First Merchants Corporation (FRMEP) 株式分析

企業概要

First Merchants Corporation functions as a financial holding company that oversees First Merchants Bank, which delivers a comprehensive suite of commercial and consumer banking services to its clientele. The entity operates within the broader Financial Services sector, specifically categorized under the Banks - Regional industry classification, positioning it as a specialized institution focused on local and regional economic needs rather than national-scale operations. The company's operational scale is defined by a market capitalization that is not publicly disclosed, an annual revenue of $641.70M based on trailing twelve months data, and a workforce comprising 2086 employees. The absence of a disclosed market cap figure prevents a direct comparison with public peers of similar asset sizes, while the $641.70M in revenue suggests the company maintains a solid operational footprint sufficient to support its extensive branch network and service offerings without relying on massive scale economies typical of national banks.

財務健全性

The company reported a revenue of $641.70M over the trailing twelve months, generating a net income of $224.13M, while specific EBITDA figures are not disclosed in the available data. The substantial difference between the reported revenue and net income highlights a cost structure where operating expenses and provisions for loan losses consume a significant portion of gross inflows, leaving a profit margin of 35.2%. Although free cash flow metrics are not currently reported, the availability of $328.93M in cash on hand provides a tangible liquidity buffer that supports short-term obligations and operational continuity. The gross margin stands at 0.0%, which is characteristic of banking models where interest income is netted against interest expense, while the operating margin of 42.7% demonstrates efficient management of non-interest expenses relative to total revenue. The profit margin of 35.2% further confirms the entity's ability to convert revenue into retained earnings despite the inherent costs of lending and deposit gathering. In terms of leverage, the company holds $328.93M in cash against $1.07B in total debt, resulting in a debt-to-equity ratio that is not explicitly calculated or disclosed, yet the raw numbers indicate a balance sheet carrying a significant debt load relative to liquid assets. The current ratio is not provided in the data, precluding a specific assessment of short-term liquidity coverage via current assets against current liabilities. Return on Equity is measured at 9.5%, indicating that shareholders earn a moderate return on their invested capital, while Return on Assets sits at 1.2%, reflecting the low-yield nature of the banking asset base typical for regional institutions.

バリュエーション評価

The trailing twelve months P/E ratio is recorded at 6.86, whereas the forward P/E ratio is not available, preventing an analysis of market expectations regarding future earnings acceleration or deceleration. The price-to-book ratio is listed at 0.61, signaling that the stock trades at a discount to its book value, which often reflects market skepticism about the quality of assets or the ability of regional banks to sustain book value growth. Alternative valuation metrics such as the price-to-sales ratio and EV/EBITDA are not disclosed, limiting the ability to benchmark the company against peers using these specific multiples. The stock has traded within a 52-week range bounded by a high of $27.09 and a low of $25.00, placing the current trading price within a narrow band that suggests limited price discovery or consolidation around these support and resistance levels. With a beta of 0.88, the stock exhibits volatility that is lower than the broader market average, implying that price movements are less sensitive to general market fluctuations compared to large-cap financial indices.

Growth & Income

Revenue growth over the last year declined by 4.6%, while earnings growth contracted by 10.9%, indicating that profitability is deteriorating at a faster rate than revenue, likely due to rising cost pressures or credit losses affecting the net income line. The company offers a dividend yield of 7.2%, which is substantial for the sector, though the payout ratio is not disclosed, making it difficult to assess the immediate sustainability of the dividend against the declining earnings growth. The contraction in earnings growth relative to revenue suggests that the margin compression is impacting shareholder returns more severely than the top-line revenue decline would imply. Overall, the growth and income profile presents a mixed picture characterized by significant income generation through dividends but tempered by negative revenue and earnings momentum in the recent fiscal period.