Financial health
- Total debt ($1000M) exceeds cash ($84M); net debt is $916M.
Shareholder returns
- Dividends have been paid for 15 consecutive years, consuming 36.7% of earnings.
- The dividend has grown 8.0% per year over the past 5 years.
FRME Financials First Merchants Corp
15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key annual figures
| FY | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| 2025 | — | $226M | — | — | 9.2% | 1.2% | — | $1000M | $84M |
| 2024 | — | $201M | — | — | 8.7% | 1.1% | — | $1.2B | $88M |
| 2023 | — | $224M | — | — | 10.0% | 1.2% | — | $1.0B | $113M |
| 2022 | — | $222M | — | — | 10.9% | 1.2% | — | $1.3B | $123M |
| 2021 | — | $206M | — | — | 10.7% | 1.3% | — | $634M | $167M |
| 2020 | — | $149M | — | — | 7.9% | 1.1% | — | $685M | $193M |
| 2019 | — | $164M | — | — | 9.2% | 1.3% | — | $733M | $177M |
| 2018 | — | $159M | — | — | 11.3% | 1.6% | — | — | $139M |
| 2017 | — | $96M | — | — | 7.4% | 1.0% | — | — | $155M |
| 2016 | — | $81M | — | — | 9.0% | 1.1% | — | — | $128M |
| 2015 | — | $65M | — | — | 7.7% | 1.0% | — | — | — |
| 2014 | — | $60M | — | — | 8.3% | 1.0% | — | — | — |
| 2013 | — | $45M | — | — | 7.0% | 0.8% | — | — | — |
| 2012 | — | $45M | — | — | 8.2% | 1.0% | — | — | — |
| 2011 | — | $25M | — | — | 4.9% | 0.6% | — | — | — |
Net income
ROEROA
Equity
Free cash flow
CashTotal debt
OperatingInvestingFinancing
Key quarterly figures
| Quarter | Revenue | Net income | Gross M | Op M | ROE | ROA | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|---|---|
| Mar '26 | — | $28M | — | — | 1.1% | 0.1% | — | $1.6B | $98M |
| Dec '25 | — | $57M | — | — | 2.3% | 0.3% | — | $1000M | $84M |
| Sep '25 | — | $57M | — | — | 2.4% | 0.3% | — | $1.2B | $88M |
| Jun '25 | — | $57M | — | — | 2.4% | 0.3% | — | $1.2B | $82M |
| Mar '25 | — | $55M | — | — | 2.4% | 0.3% | — | $1.3B | $86M |
| Dec '24 | — | $64M | — | — | 2.8% | 0.4% | — | $1.2B | $88M |
| Sep '24 | — | $49M | — | — | 2.1% | 0.3% | — | $1.1B | $85M |
| Jun '24 | — | $40M | — | — | 1.8% | 0.2% | — | $1.2B | $105M |
| Mar '24 | — | $48M | — | — | 2.2% | 0.3% | — | $862M | $101M |
| Dec '23 | — | $42M | — | — | 1.9% | 0.2% | — | $1.0B | $113M |
| Sep '23 | — | $56M | — | — | 2.7% | 0.3% | — | $1.0B | $125M |
| Jun '23 | — | $61M | — | — | 2.8% | 0.3% | — | $1.0B | $109M |
| Mar '23 | — | $64M | — | — | 3.0% | 0.4% | — | $1.2B | $126M |
| Dec '22 | — | $71M | — | — | 3.5% | 0.4% | — | $1.3B | $123M |
| Sep '22 | — | $64M | — | — | 3.3% | 0.4% | — | $1.2B | $120M |
| Jun '22 | — | $39M | — | — | 2.0% | 0.2% | — | $1.0B | $213M |
| Mar '22 | — | $49M | — | — | 2.7% | 0.3% | — | $597M | $148M |
| Dec '21 | — | $54M | — | — | 2.8% | 0.4% | — | $634M | $167M |
| Sep '21 | — | $64M | — | — | 3.4% | 0.4% | — | $636M | $169M |
| Jun '21 | — | $56M | — | — | 3.0% | 0.4% | — | $600M | $168M |
Valuation over time
How the market has priced FRME against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
- The price-to-earnings ratio has risen from 9.3× (Mar '23) to 11.7× (Sep '26).
- The dividend yield has fallen from 3.5% (Mar '23) to 3.1% (Sep '26).
P/E
Dividend yield %
Frequently asked questions
Is FRME growing its revenue and profit?
See the revenue and net-income charts above for First Merchants Corp's multi-year trend.
How much debt does FRME have?
As of FY2025, First Merchants Corp reported $1000M of total debt against $84M of cash.
What is FRME's profit margin?
In FY2025, gross margin was —, operating margin —, and net margin —.
What is FRME's P/E ratio?
As of Sep '26, First Merchants Corp traded at a price-to-earnings ratio of about 11.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.