What is First Merchants Corp's earnings per share (EPS)?

First Merchants Corp (FRME) reported diluted earnings per share of $3.88 for fiscal year 2025. This represents a 13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

First Merchants Corp (FRME) Financials

FRME

Trailing 12 months to March 31, 2026

Revenue $659.8M +1.0% YoY

Net Income $198.8M -4.8% YoY

EPS (Diluted) $3.39 -4.8% YoY

Operating Cash Flow $280.5M +4.3% YoY

Market Cap $2.5B as of Oct 2, 2026

Price / Sales 3.8x on $659.8M revenue, trailing 12 months to March 31, 2026

Price / Earnings 12.7x on $198.8M net income, trailing 12 months to March 31, 2026

Price / Book 0.9x on $2.7B equity, Q1 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q1 FY2026, ended Mar 31, 2026 Reported May 1, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q1 FY2026, filed May 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FRME SEC filings page.

First Merchants Corp (FRME) reported $659.8M in revenue over the twelve months to Mar 31, 2026, up 1.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI FRME FY2025 2026-09-05

Reported earnings recovery is supported by cash generation, but the bank remains funded predominantly through liabilities rather than equity.

FY2025 operating cash flow of $283.6M exceeded net income of $226.0M, while return on assets improved to 1.2% from 1.1% in FY2024. That combination suggests the earnings rebound was accompanied by reported cash conversion, not merely an accounting-margin improvement.

Net income rose to $226.0M in FY2025 after falling to $201.4M in FY2024, and the net margin recovered to 34.1% from 31.1%. Because revenue also reached $662.9M, the recovery reflects both renewed volume or income generation and better earnings conversion rather than cost movement alone.

The balance sheet expanded to $19.0B of assets while liabilities reached $16.6B, leaving equity at $2.5B. The reported debt-to-equity ratio eased to 6.7x from 6.9x, so modest capital strengthening has not changed the underlying liability-heavy funding structure.

Financial Health Signals

Financial Health Score 65/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of First Merchants Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

First Merchants Corp earned a return on assets of 1.2% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 1.1% the prior year. Earnings ranks banks on that return over three years, and First Merchants Corp scores 71/100 among other banks.

Growth

First Merchants Corp reported revenue of $662.9M in fiscal year 2025, against $646.7M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and First Merchants Corp scores 21/100 among other banks.

Capital

First Merchants Corp funded 13.0% of its assets with shareholders' equity at the end of fiscal year 2025, holding $2.5B of equity against $19.0B of assets. Capital ranks banks on that cushion, and First Merchants Corp scores 67/100 among other banks.

Efficiency

Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. First Merchants Corp scores 69/100 on it among other banks.

Credit Quality

Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. First Merchants Corp scores 63/100 on it among other banks.

Stability

First Merchants Corp reported net income of $226.0M in fiscal year 2025, against $201.4M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and First Merchants Corp scores 99/100 among other banks.

Piotroski F-Score Partial

4/6

First Merchants Corp passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.26x

For every $1 of reported earnings, First Merchants Corp generates $1.26 in operating cash flow ($283.6M OCF vs $226.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$157.1M

YoY-2.0%

QoQ-8.7%

5Y CAGR+4.8%

10Y CAGR+8.4%

First Merchants Corp generated $157.1M in revenue in Q1 2026. This represents a decrease of 2.0% from the same quarter a year earlier. Against the prior quarter it is down 8.7%.

Net Income

$28.2M

YoY-49.1%

QoQ-50.7%

5Y CAGR-10.7%

10Y CAGR+4.8%

First Merchants Corp reported $28.2M in net income in Q1 2026. This represents a decrease of 49.1% from the same quarter a year earlier. Against the prior quarter it is down 50.7%.

EPS (Diluted)

$0.45

YoY-52.1%

QoQ-54.1%

5Y CAGR-13.1%

10Y CAGR+0.5%

First Merchants Corp earned $0.45 per diluted share (EPS) in Q1 2026. This represents a decrease of 52.1% from the same quarter a year earlier. Against the prior quarter it is down 54.1%.

EBITDA

Not reported for Q1 2026.

