Last 47 quarters of trend data · Financial Services · Banks - Regional
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.35 | 15.60 | 21.05 | 9.46 | 9.62 | 9.77 | 10.76 | 9.07 | 11.07 | 12.24 | 10.91 | 13.06 | 7.40 | 6.92 | 7.70 | 8.71 | 8.95 | 14.13 | 11.43 | 11.77 | 10.67 |
| — | +59.7% | +95.7% | +4.4% | -13.1% | -20.2% | -1.4% | -30.6% | +49.6% | +76.9% | +41.7% | +49.9% | -17.4% | -51.0% | -32.6% | -26.0% | -16.1% | +39.8% | -10.5% | +4.4% | +23.5% | |
| P/S Ratio | 3.83 | 3.49 | 3.79 | 3.14 | 3.26 | 3.37 | 3.67 | 3.70 | 3.48 | 3.04 | 3.36 | 3.53 | 2.57 | 2.56 | 2.90 | 3.53 | 3.38 | 3.42 | 4.35 | 4.42 | 4.24 |
| — | +3.5% | +3.1% | -15.1% | -6.2% | +10.9% | +9.2% | +4.8% | +35.4% | +18.8% | +16.2% | +0.1% | -24.0% | -25.2% | -33.4% | -20.2% | -20.3% | -18.2% | -13.9% | +12.8% | +61.5% | |
| P/B Ratio | 0.94 | 1.01 | 0.88 | 0.87 | 0.90 | 0.94 | 1.01 | 1.01 | 0.94 | 0.88 | 0.93 | 0.98 | 0.79 | 0.78 | 0.92 | 1.20 | 1.20 | 1.08 | 1.23 | 1.18 | 1.21 |
| — | +7.6% | -12.5% | -13.4% | -4.7% | +7.4% | +8.6% | +2.6% | +19.1% | +12.2% | +0.8% | -18.1% | -34.3% | -27.9% | -25.2% | +2.1% | -0.4% | -10.1% | -11.5% | +8.4% | +77.3% | |
| P/FCF | 8.92 | 7.76 | 10.08 | 6.67 | 6.18 | 10.31 | 9.54 | 8.60 | 7.06 | 7.70 | 8.79 | 6.41 | 5.16 | 16.54 | 5.59 | 4.95 | 11.56 | 11.95 | 11.10 | 12.26 | 8.50 |
| — | -24.7% | +5.6% | -22.5% | -12.4% | +33.8% | +8.6% | +34.3% | +36.8% | -53.4% | +57.2% | +29.6% | -55.4% | +38.4% | -49.7% | -59.6% | +36.1% | -10.4% | -6.8% | +43.6% | -19.4% | |
| EV / EBITDA | 11.94 | 19.20 | 27.09 | 10.77 | 10.53 | 10.51 | 11.54 | 8.33 | 11.64 | 14.96 | 10.44 | 13.46 | 8.08 | 7.99 | 8.40 | 10.14 | 10.34 | 15.41 | 9.76 | 9.78 | 9.13 |
| — | +82.7% | +134.7% | +29.3% | -9.5% | -29.8% | +10.6% | -38.1% | +44.0% | +87.3% | +24.2% | +32.6% | -21.9% | -48.2% | -13.9% | +3.8% | +13.3% | +87.7% | -8.2% | +1.8% | +2.0% | |
| EV / EBIT | 13.30 | 19.20 | 36.09 | 11.71 | 11.82 | 11.78 | 12.97 | 10.10 | 12.45 | 16.15 | 11.04 | 14.33 | 8.44 | 8.30 | 8.73 | 10.51 | 10.78 | 16.51 | 10.22 | 10.24 | 9.52 |
| — | +63.0% | +178.1% | +16.0% | -5.0% | -27.0% | +17.5% | -29.5% | +47.5% | +94.5% | +26.4% | +36.3% | -21.7% | -49.7% | -14.6% | +2.6% | +13.2% | +93.2% | -8.1% | +1.3% | -0.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.0% | 54.7% | 59.7% | 60.9% | 60.5% | 60.8% | 61.8% | 59.4% | 56.8% | 50.6% | 57.8% | 58.8% | 62.0% | 66.3% | 73.1% | 80.5% | 88.1% | 82.7% | 94.6% | 93.6% | 93.8% |
| — | -10.0% | -3.5% | +2.5% | +6.5% | +20.2% | +7.0% | +1.0% | -8.4% | -23.7% | -20.9% | -26.9% | -29.6% | -19.9% | -22.8% | -14.0% | -6.1% | -11.7% | +1.8% | +5.1% | +16.5% | |
| Operating Margin | 24.7% | 16.3% | 10.7% | 24.3% | 24.4% | 24.9% | 25.0% | 29.8% | 21.2% | 16.4% | 20.9% | 17.8% | 25.4% | 28.9% | 32.6% | 38.8% | 38.1% | 25.3% | 41.2% | 40.3% | 43.5% |
| — | -34.8% | -57.3% | -18.4% | +15.2% | +51.8% | +20.0% | +67.2% | -16.7% | -43.1% | -36.0% | -54.1% | -33.3% | +14.2% | -21.0% | -3.7% | -12.4% | -44.6% | -5.5% | +7.3% | +37.8% | |
| Net Margin | 21.5% | 14.8% | 11.1% | 21.2% | 21.2% | 21.8% | 21.9% | 25.0% | 18.5% | 14.9% | 18.3% | 16.1% | 21.9% | 24.6% | 27.7% | 32.9% | 33.0% | 23.0% | 35.9% | 35.1% | 37.1% |
| — | -32.2% | -49.3% | -15.4% | +14.7% | +46.0% | +20.0% | +55.0% | -15.7% | -39.3% | -34.1% | -51.0% | -33.6% | +6.8% | -22.8% | -6.4% | -11.1% | -40.3% | -2.9% | +9.5% | +35.8% |
