
FY2025 2.0× (5.50%)
FY2024 2.2× (1.73%)
FY2023 2.2× (33.54%)
FY2022 3.3× (18.13%)
FY2021 4.1× 11.90%
FY2020 3.6× (6.49%)
FY2019 3.9× 11.13%
FY2018 3.5× (28.96%)
FY2017 4.9× 1.66%
FY2016 4.8× 46.11%

Quarterly newest first

Period P/S ratio Change
Sep 2026 2.2× (11.55%)
Jun 2026 2.5× 11.78%
Mar 2026 2.2× 9.03%
Dec 2025 2.0× 0.08%
43 more quarters

Against its own ten years

Low 1.6× High 6.0×
Ten-year median 3.5×
Current reading's percentile 26

P/S ratio against peers

Company P/S ratio
BBT Beacon Financial Corporation compare 2.0×
FRME First Merchants Corporation 2.3×
TRMK Trustmark Corporation compare 2.3×
BOH Bank of Hawaii Corporation compare 2.6×
FBK FB Financial Corporation compare 2.6×
BANR Banner Corporation compare 2.8×
NBTB NBT Bancorp Inc. compare 2.9×
SYBT Stock Yards Bancorp, Inc. compare 4.1×
FBNC First Bancorp compare 4.4×
Banks Regional industry median 2.4×
Financial sector median 2.3×
Market median 1.9×

What P/S ratio is

Price to Sales Ratio shows how much investors pay for each dollar of a company’s annual sales, whether or not it is profitable.

(Stock Price × Shares (Basic, Weighted) (latest quarter)) ÷ Revenue (TTM)

The full definition of P/S ratio →

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