First Merchants Corp
Research First Merchants Corp (FRME) on Bullrun: valuation model: 1.0% overvalued, market cap USD 2.59B, P/E 13.3, dividend yield 3.5%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerFRME
- ExchangeNASDAQ
- CountryUnited States
- SectorFinancial Services
- IndustryBanks-Regional
- CurrencyUSD
- Valuation signal1.0% overvalued
- Market capUSD 2.59B
- P/E13.3
- Dividend yield3.5%
- Financial periodQ1 2026
- RevenueUSD 157.13M
- Net incomeUSD 28.16M
- Free cash flowUSD 58.59M
Valuation Snapshot
Bullrun's latest valuation model marks First Merchants Corp as 1.0% overvalued; latest market cap is USD 2.59B; P/E is 13.3; dividend yield is 3.5%.
Peer valuation comparison
Latest P/E is 13.34x versus a Financial Services sector median of 13.84x (3.6% below).
Latest dividend yield is 3.48% versus a Financial Services sector median of 3.86% (9.7% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 662.95M | USD 226.00M | USD 283.65M | n/a | 3.88 | USD 84.16M | USD 856.18M | USD 2.47B |
| FY2024 | USD 626.71M | USD 201.40M | USD 266.21M | n/a | 3.41 | USD 87.62M | USD 916.08M | USD 2.30B |
| FY2023 | USD 651.00M | USD 223.79M | n/a | n/a | 3.73 | USD 112.65M | USD 871.50M | USD 2.25B |
| FY2022 | n/a | USD 222.09M | n/a | n/a | 3.81 | USD 122.59M | USD 750.16M | USD 2.03B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 2.59B | 13.3 | 3.5% | 1.45 |
| 2025 | 2025-12-31 | USD 2.13B | 9.7 | 3.8% | 1.43 |
| 2024 | 2024-12-31 | USD 2.31B | 11.7 | 3.5% | 1.39 |
| 2023 | 2023-12-29 | USD 2.22B | 8.8 | 3.6% | 1.34 |
| 2022 | 2022-12-30 | USD 2.45B | 11.7 | 3.0% | 1.25 |
| 2021 | 2021-12-31 | USD 2.24B | 11.0 | 2.7% | 1.13 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 1.45 USD, yield 3.5%.
| Year | Dividends/share |
|---|---|
| FY2025 | 1.43 USD |
| FY2024 | 1.39 USD |
| FY2023 | 1.34 USD |
| FY2022 | 1.25 USD |
About First Merchants Corp
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products.
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Frequently asked questions
Is First Merchants Corp overvalued or undervalued?
Bullrun's valuation model currently marks First Merchants Corp as 1.0% overvalued.
What is First Merchants Corp's market cap?
First Merchants Corp's market capitalization is USD 2.59B.
What is First Merchants Corp's P/E ratio?
First Merchants Corp's price-to-earnings (P/E) ratio is 13.3.
Does First Merchants Corp pay a dividend?
First Merchants Corp has a dividend yield of 3.5%.
What does First Merchants Corp do?
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides commercial and consumer banking services. The company offers a range of financial services, including checking, savings, and deposit products; debit and credit cards; mortgages, refinance, construction or renovation of residential properties, agricultural lending, treasury management services and depository products. It also provides personal and commercial wealth management services, brokerage, investment management, private banking, fiduciary estate, and financial planning services.