Skip to main content
    F

    First Merchants Corporation (FRME)

    Official site

    FINANCIAL SERVICES • BANKS - REGIONAL • NASDAQ

    $38.78
    -0.28 (-0.72%)

    Market Cap: $2.44B

    Last updated: Oct 16, 2026 at 1:55 PM ET

    Earnings

    Performance (10Y)

    Beat Rate
    82%(32/39)
    Avg Surprise
    +4.74%

    Upcoming Estimates

    Period ending Sep 30, 2026
    EPS Consensus$1.04
    Range$1.02 - $1.07
    6 analysts
    EPS Revisions
    1
    0
    7d
    1
    0
    30d
    EPS Estimate DriftChange to current
    90d ago$1.08-3.1%
    60d ago$1.040.0%
    30d ago$1.040.0%
    7d ago$1.04-0.2%
    Current$1.04
    Revenue Consensus
    $204M
    Range$203M - $205M
    5 analysts
    Period ending Dec 31, 2026
    EPS Consensus$0.81
    Range$0.72 - $0.86
    6 analysts
    Revenue Consensus
    $210M
    Range$207M - $212M
    5 analysts
    PeriodReportedEst.SurpriseB/MYoY
    Dec 26EST
    		-$0.81---
    Sep 26EST
    		-$1.04---
    Jun 26
    Reported Jul 22
    		$0.74$1.03-28.16%Miss-24.5%
    Mar 26
    Reported Apr 22
    		$1.03$0.97+6.19%Beat+9.6%
    Dec 25
    Reported Jan 26
    		$0.98$0.95+3.16%Beat-2.0%
    Sep 25
    Reported Oct 22
    		$0.99$0.96+3.13%Beat+4.2%
    Jun 25
    Reported Jul 23
    		$0.98$0.95+3.16%Beat+44.1%
    Mar 25
    Reported Apr 24
    		$0.94$0.91+3.30%Beat+10.6%
    Dec 24
    Reported Jan 30
    		$1.00$0.90+11.11%Beat+14.9%
    Sep 24
    Reported Oct 24
    		$0.95$0.90+5.56%Beat+1.1%
    Jun 24
    Reported Jul 25
    		$0.68$0.80-15.00%Miss-33.3%
    Mar 24
    Reported Apr 25
    		$0.85$0.82+3.66%Beat-20.6%
    Dec 23
    Reported Jan 25
    		$0.87$0.87+0.00%Beat-26.9%
    Sep 23
    Reported Oct 26
    		$0.94$0.95-1.05%Miss-16.1%
    Jun 23
    Reported Jul 25
    		$1.02$1.02+0.00%Beat+1.0%
    Mar 23
    Reported Apr 25
    		$1.07$1.14-6.14%Miss+17.6%
    Dec 22
    Reported Jan 26
    		$1.19$1.16+2.59%Beat+33.7%
    Sep 22
    Reported Oct 25
    		$1.12$1.09+2.75%Beat+14.3%
    Jun 22
    Reported Jul 26
    		$1.01$0.88+14.77%Beat-1.9%
    Mar 22
    Reported Apr 26
    		$0.91$0.87+4.60%Beat+0.0%
    Dec 21
    Reported Jan 27
    		$0.89$0.93-4.30%Miss+7.2%
    Sep 21
    Reported Oct 26
    		$0.98$0.91+7.69%Beat+46.3%
    Jun 21
    Reported Jul 26
    		$1.03$0.92+11.96%Beat+66.1%
    Mar 21
    Reported Apr 22
    		$0.91$0.78+16.67%Beat+46.8%
    Dec 20
    Reported Jan 28
    		$0.83$0.66+25.76%Beat-7.8%
    Sep 20
    Reported Oct 28
    		$0.67$0.63+6.35%Beat-25.6%
    Jun 20
    Reported Jul 23
    		$0.62$0.47+31.91%Beat-25.3%
    Mar 20
    Reported Apr 23
    		$0.62$0.57+8.77%Beat-20.5%
    Dec 19
    Reported Jan 30
    		$0.90$0.86+4.65%Beat+5.9%
    Sep 19
    Reported Oct 24
    		$0.90$0.80+12.50%Beat+8.4%
    Jun 19
    Reported Jul 25
    		$0.83$0.81+2.47%Beat+3.7%
    Mar 19
    Reported Apr 25
    		$0.78$0.81-3.70%Miss+5.4%
    Dec 18
    Reported Jan 31
    		$0.85$0.82+3.66%Beat+39.3%
    Sep 18
    Reported Oct 24
    		$0.83$0.80+3.75%Beat+66.0%
    Jun 18
    Reported Jul 25
    		$0.80$0.75+6.67%Beat+40.4%
    Mar 18
    Reported Apr 25
    		$0.74$0.70+5.71%Beat+32.1%
    Dec 17
    Reported Jan 25
    		$0.61$0.51+19.61%Beat+10.9%
    Sep 17
    Reported Oct 26
    		$0.50$0.57-12.28%Miss-
    Jun 17
    Reported Jul 27
    		$0.57$0.55+3.64%Beat-
    Mar 17
    Reported Apr 27
    		$0.56$0.52+7.69%Beat-
    Dec 16
    Reported Jan 26
    		$0.55$0.49+12.24%Beat-

