FIRST MERCHANTS CORP (FRME) Stock Fundamental Analysis

NASDAQ:FRME • US3208171096

39.35 USD
+0.27 (+0.69%)
At close: Mar 2, 2026
39.35 USD
0 (0%)
After Hours: 3/2/2026, 4:30:01 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

Taking everything into account, FRME scores 5 out of 10 in our fundamental rating. FRME was compared to 379 industry peers in the Banks industry. While FRME is still in line with the averages on profitability rating, there are concerns on its financial health. FRME is not valued too expensively and it also shows a decent growth rate. Finally FRME also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

4

1. Profitability

1.1 Basic Checks

  • FRME had positive earnings in the past year.
  • In the past year FRME had a positive cash flow from operations.
  • In the past 5 years FRME has always been profitable.
  • FRME had a positive operating cash flow in 4 of the past 5 years.
FRME Yearly Net Income VS EBIT VS OCF VS FCFFRME Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M

1.2 Ratios

  • The Return On Assets of FRME (1.23%) is better than 76.78% of its industry peers.
  • FRME has a Return On Equity of 9.59%. This is comparable to the rest of the industry: FRME outperforms 57.52% of its industry peers.
Industry RankSector Rank
ROA 1.23%
ROE 9.59%
ROIC N/A
ROA(3y)1.16%
ROA(5y)1.21%
ROE(3y)9.21%
ROE(5y)9.84%
ROIC(3y)N/A
ROIC(5y)N/A
FRME Yearly ROA, ROE, ROICFRME Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2 4 6 8 10

1.3 Margins

  • FRME has a Profit Margin of 34.65%. This is amongst the best in the industry. FRME outperforms 89.18% of its industry peers.
  • FRME's Profit Margin has improved in the last couple of years.
  • The Operating Margin and Gross Margin are not available for FRME so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 34.65%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.28%
PM growth 5Y2.28%
GM growth 3YN/A
GM growth 5YN/A
FRME Yearly Profit, Operating, Gross MarginsFRME Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • FRME does not have a ROIC to compare to the WACC, probably because it is not profitable.
  • FRME has less shares outstanding than it did 1 year ago.
  • The number of shares outstanding for FRME has been increased compared to 5 years ago.
  • Compared to 1 year ago, FRME has an improved debt to assets ratio.
FRME Yearly Shares OutstandingFRME Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10M 20M 30M 40M 50M
FRME Yearly Total Debt VS Total AssetsFRME Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.2 Solvency

  • The Debt to FCF ratio of FRME is 1.40, which is an excellent value as it means it would take FRME, only 1.40 years of fcf income to pay off all of its debts.
  • FRME's Debt to FCF ratio of 1.40 is in line compared to the rest of the industry. FRME outperforms 58.58% of its industry peers.
  • FRME has a Debt/Equity ratio of 0.16. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.16, FRME is in line with its industry, outperforming 52.51% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 1.4
Altman-Z N/A
ROIC/WACCN/A
WACC16.39%
FRME Yearly LT Debt VS Equity VS FCFFRME Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B 2B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
FRME Yearly Current Assets VS Current LiabilitesFRME Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

6

3. Growth

3.1 Past

  • FRME shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 19.75%, which is quite good.
  • The Earnings Per Share has been growing slightly by 7.21% on average over the past years.
  • The Revenue has been growing slightly by 2.51% in the past year.
  • The Revenue has been growing slightly by 6.15% on average over the past years.
EPS 1Y (TTM)19.75%
EPS 3Y-1.26%
EPS 5Y7.21%
EPS Q2Q%28.95%
Revenue 1Y (TTM)2.51%
Revenue growth 3Y1.82%
Revenue growth 5Y6.15%
Sales Q2Q%-2.79%

3.2 Future

  • FRME is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.76% yearly.
  • Based on estimates for the next years, FRME will show a quite strong growth in Revenue. The Revenue will grow by 11.68% on average per year.
EPS Next Y7.19%
EPS Next 2Y9.76%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year17.8%
Revenue Next 2Y11.68%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
  • The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
FRME Yearly Revenue VS EstimatesFRME Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 200M 400M 600M 800M
FRME Yearly EPS VS EstimatesFRME Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 1 2 3 4

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Find the best growth stocksShow best growing peers

5

4. Valuation

4.1 Price/Earnings Ratio

  • FRME is valuated reasonably with a Price/Earnings ratio of 10.14.
  • FRME's Price/Earnings ratio is a bit cheaper when compared to the industry. FRME is cheaper than 77.84% of the companies in the same industry.
  • FRME's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 27.13.
  • With a Price/Forward Earnings ratio of 9.46, the valuation of FRME can be described as very reasonable.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of FRME indicates a somewhat cheap valuation: FRME is cheaper than 69.92% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 28.11, FRME is valued rather cheaply.
Industry RankSector Rank
PE 10.14
Fwd PE 9.46
FRME Price Earnings VS Forward Price EarningsFRME Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Price/Free Cash Flow ratio, FRME is valued a bit cheaper than 73.88% of the companies in the same industry.
Industry RankSector Rank
P/FCF 9.17
EV/EBITDA N/A
FRME Per share dataFRME EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • FRME's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.41
PEG (5Y)1.41
EPS Next 2Y9.76%
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. Dividend

5.1 Amount

  • FRME has a Yearly Dividend Yield of 3.51%. Purely for dividend investing, there may be better candidates out there.
  • FRME's Dividend Yield is a higher than the industry average which is at 2.73.
  • FRME's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.51%

