FRME
First Merchants Corporation
NASDAQ: FRME · FINANCIAL SERVICES · BANKS - REGIONAL
$39.82
-1.63% today
Updated 2026-04-29
Market cap
$2.53B
P/E ratio
11.94
P/S ratio
3.97x
EPS (TTM)
$3.39
Dividend yield
3.57%
52W range
$34 – $43
Volume
0.4M
First Merchants Corporation (FRME) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $243.22M | $271.28M | $258.52M | $288.37M | $248.12M | $230.37M | $240.25M | $226.85M | $270.69M | $281.55M | $318.51M | $385.90M | $484.40M | $552.09M | $558.43M | $555.96M | $712.95M | $999.49M | $1.05B | $1.05B |
| Revenue growth (YoY) | — | +11.5% | -4.7% | +11.5% | -14.0% | -7.2% | +4.3% | -5.6% | +19.3% | +4.0% | +13.1% | +21.2% | +25.5% | +14.0% | +1.1% | -0.4% | +28.2% | +40.2% | +5.4% | -0.3% |
| Cost of revenue | $104.77M | $126.12M | $118.33M | $199.27M | $102.49M | $60.52M | $42.15M | $23.22M | $24.40M | $25.21M | $32.50M | $46.76M | $76.31M | $111.55M | $125.05M | $35.95M | $101.56M | $351.99M | $462.59M | $410.03M |
| Gross profit | $138.45M | $145.16M | $140.19M | $89.10M | $145.63M | $169.84M | $198.10M | $203.63M | $246.29M | $256.34M | $286.02M | $339.15M | $408.09M | $440.55M | $433.38M | $520.00M | $611.39M | $647.50M | $591.01M | $640.17M |
| Gross margin | 56.9% | 53.5% | 54.2% | 30.9% | 58.7% | 73.7% | 82.5% | 89.8% | 91.0% | 91.0% | 89.8% | 87.9% | 84.2% | 79.8% | 77.6% | 93.5% | 85.8% | 64.8% | 56.1% | 61.0% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $56.13M | $58.84M | $69.16M | $94.32M | $81.37M | $80.27M | $82.91M | $88.28M | $100.24M | $105.56M | $105.59M | $122.38M | $134.62M | $144.75M | $161.74M | $173.24M | $217.13M | $243.42M | $236.20M | $282.10M |
| Operating income | $42.39M | $42.98M | $28.72M | $-69.19M | $3.32M | $33.91M | $60.99M | $60.41M | $82.28M | $91.05M | $108.66M | $133.59M | $188.14M | $193.78M | $169.97M | $240.79M | $255.67M | $259.23M | $231.73M | $259.11M |
| Operating margin | 17.4% | 15.8% | 11.1% | -24.0% | 1.3% | 14.7% | 25.4% | 26.6% | 30.4% | 32.3% | 34.1% | 34.6% | 38.8% | 35.1% | 30.4% | 43.3% | 35.9% | 25.9% | 22.0% | 24.7% |
| EBITDA | $47.77M | $47.31M | $33.33M | $-63.23M | $9.02M | $39.06M | $65.46M | $65.08M | $88.29M | $97.31M | $115.82M | $141.56M | $196.98M | $203.17M | $180.98M | $251.49M | $267.49M | $270.94M | $258.58M | $288.54M |
| EBITDA margin | 19.6% | 17.4% | 12.9% | -21.9% | 3.6% | 17.0% | 27.2% | 28.7% | 32.6% | 34.6% | 36.4% | 36.7% | 40.7% | 36.8% | 32.4% | 45.2% | 37.5% | 27.1% | 24.5% | 27.5% |
| EBIT | $42.39M | $42.98M | $28.72M | $-69.19M | $3.32M | $33.91M | $60.99M | $60.41M | $82.28M | $91.05M | $108.66M | $133.59M | $188.14M | $193.78M | $169.97M | $240.79M | $255.67M | $259.23M | $231.73M | $259.11M |
| Interest expense | $98.51M | $117.61M | $90.09M | $77.09M | $56.01M | $37.89M | $23.61M | $16.57M | $21.84M | $24.79M | $26.84M | $37.61M | $69.09M | $108.75M | $66.38M | $35.95M | $84.80M | $348.49M | $426.89M | $388.78M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $30.20M | $31.64M | $20.64M | $-40.76M | $6.91M | $25.25M | $45.12M | $44.53M | $60.16M | $65.38M | $81.05M | $96.07M | $159.14M | $164.46M | $148.60M | $205.53M | $222.09M | $223.79M | $201.40M | $226.00M |
| Net income growth (YoY) | — | +4.8% | -34.8% | -297.5% | +116.9% | +265.5% | +78.7% | -1.3% | +35.1% | +8.7% | +24.0% | +18.5% | +65.6% | +3.3% | -9.6% | +38.3% | +8.1% | +0.8% | -10.0% | +12.2% |
| Profit margin | 12.4% | 11.7% | 8.0% | -14.1% | 2.8% | 11.0% | 18.8% | 19.6% | 22.2% | 23.2% | 25.4% | 24.9% | 32.9% | 29.8% | 26.6% | 37.0% | 31.2% | 22.4% | 19.1% | 21.5% |