Stock FRME FIRST MERCHANTS CORPORATION
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Financials First Merchants Corporation

Equities

FRME

US3208171096

Banks

Market Closed - Nasdaq
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
34.13 USD -0.96% Intraday chart for First Merchants Corporation +0.18% -7.96%
Apr. 25 Transcript : First Merchants Corporation, Q1 2024 Earnings Call, Apr 25, 2024
Apr. 25 Earnings Flash (FRME) FIRST MERCHANTS CORPORATION Posts Q1 Adjusted EPS $0.85 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 2,316 2,030 2,259 2,449 2,219 1,999 -
Enterprise Value (EV) 1 2,316 2,030 2,259 2,449 2,219 1,999 1,999
P/E ratio 13 x 13.7 x 11 x 10.8 x 9.94 x 10.1 x 9.76 x
Yield 2.4% 2.78% 2.7% 3.04% 3.61% 4.07% 4.17%
Capitalization / Revenue 5.22 x 4.13 x 4.34 x 3.75 x 3.29 x 3.03 x 2.91 x
EV / Revenue 5.22 x 4.13 x 4.34 x 3.75 x 3.29 x 3.03 x 2.91 x
EV / EBITDA - - - - - - -
EV / FCF - - - - - - -
FCF Yield - - - - - - -
Price to Book 1.29 x 1.08 x 1.17 x 1.21 x 0.98 x 0.86 x 0.81 x
Nbr of stocks (in thousands) 55,696 54,258 53,917 59,563 59,847 58,565 -
Reference price 2 41.59 37.41 41.89 41.11 37.08 34.13 34.13
Announcement Date 1/30/20 1/28/21 1/27/22 1/26/23 1/25/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 443.3 492.1 520 652.7 674.9 660.5 686.1
EBITDA - - - - - - -
EBIT 1 196.6 228.6 240.8 297 286.7 276 287.8
Operating Margin 44.34% 46.47% 46.31% 45.5% 42.47% 41.78% 41.95%
Earnings before Tax (EBT) 1 193.8 170 240.8 255.7 259.2 241.6 253.1
Net income 1 164.5 148.6 205.5 220.7 221.9 198.1 203.2
Net margin 37.1% 30.2% 39.52% 33.81% 32.88% 29.99% 29.62%
EPS 2 3.190 2.740 3.810 3.810 3.730 3.376 3.498
Free Cash Flow - - - - - - -
FCF margin - - - - - - -
FCF Conversion (EBITDA) - - - - - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 1.000 1.040 1.130 1.250 1.340 1.390 1.422
Announcement Date 1/30/20 1/28/21 1/27/22 1/26/23 1/25/24 - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 133.2 127.1 133.9 163.1 176.2 179.5 175.4 170 167.1 162.4 162.8 164.6 167 167 166.5
EBITDA - - - - - - - - - - - - - - -
EBIT 1 61.83 54.68 55.85 65.79 79.86 89.78 81.72 77.42 73.28 54.26 67.83 69.06 70.17 69.45 68.07
Operating Margin 46.41% 43.02% 41.71% 40.34% 45.31% 50.02% 46.58% 45.54% 43.85% 33.42% 41.67% 41.96% 42.02% 41.59% 40.88%
Earnings before Tax (EBT) 1 61.83 54.68 55.85 42.87 73.54 83.41 75.4 71.56 65.37 46.9 58.35 60.55 62.01 60.68 59.71
Net income 1 52.77 47.73 48.59 38.52 63.28 70.29 63.61 60.39 55.9 42.01 49.32 49.87 50.29 48.99 47.52
Net margin 39.61% 37.55% 36.28% 23.62% 35.91% 39.17% 36.26% 35.52% 33.44% 25.87% 30.3% 30.3% 30.12% 29.34% 28.54%
EPS 2 0.9800 0.8900 0.9100 0.6300 1.080 1.190 1.070 1.020 0.9400 0.7100 0.8433 0.8260 0.8540 0.8360 0.8225
Dividend per Share 2 0.2900 0.2900 0.2900 0.3200 0.3200 0.3200 0.3200 0.3400 0.3400 0.3400 0.3400 0.3500 0.3500 0.3500 0.3500
Announcement Date 10/26/21 1/27/22 4/26/22 7/26/22 10/25/22 1/26/23 4/25/23 7/25/23 10/26/23 1/25/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow - - - - - - -
ROE (net income / shareholders' equity) 10.5% 8.14% 11% 11.2% 10.4% 8.75% 8.71%
ROA (Net income/ Total Assets) 1.48% 1.1% 1.39% 1.29% 1.23% 1.07% 1.06%
Assets 1 11,112 13,509 14,786 17,107 18,042 18,445 19,207
Book Value Per Share 2 32.30 34.80 35.80 34.00 37.80 39.50 41.90
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 1/30/20 1/28/21 1/27/22 1/26/23 1/25/24 - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for First Merchants Corporation

Trading Rating
Investor Rating
ESG Refinitiv
D+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
5
Last Close Price
34.13 USD
Average target price
41.5 USD
Spread / Average Target
+21.59%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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