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.5% | 1.6% | 1.1% | 2.3% | 2.4% | 2.4% | 2.4% | 2.8% | 2.2% | 1.8% | 2.1% | 2.0% | 2.7% | 2.9% | 3.1% | 3.6% | 3.3% | 2.1% | 2.6% | 2.5% | 2.8% |
| — | -32.5% | -54.1% | -16.3% | +9.5% | +35.0% | +11.3% | +42.7% | -18.1% | -36.9% | -30.5% | -45.5% | -19.0% | +38.4% | +18.0% | +42.2% | +16.3% | -31.8% | -2.8% | +3.8% | +41.9% | |
| ROA | 1.2% | 0.2% | 0.1% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.2% | 0.3% | 0.3% | 0.4% |
| — | -32.5% | -53.4% | -14.1% | +13.1% | +40.8% | +15.4% | +50.4% | -14.4% | -35.3% | -26.4% | -41.2% | -12.8% | +43.5% | +12.9% | +26.8% | +2.0% | -37.6% | -8.8% | -3.6% | +33.9% | |
| ROIC | 5.6% | 0.8% | 0.5% | 1.4% | 1.4% | 1.4% | 1.3% | 1.7% | 1.2% | 1.0% | 1.3% | 1.1% | 1.6% | 1.7% | 1.7% | 1.9% | 1.8% | 1.2% | 1.7% | 1.6% | 1.9% |
| — | -38.0% | -60.7% | -17.1% | +10.5% | +33.4% | +2.9% | +52.6% | -19.9% | -38.8% | -24.4% | -43.4% | -13.9% | +40.3% | +0.9% | +19.8% | -2.9% | -40.6% | -2.9% | +6.3% | +57.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 | Q3 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.41 | 0.59 | 0.62 | 0.41 | 0.49 | 0.49 | 0.58 | 0.50 | 0.47 | 0.53 | 0.39 | 0.46 | 0.49 | 0.48 | 0.54 | 0.65 | 0.62 | 0.52 | 0.33 | 0.33 | 0.34 |
| — | +20.2% | +6.9% | -19.3% | +4.0% | -6.8% | +48.7% | +9.8% | -4.1% | +10.8% | -28.8% | -29.1% | -20.5% | -8.7% | +64.5% | +94.7% | +80.9% | +63.6% | -10.1% | -9.2% | -20.5% | |
| Debt / EBITDA | 3.47 | 33.10 | 45.59 | 14.04 | 16.07 | 15.91 | 18.90 | 12.47 | 17.94 | 24.73 | 14.87 | 20.60 | 15.01 | 13.81 | 14.73 | 15.20 | 15.33 | 22.57 | 10.21 | 11.07 | 9.87 |
| — | +108.1% | +141.2% | +12.6% | -10.4% | -35.7% | +27.1% | -39.5% | +19.5% | +79.1% | +0.9% | +35.5% | -2.0% | -38.8% | +44.3% | +37.4% | +55.3% | +158.0% | -5.9% | -10.2% | -44.0% | |
| Current Ratio | 0.20 | 0.24 | 6.04 | 0.20 | 0.05 | 0.06 | 0.11 | 0.13 | 0.14 | 0.13 | 0.15 | 0.15 | 0.14 | 0.14 | 0.16 | 0.16 | 0.16 | 0.18 | 0.21 | 0.24 | 0.24 |
| — | +336.9% | +5552.9% | +58.3% | -64.5% | -58.8% | -27.7% | -16.8% | +3.2% | -4.0% | -6.6% | -3.4% | -12.3% | -23.2% | -25.1% | -33.4% | -32.9% | -26.9% | -15.6% | +6.3% | +14.2% | |
| Quick Ratio | 0.20 | 0.24 | 6.04 | 0.20 | 0.05 | 0.06 | 0.11 | 0.13 | 0.14 | 0.13 | 0.15 | 0.15 | 0.14 | 0.14 | 0.16 | 0.16 | 0.16 | 0.18 | 0.21 | 0.24 | 0.24 |
| — | +336.9% | +5552.9% | +58.3% | -64.5% | -58.8% | -27.7% | -16.8% | +3.2% | -4.0% | -6.6% | -3.4% | -12.3% | -23.2% | -25.1% | -33.4% | -32.9% | -26.9% | -15.6% | +6.3% | +14.2% | |
| Interest Coverage | 0.67 | 0.48 | 0.28 | 0.67 | 0.64 | 0.67 | 0.69 | 0.76 | 0.51 | 0.41 | 0.50 | 0.44 | 0.68 | 0.86 | 1.21 | 1.98 | 3.19 | 3.43 | 7.69 | 6.27 | 7.00 |
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Includes 30+ ratios · 47 years · Updated daily
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Quick answers to the most common questions about buying FRME stock.
First Merchants Corporation's current P/E is 10.3x. The average P/E over the last 4 quarters is 13.9x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
First Merchants Corporation's current operating margin is 24.7%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking First Merchants Corporation's business trajectory between earnings reports.