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

First Merchants Corp. (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 Corp. (FRMEP) Financials

FRMEP

Trailing 12 months to March 31, 2026

Revenue $950.8M +1.7% 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 Corp. (FRMEP) reported $950.8M in revenue over the twelve months to Mar 31, 2026, up 1.7% 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 2026-08-29

Lower interest expense is cushioning revenue pressure, allowing earnings recovery while leverage gradually moderates.

Revenue fell -2.4% in FY2025 while net income rose 12.2%, a divergence that points to funding-cost relief rather than volume as the immediate earnings driver. Interest expense fell 8.9%, reinforcing that profitability recovered without top-line growth and that the latest improvement was tied more to the expense base than expanding business activity.

Debt-to-equity eased from 6.9x to 6.7x in FY2025, indicating modestly less leverage in the capital structure. Return on equity nevertheless fell from 10.0% in FY2023 to 9.2% in FY2025, so improved earnings have not fully offset the larger balance-sheet base.

Operating cash flow was 25.5% above net income in FY2025, linking reported earnings to cash generation rather than showing a profit-only rebound. Cash flow also rose 6.5% from FY2024 while net income rose 12.2%, meaning cash generation improved alongside earnings instead of lagging them.

Financial Health Signals

Financial Health Score 67/100

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 $924.8M in fiscal year 2025, against $948.0M 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 17/100 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 82/100 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 65/100 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

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Earnings & Revenue

Revenue

$248.6M

YoY+11.7%

QoQ+4.7%

5Y CAGR+17.7%

10Y CAGR+15.0%

First Merchants Corp. generated $248.6M in revenue in Q1 2026. This represents an increase of 11.7% from the same quarter a year earlier. Against the prior quarter it is up 4.7%.

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

11.3%

YoY-13.5pp

QoQ-12.7pp

5Y CAGR-33.7pp

10Y CAGR-17.6pp

First Merchants Corp.'s net profit margin was 11.3% in Q1 2026, showing the share of revenue converted to profit. This is down 13.5 percentage points from the same quarter a year earlier. Against the prior quarter it is down 12.7 percentage points.

Return on Equity

1.1%

YoY-1.3pp

QoQ-1.3pp

5Y CAGR-1.7pp

10Y CAGR-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.

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	$950.8M	$924.8M-2.4%	$948.0M+6.1%	$893.9M+47.7%	$605.0M+35.5%	$446.6M-0.4%	$448.5M-3.6%	$465.4M+14.1%	$407.9M+29.5%	$314.9M+24.3%	$253.3M+14.5%	$221.2M+5.9%	$208.9M+22.3%	$170.8M-2.9%	$175.9M-2.9%	$181.2M
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	$248.6M+11.7%	$237.4M+1.2%	$235.1M-2.5%	$229.7M-2.8%	$222.5M-5.7%	$234.6M-1.0%	$241.1M+5.2%	$236.4M+6.8%
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	24.4%+3.2pp	21.2%-3.8pp	25.0%-11.7pp	36.7%-9.3pp	46.0%+12.9pp	33.1%-2.2pp	35.3%-3.7pp	39.0%+8.5pp	30.5%-1.5pp	32.0%+2.4pp	29.6%+0.8pp	28.8%+2.7pp	26.1%+0.4pp	25.6%+11.7pp	13.9%
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	0.050.0x	0.050.0x	0.050.0x	0.030.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.030.0x	0.040.0x	0.030.0x	0.040.0x	0.04

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	11.3%-13.5pp	24.0%-3.4pp	24.1%+3.8pp	24.7%+7.9pp	24.9%+4.6pp	27.4%+9.5pp	20.4%-4.2pp	16.9%-10.6pp
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 Corp. Ranks

Frequently Asked Questions

What is First Merchants Corp.'s annual revenue?

First Merchants Corp. (FRMEP) reported $924.8M in total revenue for fiscal year 2025. This represents a -2.4% 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. (FRMEP) revenue declined by 2.4% year-over-year, from $948.0M to $924.8M in fiscal year 2025.

Is First Merchants Corp. profitable?

Yes, First Merchants Corp. (FRMEP) reported a net income of $226.0M in fiscal year 2025, with a net profit margin of 24.4%.

What is First Merchants Corp.'s net profit margin?

First Merchants Corp. (FRMEP) had a net profit margin of 24.4% 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. (FRMEP) paid $1.43 per share in dividends during fiscal year 2025.

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

First Merchants Corp. (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 Corp.'s operating cash flow?

First Merchants Corp. (FRMEP) 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. (FRMEP) 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. (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 Corp. have outstanding?

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

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

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

First Merchants Corp. (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 Corp.'s Piotroski F-Score?

First Merchants Corp. (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 Corp.'s earnings high quality?

First Merchants Corp. (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 Corp.?

First Merchants Corp. (FRMEP) scores 67 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.