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First Merchants Corporation FRMEP

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Price alert · FRMEP

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24.92 USD +0.17 (+0.69%)

At closeNov 4, 2026, 4:00 PM EST

25.42 +0.50 +2.01%

After hours · Nov 4, 4:00 PM ET

24.89 Day range 24.92
24.73 52-week range 27.09
YTD
-3.22%
1 year
-3.97%

Financial health

Altman Z-Score

0.34 Distress zone

Bankruptcy-risk model: below 1.81 distress, above 2.99 safe.

Piotroski F-Score

6 / 9 Average

Nine pass/fail tests of profitability, leverage and efficiency.

FMP rating

A-4 / 5 overall

  • DCF 5
  • Return on Equity 2
  • Return on Assets 3
  • Debt / Equity 3
  • P/E 4
  • P/B 4

Valuation

P/E 9.6×
FY 2016: 18.9×FY 2017: 19.7×FY 2018: 10.6×FY 2019: 13.0×FY 2020: 13.6×FY 2021: 11.0×FY 2022: 10.7×FY 2023: 9.9×FY 2024: 11.7×FY 2025: 9.6×
FY 2016 5y median 10.7× FY 2025
P/S 2.1×
FY 2016: 4.8×FY 2017: 4.9×FY 2018: 3.5×FY 2019: 3.9×FY 2020: 3.6×FY 2021: 4.1×FY 2022: 3.3×FY 2023: 2.2×FY 2024: 2.2×FY 2025: 2.1×
FY 2016 5y median 2.2× FY 2025
P/B 0.9×
FY 2016: 1.7×FY 2017: 1.5×FY 2018: 1.2×FY 2019: 1.2×FY 2020: 1.1×FY 2021: 1.2×FY 2022: 1.2×FY 2023: 1.0×FY 2024: 1.0×FY 2025: 0.9×
FY 2016 5y median 1.0× FY 2025
P/FCF 7.6×
FY 2016: 14.8×FY 2017: 15.0×FY 2018: 9.4×FY 2019: 12.1×FY 2020: 9.9×FY 2021: 10.5×FY 2022: 8.3×FY 2023: 8.5×FY 2024: 8.7×FY 2025: 7.6×
FY 2016 5y median 8.5× FY 2025
EV/EBITDA 10.7×
FY 2016: 17.9×FY 2017: 18.0×FY 2018: 11.1×FY 2019: 12.7×FY 2020: 11.7×FY 2021: 8.9×FY 2022: 12.8×FY 2023: 9.9×FY 2024: 12.0×FY 2025: 10.7×
FY 2016 5y median 10.7× FY 2025
EV/Sales 2.9×
FY 2016: 6.5×FY 2017: 6.6×FY 2018: 4.5×FY 2019: 4.7×FY 2020: 3.8×FY 2021: 4.0×FY 2022: 4.8×FY 2023: 2.7×FY 2024: 2.9×FY 2025: 2.9×
FY 2016 5y median 2.9× FY 2025
FCF Yield 13.1%
FY 2016: 6.8%FY 2017: 6.7%FY 2018: 10.7%FY 2019: 8.3%FY 2020: 10.1%FY 2021: 9.6%FY 2022: 12.0%FY 2023: 11.8%FY 2024: 11.4%FY 2025: 13.1%
FY 2016 5y median 11.8% FY 2025

Profitability

Gross Margin 61.0%
FY 2016: 89.8%FY 2017: 87.9%FY 2018: 84.2%FY 2019: 79.8%FY 2020: 77.6%FY 2021: 93.5%FY 2022: 85.8%FY 2023: 64.8%FY 2024: 56.1%FY 2025: 61.0%
FY 2016 5y median 64.8% FY 2025
Operating Margin 24.7%
FY 2016: 34.1%FY 2017: 34.6%FY 2018: 38.8%FY 2019: 35.1%FY 2020: 30.4%FY 2021: 43.3%FY 2022: 35.9%FY 2023: 25.9%FY 2024: 22.0%FY 2025: 24.7%
FY 2016 5y median 25.9% FY 2025
Net Margin 21.5%
FY 2016: 25.4%FY 2017: 24.9%FY 2018: 32.9%FY 2019: 29.8%FY 2020: 26.6%FY 2021: 37.0%FY 2022: 31.2%FY 2023: 22.4%FY 2024: 19.1%FY 2025: 21.5%
FY 2016 5y median 22.4% FY 2025
ROE 9.2%
FY 2016: 9.0%FY 2017: 7.4%FY 2018: 11.3%FY 2019: 9.2%FY 2020: 7.9%FY 2021: 10.7%FY 2022: 10.9%FY 2023: 10.0%FY 2024: 8.7%FY 2025: 9.2%
FY 2016 5y median 10.0% FY 2025
ROIC -4.3%
FY 2016: 4.9%FY 2017: 4.4%FY 2018: 7.5%FY 2019: 6.3%FY 2020: 5.5%FY 2021: 7.6%FY 2022: 6.1%FY 2023: 6.3%FY 2024: 5.3%FY 2025: -4.3%
FY 2016 5y median 6.1% FY 2025
ROA 1.2%
FY 2016: 1.1%FY 2017: 1.0%FY 2018: 1.6%FY 2019: 1.3%FY 2020: 1.1%FY 2021: 1.3%FY 2022: 1.2%FY 2023: 1.2%FY 2024: 1.1%FY 2025: 1.2%
FY 2016 5y median 1.2% FY 2025