Cash & Balance Sheet

Cash & Debt

$98.1M

YoY+13.9%

QoQ+16.5%

5Y CAGR-12.2%

10Y CAGR+1.4%

First Merchants Corp held $98.1M in cash as of Q1 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.36

YoY+2.9%

QoQ0.0%

5Y CAGR+6.7%

10Y CAGR+12.6%

First Merchants Corp paid $0.36 per share in dividends in Q1 2026. This represents an increase of 2.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

63M

YoY+8.1%

QoQ-0.6%

5Y CAGR+3.0%

10Y CAGR+4.5%

First Merchants Corp had 63M shares outstanding in Q1 2026. This represents an increase of 8.1% from the same quarter a year earlier. Against the prior quarter it is down 0.6%.

Free Cash Flow

Not reported for Q1 2026.

Margins & Returns

Net Margin

17.9%

YoY-16.6pp

QoQ-15.2pp

5Y change-21.8pp

10Y change-7.2pp

First Merchants Corp's net profit margin was 17.9% in Q1 2026, showing the share of revenue converted to profit. This is down 16.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 15.2 percentage points.

Return on Equity

1.1%

YoY-1.3pp

QoQ-1.3pp

5Y change-1.7pp

10Y change-1.0pp

First Merchants Corp's ROE was 1.1% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.

Gross Margin

Not reported for Q1 2026.

Operating Margin

Not reported for Q1 2026.

Capital Allocation

Share Buybacks

$24.9M

YoY+215.2%

QoQ+139.2%

First Merchants Corp spent $24.9M on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 215.2% from the same quarter a year earlier. Against the prior quarter it is up 139.2%.

R&D Spending

Not reported for Q1 2026.

Capital Expenditures

Not reported for Q1 2026.

FRME Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FRME quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$659.8M	$662.9M+2.5%	$646.7M-0.7%	$651.0M+3.6%	$628.1M+20.8%	$520.0M+5.7%	$492.1M+11.0%	$443.3M+6.7%	$415.3M+19.2%	$348.3M+19.4%	$291.7M+9.5%	$266.3M+7.0%	$248.9M+18.3%	$210.3M-2.9%	$216.6M+12.6%	$192.5M
SG&A Expenses	$239.5M	$225.1M+1.8%	$221.2M-3.3%	$228.7M+10.6%	$206.9M+23.9%	$167.0M+7.1%	$155.9M+8.3%	$144.0M+9.4%	$131.7M+9.9%	$119.8M+16.8%	$102.6M+0.6%	$101.9M+5.6%	$96.5M+13.0%	$85.4M+7.6%	$79.4M+6.2%	$74.7M
Interest Expense	$393.8M	$388.8M-8.9%	$426.9M+22.5%	$348.5M+310.9%	$84.8M+135.9%	$36.0M-45.8%	$66.4M-39.0%	$108.7M+57.4%	$69.1M+83.7%	$37.6M+40.1%	$26.8M+8.2%	$24.8M+13.5%	$21.8M+31.8%	$16.6M-29.8%	$23.6M-37.7%	$37.9M
Income Tax	$24.2M	$33.1M+9.2%	$30.3M-14.4%	$35.4M+5.5%	$33.6M-4.7%	$35.3M+65.0%	$21.4M-27.1%	$29.3M+1.1%	$29.0M-22.7%	$37.5M+35.9%	$27.6M+7.6%	$25.7M+16.0%	$22.1M+39.3%	$15.9M+0.1%	$15.9M+83.3%	$8.7M
Net Income	$198.8M	$226.0M+12.2%	$201.4M-10.0%	$223.8M+0.8%	$222.1M+8.1%	$205.5M+38.3%	$148.6M-9.6%	$164.5M+3.3%	$159.1M+65.6%	$96.1M+18.5%	$81.1M+24.0%	$65.4M+8.7%	$60.2M+35.1%	$44.5M-1.3%	$45.1M+78.7%	$25.3M
EPS (Basic)	N/A	$3.90+14.0%	$3.42-8.6%	$3.74-2.3%	$3.83+0.3%	$3.82+38.9%	$2.75-14.1%	$3.20-0.9%	$3.23+51.6%	$2.13+7.0%	$1.99+15.0%	$1.73+4.2%	$1.66+16.9%	$1.420.0%	$1.42+317.6%	$0.34
EPS (Diluted)	$3.39	$3.88+13.8%	$3.41-8.6%	$3.73-2.1%	$3.810.0%	$3.81+39.1%	$2.74-14.1%	$3.19-0.9%	$3.22+51.9%	$2.12+7.1%	$1.98+15.1%	$1.72+4.2%	$1.65+17.0%	$1.410.0%	$1.41	$0.34
Diluted Shares (Avg)	N/A	58M-1.4%	59M-1.6%	59M+2.7%	58M+7.3%	54M-0.4%	54M+5.2%	52M+4.2%	49M+9.0%	45M+10.7%	41M+7.7%	38M+4.2%	37M+21.8%	30M+4.0%	29M	27M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Revenue	$157.1M-2.0%	$172.2M-2.8%	$166.1M+6.5%	$164.3M+2.8%	$160.3M+4.3%	$177.1M+13.2%	$156.0M-3.3%	$159.9M-2.6%
SG&A Expenses	$69.4M+26.3%	$58.3M+5.1%	$57.3M+3.8%	$54.5M+4.4%	$55.0M-5.7%	$55.4M-9.1%	$55.2M-0.6%	$52.2M-4.6%
Interest Expense	$97.3M+5.4%	$98.4M-1.9%	$101.4M-7.8%	$96.7M-10.3%	$92.2M-15.2%	$100.3M-6.2%	$110.0M+14.9%	$107.8M+29.1%
Income Tax	-$1.1M-113.6%	$8.4M-31.3%	$8.5M+18.9%	$8.3M+103.8%	$7.9M+15.4%	$12.3M+177.4%	$7.2M-20.5%	$4.1M-62.0%
Net Income	$28.2M-49.1%	$57.1M-11.3%	$56.8M+15.4%	$56.8M+42.3%	$55.3M+15.4%	$64.3M+51.5%	$49.2M-12.7%	$39.9M-34.4%
EPS (Basic)	$0.46-51.6%	$0.99-10.0%	$0.98+16.7%	$0.98+44.1%	$0.95+18.7%	$1.10+57.1%	$0.84-11.6%	$0.68-33.3%
EPS (Diluted)	$0.45-52.1%	$0.98-10.9%	$0.98+16.7%	$0.98+44.1%	$0.94+17.5%	$1.10+57.1%	$0.84-10.6%	$0.68-33.3%
Diluted Shares (Avg)	61M+4.7%	N/A	57M-1.4%	58M-1.0%	58M-1.7%	N/A	58M-2.0%	58M-1.9%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.

