FIRST MERCHANTS CORP (FRME) Fundamental Analysis & Valuation

NASDAQ:FRME • US3208171096

Current stock price

40.085 USD
-0.39 (-0.98%)
Last:

This FRME fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

4

1. FRME Profitability Analysis

1.1 Basic Checks

  • In the past year FRME was profitable.
  • FRME had a positive operating cash flow in the past year.
  • Each year in the past 5 years FRME has been profitable.
  • In the past 5 years FRME always reported a positive cash flow from operatings.
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

  • Looking at the Return On Assets, with a value of 1.18%, FRME is in the better half of the industry, outperforming 71.81% of the companies in the same industry.
  • The Return On Equity of FRME (9.09%) is comparable to the rest of the industry.
Industry RankSector Rank
ROA 1.18%
ROE 9.09%
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 better Profit Margin (33.81%) than 86.97% of its industry peers.
  • In the last couple of years the Profit Margin of FRME has grown nicely.
  • 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) 33.81%
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

More info and screens

ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. FRME Health Analysis

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.
  • FRME has a better debt/assets ratio than last year.
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 0.71, which is an excellent value as it means it would take FRME, only 0.71 years of fcf income to pay off all of its debts.
  • FRME has a Debt to FCF ratio of 0.71. This is in the better half of the industry: FRME outperforms 75.00% of its industry peers.
  • A Debt/Equity ratio of 0.08 indicates that FRME is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.08, FRME is in the better half of the industry, outperforming 71.81% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.71
Altman-Z N/A
ROIC/WACCN/A
WACC15.57%
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

More info and screens

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

6

3. FRME Growth Analysis

3.1 Past

  • FRME shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 19.22%, which is quite good.
  • The Earnings Per Share has been growing slightly by 7.21% on average over the past years.
  • FRME shows a small growth in Revenue. In the last year, the Revenue has grown by 0.99%.
  • The Revenue has been growing slightly by 6.15% on average over the past years.
EPS 1Y (TTM)19.22%
EPS 3Y-1.26%
EPS 5Y7.21%
EPS Q2Q%9.57%
Revenue 1Y (TTM)0.99%
Revenue growth 3Y1.82%
Revenue growth 5Y6.15%
Sales Q2Q%-1.99%

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 9.17% yearly.
  • Based on estimates for the next years, FRME will show a quite strong growth in Revenue. The Revenue will grow by 11.65% on average per year.
EPS Next Y9.14%
EPS Next 2Y9.17%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year17.71%
Revenue Next 2Y11.65%
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

More info and screens

Find the best growth stocksShow best growing peers

6

4. FRME Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 10.10, the valuation of FRME can be described as reasonable.
  • Based on the Price/Earnings ratio, FRME is valued a bit cheaper than 78.99% 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 26.91.
  • A Price/Forward Earnings ratio of 8.67 indicates a reasonable valuation of FRME.
  • Based on the Price/Forward Earnings ratio, FRME is valued a bit cheaper than the industry average as 76.06% of the companies are valued more expensively.
  • FRME's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 21.99.
Industry RankSector Rank
PE 10.1
Fwd PE 8.67
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

  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of FRME indicates a rather cheap valuation: FRME is cheaper than 80.32% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 8.95
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)1.1
PEG (5Y)1.4
EPS Next 2Y9.17%
EPS Next 3YN/A

More info and screens

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

8

5. FRME Dividend Analysis

5.1 Amount

  • FRME has a Yearly Dividend Yield of 3.56%.
  • Compared to an average industry Dividend Yield of 2.53, FRME pays a bit more dividend than its industry peers.
  • Compared to an average S&P500 Dividend Yield of 1.82, FRME pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.56%

5.2 History

  • On average, the dividend of FRME grows each year by 7.31%, which is quite nice.
  • FRME has been paying a dividend for at least 10 years, so it has a reliable track record.
  • As FRME did not decrease their dividend in the past 5 years, we can say the dividend looks stable.
Dividend Growth(5Y)7.31%
Div Incr Years5
Div Non Decr Years5
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 37.83% 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.
DP37.83%
EPS Next 2Y9.17%
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

More info and screens

Find the best dividend stocksShow peers with best dividend

FRME Fundamentals: All Metrics, Ratios and Statistics

FIRST MERCHANTS CORP

NASDAQ:FRME (4/29/2026, 1:20:05 PM)

