NMS · Banks - Regional

First Merchants Corporation (FRME) Stock

$40.68 -0.37% NMS: FRME Financial Services

Valuation

MetricValue
Price$40.68
Market Cap$2.55B
P/E Ratio12.83
P/B Ratio0.93
P/S Ratio2.32
EPS (TTM)$3.39
52-Week High$45.33
52-Week Low$34.60
Dividend Yield11.08%

Financials & Margins

MetricValue
ROE7.26%
ROA0.87%
ROCE4.61%
Gross Margin24.67%
Operating Margin22.58%
Net Margin17.08%
Debt/Equity0.62
Current Ratio0.20

Annual Financials (USD)

Metric20212022202320242025
Revenue$556.0M$713.0M$999.0M$1.1B$1.1B
Operating Profit$241.0M$256.0M$259.0M$232.0M$259.0M
Net Profit$206.0M$222.0M$224.0M$201.0M$226.0M
EPS$3.81$3.81$3.73$3.41$3.88
Op Margin43.3%35.9%25.9%22.0%24.7%

Balance Sheet (USD)

Metric20212022202320242025
Total Assets$15.5B$17.9B$18.4B$18.3B$19.0B
Total Liabilities$13.5B$15.9B$16.2B$16.0B$16.6B
Cash$641.0M$249.0M$549.0M$387.0M$84.0M
Borrowings$634.0M$1.3B$1.0B$1.2B$1.0B

Latest News

First Merchants (FRME) Reports Next Week: Wall Street Expects Earnings Growth Zacks · Jul 15, 2026 Why Did Piper Sandler Raise First Merchants (FRME) Stock Price Target? Insider Monkey · Jul 14, 2026 3 Bank Stocks We Think Twice About StockStory · Jul 14, 2026 First Merchants Corporation Announces Cash Dividend on its Preferred Stock GlobeNewswire · Jul 13, 2026 Why First Merchants (FRME) is a Top Dividend Stock for Your Portfolio Zacks · Jul 10, 2026

Cash Flow (USD)

Metric20212022202320242025
Operating Cash Flow$215.0M$284.0M$259.0M$266.0M$284.0M
Investing Cash Flow$-1.5B$-463.0M$-344.0M$-252.0M$-774.0M
Financing Cash Flow$1.3B$-280.0M$441.0M$-87.0M$726.0M
Net Cash Flow$-26.0M$-45.0M$-10.0M$-25.0M$-3.0M
Free Cash Flow$215.0M$284.0M$259.0M$266.0M$284.0M

Valuation & Return Ratios

MetricValue
PEG Ratio-0.67
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y9.39%
Return 3Y54.59%
Return 5Y30.81%

Ownership

Insiders Held2.00%
Institutions Held75.29%
Institutions Float Held76.83%
Institutional HolderSharesReport Date
Blackrock Inc.4,899,3562026-03-31
Dimensional Fund Advisors LP3,596,0172026-03-31
Vanguard Portfolio Management LLC3,359,0342026-03-31
Vanguard Capital Management LLC2,730,6112026-03-31
Earnest Partners LLC2,255,5902026-03-31

Peer Comparison

TickerPriceChangeP/EMarket CapDiv Yield
BANRBanner Corporation $70.28 +0.26% 11.15 $2.58B 3.06%
BFCBank First Corporation $147.34 +1.36% 19.31 $1.63B 1.61%
BUSEFirst Busey Corporation $30.33 -0.13% 10.56 $2.50B 3.54%
FCFFirst Commonwealth Financial Corporation $21.10 +0.19% 12.54 $2.13B 2.72%
FFBCFirst Financial Bancorp. $32.64 +0.52% 11.10 $3.43B 3.26%

About First Merchants Corporation

First Merchants Corporation (FRME) stock trades at $40.68 with a market capitalization of $2.55B. The stock is valued at a price-to-earnings (P/E) ratio of 12.83, price-to-book of 0.93, price-to-sales of 2.32. Over the past 52 weeks the stock has ranged between $34.60 and $45.33, and currently trades 10.3% below its 52-week high. It pays a dividend yielding 11.08%.

On profitability, First Merchants Corporation generates a return on equity (ROE) of 7.26%, return on capital employed of 4.61%, an operating margin of 22.58%, a net profit margin of 17.08%.

First Merchants Corporation by the numbers, 2016–2025

Between 2016 and 2025 First Merchants Corporation reported revenue of $319.0M rising to $1.1B, a change of +229.2% across 10 years. Compounded, revenue has grown 13.5% a year over five years, 13.8% over three, -0.4% over the last twelve months. Net profit rose to $226.0M.

Operating margin went from 34.1% in 2016 to 24.7% in 2025, a fall of 9.4 percentage points. The most recent net margin is 17.08%. On a trailing twelve-month basis to Jun '26, revenue is $1.1B and net profit $186.0M.

Borrowings rose from $694.0M to $1.0B, cash from operations was $284.0M in the latest year, positive in 10 of the last 10.

Return on equity has averaged 9.9% over five years, and was 9.2% in the most recent year.

The share price itself has compounded at 0.4% a year over five years, 21.6% over three, 5.7% over the last year. Past price movement is history, not a forecast.

Figures are as reported and in the company's own reporting currency. They describe what has already happened and carry no implication about what follows.

First Merchants Corporation (FRME) — frequently asked questions

What is First Merchants Corporation (FRME) stock price today?

First Merchants Corporation (FRME) is currently trading at $40.68, down 0.37% today.

What is FRME P/E ratio?

First Merchants Corporation's P/E ratio is 12.83. This is below the typical market average of roughly 18-22x. A low P/E can reflect a lower valuation, slower expected growth, or both.

What is FRME return on equity (ROE)?

First Merchants Corporation's return on equity (ROE) is 7.26%. ROE measures net income relative to shareholders' equity. This is below the typical market range of roughly 12-15%.

What is First Merchants Corporation's market cap?

First Merchants Corporation has a market capitalization of $2.55B.

Does FRME pay a dividend?

Yes. First Merchants Corporation currently yields 11.08%. Yield moves with the share price, so it changes daily even when the payment does not.

How much debt does FRME carry?

First Merchants Corporation has a debt-to-equity ratio of 0.62. That compares total borrowings with shareholders' equity: a figure under 1 means equity exceeds debt.

What is FRME's profit margin?

First Merchants Corporation reports a net profit margin of 17.08% — the share of revenue left after every cost, including tax and interest.

What sector is FRME in?

First Merchants Corporation is classified under Financial Services, in the Banks - Regional industry. Ratios are most informative compared with other companies in the same industry rather than across the whole market.

Which exchange is FRME listed on?

First Merchants Corporation trades on NMS under the ticker FRME.

What is FRME's 52-week range?

Over the last year First Merchants Corporation has traded between $34.60 and $45.33.

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Screens FRME currently matches

On the figures above, First Merchants Corporation passes the filters for 22 of our ready-made screens, among them Low PB Stocks, High Dividend Stocks, Dividend Stocks. Appearing on a screen means the numbers meet its filters today and nothing more; the list is rebuilt whenever the data changes.

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