FRME Balance Sheet

FRME quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$19.0B+3.9%	$18.3B-0.5%	$18.4B+2.2%	$18.0B+16.5%	$15.5B+9.9%	$14.1B+12.9%	$12.5B+26.0%	$9.9B+5.5%	$9.4B+29.9%	$7.2B+6.7%	$6.8B+16.1%	$5.8B+7.1%	$5.4B+26.3%	$4.3B+3.2%	$4.2B
Cash & Equivalents	$84.2M-3.9%	$87.6M-22.2%	$112.6M-8.1%	$122.6M-26.7%	$167.1M-13.3%	$192.9M+8.9%	$177.2M+27.3%	$139.2M-10.1%	$154.9M+21.1%	$127.9M+25.2%	$102.2M-13.9%	$118.6M+8.4%	$109.4M+7.9%	$101.5M+38.4%	$73.3M
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M+30.6%	$545.4M+0.3%	$543.9M0.0%	$543.9M+22.1%	$445.4M0.0%	$445.4M+82.5%	$244.0M+0.4%	$243.1M+19.9%	$202.7M+7.3%	$188.9M+33.7%	$141.4M0.0%	$141.4M
Total Liabilities	$16.6B+3.4%	$16.0B-0.9%	$16.2B+1.2%	$16.0B+17.9%	$13.5B+11.1%	$12.2B+14.3%	$10.7B+25.9%	$8.5B+5.1%	$8.1B+27.8%	$6.3B+6.8%	$5.9B+16.0%	$5.1B+6.1%	$4.8B+28.0%	$3.8B+2.6%	$3.7B
Total Equity	$2.5B+7.0%	$2.3B+2.5%	$2.2B+10.5%	$2.0B+6.4%	$1.9B+2.0%	$1.9B+5.0%	$1.8B+26.9%	$1.4B+8.0%	$1.3B+44.6%	$901.7M+6.0%	$850.5M+17.0%	$726.8M+14.5%	$634.9M+15.0%	$552.2M+7.3%	$514.5M
Retained Earnings	$1.4B+11.1%	$1.3B+10.2%	$1.2B+14.0%	$1.0B+17.1%	$864.8M+9.7%	$788.6M+13.2%	$696.5M+19.4%	$583.3M+25.4%	$465.2M+16.0%	$401.0M+17.2%	$342.1M+17.0%	$292.4M+20.4%	$242.9M+17.7%	$206.4M+22.3%	$168.7M

