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Company Analysis

First Merchants Corporation FRME

A comprehensive view of key metrics, scores, and financial health for First Merchants Corporation

Overview of First Merchants Corporation

FRME NMS
Financial Services Banks - Regional Mid Cap
First Merchants Corporation (FRME), is a Mid Cap company, in the Banks - Regional industry, last closed at $36.43, about 18.1% undervalued vs fair value, -10.4% 1Y return, ranked 750/1004 in sector.
$36.43
-0.33%
As of March 13, 2026
Previous close • Vol 90d: 25.3%
52-Week Range
Market Cap
$2.31B
Enterprise Value
$3.23B
Overall Score
Scores locked

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Top Beats

Quick Facts

Website https://www.firstmerchants.com
HQ Muncie, IN
Employees 2,086
Fiscal year Dec 31

Next Events

Earnings Apr 23 Estimated

Fair Value Snapshot

Bear Base Bull
$24
$43
$81
Current: $36.43 +18% vs base

Engine Room Money Flow™

Mid Cap

Financial Services - Where revenue goes and how value is created

Flow Steps
Interest Income
$948.0M
6.1%%
Interest Expense
$388.8M
Net Interest Income
$521.1M
-4.5%%
Total Revenue
$1.1B
67.6%%
Money Flow Bridge
Flow Direction: Money moves from left to right
Components: Breakdown shows composition of each stage
Industry-Specific: Financial Services

Quality & Reliability Indicators

Return on Equity
8.8%
Fair

Net Income / Equity - key bank profitability metric

Locked Metric
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Owner's Pocket - Capital Allocation

Total Returned to Shareholders

Combined dividends, buybacks, and debt reduction

$48.8M
24.4% of Net Income

Where It Leaks

Cash Flow Health critical
Significant cash flow inefficiencies identified. Multiple high-impact leaks require attention.
1
Active Leaks
0/1
Improving
0
High Impact
1
Critical
Moat Analysis Bank Specialized

Competitive Advantage Assessment

Evaluating First Merchants Corporation's durable competitive advantages across 6 defense dimensions

Overall Moat Strength
58
/100
Moderate
Scores based on quantitative metrics and qualitative factors

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Deposit Franchise

Moderate
65
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For informational purposes only. Not investment advice.

Trade-Off Ledger™

Where management spends the performance budget - Growth, Profitability, or Safety

Banks (Regional & Diversified) vs Industry Peers 91% Coverage
Trade-Off Triangle Visualization A ternary plot showing FRME's balance between Growth (31.6%), Profitability (34.5%), and Safety (33.9%). Growth 32% Safety 34% Profitability 35%

Click axes to expand details. Marker shows current allocation.

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Growth

54th percentile vs peers
55
Key Signals
Rev Growth YoY 67.6% 60p Asset Growth YoY 3.9% 51p Revenue CAGR 3Y 18.7% 50p
Strengths

No notable strengths identified for this axis.

Risks

No significant risks identified for this axis.

Profitability

59th percentile vs peers
60
Key Signals
Strengths
Risks
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Safety

58th percentile vs peers
59
Key Signals
Strengths
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Two Futures

Scenario-based fair value ranges for First Merchants Corporation.

Loading valuation model...
Unable to Compute Fair Value

This company cannot be valued using standard models.

What this means: The Scenario Theatre requires financial data (revenue, cash flow, shares outstanding) to calculate fair value estimates. This data may be unavailable for:

  • Recently listed companies (IPOs, SPACs)
  • Shell companies or holding companies
  • Companies that haven't filed recent financials
  • Foreign companies with limited data coverage
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Bear
-
- - -
- upside
-
Base
$43.02
- - -
+18.1% vs current
Snapshot base estimate
Bull
-
- - -
- upside
-
Fair Value Range Current: $-
$- $- $-
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