First Merchants Corporation (FRME) Key Metrics
FRME valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.49B
- Enterprise value
- $3.50B
- P/E (TTM)
- 12.7 10-yr median 11.3
- Forward P/E
- 11.1
- PEG ratio
- 1.40
- Price / sales
- 3.9 10-yr median 3.6
- Price / book
- 0.9 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 5.1
- Dividend yield
- 3.74% $1.48 a year
- Beta
- 0.88
FRME key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFRME valuation Price multiples at each fiscal year-end price.
FRME returns How much profit the business earns on the capital it uses.
FRME per-share figures Results divided by the shares outstanding at year-end.
FRME financial health Debt, liquidity and how easily interest is covered.
FRME efficiency & capital use Working capital cycle and where the cash goes.
FRME valuation history
FRME returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FRME debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FRME cash returned to shareholders
FRME price vs earnings per share
FRME key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.16B | $2.33B | $2.21B | $2.38B | $2.26B | $2.03B | $2.14B | $1.70B | $1.91B | $1.54B |
| Enterprise value | $1.67B | $1.72B | $1.06B | $4.25B | $283.5M | $444.7M | $791.6M | $850.4M | $1.31B | $1.26B |
| P/E ratio | 9.6 | 11.6 | 9.9 | 10.7 | 11.0 | 13.6 | 13.0 | 10.7 | 19.9 | 19.1 |
| Price / sales | 2.1 | 2.2 | 2.2 | 3.3 | 4.1 | 3.6 | 3.9 | 3.5 | 4.9 | 4.8 |
| Price / book | 0.9 | 1.0 | 1.0 | 1.2 | 1.2 | 1.1 | 1.2 | 1.2 | 1.5 | 1.7 |
| Price / free cash flow | 7.6 | 8.8 | 8.5 | 8.9 | 15.8 | 9.9 | — | 9.4 | 15.1 | 14.9 |
| Price / operating cash flow | 7.6 | 8.8 | 8.5 | 8.9 | 10.9 | 9.9 | 12.0 | 9.4 | 15.1 | 14.9 |
| EV / sales | 1.6 | 1.6 | 1.1 | 6.0 | 0.5 | 0.8 | 1.4 | 1.8 | 3.4 | 4.0 |
| EV / EBITDA | 5.8 | 6.7 | 3.9 | 15.9 | 1.1 | 2.5 | 3.9 | 4.3 | 9.3 | 10.9 |
| EV / free cash flow | 5.9 | 6.5 | 4.1 | 15.9 | 2.0 | 2.2 | — | 4.7 | 10.4 | 12.2 |
| Earnings yield | 10.4% | 8.6% | 10.1% | 9.3% | 9.1% | 7.3% | 7.7% | 9.4% | 5.0% | 5.2% |
| Free cash flow yield | 13.1% | 11.4% | 11.7% | 11.3% | 6.3% | 10.1% | −6.3% | 10.6% | 6.6% | 6.7% |
| Dividend yield | 3.9% | 3.6% | 3.7% | 3.1% | 2.7% | 2.8% | 2.4% | 2.5% | 1.7% | 1.4% |
| Shareholder yield (dividends + buybacks) | 6.1% | 6.0% | 3.7% | 3.1% | 3.8% | 5.6% | 3.4% | 2.6% | 1.7% | 1.6% |
| Share price at fiscal year-end | $37.48 | $39.89 | $37.08 | $41.11 | $41.89 | $37.41 | $41.59 | $34.27 | $42.06 | $37.65 |
| Per share | ||||||||||
| Revenue per share | $18.19 | $18.00 | $16.80 | $12.30 | $10.30 | $10.30 | $10.71 | $9.79 | $8.50 | $7.77 |
| Earnings per share | $3.92 | $3.44 | $3.76 | $3.83 | $3.81 | $2.74 | $3.19 | $3.22 | $2.12 | $1.98 |
| Operating cash flow per share | $4.91 | $4.55 | $4.35 | $4.63 | $3.84 | $3.78 | $3.46 | $3.64 | $2.79 | $2.53 |
| Free cash flow per share | $4.91 | $4.55 | $4.35 | $4.63 | $2.65 | $3.78 | −$2.60 | $3.64 | $2.79 | $2.53 |
| Cash per share | $25.83 | $30.29 | $36.58 | $4.29 | $55.31 | $46.19 | $40.45 | $26.65 | $26.21 | $20.71 |
| Book value per share | $42.73 | $39.38 | $37.78 | $35.11 | $35.43 | $34.59 | $34.65 | $28.47 | $28.71 | $21.98 |
| Tangible book value per share | $30.16 | $26.88 | $25.36 | $22.21 | $24.85 | $24.03 | $23.42 | $18.97 | $18.21 | $15.67 |
| Dividends per share | $1.47 | $1.43 | $1.38 | $1.28 | $1.13 | $1.04 | $0.99 | $0.84 | $0.70 | $0.54 |
| Capex per share | $0.00 | $0.00 | $0.00 | $0.00 | $1.19 | $0.00 | $6.06 | $0.18 | $9.52 | $0.24 |
| Debt per share | $17.32 | $19.79 | $17.29 | $36.54 | $18.67 | $16.98 | $14.21 | $9.57 | $13.10 | $13.82 |