5.2 History

  • On average, the dividend of FRME grows each year by 7.59%, which is quite nice.
  • FRME has paid a dividend for at least 10 years, which is a reliable track record.
  • FRME has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)7.59%
Div Incr Years4
Div Non Decr Years4
FRME Yearly Dividends per shareFRME Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1

5.3 Sustainability

  • FRME pays out 36.49% of its income as dividend. This is a sustainable payout ratio.
  • The dividend of FRME is growing, but earnings are growing more, so the dividend growth is sustainable.
DP36.49%
EPS Next 2Y9.76%
EPS Next 3YN/A
FRME Yearly Income VS Free CF VS DividendFRME Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50M 100M 150M 200M 250M
FRME Dividend Payout.FRME Dividend Payout, showing the Payout Ratio.FRME Dividend Payout.PayoutRetained Earnings

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FIRST MERCHANTS CORP

NASDAQ:FRME (3/2/2026, 4:30:01 PM)

After market: 39.35 0 (0%)

39.35

+0.27 (+0.69%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)01-26
Earnings (Next)04-22
Inst Owners78.52%
Inst Owner Change30.27%
Ins Owners1.61%
Ins Owner Change-1.02%
Market Cap2.48B
Revenue(TTM)662.95M
Net Income(TTM)231.41M
Analysts78.18
Price Target47.74 (21.32%)
Short Float %1.78%
Short Ratio3.27
Dividend
Industry RankSector Rank
Dividend Yield 3.51%
Yearly Dividend1.42
Dividend Growth(5Y)7.59%
DP36.49%
Div Incr Years4
Div Non Decr Years4
Ex-Date03-06
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)1.17%
Min EPS beat(2)0.05%
Max EPS beat(2)2.3%
EPS beat(4)3
Avg EPS beat(4)-3.54%
Min EPS beat(4)-17.32%
Max EPS beat(4)2.3%
EPS beat(8)5
Avg EPS beat(8)-3.48%
EPS beat(12)6
Avg EPS beat(12)-3.21%
EPS beat(16)8
Avg EPS beat(16)-2.63%
Revenue beat(2)0
Avg Revenue beat(2)-6.04%
Min Revenue beat(2)-6.41%
Max Revenue beat(2)-5.68%
Revenue beat(4)1
Avg Revenue beat(4)-4.16%
Min Revenue beat(4)-8.02%
Max Revenue beat(4)3.45%
Revenue beat(8)1
Avg Revenue beat(8)-5.21%
Revenue beat(12)1
Avg Revenue beat(12)-5.53%
Revenue beat(16)1
Avg Revenue beat(16)-5.32%
PT rev (1m)2.63%
PT rev (3m)1.74%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0.35%
EPS NY rev (1m)-0.15%
EPS NY rev (3m)-0.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0.03%
Revenue NY rev (1m)3.31%
Revenue NY rev (3m)3.1%
Valuation
Industry RankSector Rank
PE 10.14
Fwd PE 9.46
P/S 3.71
P/FCF 9.17
P/OCF 9.17
P/B 1.03
P/tB 1.47
EV/EBITDA N/A
EPS(TTM)3.88
EY9.86%
EPS(NY)4.16
Fwd EY10.57%
FCF(TTM)4.29
FCFY10.9%
OCF(TTM)4.29
OCFY10.9%
SpS10.59
BVpS38.26
TBVpS26.73
PEG (NY)1.41
PEG (5Y)1.41
Graham Number57.79
Profitability
Industry RankSector Rank
ROA 1.23%
ROE 9.59%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 34.65%
GM N/A
FCFM 40.49%
ROA(3y)1.16%
ROA(5y)1.21%
ROE(3y)9.21%
ROE(5y)9.84%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-1.28%
PM growth 5Y2.28%
GM growth 3YN/A
GM growth 5YN/A
F-Score9
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.16
Debt/FCF 1.4
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 116.87%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC16.39%
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)19.75%
EPS 3Y-1.26%
EPS 5Y7.21%
EPS Q2Q%28.95%
EPS Next Y7.19%
EPS Next 2Y9.76%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)2.51%
Revenue growth 3Y1.82%
Revenue growth 5Y6.15%
Sales Q2Q%-2.79%
Revenue Next Year17.8%
Revenue Next 2Y11.68%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-5.06%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-5.06%
OCF growth 3YN/A
OCF growth 5YN/A

FIRST MERCHANTS CORP / FRME FAQ

Can you provide the ChartMill fundamental rating for FIRST MERCHANTS CORP?

ChartMill assigns a fundamental rating of 5 / 10 to FRME.


What is the valuation status for FRME stock?

ChartMill assigns a valuation rating of 5 / 10 to FIRST MERCHANTS CORP (FRME). This can be considered as Fairly Valued.


What is the profitability of FRME stock?

FIRST MERCHANTS CORP (FRME) has a profitability rating of 4 / 10.


What is the earnings growth outlook for FIRST MERCHANTS CORP?

The Earnings per Share (EPS) of FIRST MERCHANTS CORP (FRME) is expected to grow by 7.19% in the next year.


Can you provide the dividend sustainability for FRME stock?

The dividend rating of FIRST MERCHANTS CORP (FRME) is 7 / 10 and the dividend payout ratio is 36.49%.