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

First Merchants Corporation (FRMEP) 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 Corporation (FRMEP) Financials

FRMEP

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

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 FRMEP SEC filings page.

First Merchants Corporation (FRMEP) 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 FRMEP FY2025 2026-10-04

FY2025 earnings recovered through better profitability, while the balance sheet remained liability-heavy and reported cash generation tracked accounting profit.

In FY2024, reported operating cash flow exceeded net income, at $266M versus $201M, and the same relationship held in FY2025. That repeated alignment suggests the reported earnings pattern was accompanied by operating cash generation, rather than reflecting accrual profit alone.

FY2025 assets reached $19.0B against $16.6B of liabilities, revealing a balance sheet funded predominantly by obligations rather than equity. Even so, debt-to-equity fell from 6.9x in FY2024 to 6.7x in FY2025, indicating modestly less leverage at the latest year-end.

FY2025 revenue grew 2.5% from FY2024, a small top-line move. Net margin rose from 31.1% to 34.1%, so the earnings rebound came more from improved conversion of revenue into profit than from expansion alone.

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 Corporation'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 Corporation 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 Corporation scores 71/100 among other banks.

Growth

First Merchants Corporation 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 Corporation scores 21/100 among other banks.

Capital

First Merchants Corporation 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 Corporation 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 Corporation 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 Corporation scores 62/100 on it among other banks.

Stability

First Merchants Corporation 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 Corporation scores 99/100 among other banks.

Piotroski F-Score Partial

4/6

First Merchants Corporation 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 Corporation 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

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Earnings & Revenue

Revenue

$157.1M

YoY-2.0%

QoQ-8.7%

5Y CAGR+4.8%

10Y CAGR+8.4%

First Merchants Corporation 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 Corporation 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 Corporation 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 Corporation 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 Corporation 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 Corporation 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 Corporation'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 Corporation'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 Corporation 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.

FRMEP 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.

FRMEP 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.

FRMEP Balance Sheet

FRMEP 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.

FRMEP Cash Flow Statement

FRMEP 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.

FRMEP 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.

FRMEP 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.

Where First Merchants Corporation Ranks

Frequently Asked Questions

What is First Merchants Corporation's annual revenue?

First Merchants Corporation (FRMEP) 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 Corporation's revenue growing?

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

Is First Merchants Corporation profitable?

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

What is First Merchants Corporation's net profit margin?

First Merchants Corporation (FRMEP) 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 Corporation pay dividends?

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

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

First Merchants Corporation (FRMEP) 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 Corporation's operating cash flow?

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

What are First Merchants Corporation's total assets?

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

Does First Merchants Corporation buy back shares?

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

How many shares does First Merchants Corporation have outstanding?

First Merchants Corporation (FRMEP) had 63M shares outstanding as of fiscal year 2025.

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

First Merchants Corporation (FRMEP) 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 Corporation's return on assets (ROA)?

First Merchants Corporation (FRMEP) 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 Corporation's Piotroski F-Score?

First Merchants Corporation (FRMEP) 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 Corporation's earnings high quality?

First Merchants Corporation (FRMEP) 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 Corporation?

First Merchants Corporation (FRMEP) 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.