    Dividends

    Dividend Metrics

    Forward Yield3.82%
    Forward Annual Dividend$1.48
    Payout Ratio49.30%
    FrequencyQuarterly
    Pay MonthsMar, Jun, Sep, Dec

    Growth

    3Y CAGR+4.59%
    5Y CAGR+6.58%
    FRME dividend history and ex-dividend datesRun FRME in the free DRIP calculator

    Key Metrics

    Valuation
    P/E Ratio10.37EV/EBITDA16.64x
    Price/FCFN/AFCF YieldN/A
    Profitability
    Profit Margin29.00%Operating Margin34.30%
    ROE7.37%ROIC4.32%
    Financial Health
    Debt/Equity0.59xInterest Coverage0.52x
    Current RatioN/AQuick RatioN/A
    Trading Statistics
    Beta0.88Avg Volume545.24K
    52-Week High$44.9352-Week Low$33.40

    Technical Indicators Dashboard

    Moving Averages

    SMA 10$39.41
    SMA 20$39.95
    SMA 50$41.06
    SMA 200$40.14
    EMA 10$39.39
    EMA 20$39.86
    EMA 50$40.68
    EMA 200$40.15

    MACD

    Line: -0.60Signal: -0.54Hist: -0.07

    ADX

    ADX: 31.1+DI: 13.0-DI: 31.8

    Aroon & PSAR

    Aroon Up16.0
    Aroon Down100.0
    PSAR$40.22

    Bollinger Bands

    Upper Band$41.29
    Lower Band$38.60
    %B Position675%(Upper)
    Band Width0.07

    RSI (14-Day)

    Neutral
    34.1

    Momentum Oscillators

    Stoch %K18.6
    Stoch %D20.4
    Williams %R-85.8
    ROC (10d)-2.5%
    Momentum-1.00
    CCI (20d)-139.5
    MFI (14d)33.3

    Volatility Measures

    ATR (14d)$0.75(1.9%)
    StdDev (20d)0.67
    Hist Vol13.0%(Low)

    Volume Flow

    VWAP$38.71
    OBV212.3K
    AD Line-145.6M
    CMF (20d)-0.025

    Volume Metrics

    Avg Vol (20d)555.9K
    Vol Ratio0.8x
    VWMA (20d)$40.07

    Pivot Points

    R3$40.38
    R2$40.00
    R1$39.53
    Pivot Point$39.16
    S1$38.69
    S2$38.31
    S3$37.84

    Advanced Oscillators

    TSI-25.45
    Ultimate Osc46.4
    KST-45.32

    Financial Data

    QuarterJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024Jun 2024Mar 2024Dec 2023Sep 2023
    Total Revenue$196.10M$157.13M$172.17M$166.14M$164.32M$160.32M$177.11M$155.98M$159.91M$153.70M$156.51M$161.22M
    Cost of RevenueN/A$102.17M$105.53M$105.73M$102.32M$96.45M$104.47M$114.97M$132.31M$110.84M$108.43M$97.75M
    Gross ProfitN/A$151.13M$164.25M$161.84M$158.72M$156.12M$152.93M$150.98M$135.41M$151.70M$155.01M$159.22M
    Operating Expenses$115.35M$125.14M$99.52M$96.56M$93.60M$92.90M$96.29M$94.63M$91.41M$96.94M$108.10M$93.85M
    R&D$0$0$0$0$0$0$0$0$0$0$0$0
    SG&A$0$0$0$0$0$0$0$0$0$0$0$0
    Operating IncomeN/A$27.09M$65.50M$65.28M$65.12M$63.22M$76.62M$56.35M$43.99M$54.77M$46.90M$65.37M
    Interest Income$260.84M$248.57M$237.44M$235.09M$229.74M$222.52M$234.64M$241.08M$236.38M$235.90M$236.99M$229.13M
    Interest Expense$101.90M$97.27M$98.38M$101.43M$96.72M$92.25M$100.27M$109.97M$107.81M$108.84M$106.93M$95.75M
    Income Before Tax$47.75M$27.09M$65.50M$65.28M$65.12M$63.22M$76.62M$56.35M$43.99M$54.77M$46.90M$65.37M
    Income Tax Expense$3.77M$-1,069,000$8.43M$8.52M$8.29M$7.88M$12.27M$7.16M$4.07M$6.83M$4.42M$9.01M
    Net Income$43.98M$28.16M$57.06M$56.77M$56.83M$55.34M$64.35M$49.19M$39.92M$47.94M$42.48M$56.37M
    EBITDA$57.01M$36.08M$71.20M$73.29M$72.99M$71.06M$92.87M$60.27M$47.48M$57.96M$49.95M$68.24M
    EBIT$47.75M$27.09M$65.50M$65.28M$65.12M$63.22M$76.62M$56.35M$43.99M$54.77M$46.90M$65.37M
    * Some calculated fields are derived from available data when not provided by source