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Total Assets	$21.1B+14.3%	$19.0B+3.9%	$18.8B+2.5%	$18.6B+1.6%	$18.4B+0.7%	$18.3B-0.5%	$18.3B+1.9%	$18.3B+1.9%
Cash & Equivalents	$98.1M+13.9%	$84.2M-3.9%	$88.1M+4.0%	$81.6M-22.6%	$86.1M-14.3%	$87.6M-22.2%	$84.7M-32.3%	$105.4M-3.3%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$782.8M+9.9%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%	$712.0M0.0%
Total Liabilities	$18.4B+14.2%	$16.6B+3.4%	$16.4B+2.2%	$16.2B+1.0%	$16.1B+0.1%	$16.0B-0.9%	$16.0B+0.9%	$16.1B+1.7%
Total Equity	$2.7B+14.6%	$2.5B+7.0%	$2.4B+4.8%	$2.3B+6.1%	$2.3B+4.8%	$2.3B+2.5%	$2.3B+10.0%	$2.2B+3.1%
Retained Earnings	$1.4B+8.5%	$1.4B+11.1%	$1.4B+12.1%	$1.3B+11.8%	$1.3B+10.6%	$1.3B+10.2%	$1.2B+8.5%	$1.2B+9.4%

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

FRME Cash Flow Statement

FRME quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$280.5M	$283.6M+6.5%	$266.2M+2.9%	$258.8M-9.0%	$284.3M+32.0%	$215.3M+5.6%	$203.8M+15.3%	$176.7M-1.9%	$180.2M+42.5%	$126.5M+22.0%	$103.7M+83.1%	$56.7M-25.3%	$75.8M-58.6%	$183.1M+160.6%	$70.3M-17.8%	$85.5M
Depreciation & Amortization	N/A	$29.4M+9.6%	$26.8M+129.3%	$11.7M-0.9%	$11.8M+10.4%	$10.7M-2.8%	$11.0M+17.3%	$9.4M+6.1%	$8.8M+11.0%	$8.0M+11.3%	$7.2M+14.4%	$6.3M+4.2%	$6.0M+28.6%	$4.7M+4.4%	$4.5M-13.3%	$5.2M
Stock-Based Compensation	N/A	$7.3M+26.0%	$5.8M+12.8%	$5.2M+10.9%	$4.7M-2.3%	$4.8M+3.5%	$4.6M+11.8%	$4.1M+14.6%	$3.6M+27.1%	$2.8M+8.7%	$2.6M+14.5%	$2.3M+4.3%	$2.2M+22.8%	$1.8M+18.8%	$1.5M+13.5%	$1.3M
Investing Cash Flow	-$245.3M	-$773.8M-206.6%	-$252.4M+26.7%	-$344.4M+25.6%	-$462.7M+68.7%	-$1.5B+4.8%	-$1.6B-54.2%	-$1.0B-74.9%	-$575.6M+9.4%	-$635.3M-41.6%	-$448.7M-31.8%	-$340.4M-170.2%	-$126.0M+8.8%	-$138.2M-1262.4%	$11.9M+142.2%	-$28.2M
Financing Cash Flow	-$23.2M	$486.7M+1353.8%	-$38.8M-151.3%	$75.6M-43.5%	$133.8M-89.2%	$1.2B-9.4%	$1.4B+57.2%	$867.6M+128.5%	$379.7M-29.1%	$535.8M+44.5%	$370.7M+38.7%	$267.3M+350.5%	$59.3M+260.4%	-$37.0M+31.5%	-$54.0M-27.6%	-$42.3M
Dividends Paid	$85.2M	$82.9M+1.6%	$81.6M+2.0%	$80.1M+10.1%	$72.7M+18.8%	$61.2M+8.3%	$56.5M+10.3%	$51.3M+23.1%	$41.7M+30.9%	$31.8M+43.3%	$22.2M+41.8%	$15.7M+46.4%	$10.7M+90.6%	$5.6M+93.3%	$2.9M+172.1%	$1.1M
Share Buybacks	$63.9M	$46.9M-16.5%	$56.2M	$0	$0-100.0%	$25.4M-54.5%	$55.9M+193.6%	$19.0M	$0	$0-100.0%	$2.0M+20.7%	$1.6M+53.7%	$1.1M+117.3%	$491K+108.9%	$235K+86.5%	$126K

