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First Merchants FRME · USD

Financials · US listing · 🇺🇸 United States

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41.43

+1.47%

Close of 9 Nov 2026, in USD

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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in USD, from our data supplier.

FY2025

Revenue, before interest expense

$1.05bn

FY2016FY2025

Net income

$226.0m

FY2016FY2025

Total assets

$19.03bn

FY2016FY2025

Shareholders' equity

$2.47bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue, before interest expense$1.05bn$1.05bn$999.5m$712.9m$556.0m$558.4m$552.1m$484.4m$385.9m$318.5m
Operating income$259.1m$231.7m$259.2m$255.7m$240.8m$170.0m$193.8m$188.1m$133.6m$108.7m
Net income$226.0m$201.4m$223.8m$222.1m$205.5m$148.6m$164.5m$159.1m$96.1m$81.1m
Diluted earnings per share3.933.463.763.743.832.732.963.211.931.97

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assets$19.03bn$18.31bn$18.41bn$17.94bn$15.45bn$14.07bn$12.46bn$9.88bn$9.37bn$7.21bn
Cash and short-term investments$1.49bn$1.77bn$2.18bn$248.7m$2.99bn$2.50bn$2.09bn$1.32bn$1.19bn$849.2m
Total liabilities$16.56bn$16.01bn$16.16bn$15.90bn$13.54bn$12.19bn$10.67bn$8.48bn$8.06bn$6.31bn
Debt$201.4m$335.6m$315.9m$490.0m$300.0m$295.0m$382.0m$356.0m$420.0m$395.0m
Shareholders' equity$2.47bn$2.30bn$2.25bn$2.03bn$1.91bn$1.88bn$1.79bn$1.41bn$1.30bn$901.7m
Shares outstanding57m58m60m59m54m54m56m50m50m41m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
Revenue, before interest expense$260.8m$253.3m$269.8m$267.6m$261.0m$252.6m$257.4m$265.9m
Operating income—$27.1m$65.5m$65.3m$65.1m$63.2m$76.6m$56.3m
Net income$44.0m$28.2m$57.1m$56.8m$56.8m$55.3m$64.3m$49.2m
Diluted earnings per share0.700.450.990.990.990.961.100.84
Total assets$21.35bn$21.07bn$19.03bn$18.81bn$18.59bn$18.44bn$18.31bn$18.35bn
Cash and short-term investments$1.47bn$1.47bn$1.49bn$686.7m$739.2m$1.49bn$1.77bn$2.00bn
Debt—$1.64bn$999.9m$1.18bn$1.16bn$1.34bn$1.16bn$1.08bn
Shareholders' equity$2.70bn$2.67bn$2.47bn$2.41bn$2.35bn$2.33bn$2.30bn$2.30bn

Financial ratios

Data as of 28 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Operating margin24.7%22.0%25.9%35.9%43.3%30.4%
Net margin21.5%19.1%22.4%31.2%37.0%26.6%
Return on equity9.2%8.7%10.0%10.9%10.7%7.9%
Return on assets1.2%1.1%1.2%1.2%1.3%1.1%
Revenue growth-0.3%5.4%40.2%28.2%-0.4%1.1%
Earnings growth12.2%-10.0%0.8%8.1%38.3%-9.6%
Current ratio0.20x0.13x0.15x44.32x1101.75x778.30x
Debt to equity0.41x0.50x0.46x0.87x0.43x0.49x
Equity ratio13.0%12.6%12.2%11.3%12.4%13.3%
Interest coverage0.67x0.54x0.74x3.01x6.70x2.56x
Buybacks as a share of market value1.4%2.2%-0.3%-10.7%1.3%2.1%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue1.7%6.1%9.9%
Operating income0.4%8.8%11.0%
Net income0.6%8.7%13.2%

Average margins

Over each period

1 year3 years5 years10 years
Operating margin23.3%26.4%28.7%30.7%
Net margin20.3%22.9%24.9%25.8%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings9.511.59.911.010.913.714.010.721.819.1
Price to sales3.33.73.13.94.34.15.24.16.05.3

Market value over time

30 Nov 2016 to 27 Oct 2026, in USD

$1.42bn$2.55bn

Share price return

Finished calendar years

2025202420232022202120202019201820172016
Return-3%8%-7%0%10%-13%23%-21%17%50%

Dividends and splits

Per share, in the currency the company pays

Paid for 36 years. Last went ex-dividend on 4 Sept 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year1.101.431.391.341.251.131.041.00
  • 21-for-20 split · 27 Aug 2003
  • 21-for-20 split · 28 Aug 2002
  • 1.05-for-1 split · 29 Aug 2001
  • 3-for-2 split · 26 Oct 1998
  • 3-for-2 split · 30 Oct 1995
  • 3-for-2 split · 26 Jan 1993

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.