Dashboard|FRME – Overview

FRME

FIRST MERCHANTS CORP

Financials • CIK: 0000712534

Market Cap

$2.15B

P/E (TTM)

9.6x

Rev Growth (TTM)

+2.5%

Net Margin (TTM)

33.8%

FCF Yield (TTM)

13.2%

FCF Margin (TTM)

42.8%

LATEST EARNINGS

•

Q4 2025

•

about 1 month ago

•View source

Revenue

$178.35M

-8.3%

Net Income

$56.60M

-11.4%

EPS

$0.99

-10.0%

•Achieved record full-year results, including net income available to common stockholders of $224.1 million and diluted EPS of $3.88 for 2025.
•Total loans grew $938.8 million, or 7.3%, during the last twelve months, and $197.4 million, or 5.8% annualized, on a linked quarter basis.
•Total deposits increased $773.2 million, or 5.3%, over the past twelve months, and $424.9 million, or 11.4% annualized, on a linked quarter basis.
•Fully tax equivalent net interest margin was 3.29%, an increase of five basis points compared to prior quarter, and an increase of one basis point compared to the fourth quarter of 2024.

View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive

TTM$284M

Q4 '25

$81M-8%

Q3 '25

$88M+63%

FCF Margin

TTM42.8%

Q4 '2546.9%-11%

Sector: 22.2%Top 25%

OCF Margin42.8%

OCF/NI1.27x

CapEx Coverage–

FCF Yield13.2%

FCF Growth (2Y)-0%

Cash Conversion Cycle

0 days

DSO: 0+DIO: 0−DPO: 0

View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Shareholder Friendly

Total Shareholder YieldTTM

TTM6.0%

Div Yield3.8%

Buyback (TTM)2.2%

Strong capital returns to shareholders

Dividend & Payout Metrics

Dividend Yield (TTM)3.8%

FCF Payout Ratio29.0%

Free Cash Flow (TTM)$283.6M

Stock Repurchases (TTM)$46.9M

Capital Return / FCF45.8%

Est. Dividends Paid (TTM)$82.2M

Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM

–

P25MedianP75

(med: 0.1%)

DuPont BreakdownROIC = Margin × Turn × (1+D/E)

NOPAT Margin

–

Asset Turnover

0.04x

8Q: 0.04x

Leverage (1+D/E)

1.00x

D/E: 0.00x

Asset & CapEx Efficiency

Fixed Asset Turn

5.32x

8Q:5.09x

+95.6%

Asset-based ROIC formula

Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

Metric	TTM	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024
Revenue	$662.9M	$172.2M↑3.6%	$166.1M↑1.1%	$164.3M↑2.5%	$160.3M↓9.5%	$177.1M↑13.6%	$156.0M↓2.5%	$159.9M↑4.0%	$153.7M
Operating Income	$280.4M	$72.6M↑4.4%	$69.6M↓1.6%	$70.7M↑4.9%	$67.4M↓16.6%	$80.8M↑31.7%	$61.3M↓10.4%	$68.5M↑20.7%	$56.8M
Net Income	$224.1M	$56.6M↑0.5%	$56.3M↓0.1%	$56.4M↑2.7%	$54.9M↓14.1%	$63.9M↑31.1%	$48.7M↑23.5%	$39.5M↓16.9%	$47.5M
Operating Cash Flow	$283.6M	$80.7M↓7.8%	$87.6M↑63.1%	$53.7M↓13.0%	$61.7M↓8.6%	$67.5M↓12.1%	$76.8M↑21.9%	$63.0M↑7.1%	$58.8M
Free Cash Flow	$283.6M	$80.7M↓7.8%	$87.6M↑63.1%	$53.7M↓13.0%	$61.7M↓8.6%	$67.5M↓12.1%	$76.8M↑21.9%	$63.0M↑7.1%	$58.8M
Total Equity	N/A

Income Statement Cash Flow Statement Balance Sheet

Valuation Analysis

Fair Value

Price-to-EarningsTTM

9.6x

Volatile

8Q: 40.8x-851%

Valuation Lenses

Earnings

9.6x

vs – sector

Cash Flow

7.3x

EV/FCF vs –

Growth-Adj

0.7xPEG

Undervalued for growth

Quality-Adj

–P/E per %ROIC

ROIC: –

Shareholder Returns

Dividend

3.8%

Buyback

2.2%

Total Yield

6.0%

Market Cap$2.15B

EV$2.07B

Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score

70/100

High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Below Avg

9.5%

8Q:–

Return on Invested Capital (ROIC)

–

8Q:–

vs Sector:0.1%

Earnings Quality

Cash Conversion

1.27x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin–

Capital Efficiency

Invested Capital Turnover–

Working Capital

Cash Conversion Cycle0 days

Growth Quality & Momentum

Moderate Growth

Growth Quality Score

52/100

Growth 40%

Margins 30%

FCF 20%

Consistency 10%

Growth Rates

Revenue Growth YoY

2.5%

OpInc Growth YoY

-10.1%

EPS Growth YoY

13.5%

FCF 3Y CAGR

-0.1%

Margin Quality & Sustainability

Low Quality

Profitability Cascade

Gross

—

Operating

—

Net

33.8%

Margins Unknown

Earnings Quality Signals

SBC / Revenue

—

FCF vs Net Gap

+9.0 pts

FCF: 42.8% | Net: 33.8%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress

Net Debt / EBITDA

Net Cash

(0.0x)Net Cash: $84.16M

Interest Coverage

–

+Net cash position: $84.16M

Leverage Metrics

Debt-to-Equity

0.00x

Balance sheet risk & solvency analysis