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FIRST MERCHANTS CORP FRME

Nasdaq · stock · National Commercial Banks · website · IPO 1989-06-20 · LEI

FIRST MERCHANTS CORP statistics & valuation

Market cap$2.8B
P / E12.2×
P / B1.1×
Dividend yield3.01%
Return on equity9.2%
Graham number +41.3%$61.08

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($61.08); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
9.00% 7.40% 11.30% 9.20% 7.90% 10.70% 10.90% 10.00% 8.70% 9.20% 2016201720182019202020212022202320242025
Shares outstanding
41.0M 49.2M 49.5M 55.4M 54.2M 54.0M 59.2M 59.5M 58.5M 57.7M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.10% 1.00% 1.60% 1.30% 1.10% 1.30% 1.20% 1.20% 1.10% 1.20% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$1.98 $2.12 $3.22 $3.19 $2.74 $3.81 $3.81 $3.73 $3.41 $3.88 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

FIRST MERCHANTS CORP trades at about 11.1× earnings — below its 10-year norm (10-year range 9.1×–20.4×, median 12.5×).

9.1× 20.4×

Shaded band = 10-year range (9.1×–20.4×); dot = today's 11.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets1.2%1.1%1.2%1.2%1.3%1.1%1.3%1.6%1.0%1.1%
Return on equity9.2%8.7%10.0%10.9%10.7%7.9%9.2%11.3%7.4%9.0%

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.