| Shares outstanding | 57.7M | 58.5M | 59.5M | 58.0M | 54.0M | 54.2M | 51.6M | 49.5M | 45.4M | 41.0M |
| Change in shares outstanding | −1.4% | −1.6% | +2.7% | +7.3% | −0.4% | +5.2% | +4.2% | +9.0% | +10.7% | +7.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.5% | 8.8% | 10.5% | 11.3% | 10.9% | 8.1% | 10.3% | 11.7% | 8.7% | 9.3% |
| Return on invested capital (ROIC) | 12.3% | 14.4% | 8.9% | 11.6% | — | 41.0% | 33.0% | 25.0% | 14.5% | 11.8% |
| Return on assets (ROA) | 1.2% | 1.1% | 1.2% | 1.3% | 1.4% | 1.1% | 1.5% | 1.7% | 1.2% | 1.2% |
| Return on tangible assets | 1.2% | 1.1% | 1.3% | 1.3% | 1.4% | 1.1% | 1.4% | 1.7% | 1.1% | 1.2% |
| Free cash flow margin | 27.0% | 25.3% | 25.9% | 37.6% | 25.7% | 36.7% | −24.3% | 37.2% | 32.8% | 32.6% |
| Income quality (OCF / net income) | 1.26 | 1.32 | 1.16 | 1.21 | 1.01 | 1.38 | 1.08 | 1.13 | 1.32 | 1.28 |
| Financial health | ||||||||||
| Total debt | $999.9M | $1.16B | $1.03B | $2.12B | $1.01B | $920.7M | $732.7M | $473.4M | $594.6M | $566.7M |
| Cash & short-term investments | $1.49B | $1.77B | $2.18B | $248.7M | $2.99B | $2.50B | $2.09B | $1.32B | $1.19B | $849.2M |
| Net debt | −$491.3M | −$614.8M | −$1.15B | $1.87B | −$1.98B | −$1.58B | −$1.35B | −$845.0M | −$595.3M | −$282.6M |
| Debt / equity | 0.41 | 0.50 | 0.46 | 1.04 | 0.53 | 0.49 | 0.41 | 0.34 | 0.46 | 0.63 |
| Debt / assets | 0.05 | 0.06 | 0.06 | 0.12 | 0.07 | 0.07 | 0.06 | 0.05 | 0.06 | 0.08 |
| Net debt / EBITDA | −1.70 | −2.38 | −4.23 | 6.99 | −7.86 | −8.75 | −6.66 | −4.29 | −4.21 | −2.44 |
| Current ratio | 0.20 | 0.13 | 0.15 | 44.32 | — | 778.30 | 0.21 | — | — | — |
| Quick ratio | 0.20 | 0.13 | 0.15 | 104.26 | — | 976.79 | 0.25 | — | — | — |
| Interest coverage | 0.7 | 0.5 | 0.7 | 3.0 | 6.7 | 2.6 | 1.8 | 2.7 | 3.6 | 4.0 |
| Working capital | −$6.35B | −$12.92B | −$12.72B | $326.2M | $3.04B | $2.55B | −$7.96B | $7.68B | $7.23B | $5.55B |
| Invested capital | $1.98B | $1.69B | $1.10B | $3.90B | −$65.3M | $292.0M | $433.7M | $563.3M | $708.1M | $619.1M |
| Tangible asset value | $1.74B | $1.57B | $1.51B | $1.29B | $1.34B | $1.30B | $1.21B | $938.5M | $827.0M | $642.8M |
| Net current asset value | −$14.97B | −$14.14B | −$13.88B | −$15.57B | −$10.50B | −$9.63B | −$8.54B | −$787.5M | −$829.5M | −$756.1M |
| Graham number | $61.35 | $55.21 | $56.55 | $55.02 | $55.09 | $46.19 | $49.86 | $45.39 | $36.97 | $31.27 |
| Graham net-net per share | −$259.80 | −$242.00 | −$233.68 | −$272.94 | −$201.53 | −$183.93 | −$169.33 | −$144.03 | −$150.63 | −$132.55 |
| Capital allocation | ||||||||||
| Dividends paid | $84.8M | $83.5M | $81.9M | $74.2M | $61.2M | $56.5M | $51.3M | $41.7M | $31.8M | $22.2M |
| Share buybacks (net) | $46.9M | $56.2M | $0 | $0 | $25.4M | $56.9M | $20.7M | $1.9M | $1.3M | $2.0M |
| Dividend payout ratio | 37.5% | 41.5% | 36.6% | 33.4% | 29.8% | 38.0% | 31.2% | 26.2% | 33.1% | 27.4% |
| Dividends + buybacks / free cash flow | 46.4% | 52.5% | 31.7% | 27.7% | 60.6% | 55.4% | — | 24.2% | 26.2% | 23.3% |
| Capex / revenue | 0.0% | 0.0% | 0.0% | 0.0% | 11.6% | 0.0% | 56.6% | 1.9% | 112.0% | 3.1% |
| Capex / operating cash flow | 0.0% | 0.0% | 0.0% | 0.0% | 31.0% | 0.0% | 175.1% | 5.1% | 341.5% | 9.6% |
| Capex / depreciation | 0.00 | 0.00 | 0.00 | 0.00 | 6.01 | 0.00 | 33.30 | 1.03 | 54.23 | 1.39 |
| Stock-based compensation / revenue | 0.7% | 0.6% | 0.5% | 0.7% | 0.9% | 0.8% | 0.7% | 0.7% | 0.7% | 0.8% |
| SG&A / revenue | 27.6% | 23.1% | 25.1% | 31.5% | 32.2% | 30.1% | 27.4% | 28.8% | 32.7% | 34.1% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.2 | 32.8 | 33.4 | 36.4 | 36.5 | 33.6 | 30.2 | 30.9 | 31.3 | 29.5 |
