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Indiana bank holding company providing commercial and retail banking, wealth management and insurance across the Midwest.
Indiana bank holding company providing commercial and retail banking, wealth management and insurance across the Midwest.
Earns mostly from interest on business and consumer loans funded by local deposits, with fees from wealth management, cards, mortgages and insurance. It has grown by acquiring other banks, including Level One Bancorp of Michigan in 2022, which extended it beyond Indiana and Ohio.
Moat: narrow (distribution, switching costs). Long-established Indiana/Midwest branch network with sticky local deposit relationships.
Headquarters: Muncie, Indiana · Employees: 2,086
Size First Merchants (FRME) is a United States Financials company (Major Banks) with a market value of $2.56B, the 1642nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $40.83 on 6 Nov 2026.
Performance Over six months the shares gained 1.0%, against +1.1% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +4.7%); the operating margin is 30.5% (peer median 30.0%).
Valuation It trades at 0.97× book value against a peer median of 0.89× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 9.2%; First Merchants delivers 7.8%, so the price asks more than the business earns today.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 28 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.12B | $1.05B | $1.05B | $996M | $712M |
| Revenue growth | — | 0% | +6% | +40% | — |
| Net income | $198M | $226M | $201M | $224M | $222M |
| Free cash flow | $306M | $284M | $266M | $259M | $268M |
| Capital expenditure | $0 | $0 | $0 | $0 | $0 |
| Total debt | $1.19B | $1.02B | $1.18B | $1.05B | $1.34B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| First Merchants FRME | $2.56B | +1% | +8% | 8% | 0.97× | 9.2% |
| Old National Bancorp ONB | $9.43B | +3% | +18% | 12% | 1.17× | 10.3% |
| Horizon Bancorp HBNC | $1.07B | +13% | +424% | 16% | 1.52× | 12.0% |
| Lakeland Financial LKFN | $1.51B | -1% | +2% | 15% | 2.07× | 14.8% |
| German American Bancorp GABC | $1.88B | +15% | +12% | 13% | 1.63× | 11.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | FRME | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -0.5% | 7th highest of 21 |
| 6-month return | +1.0% | +1.1% | 11th highest of 21 |
| Return on equity | 7.8% | 8.8% | 7th lowest of 21 |
| Price / book | 0.97× | 0.89× | 10th most expensive of 21 |
| Trailing P/E | 12.7× | 10.5× | 7th most expensive of 21 |
| ROE the price implies | 9.2% | 8.1% | 10th most demanding of 20 |
| ROE delivered | 7.8% | 8.8% | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| First Merchants FRME | United States | $2.56B | +1% | +8% | 8% | 0.97× | 9.2% | 7.8% |
| BSP Financial BFL.AX | Australia | $2.53B | -5% | +7% | 25% | 2.12× | 10.5% | 24.5% |
| Bank of Xi'an 600928.SS | China | $2.51B | +2% | +1% | 8% | 0.45× | 2.6% | 7.8% |
| FB Financial FBK | United States | $2.66B | 0% | +27% | 12% | 1.39× | 12.3% | 11.9% |
| Banco BBVA Argentina SA Sponsored ADR BBAR | United States | $2.45B | -29% | +6% | 8% | 0.77× | 8.1% | 8.0% |
| Aichi Financial 7389.T | Japan | $2.40B | +3% | +31% | 8% | 0.81× | 6.5% | 7.8% |
| NBT Bancorp NBTB | United States | $2.74B | +16% | +10% | 11% | 1.45× | 9.3% | 11.5% |
| Tokyo Kiraboshi Financial 7173.T | Japan | $2.36B | -12% | +15% | 11% | 0.93× | 5.9% | 10.8% |
| Bandhan Bank BANDHANBNK.NS | India | $2.83B | -21% | +1% | 7% | 1.00× | 14.9% | 7.3% |
| Guangzhou Rural Commercial Bank 1551.HK | Hong Kong | $2.83B | -10% | -9% | 2% | 0.22× | 3.5% | 2.3% |
| OSB OSB.L | United Kingdom | $2.27B | +4% | -6% | 12% | 0.78× | 12.1% | 12.4% |
| Central Bank of India CENTRALBK.NS | India | $2.93B | -18% | +8% | 12% | 0.67× | 10.9% | 12.0% |
| Hyakugo Bank 8368.T | Japan | $2.98B | +4% | +29% | 6% | 0.85× | 8.0% | 6.4% |
| Bladex BLX | United States | $2.19B | -7% | +4% | 14% | 1.05× | 9.3% | 14.5% |
| WaFd WAFD | United States | $2.18B | -17% | 0% | 8% | 0.81× | 8.1% | 8.5% |
| Awa Bank 8388.T | Japan | $2.15B | +94% | +23% | 5% | 0.80× | 5.3% | 4.7% |
| OFG Bancorp OFG | United States | $2.15B | +10% | +2% | 17% | 1.60× | 12.0% | 16.6% |
| Shiga Bank 8366.T | Japan | $3.12B | +11% | +23% | 4% | 0.76× | 3.9% | 4.4% |
| Seven Bank 8410.T | Japan | $2.09B | +28% | +3% | 6% | 1.41× | 5.7% | 6.3% |
| BankUnited BKU | United States | $3.14B | -7% | -5% | 9% | 1.09× | 11.9% | 9.2% |
| Banque Cantonale de Geneve BCGE.SW | Switzerland | $3.17B | +12% | -3% | 10% | 1.01× | n/a | 9.9% |