Growth (YoY)

Revenue -0.3%
FY 2016: 13.1%FY 2017: 21.2%FY 2018: 25.5%FY 2019: 14.0%FY 2020: 1.1%FY 2021: -0.4%FY 2022: 28.2%FY 2023: 40.2%FY 2024: 5.4%FY 2025: -0.3%
FY 2016 FY 2025
Operating Income 11.8%
FY 2016: 19.3%FY 2017: 22.9%FY 2018: 40.8%FY 2019: 3.0%FY 2020: -12.3%FY 2021: 41.7%FY 2022: 6.2%FY 2023: 1.4%FY 2024: -10.6%FY 2025: 11.8%
FY 2016 FY 2025
EPS (diluted) 13.8%
FY 2016: 15.1%FY 2017: 7.1%FY 2018: 51.9%FY 2019: -0.9%FY 2020: -14.1%FY 2021: 39.1%FY 2022: 0.0%FY 2023: -2.1%FY 2024: -8.6%FY 2025: 13.8%
FY 2016 FY 2025
Free Cash Flow 6.5%
FY 2016: 83.1%FY 2017: 22.0%FY 2018: 42.5%FY 2019: -1.9%FY 2020: 15.9%FY 2021: 5.1%FY 2022: 32.0%FY 2023: -9.0%FY 2024: 2.9%FY 2025: 6.5%
FY 2016 FY 2025

Financial Health

Current Ratio 0.2×
FY 2016: 0.2×FY 2017: 0.2×FY 2018: 0.2×FY 2019: 0.2×FY 2020: 0.2×FY 2021: 0.2×FY 2022: 0.2×FY 2023: 0.2×FY 2024: 0.1×FY 2025: 0.2×
FY 2016 5y median 0.2× FY 2025
Quick Ratio 0.2×
FY 2016: 0.2×FY 2017: 0.2×FY 2018: 0.2×FY 2019: 0.2×FY 2020: 0.2×FY 2021: 0.2×FY 2022: 0.2×FY 2023: 0.2×FY 2024: 0.1×FY 2025: 0.2×
FY 2016 5y median 0.2× FY 2025
Debt / Equity 0.4×
FY 2016: 0.8×FY 2017: 0.6×FY 2018: 0.5×FY 2019: 0.4×FY 2020: 0.4×FY 2021: 0.3×FY 2022: 0.6×FY 2023: 0.5×FY 2024: 0.5×FY 2025: 0.4×
FY 2016 5y median 0.5× FY 2025
Net Debt / EBITDA 3.2×
FY 2016: 4.7×FY 2017: 4.6×FY 2018: 2.5×FY 2019: 2.2×FY 2020: 0.6×FY 2021: -0.0×FY 2022: 4.0×FY 2023: 1.8×FY 2024: 3.0×FY 2025: 3.2×
FY 2016 5y median 3.0× FY 2025
Interest Coverage 0.7×
FY 2016: 4.0×FY 2017: 3.6×FY 2018: 2.7×FY 2019: 1.8×FY 2020: 2.6×FY 2021: 6.7×FY 2022: 3.0×FY 2023: 0.7×FY 2024: 0.5×FY 2025: 0.7×
FY 2016 5y median 0.7× FY 2025

Dividends

Dividend Yield 3.9%
FY 2016: 1.4%FY 2017: 1.7%FY 2018: 2.5%FY 2019: 2.4%FY 2020: 2.8%FY 2021: 2.7%FY 2022: 3.1%FY 2023: 3.7%FY 2024: 3.6%FY 2025: 3.9%
FY 2016 5y median 3.6% FY 2025
Payout Ratio 37.5%
FY 2016: 27.4%FY 2017: 33.1%FY 2018: 26.2%FY 2019: 31.2%FY 2020: 38.0%FY 2021: 29.8%FY 2022: 33.4%FY 2023: 36.6%FY 2024: 41.5%FY 2025: 37.5%
FY 2016 5y median 36.6% FY 2025

Annual · latest fiscal year ends 2025-12-31