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Operating Cash Flow	$58.6M-5.0%	$80.7M+19.6%	$87.6M+14.0%	$53.7M-14.8%	$61.7M+4.8%	$67.5M+2.9%	$76.8M-4.3%	$63.0M+148.5%
Depreciation & Amortization	$9.0M+14.7%	$5.7M-64.9%	$8.0M+104.2%	$7.9M+125.8%	$7.8M+145.5%	$16.2M+433.6%	$3.9M+36.8%	$3.5M+23.0%
Stock-Based Compensation	$1.7M+5.5%	N/A	$1.8M+22.1%	$1.6M+16.0%	$1.6M+13.8%	N/A	$1.4M+5.7%	$1.4M+9.4%
Investing Cash Flow	$368.1M+329.4%	-$300.8M-19.6%	-$143.3M-110.2%	-$169.3M-986.3%	-$160.4M-293.6%	-$251.5M-6.1%	-$68.2M+36.1%	-$15.6M-106.9%
Financing Cash Flow	-$412.7M-524.6%	$216.1M+15.6%	$62.3M+312.5%	$111.1M+360.9%	$97.2M+163.2%	$186.9M+17.6%	-$29.3M-168.7%	-$42.6M+84.2%
Dividends Paid	$22.8M+11.4%	$20.8M+1.7%	$20.8M+1.4%	$20.8M+1.6%	$20.5M+1.6%	$20.5M+0.6%	$20.5M+0.9%	$20.5M+0.9%
Share Buybacks	$24.9M+215.2%	$10.4M+67.6%	$6.5M	$22.1M+10.6%	$7.9M-73.6%	$6.2M	$0	$20.0M

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow.

FRME Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FRME quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	34.1%+2.9pp	31.1%-3.2pp	34.4%-1.0pp	35.4%-4.2pp	39.5%+9.3pp	30.2%-6.9pp	37.1%-1.2pp	38.3%+10.7pp	27.6%-0.2pp	27.8%+3.2pp	24.6%+0.4pp	24.2%+3.0pp	21.2%+0.3pp	20.8%+7.7pp	13.1%
Return on Equity	9.2%+0.4pp	8.7%-1.2pp	10.0%-1.0pp	10.9%+0.2pp	10.8%+2.8pp	7.9%-1.3pp	9.2%-2.1pp	11.3%+3.9pp	7.4%-1.6pp	9.0%+1.3pp	7.7%-0.6pp	8.3%+1.3pp	7.0%-1.2pp	8.2%+3.3pp	4.9%
Return on Assets	1.2%+0.1pp	1.1%-0.1pp	1.2%0.0pp	1.2%-0.1pp	1.3%+0.3pp	1.1%-0.3pp	1.3%-0.3pp	1.6%+0.6pp	1.0%-0.1pp	1.1%+0.1pp	1.0%-0.1pp	1.0%+0.2pp	0.8%-0.2pp	1.1%+0.4pp	0.6%
Debt-to-Equity	6.71-0.2x	6.94-0.2x	7.19-0.7x	7.85+0.8x	7.08+0.6x	6.50+0.5x	5.970.0x	6.02-0.2x	6.19-0.8x	7.000.0x	6.95-0.1x	7.01-0.6x	7.56+0.8x	6.80-0.3x	7.11
Asset Turnover	0.030.0x	0.040.0x	0.040.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.050.0x	0.05

