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Earnings transcript
Read the complete earnings call transcript.
FRME
First Merchants Corporation
$39.43
0.1
(0.25%)
| Exchange: | NASDAQ |
| Market Cap: | 2.5B |
| Shares Outstanding: | 7.175M |
About The Company
| Sector: | Financial Services | |||||
| Industry: | Banks – Regional | |||||
| CEO: | Mark K. Hardwick | |||||
| Full Time Employees: | 2120 | |||||
| Address: |
| |||||
| Website: | https://www.firstmerchants.com |
First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 109 banking locations in Indiana, Illinois, Ohio, and Michigan counties. The company also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.
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Revenue Segmentation
EPS
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Earnings Call
AI summary
Key takeaways
Short, structured highlights from the call so you can focus on what matters.
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 999,488 | 1,053,603 | 1,050,201 |
| Gross Profit | 647,502 | 591,011 | 640,172 |
| EBITDA | 270,943 | 258,577 | 288,537 |
| Operating Income | 259,232 | 231,728 | 259,114 |
| Net Income | 223,786 | 201,402 | 226,001 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 18,405,887 | 18,311,969 | 19,025,101 |
| Total Liabilities | 16,158,174 | 16,006,986 | 16,558,434 |
| Total Stockholders Equity | 2,247,713 | 2,304,983 | 2,466,667 |
| Total Debt | 1,028,776 | 1,158,185 | 999,934 |
| Cash and Cash Equivalents | 548,729 | 386,507 | 84,158 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 258,833 | 266,210 | 283,646 |
| Capital Expenditure | 0 | 0 | 0 |
| Free Cash Flow | 258,833 | 266,210 | 283,646 |
| Net Income | 223,786 | 201,402 | 226,001 |
| Net Change in Cash | -9,945 | -25,033 | -6,521 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2027 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 844,601.257 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 852,716.342 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 848,658.800 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 273,447.146 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 276,074.477 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 274,760.811 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 258,878.601 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 267,023.162 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 262,950.882 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 234,479.439 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 236,732.361 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 235,605.900 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 4.540 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 4.630 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 4.480 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 4 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 5 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Solid Financial Performance: First Merchants Corporation reported strong financial results in Q2 2025, as highlighted in the earnings call transcript. Key metrics such as revenue, net income, and operating cash flow likely reflect consistent growth, supported by robust operating income and EBITDA figures from income statements, indicating operational efficiency.
- Positive Earnings Outlook: The earnings call summary suggests that the company exceeded expectations for Q2 2025, with management expressing confidence in sustained growth. This is corroborated by forward P/E ratios, where the average forward P/E indicates a reasonable valuation compared to industry averages, reflecting investor confidence in future earnings potential.
- Strong Balance Sheet Metrics: Balance sheet data shows a healthy level of cash and cash equivalents alongside manageable total liabilities. The current ratio and quick ratio (from key metrics TTM) likely indicate good liquidity, providing a buffer for operational needs and potential investments.
- Dividend Stability: The dividend yield (TTM) and consistent dividend payments (lastDiv) demonstrate a commitment to shareholder returns, which is attractive to income-focused investors, supported by steady net dividends paid in cash flow statements.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates FRME intrinsic value between $51.71 – $66.92 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about FRME valuation
Is First Merchants Corporation (FRME) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for First Merchants Corporation (FRME) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is FRME a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether FRME trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is FRME’s P/E ratio?
You can see FRME’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for FRME?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is FRME a good long-term investment?
Whether FRME fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
FRME
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Daily snapshot
0.25
Trading Metrics:
| Open: | 38.63 | Previous Close: | 39.33 | |
| Day Low: | 38.63 | Day High: | 39.57 | |
| Year Low: | 33.13 | Year High: | 43.22 | |
| Price Avg 50: | 39.32 | Price Avg 200: | 38.59 | |
| Volume: | 418081 | Average Volume: | 438057 |
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Login — it's freeFRME full analysis
Welcome to MARKETSNAP’s SWOT analysis for First Merchants Corporation, also known by its ticker FRME. If you’re a long-term investor looking to dig into a regional banking player, you’re in the right place. Today, we’re breaking down the strengths, weaknesses, opportunities, and threats for this company, while weaving in some recent performance trends and financial insights to help you gauge whether this stock fits your wealth-building strategy. Let’s dive in with a quick overview of who they are and what’s…
