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First Merchants Corp
First Merchants Corp (FRME) is listed on NASDAQ and classified in Banks - Regional, part of the Financial Services sector. It is headquartered in Muncie, United States and has 2,086 employees. The company is worth $2.56B and trades at 12.8x its earnings of the last twelve months; the median for its sector is 13.2x. Revenue was $662.95M in fiscal 2025, up 2.5% from the year before. Net income was $226M. The share price is 9.9% below its 52-week high of $45.33. It pays a dividend yielding 3.62%, and has raised its annual dividend for 14 years in a row in our records. 5 of the 38 superinvestors we track held it at the end of Q2 2026. The largest position belongs to Cliff Asness (AQR Capital Management), at $24.75M. In that quarter, 2 of them opened or added to the position and 1 reduced it. No open-market insider trades in it were filed over the last 30 days.
Written from the data on this page: SEC filings (13F, Form 4, annual reports) and market prices.
Year by year, from the annual reports; dividends from the payments themselves.
Bars are year-end balances; lines are what happened during the year.
Major managers that reported this stock in their latest 13F.
▼ -0.7% over 5Y.
today you would have $1,143.83▲ +14.4%
Dividends reinvested, splits accounted for. Past prices say what happened, not what will.
The last 17 closed years, each at that year’s closing price and reported numbers.
| Indicator | Median | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Year-end price | $37.48 | $39.89 | $37.08 | $41.11 | $41.89 | $37.41 | $41.59 | $34.27 | $42.06 | $37.65 | $25.42 | $22.75 | $22.72 | $14.84 | $8.47 | $8.86 | $5.94 | |
| P/E |
Seven formulas applied to the reported numbers, each with its assumption next to the result. None of them predicts a price.
Square root of 22.5 × earnings × book value. Blind to intangibles, so it undervalues software and brands.
Earnings growing 7.2% a year plus a 3.6% dividend yield. Growth capped at 25%.
Median P/E of 13.2 among peers in the sector.
Median P/E of 13.3 across this company’s own years on record.
Cash flow growing 7.2% a year for 10 years, discounted at 10%, then 2.5% forever.
This formula has no meaning here — usually a loss, negative cash flow, or a missing input.
Dividend growing 3.2% a year against a 8.4% required return, from the stock’s beta.
Companies of similar size in Financial Services, for comparison. The columns are the same ones above, in the same order.
| Stock | Price | P/E | P/B | Dividend yield | ROE | Market cap |
|---|---|---|---|---|---|---|
| FGF&G Annuities & Life, Inc. | $19.57 | 6.5x | 0.6x | 5.11% | 9.17% | $2.56B |
| BANRBanner Corp | $70.10 | 11.2x | 1.2x | 2.91% | 10.78% | $2.57B |
| HCIHCI Group, Inc. | $206.68 | 8.8x | 2.4x | 0.77% | 34.98% | $2.57B |
| BUSEFirst Busey Corp | $30.63 |
| 13.3x |
| 9.7x |
| 11.7x |
| 9.9x |
| 10.8x |
| 11.0x |
| 13.7x |
| 13.0x |
| 10.6x |
| 19.8x |
| 19.0x |
| 14.8x |
| 13.8x |
| 16.1x |
| 10.5x |
| 24.9x |
| 18.5x |
| — |
| P/S | 3.9x | 3.6x | 3.6x | 3.4x | 3.9x | 4.3x | 4.1x | 5.2x | 4.1x | 6.0x | 5.3x | 3.9x | 3.4x | 3.9x | 2.0x | 1.3x | 1.2x | — |
| P/B | 1.2x | 1.0x | 1.0x | 1.0x | 1.2x | 1.2x | 1.1x | 1.3x | 1.2x | 1.6x | 1.7x | 1.2x | 1.2x | 1.3x | 0.8x | 0.5x | 0.5x | — |
| EPS | $3.88 | $3.41 | $3.73 | $3.81 | $3.81 | $2.74 | $3.19 | $3.22 | $2.12 | $1.98 | $1.72 | $1.65 | $1.41 | $1.41 | $0.34 | $0.48 | -$2.17 |
| Dividend yield | 2.40% | 3.82% | 3.48% | 3.61% | 3.04% | 2.70% | 2.78% | 2.40% | 2.45% | 1.64% | 1.43% | 1.61% | 1.27% | 0.79% | 0.67% | 0.47% | 0.45% | 7.91% |
| Payout | 28.47% | 36.86% | 40.76% | 35.92% | 32.81% | 29.66% | 37.96% | 31.35% | 26.09% | 32.55% | 27.27% | 23.84% | 17.58% | 12.77% | 7.09% | 11.76% | 8.33% | — |
| Profit margin | 27.79% | 34.09% | 31.14% | 34.38% | 35.36% | 39.52% | 30.20% | 37.10% | 38.32% | 27.58% | 27.79% | 24.56% | 24.18% | 21.18% | 20.83% | 13.12% | 3.60% | -19.93% |
| ROE | 8.28% | 9.16% | 8.74% | 9.96% | 10.91% | 10.75% | 7.92% | 9.21% | 11.30% | 7.37% | 8.99% | 7.69% | 8.28% | 7.01% | 8.17% | 4.91% | 1.52% | -8.79% |
Median of the years shown; P/E years above 200x are left out.
The average of the method families that answered, not of the seven numbers: four of the seven start from the same earnings per share.
6 methods answered, across 3 families.
Room for errors in the reported numbers.
+17.1% from the average.
Models, not forecasts, and not investment advice. How each formula works →
| 12.7x |
| 1.1x |
| 3.40% |
| 9.63% |
| $2.53B |
| LCLNLincoln International, Inc. | $24.04 | — | 6.2x | 0.29% | — | $2.53B |
| BBARBanco BBVA Argentina S.A. | $12.78 | 9.6x | 0.9x | 3.36% | 8.12% | $2.61B |