    Related GNG Research

    No research available

    Be the first to write about FRME

    News

    First Merchants CEO Mark Hardwick To Retire And Mike Stewart Named Successor

    First Merchants Corporation CEO Mark Hardwick announced his retirement effective end of 2026 after 29 years, with current First Merchants Bank President Mike Stewart named as his successor...

    Pulse 2.0•10/3/26•Bullish

    After a 569-share grant, First Merchants (FRME) director Kellogg holds 16,503 shares directly.

    First Merchants Corp. director Clark C. Kellogg received a grant of 569 shares of common stock on September 30, 2026, valued at $39.78 per share. Following this transaction...

    Stock Titan•10/2/26•Neutral

    First Merchants CEO Hardwick to retire, Stewart named successor By Investing.com

    First Merchants Corporation has announced that CEO Mark Hardwick will retire at the end of 2026 after 29 years with the company. Mike Stewart, the current First Merchants Bank President...

    Investing.com Nigeria•10/1/26•Neutral

    First Merchants CEO to retire; successor named

    First Merchants Corp. CEO Mark Hardwick announced his retirement at the end of the year after nearly three decades with the bank. He will be succeeded by President Mike Stewart...

    Inside INdiana Business•10/1/26•Somewhat-Bullish

    First Merchants Bank CEO Mark Hardwick to retire at the end

    First Merchants Corporation announced that CEO Mark Hardwick will retire at the end of 2026 after 29 years with the bank. Mike Stewart, current First Merchants Bank President...

    GlobeNewswire•10/1/26•Somewhat-Bullish

    FRME Valuation and Fair Value

    P/E
    10.4x
    Forward P/E
    11.1x
    EV/EBITDA
    16.6x
    PEG
    1.4x
    P/B
    0.9x
    See GNG's fair value

    FRME Profitability: Margins, ROIC and FCF

    Operating margin
    34.3%
    Net margin
    29.0%
    ROIC
    4.3%
    ROE
    7.4%
    FCF margin
    45.5%

    FRME Competitors

    CompanyTicker
    First BancorpFBNC
    HCI Group IncHCI
    Zions Bancorporation, National AssociationZIONP
    Banner CorporationBANR
    CleanSpark IncCLSK
    First Busey CorpBUSE
    Fidelis Insurance Holdings LimitedFIHL
    Stock Yards Bancorp IncSYBT

    Sector: Financial Services

    FRME Analyst Ratings

    Consensus
    Buy
    Analysts
    6
    Strong Buy
    2
    Buy
    2
    Hold
    2
    Sell
    0
    Strong Sell
    0

    FRME Bull Case vs Bear Case

    Bull case

    • FRME converts 45.5% of revenue into free cash flow.
    • FRME has a 29.0% net profit margin.
    • FRME beat EPS estimates in 87.5% of its last 8 reported quarters.

    FRME Earnings: Beat Rate and Next Report

    Beat rate
    7 of 8 quarters (87.5%)
    Average surprise
    0.9%
    EPS estimate (fiscal period ending Sep 30, 2026)
    $1.04
    Estimate revisions (30 days, fiscal period ending Sep 30, 2026)
    1 up, 0 down

    FRME Dividend

    Forward yield
    3.8%
    Payout ratio
    49.3%
    3Y DPS growth
    4.6%
    5Y DPS growth
    6.6%
    Pay months
    Mar, Jun, Sep, Dec
    FRME dividend history

    Frequently Asked Questions About FRME

    What is FRME's current dividend yield?

    First Merchants Corporation (FRME) has a forward dividend yield of 3.82%.

    Does FRME pay dividends?

    Yes, First Merchants Corporation pays dividends with a forward dividend yield of 3.82%.

    What is FRME's P/E ratio?

    First Merchants Corporation has a price-to-earnings (P/E) ratio of 10.37.

    What is FRME's market cap?

    First Merchants Corporation (FRME) has a market capitalization of $2.44B with a current stock price of $38.78.

    Related stocks

    Sector: Financial Services

    All stocks starting with F

    Get full access to GNG Research

    Create a free account to access portfolio tracking, advanced tools, and more.

    Create Free AccountLog In