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First Merchants Corp (FRME) stock

FRMENasdaqNational Commercial BanksFiscal year ends December 31Also trades as FRMEP
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 30, 2026Score 11/303% below fair value
$40.90−0.04 (-0.10%)

Close on Nov 13, 2026Market cap $2.56BP/E 12.7Yield 3.50%

First Merchants Corp grew revenue 8.5% to $724.47M over the twelve months to Sep 30, 2026. At the latest close the market valued the company at $2.56B, 12.7 times its earnings.

Revenue
$724.47M
+8.5% vs. a year earlier
EPS, diluted
$3.23
-19.3% vs. a year earlier

Key statistics

Valuation at the latest close; fundamentals over the trailing twelve months, balances at Sep 30, 2026

Valuation

Market cap
$2.56B
P/E ratio
12.7
Price to sales
3.54
Price to book
0.97
Dividend yield
3.50%
Free cash flow yield
–

Fundamentals

Revenue
$724.47M
Net income
$197.52M
EPS, diluted
$3.23
Book value per share
$42.24
Diluted shares
62M

Trading

Next earnings
Jan 25, 2027 (estimated, after the close)
Previous close
$40.94
Open
$41.07
Day's range
$40.69 – $41.07
Volume
253,809
Average volume (20 days)
397,556
Index membership
Russell 2000, Russell 3000
Beta (5 years)
0.68
52-week range
$34.66 – $45.33
RSI (14 days)
51.4
Volatility (1 year)
22.1%
Relative volume
0.57×
WACC
8.5%

On 1 of our idea list: Dividend growers

Index membership is inferred from the holdings of funds that track each index (IWM, IWV), as reported to the SEC for Jun 30, 2026. Join dates come from quarterly fund reports since 2019, so they are accurate to the quarter.

Market cap history

Month-end market cap since 2011, using shares outstanding reported at the time

Total return vs. the S&P 500

Price change plus reinvested dividends, to the close on Nov 13, 2026. The S&P 500 is measured by the SPY fund.

PeriodFRMES&P 500DifferenceFRME per yearS&P 500 per year
1 month+4.7%-3.0%+7.7 pts
3 months-4.9%-2.8%−2.1 pts
Year to date+12.2%+11.5%+0.7 pts
1 year+17.4%+13.5%+4.0 pts
3 years+57.9%+77.7%−19.8 pts+16.4%+21.1%
5 years+14.9%+72.6%−57.8 pts+2.8%+11.5%
10 years+75.9%+308.2%−232.2 pts+5.8%+15.1%

Fifteen years at a glance

Fiscal years 2011 to 2025 and trailing twelve months, USD

Revenue

$724.47M+8.5% YoY

Net income

$197.52M-15.3% YoY

EPS, diluted

$3.23-19.3% YoY
Reported periodTrailing twelve months

Press releases

Releases First Merchants filed with the SEC as exhibits to Form 8-K or 6-K

  1. N / E / W / S R / E / L / E / A / S / E
    News
  2. N / E / W / S R / E / L / E / A / S / E
    News
  3. First Merchants Bank CEO Mark Hardwick to retire at the end of 2026 and President Mike Stewart to become President and CEO
    News
  4. N / E / W / S R / E / L / E / A / S / E
    News
  5. N / E / W / S R / E / L / E / A / S / E
    News
  6. N / E / W / S R / E / L / E / A / S / E
    Results
All press releases and earnings

About First Merchants

National Commercial Banks

First Merchants Corporation operates as a financial holding company providing community banking services through its principal subsidiary, First Merchants Bank. The company conducts business across one primary segment, delivering a wide selection of commercial and retail banking products alongside mortgage and wealth management solutions. Commercial clients have access to capital debt financing, depository offerings, and treasury management, while individual consumers can obtain deposit accounts and consumer loans. Additionally, residential mortgage lending assists buyers and property owners, while the Private Wealth Advisors division delivers comprehensive wealth planning, investment management, and fiduciary estate services to individuals and families.

Company profile, executives and history

First Merchants stock: common questions

What is First Merchants's stock price?

FRME closed at $40.90 on Nov 13, 2026, down 0.10% on the day. Over the past 52 weeks it traded between $34.66 and $45.33.

What is First Merchants's market cap?

First Merchants was worth $2.56B at the close on Nov 13, 2026: the share price times the diluted shares outstanding.

What is FRME's P/E ratio?

FRME trades at 12.7 times earnings, based on diluted earnings per share of $3.23 over the twelve months to Sep 30, 2026.

How much revenue does First Merchants make?

First Merchants reported revenue of $724.47M for the twelve months to Sep 30, 2026, up 8.5% from a year earlier.

Does First Merchants pay a dividend?

Yes. First Merchants paid $1.43 per share over the last twelve months, a yield of 3.50% at the latest price, and has raised its annual dividend 14 years in a row.

When does First Merchants report earnings next?

First Merchants is expected to report Q4 FY2026 results on Jan 25, 2027, after the close. The date is estimated from its past reporting pattern until the company confirms it.

How has FRME stock performed over the past year?

Including dividends, FRME returned +17.4% over the past year, against +13.5% for the S&P 500.

Who are First Merchants's competitors?

Companies most similar to First Merchants by business, industry and size include FCF, NWBI, FFBC, NIC, FSUN.

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