Touchstone
Last syncNov 3, 2026, 6:39 PM ET

FRMEP

First Merchants Corp Russell 3000
$24.75Close $1.4BMarket cap $24.04 – $26.1152-week range Jan 20, 2027Next report · estimated

Highlights

Cautions

  • Not in an uptrend 3 of 8 trend conditions
  • Lagging the market RS 42 · weaker than 58% of stocks over 12 months
  • Distribution down-day volume 2.3× up-day volume over 50 sessions

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Oct 30, 2026
Off 12-month high 5%
1wk down 0.3% price change
1mo up 0.3% price change
12-month return up 1% total, dividends included
F-score — — Not assessed
Altman Z — Unknown
P/E 6.2× price / earnings
PEG 0.45 P/E / EPS growth
P/B 0.6× price / book
Earnings yield up 34.2% EBIT / enterprise value
Cheaper than — of the market · not assessed
Revenue growth up 3% year on year
EPS growth up 11% latest quarter · +39 pts
Sales growth up 20% latest quarter · +0 pts
ROE up 9% return on equity
Free cash margin up 43% $283.6M FCF
D/E 0.41 long-term debt / equity
Net debt / EBITDA 1.1×
Interest cover 1.5×EBIT / interest
Piotroski tests

Repair signals

  • Long-term debt down 14% ($1.2B → $1.0B)
  • Revenue reaccelerating (-1% then +3%)

Trade setup

ATR% 0.4% $0.10 a day · 2×ATR $24.55
RS 42 / 99 vs the universe
Trend 3 / 8 trend template
Relative volume 0.7× vs 50-day average
Up/down volume 0.44 50 sessions
Implied move — no scheduled report
Trend template · 3 of 8
  • Price above the 150 and 200-day averages: fails
  • 150-day average above the 200-day: passes
  • 200-day average rising for a month: passes
  • 50-day average above the 150 and 200-day: fails
  • Price above the 50-day average: fails
  • At least 30% above the 52-week low: fails
  • Within 25% of the 52-week high: passes
  • RS rank 70 or higher: fails

Screen verdict

Did not qualify for any screen.

Warning signs

1 flagged
  • Interest is covered, but thinly Earnings before interest cover the interest bill 1.5 times, leaving little room if profits fall.
Last reported Oct 21, 2026
Results reaction Oct 21, 20260% vs market2 sessions after results

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $662.9M +3% on FY2024
$0 $1B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $492.1M FY2021 · $520.0M FY2022 · $628.1M FY2023 · $651.0M FY2024 · $646.7M FY2025 · $662.9M
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology $226.0M +12% on FY2024
$0 $250M FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $148.6M FY2021 · $205.5M FY2022 · $222.1M FY2023 · $223.8M FY2024 · $201.4M FY2025 · $226.0M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology $283.6M +7% on FY2024
$0 $500M FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $203.8M FY2021 · $215.3M FY2022 · $284.3M FY2023 · $258.8M FY2024 · $266.2M FY2025 · $283.6M
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Net 34%
  • Free cash 43%
0% 50% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Net 30% · Free cash 41% FY2021 · Net 40% · Free cash 41% FY2022 · Net 35% · Free cash 45% FY2023 · Net 34% · Free cash 40% FY2024 · Net 31% · Free cash 41% FY2025 · Net 34% · Free cash 43%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $915.8M net debt
  • Cash
  • Long-term debt
$0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $192.9M · Long-term debt $684.9M FY2021 · Cash $167.1M · Long-term debt $634.2M FY2022 · Cash $122.6M · Long-term debt $1.3B FY2023 · Cash $112.6M · Long-term debt $1.0B FY2024 · Cash $87.6M · Long-term debt $1.2B FY2025 · Cash $84.2M · Long-term debt $999.9M
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 56.95m +5.6% since FY2020
59.42m 53.41m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 53.92m FY2021 · 53.41m FY2022 · 59.17m FY2023 · 59.42m FY2024 · 57.97m FY2025 · 56.95m
  FY2020Dec 31, 2020 FY2021Dec 31, 2021 FY2022Dec 31, 2022 FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $492.1M $520.0M $628.1M $651.0M $646.7M $662.9M
Net income $148.6M $205.5M $222.1M $223.8M $201.4M $226.0M
Net margin 30% 40% 35% 34% 31% 34%
Earnings per share $2.74 $3.81 $3.83 $3.76 $3.44 $3.92
Free cash flow $203.8M $215.3M $284.3M $258.8M $266.2M $283.6M
Free cash margin 41% 41% 45% 40% 41% 43%
Cash $192.9M $167.1M $122.6M $112.6M $87.6M $84.2M
Long-term debt $684.9M $634.2M $1.3B $1.0B $1.2B $999.9M
Shareholders' equity $1.9B $1.9B $2.0B $2.2B $2.3B $2.5B
Shares outstanding 53.92m 53.41m 59.17m 59.42m 57.97m 56.95m

Filings

SEC EDGAR
FiledReportPeriod to Lag
Oct 30, 2026 Quarterly ↗ Sep 30, 2026 30d
Jul 31, 2026 Quarterly ↗ Jun 30, 2026 31d
May 1, 2026 Quarterly ↗ Mar 31, 2026 31d
Feb 25, 2026 Annual ↗ Dec 31, 2025 56d
Oct 30, 2025 Quarterly ↗ Sep 30, 2025 30d
Jul 31, 2025 Quarterly ↗ Jun 30, 2025 31d
May 1, 2025 Quarterly ↗ Mar 31, 2025 31d
Feb 24, 2025 Annual ↗ Dec 31, 2024 55d
Oct 31, 2024 Quarterly ↗ Sep 30, 2024 31d
Aug 1, 2024 Quarterly ↗ Jun 30, 2024 32d
May 1, 2024 Quarterly ↗ Mar 31, 2024 31d
Feb 29, 2024 Annual ↗ Dec 31, 2023 60d

Current reports

FiledDisclosed
Oct 21, 2026 Results ↗
Oct 15, 2026 Other events ↗
Oct 1, 2026 Director or officer change · Other events ↗
Sep 25, 2026 Material agreement · New obligation ↗
Sep 24, 2026 Material agreement · Other events ↗
Aug 14, 2026 Other events ↗
Jul 22, 2026 Results ↗
Jul 13, 2026 Other events ↗
Jul 2, 2026 Director or officer change ↗
Jun 24, 2026 Other events ↗
May 20, 2026 Shareholder vote ↗
May 19, 2026 Director or officer change ↗