FRME PEER ANALYSIS

First Merchants Corporation — metric-by-metric comparison with peers and the industry median

FRMEFirst Merchants Corporation

🇺🇸 USA · NASDAQ · Financial Services · Banks - Regional

Value it Duel

Overall Profile & Returns

· Banks - Regional

Position Within Industry

0 = weak quartile, 100 = strong quartile

FRMEIndustry median

Scores normalize each metric against industry quartiles (p25–p75); direction is inverted for lower-is-better metrics.

Return Comparison

1-Year

Split-adjusted

Year-to-Date (YTD)

Key Metric Comparison

P/E

Lower is better

ROE

Higher is better

Net Margin

Higher is better

Revenue Growth

Higher is better

All Metrics

Valuation
Metric	FRME	BFL	BOQ	KLNMA	EQB	BEN	Ind. Median
P/E	13.33	3.25●	40.94	10.20	25.90	—	12.88
P/B	0.99	0.74	0.69●	2.79	1.55	1.00	1.29
EV/EBITDA	11.14	-1.43●	67.07	7.18	54.62	—	9.24
P/S	—	—	—	—	—	—	—

Financial Health
Metric	FRME	BFL	BOQ	KLNMA	EQB	BEN	Ind. Median
Current Ratio	6.04	33.68●	0.05	—	0.09	0.03	0.31
Debt/Equity	61.6%	9.1%	258.4%	0.0%●	496.5%	142.6%	38.0%
NetDebt/EBITDA	0.69	-3.30●	49.89	-0.00	40.36	—	-0.58

Profitability
Metric	FRME	BFL	BOQ	KLNMA	EQB	BEN	Ind. Median
Net Margin	18.9%	30.2%	2.0%	58.1%●	6.6%	—	20.6%
ROE	7.9%	24.2%	1.6%	34.1%●	6.1%	—	10.9%
ROA	1.0%	2.9%	0.1%	5.4%●	0.4%	—	1.2%
EBITDA Margin	—	—	—	—	—	—	20.4%

Growth + Dividend
Metric	FRME	BFL	BOQ	KLNMA	EQB	BEN	Ind. Median
Rev. Growth	—	—	—	—	—	—	—
NI Growth	-4.8%	—	-67.9%	42.3%●	-49.0%	—	19.4%
Div. Yield	3.3%	22.6%●	6.5%	—	1.6%	6.1%	2.5%
Payout	43.8%	68.7%	256.1%	—	43.2%	—	31.4%

Valuation
Metric	FRME	BUSE	FBNC	NBTB	TBBK	TRMK	Ind. Median
P/E	13.33	12.28	21.75	14.28	11.78●	12.09	12.88
P/B	0.99●	1.10	1.57	1.37	3.90	1.29	1.29
EV/EBITDA	11.14	9.86	3.68●	10.02	9.17	9.58	9.24
P/S	—	—	—	—	—	—	—

Financial Health
Metric	FRME	BUSE	FBNC	NBTB	TBBK	TRMK	Ind. Median
Current Ratio	6.04	0.73	1,717.54●	1.29	0.02	1.37	0.31
Debt/Equity	61.6%	27.5%	5.3%●	8.4%	32.0%	44.5%	38.0%
NetDebt/EBITDA	0.69	1.55	-12.18●	0.04	0.43	1.28	-0.58

Profitability
Metric	FRME	BUSE	FBNC	NBTB	TBBK	TRMK	Ind. Median
Net Margin	18.9%	19.2%	21.8%	19.7%	29.7%●	19.0%	20.6%
ROE	7.9%	9.4%	7.6%	10.6%	30.3%●	10.9%	10.9%
ROA	1.0%	1.1%	1.0%	1.2%	2.4%●	1.2%	1.2%
EBITDA Margin	—	—	—	—	—	—	20.4%

Growth + Dividend
Metric	FRME	BUSE	FBNC	NBTB	TBBK	TRMK	Ind. Median
Rev. Growth	—	—	—	—	—	—	—
NI Growth	-4.8%	274.5%●	38.9%	27.9%	5.9%	-3.6%	19.4%
Div. Yield	3.3%	3.4%●	1.4%	2.9%	—	2.1%	2.5%
Payout	43.8%	48.3%	31.1%	41.3%	—	25.9%	31.4%

The green dot marks the best value in the group given the metric direction (higher/lower is better). All metrics use trailing-twelve-month (TTM) data.

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Data on this page refreshes once per day. Price data as of Jul 2, 26. This content is for informational purposes only and is not investment advice.