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StockVS

NASDAQ · Banks - Regional · USD

First Merchants Corporation (FRME) Stock Analysis

First Merchants Corporation (FRME) is a Banks - Regional stock listed on NASDAQ and quoted in US Dollar.

Last Updated: October 21, 2026

FRME

$39.96

−$0.15 (−0.37%)

Oct 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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FRME Key Statistics

As of Oct 21, 2026
Trading
Open
$40.11
Previous Close
$40.11
Day's Range
39.66–40.17
52-Week Range
34.66–45.33
Volume
377.82K
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
0.88
Valuation
Market Cap
$2.51B
P/E Ratio
12.85
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
8.94
PEG RatioThe P/E ratio divided by the expected earnings growth rate. It puts a high P/E in the context of how fast profits are growing.
1.40
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
3.91
EPS (ttm)Profit attributable to each share over the last twelve months.
3.11
Financials (FY)
Revenue (FY)
$662.95M+5.78%
Net Income (FY)
$226.00M+12.21%
Profit marginThe share of revenue left as profit after all costs and taxes.
28.96%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
62.80M
1-Year Return
+11.34%
Dividend and dates
Dividend
$1.48+3.69%
Ex-Dividend Date
September 4, 2026
Earnings Date
October 21, 2026
Avg Volume
451.21K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

Key facts

As of October 21, 2026, FRME closed at $39.96, +11.34% over 1 year.

First Merchants Corporation (FRME) has a market capitalization of $2.51B.

In fiscal 2025, FRME reported revenue of $662.95M.

FRME Stock Return by Calendar Year

First Merchants Corporation (FRME) 10-year return: what $10,000 became

1 year
$10,000 $11,134
+11.34%
5 years
$10,000 $11,125
+11.25%
10 years
$10,000 $19,758
+97.58%

If you had invested $10,000 in First Merchants Corporation (FRME) 10 years ago, at the close on October 21, 2016, it would have been worth $19,758 at the close on October 21, 2026: +97.58% in total, +7.05% a year, with dividends reinvested. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)+8.62%
2025−2.55%
2024+11.83%
2023−5.82%
2022+1.11%
2021+14.99%
2020−6.93%
2019+24.62%
2018−16.93%
2017+13.63%
2016 (partial year)+39.69%

As of October 21, 2026.

FRME Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025$662.95M$226.00M34.1%
2024$626.71M$201.40M32.1%
2023$651.00M$223.79M34.4%
2022$628.14M$222.09M35.4%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025$662.95M——$226.00M34.1%
2024$626.71M——$201.40M32.1%
2023$651.00M——$223.79M34.4%
2022$628.14M——$222.09M35.4%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

FRME Dividend History

$1.43+2.9% vs 2024

Dividends per share, 2025 · 4 payments

YearDividends per sharePaymentsChange
2026*$1.103—
2025$1.434+2.9%
2024$1.394+3.7%
2023$1.344+7.2%
YearDividends per sharePaymentsChange
2026 (partial year)$1.103—
2025$1.434+2.9%
2024$1.394+3.7%
2023$1.344+7.2%
2022$1.254+10.6%
2021$1.134+8.7%
2020$1.044+4.0%
2019$1.004+19.0%
2018$0.844+21.7%
2017$0.694+360.0%
2016$0.151—

Most recent payment: $0.37 per share, ex-dividend September 4, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

FRME Valuation vs Banks - Regional Median

Median of 326 stocks
MetricFRMEBanks - Regional medianvs median
P/E12.8512.037% above
P/S ratio3.913.589% above
Profit margin28.96%29.44%0.5 pts below

Medians across 326 Banks - Regional stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Recent News

All 13 articles ↓

News provided by third-party sources. Not financial advice.

Analysis

Data-derived

Company Overview

First Merchants Corporation (FRME) carries a market capitalisation of $2.51B. The company sits in the Financial Services sector, in the Banks - Regional industry. Headcount on file is 2,086.

FRME last closed at $39.96 on October 21, 2026. That is −$0.15 (−0.37%) against the previous close. Over the past 52 weeks the price has ranged from $34.66 to $45.33. The latest close sits 15.29% above that 52-week low.

Financial Health

Fiscal 2025 revenue came to $662.95M. That is +5.78% against the prior fiscal year, when revenue was $626.71M. Net income for the same year was $226.00M. That is +12.21% against the prior fiscal year. Profit margin runs at 28.96%. That is 0.5 percentage points below the Banks - Regional median of 29.44%. Earnings per share on a trailing basis come to 3.11.

Across the 4 fiscal years on file, revenue moves from $628.14M in 2022 to $662.95M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

FRME trades at a trailing price-to-earnings ratio of 12.85. That is 6.82% above the Banks - Regional median of 12.03. On forward earnings the ratio is 8.94. The PEG ratio, which sets the P/E against expected earnings growth, reads 1.4. Measured against sales, the shares trade at 3.91 times revenue. On price-to-sales that is 9.2% above the Banks - Regional median of 3.58. 326 Banks - Regional companies report these metrics, and the medians quoted come from that group.

Over the trailing twelve months the total return is +11.34%. Measured over 10 years, that is +7.05% a year compounded. The reported beta is 0.88. Annualized volatility over the trailing 10 years is 32.82%.

Growth & Income

The trailing dividend yield is 3.69%. That is 1 percentage points above the Banks - Regional median yield of 2.68%. At the indicated rate that is $1.48 a share a year. The ex-dividend date on file is September 4, 2026. Dividends are recorded for 11 calendar years; 2026 shows 3 payments totalling $1.10 a share. The year before, 2025, totalled $1.43 a share.

So far in 2026 the total return is +8.62%. Across the complete calendar years on file, 2019 returned +24.62% and 2018 returned −16.93%. Of the 9 complete calendar years on file, 5 finished higher.

Peer Comparison

First Merchants Corporation (FRME) operates in the Banks - Regional industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
First Merchants Corporation FRME $2.51B 12.9
Mizuho Financial Group, Inc. MFG $120.84B 13.7
HDFC Bank Limited HDB $116.51B 14.6
Itaú Unibanco Holding S.A. ITUB $106.91B 12.4

The Banks - Regional industry average P/E ratio is 12.0x. First Merchants Corporation trades at a P/E of 12.9.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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About First Merchants Corporation

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services. The company operates banking locations in Indiana, Ohio, and Michigan counties. It offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

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