FRME
FIRST MERCHANTS CORP
Next earnings Jul 21, 2026 · consensus $1.05 EPS, $207M rev
Last earnings +0.0% on 2026-04-22
$43.68
▲ +0.71%$43.68▲ +22.20%
over 1Y
L $34.01EODHDH $43.68
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.7%
1W+6.0%
1M+9.6%
3M+16.5%
YTD+18.7%
1Y+22.2%
Sell
Conviction
Horizon
Medium (3–12mo)
Street · 12 analysts
Buy
Mixed signals in the latest filings.
Return on equity 9.2% · latest
The read
It screens cheap (~138% below fair value), but the weak fundamentals are why — more potential value trap than bargain.
FIRST MERCHANTS CORP shows limited reported revenue, and 9.2% ROE.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $206M | $222M | $224M | $201M | $226M |
| Diluted EPS | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
| Net margin | — | — | — | — | — |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value—
EV / EBITDA—
EV / Sales—
EV / FCF—
P / FCF—
PEG (trailing)0.92
Earnings yield8.2%
FCF yield—
Quality & risk
ROIC (est.)—
Free cash flow—
Total debt—
Net cash$84.2M
Capital returns
Buyback yield1.7%
Dividend yield (est.)3.0%
Shareholder yield4.7%
Shares Δ YoY+8.3%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-242026-06-24open ↗4Period ending 2026-06-232026-06-23open ↗4Period ending 2026-06-232026-06-23open ↗4Period ending 2026-06-112026-06-15open ↗144Filing2026-06-11open ↗11-KPeriod ending 2025-12-312026-06-11open ↗3Period ending 2026-05-192026-05-22open ↗4Period ending 2026-05-052026-05-22open ↗8-KPeriod ending 2026-05-192026-05-20open ↗8-KPeriod ending 2026-05-192026-05-19open ↗8-KPeriod ending 2026-05-192026-05-19open ↗4/APeriod ending 2026-02-262026-05-18open ↗
Frequently asked
- Is FIRST MERCHANTS CORP (FRME) a buy?
- FRME currently carries a Sell rating with 2/5 conviction, derived from its latest SEC filings. Mixed signals in the latest filings.
- What is FRME's fair value?
- A Modified-Graham model based on FRME's SEC fundamentals estimates a fair value of about $104.06. It is an estimate from reported earnings, not a price target.
- Is FRME overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, FRME currently appears undervalued relative to its SEC-grounded earnings power.
- What is FIRST MERCHANTS CORP's quality score?
- FRME scores 77.23529411764706/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000712534, latest 10-Q filed 2026-05-01) · EODHD · as of 6/26/2026, 7:03:06 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.