Stock Analiz

First Merchants Corp. FRMEP

Major Banks · data as of November 13, 2026

$25.00Market cap $1.6B
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First Merchants Corp. (FRMEP) is a financial company listed in the US with a market value of about $1.6B. In the twelve months to September 30, 2026 it had revenue of $724M and net income of $198M, a net margin of 27.3%.

Its overall Stock Analiz score is 2.6 out of 5 (average). The strongest part is value (5/5); the weakest is future growth (1/5).

Key numbers: a P/E of 6.6, a price to free cash flow of 5.1, 5-year revenue growth of 6% a year. A discounted cash flow model with moderate assumptions puts its intrinsic value about 83% above the current price.

Score: 2.6 / 5

Value5/5
Future growth1/5
Track record1/5
Financial health2/5
Shareholder returns4/5

Checks passed

  • P/E below 25
  • P/E below the industry median
  • P/FCF below 20
  • Price below intrinsic value (DCF, moderate assumptions)
  • PEG below 1.5
  • Profit margin improving
  • Profitable 5 years in a row
  • More cash than debt, or low debt to equity

Checks not passed

  • Revenue growth above 10% last year
  • 3-year revenue growth above 10% a year
  • 3-year free cash flow growth above 10% a year
  • Strong R&D investment or growth above 20%
  • 5-year EPS growth above 10% a year
  • 5-year revenue growth above 8% a year
  • 5-year average ROIC above 12%
  • ROE above 15%

Valuation

P/E (TTM)6.6
Forward P/E—
P/FCF5.1
P/S2.2
P/B0.6
EV/EBITDA10.5
PEG0.91
Dividend yield7.50%
FCF yield19.5%
Shareholder yield10.5%
Intrinsic value vs. price+83%

Growth and quality

Revenue growth (1 yr)2.5%
Revenue growth (5 yrs, per year)6.1%
EPS growth (5 yrs, per year)7.2%
FCF growth (3 yrs, per year)-0.1%
Net margin (5-yr avg.)34.9%
ROIC (5-yr avg.)—
Profitable years (of last 10)10
Years paying a dividend10

Financials, last 10 years

Fiscal yearTTM2025202420232022202120202019201820172016
Revenue$724M$663M$647M$651M$628M$520M$492M$443M$415M$348M$292M
Net income$198M$226M$201M$224M$222M$206M$149M$164M$159M$96M$81M
Free cash flow$306M$284M$266M$259M$284M$215M$204M$177M$180M$127M$104M
EPS (diluted)$3.22$3.88$3.41$3.73$3.81$3.81$2.74$3.19$3.22$2.12$1.98
Net margin27.3%34.1%31.1%34.4%35.4%39.5%30.2%37.1%38.3%27.6%27.8%
ROIC———————————

From the company’s 10-K and 10-Q filings with the SEC. TTM = trailing twelve months.

Frequently asked questions

What is First Merchants’s P/E ratio?

About 6.6, based on the last twelve months of diluted earnings per share.

Is First Merchants stock undervalued?

Our DCF model with moderate assumptions puts its intrinsic value about 83% above the current market value. A model is a range, not a promise; try your own assumptions in the DCF calculator.

Does First Merchants pay a dividend?

Yes. The dividend yield is about 7.50%, and it has paid dividends for 10 years in our data.

Is First Merchants a good stock to buy?

We do not give buy or sell advice. First Merchants scores 2.6 out of 5 on our five checks (value, growth, track record, financial health and shareholder returns); the checks above show why.

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Generated from SEC filings, analyst consensus estimates and market prices, rebuilt every day. Educational information, not investment advice.