40.085

-0.39 (-0.98%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Industry Strength73.91
Industry Growth92.55
Earnings (Last)04-22
Earnings (Next)07-21
Inst Owners71.14%
Inst Owner Change0.11%
Ins Owners2.12%
Ins Owner Change-1.09%
Market Cap2.54B
Revenue(TTM)659.76M
Net Income(TTM)224.13M
Analysts78.33
Price Target47.12 (17.55%)
Short Float %2.01%
Short Ratio2.92
Dividend
Industry RankSector Rank
Dividend Yield 3.56%
Yearly Dividend1.48
Dividend Growth(5Y)7.31%
DP37.83%
Div Incr Years5
Div Non Decr Years5
Ex-Date03-06
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)0.51%
Min EPS beat(2)0.05%
Max EPS beat(2)0.98%
EPS beat(4)4
Avg EPS beat(4)1.04%
Min EPS beat(4)0.05%
Max EPS beat(4)2.3%
EPS beat(8)6
Avg EPS beat(8)-3.14%
EPS beat(12)6
Avg EPS beat(12)-3.15%
EPS beat(16)9
Avg EPS beat(16)-2.19%
Revenue beat(2)0
Avg Revenue beat(2)-4.09%
Min Revenue beat(2)-5.68%
Max Revenue beat(2)-2.5%
Revenue beat(4)0
Avg Revenue beat(4)-5.65%
Min Revenue beat(4)-8.02%
Max Revenue beat(4)-2.5%
Revenue beat(8)1
Avg Revenue beat(8)-4.62%
Revenue beat(12)1
Avg Revenue beat(12)-5.31%
Revenue beat(16)1
Avg Revenue beat(16)-4.93%
PT rev (1m)-1.28%
PT rev (3m)1.32%
EPS NQ rev (1m)5.28%
EPS NQ rev (3m)3.61%
EPS NY rev (1m)1.12%
EPS NY rev (3m)1.67%
Revenue NQ rev (1m)-0.22%
Revenue NQ rev (3m)4.68%
Revenue NY rev (1m)-0.08%
Revenue NY rev (3m)3.23%
Valuation
Industry RankSector Rank
PE 10.1
Fwd PE 8.67
P/S 3.83
P/FCF 8.95
P/OCF 8.95
P/B 1.03
P/tB 1.46
EV/EBITDA N/A
EPS(TTM)3.97
EY9.9%
EPS(NY)4.62
Fwd EY11.54%
FCF(TTM)4.48
FCFY11.17%
OCF(TTM)4.48
OCFY11.17%
SpS10.47
BVpS38.95
TBVpS27.49
PEG (NY)1.1
PEG (5Y)1.4
Graham Number58.9844 (47.15%)
Profitability
Industry RankSector Rank
ROA 1.18%
ROE 9.09%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 33.81%
GM N/A
FCFM 42.79%
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-Score8
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.08
Debt/FCF 0.71
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 126.56%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score8
WACC15.57%
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)125.54%
Profit Quality(5y)119.79%
High Growth Momentum
Growth
EPS 1Y (TTM)19.22%
EPS 3Y-1.26%
EPS 5Y7.21%
EPS Q2Q%9.57%
EPS Next Y9.14%
EPS Next 2Y9.17%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)0.99%
Revenue growth 3Y1.82%
Revenue growth 5Y6.15%
Sales Q2Q%-1.99%
Revenue Next Year17.71%
Revenue Next 2Y11.65%
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 1Y6.55%
FCF growth 3Y1.91%
FCF growth 5Y6.84%
OCF growth 1Y6.55%
OCF growth 3Y1.91%
OCF growth 5Y6.84%

FIRST MERCHANTS CORP / FRME Fundamental Analysis 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.


Can you provide the profitability details for FIRST MERCHANTS CORP?

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


What is the financial health of FIRST MERCHANTS CORP (FRME) stock?

The financial health rating of FIRST MERCHANTS CORP (FRME) is 3 / 10.


How sustainable is the dividend of FIRST MERCHANTS CORP (FRME) stock?

The dividend rating of FIRST MERCHANTS CORP (FRME) is 8 / 10 and the dividend payout ratio is 37.83%.