| Days of inventory on hand | — | — | -226.3 | -2,131.4 | -7,041.3 | -1,483.4 | -592.1 | 30.0 | 75.5 | 147.3 |
| Days payables outstanding | 15.3 | 13.8 | 13.7 | 18.5 | 30.7 | 14.7 | 20.2 | 23.9 | 29.3 | 34.8 |
| Cash conversion cycle (days) | 16.9 | 19.0 | -206.6 | -2,113.4 | -7,035.5 | -1,464.5 | -582.1 | 37.1 | 77.5 | 142.0 |
| Receivables turnover | 11.34 | 11.12 | 10.94 | 10.02 | 10.01 | 10.86 | 12.08 | 11.79 | 11.67 | 12.37 |
| Payables turnover | 23.88 | 26.42 | 26.62 | 19.74 | 11.89 | 24.91 | 18.05 | 15.27 | 12.47 | 10.48 |
| Inventory turnover | — | — | — | — | — | — | — | 12.16 | 4.84 | 2.48 |
| Asset turnover | 0.06 | 0.06 | 0.06 | 0.04 | 0.04 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Average receivables | $92.6M | $94.7M | $91.4M | $71.1M | $55.6M | $51.4M | $45.7M | $41.1M | $33.1M | $25.8M |
| Average payables | $17.2M | $17.5M | $13.2M | $5.1M | $3.0M | $5.0M | $6.2M | $5.0M | $3.8M | $3.1M |
| Average inventory | — | — | −$218.2M | −$593.0M | −$693.6M | −$508.2M | −$180.9M | $6.3M | $9.7M | $13.1M |
| Intangibles / total assets | 3.8% | 4.0% | 4.0% | 4.2% | 3.7% | 4.1% | 4.6% | 4.8% | 5.1% | 3.6% |
Computed from FRME's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FRME valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), First Merchants traded at 9.6 times earnings, against a 10-year median of 11.3. Based on the latest twelve months, the trailing P/E is 12.7 and the forward P/E is 11.1. First Merchants earned a return on equity of 9.5% and a return on invested capital of 12.3% in fiscal 2025. It ended the year with $999.9 million of debt and $1.5 billion in cash and short-term investments, a net cash position of $491.3 million. It returned $131.7 million to shareholders: $84.8 million in dividends and $46.9 million in share buybacks, 46% of free cash flow. The share count rose 40.8% from 41.0M to 57.7M over 9 years.
See the FRME income statement, the FRME chart for price history, or the FRME stock overview for the latest quote and news.
FRME key metrics FAQ
What is First Merchants's P/E ratio?
First Merchants's trailing P/E ratio is 12.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.1. At the end of fiscal 2025 it was 9.6, compared with a 10-year median of 11.3.
What is First Merchants's EV/EBITDA?
First Merchants's enterprise value was 5.8 times EBITDA at the end of fiscal 2025 (enterprise value $1.7 billion, EBITDA $288.5 million).
What is First Merchants's return on equity?
First Merchants's return on equity (ROE) was 9.5% in fiscal 2025: net income of $226.0 million on average shareholders' equity of $2.4 billion.
What is First Merchants's ROIC?
First Merchants's return on invested capital was 12.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does First Merchants have?
First Merchants had total debt of $999.9 million at the end of fiscal 2025, a debt-to-equity ratio of 0.41 and more cash than debt.
What is First Merchants's dividend yield?
First Merchants's forward dividend yield is 3.74%. First Merchants paid $84.8 million in dividends in fiscal 2025 ($1.47 per share), a payout ratio of 37.5%.
Does First Merchants buy back its shares?
Yes. First Merchants spent $46.9 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.4% over the year, to 57.7M..
What is First Merchants's free cash flow yield?
First Merchants generated $283.6 million of free cash flow in fiscal 2025, a free cash flow yield of 13.1% on its market value at year-end ($2.2 billion).
What is First Merchants's current ratio?
First Merchants's current ratio was 0.20 at the end of fiscal 2025: current assets were 0.20 times current liabilities.