Metric	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q
Net Margin	17.9%-16.6pp	33.1%-3.2pp	34.2%+2.6pp	34.6%+9.6pp	34.5%+3.3pp	36.3%+9.2pp	31.5%-3.4pp	25.0%-12.1pp
Return on Equity	1.1%-1.3pp	2.3%-0.5pp	2.4%+0.2pp	2.4%+0.6pp	2.4%+0.2pp	2.8%+0.9pp	2.1%-0.6pp	1.8%-1.0pp
Return on Assets	0.1%-0.2pp	0.3%-0.1pp	0.3%0.0pp	0.3%+0.1pp	0.3%0.0pp	0.4%+0.1pp	0.3%0.0pp	0.2%-0.1pp
Debt-to-Equity	6.880.0x	6.71-0.2x	6.80-0.2x	6.92-0.4x	6.91-0.3x	6.94-0.2x	6.97-0.6x	7.27-0.1x
Asset Turnover	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
First Merchants Corp FRME	FY2025	$662.9M	$226.0M	34.1%	$2.5B	65/100
Trustmark Corp TRMK	FY2025	$799.8M	$224.1M	28.0%	$2.6B	38/100
Pacific Premier Bancorp Inc PPBI	FY2024	$619.8M	$158.8M	25.6%	$2.4B	46/100
CUSTOMERS BANCORP INC CUBI	FY2025	$818.3M	$224.1M	27.4%	$2.5B	42/100
First Bancorp/NC FBNC	FY2025	$390.3M	$111.0M	28.4%	$2.5B	50/100
Enterprise Financial Services Corporation EFSC	FY2025	$739.9M	$201.4M	27.2%	$2.2B	55/100

Where First Merchants Corp Ranks

Frequently Asked Questions

What is First Merchants Corp's annual revenue?

First Merchants Corp (FRME) reported $662.9M in total revenue for fiscal year 2025. This represents a 2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is First Merchants Corp's revenue growing?

First Merchants Corp (FRME) revenue grew by 2.5% year-over-year, from $646.7M to $662.9M in fiscal year 2025.

Is First Merchants Corp profitable?

Yes, First Merchants Corp (FRME) reported a net income of $226.0M in fiscal year 2025, with a net profit margin of 34.1%.

What is First Merchants Corp's net profit margin?

First Merchants Corp (FRME) had a net profit margin of 34.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does First Merchants Corp pay dividends?

Yes, First Merchants Corp (FRME) paid $1.43 per share in dividends during fiscal year 2025.

What is First Merchants Corp's return on equity (ROE)?

First Merchants Corp (FRME) has a return on equity of 9.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is First Merchants Corp's operating cash flow?

First Merchants Corp (FRME) generated $283.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are First Merchants Corp's total assets?

First Merchants Corp (FRME) had $19.0B in total assets as of fiscal year 2025, including both current and long-term assets.

Does First Merchants Corp buy back shares?

Yes, First Merchants Corp (FRME) spent $46.9M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does First Merchants Corp have outstanding?

First Merchants Corp (FRME) had 63M shares outstanding as of fiscal year 2025.

What is First Merchants Corp's debt-to-equity ratio?

First Merchants Corp (FRME) had a debt-to-equity ratio of 6.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is First Merchants Corp's return on assets (ROA)?

First Merchants Corp (FRME) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is First Merchants Corp's P/E ratio?

First Merchants Corp (FRME) trades at 12.7x earnings, its market capitalization divided by net income of $198.8M net income, trailing 12 months to March 31, 2026. The market capitalization is $2.5B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Merchants Corp's price-to-sales ratio?

First Merchants Corp (FRME) trades at 3.8x sales, its market capitalization divided by revenue of $659.8M revenue, trailing 12 months to March 31, 2026. The market capitalization is $2.5B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is First Merchants Corp's Piotroski F-Score?

First Merchants Corp (FRME) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are First Merchants Corp's earnings high quality?

First Merchants Corp (FRME) has an earnings quality ratio of 1.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is First Merchants Corp?

First Merchants Corp (FRME) scores 65 out of 100 on our Financial Health Score, indicating strong standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.