First Merchants Corp
FRME Nasdaq· National Commercial Banks
Last close · Oct 27, 2026
$40.93
KIRA · Stoqly’s AI analyst, in plain words
- First Merchants Corp had $663M of revenue in fiscal 2025, up 2.5% on the year before. Over five years, revenue changed +6.1% a year on average.
- First Merchants Corp made $226M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 7.8% a year.
- First Merchants Corp returned $130M to shareholders in fiscal 2025. The diluted share count fell 1.4%.
- It earned 9.5% on shareholders’ money. Running costs took 57.7% of revenue (the efficiency ratio; lower is better).
Market cap
$2.5B
P/E
12.1x
Revenue
$663M
Net income
$226M
Return on equity
9.5%
Efficiency ratio
57.7%
First Merchants Corp in 30 seconds · fiscal 2025
Are sales growing?
+2.5%
Only a little. Sales grew 2.5% last year.
Does it make a profit?
34.1%
Yes. It keeps 34.1% of every sale as profit.
How lean are its costs?
57.7%
Average. Running costs take 57.7% of revenue.
How much does it earn on its capital?
9.5%
Fair. It earns 9.5% a year on shareholders’ money.
How is the share priced?
12.1x
One share costs 12.1 times its yearly profit per share.
What First Merchants Corp does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- FIRST MERCHANTS CORP
- CIK
- 0000712534
First Merchants Corp · FRME
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $520M | $628M | $651M | $647M | $663M |
| Revenue growth | 5.7% | 20.8% | 3.6% | −0.7% | 2.5% |
| Net interest income | $411M | $520M | $545M | $521M | $536M |
| Net income | $206M | $222M | $224M | $201M | $226M |
| Net margin | 39.5% | 35.4% | 34.4% | 31.1% | 34.1% |
| Diluted EPS | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
| Cash | |||||
| Cash from operations | $215M | $284M | $259M | $266M | $284M |
| Dividends paid | $61.2M | $72.7M | $80.1M | $81.6M | $82.9M |
| Share buybacks | $25.4M | $0.0M | $0.0M | $56.2M | $46.9M |
| Share count change | −0.4% | 7.3% | 2.7% | −1.6% | −1.4% |
| Debt and strength | |||||
| Cash and short-term investments | $167M | $123M | $113M | $87.6M | $84.2M |
| Loans, net | $9.0B | $11.8B | $12.3B | $12.7B | $13.6B |
| Deposits | $12.7B | $14.4B | $14.8B | $14.5B | $15.3B |
| Shareholders' equity | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B |
| Returns and quality | |||||
| Return on equity | 10.9% | 11.3% | 10.5% | 8.8% | 9.5% |
| Return on tangible equity | 15.3% | 17.1% | 14.7% | 12.7% | 12.9% |
| Efficiency ratio | 53.7% | 56.6% | 59.6% | 58.6% | 57.7% |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$1.7M
3 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Net income:
- Profit after all expenses, interest and tax.
- Efficiency ratio:
- Noninterest expense as a share of revenue. Lower is better for banks.
- Return on equity:
- Net income as a share of average shareholders' equity.
- Return on tangible equity:
- Net income to common over equity minus goodwill and intangibles.
- Diluted EPS:
- Net income per diluted share.
First Merchants Corp · FRME
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Return on equity and efficiency ratio
Loans and deposits
Dividends and buybacks
Diluted EPS
KIRA
At $40.93 a share, the company is worth $2.5B: 12.1 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0000712534). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.