First Merchants Corp (NASDAQ:FRME)
Insiders filed in the last 90 days, but none of those trades qualified for scoring — round-trip buys and filings whose price is far off the market are excluded.
Keeps a healthy share of every dollar it sells.
- Revenue
- $1.12B
- Net income
- $197.5M
- Net margin
- 17.6%
Heavily indebted for what it earns.
- Total debt
- $1.19B
- Cash
- $349.1M
- Net debt / EBITDA
- 3.43x
Owes more within a year than it holds to pay it.
- Current assets
- $3.66B
- Current liabilities
- $17.05B
- Current ratio
- 0.21
The business funds itself from operations.
- Operating cash flow
- $314.9M
- Free cash flow
- $314.9M
- FCF margin
- 28.0%
Some dilution over the past year.
- Shares outstanding
- 62.4M
- Share growth (1y)
- 8.6%
Five pillars — profitability, leverage, liquidity, cash generation, dilution & runway — each scored 0–20 from the company’s own income statement, balance sheet and cash-flow statement, then scaled to 100. A pillar the statements cannot answer is left out rather than guessed; fewer than three and no score is shown.
FRME Income Statement
| Fiscal Period | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 |
|---|---|---|---|---|---|---|
| Period Ending | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 |
| Revenue | 301.95 M | 298.00 M | 253.30 M | 269.77 M | 267.57 M | 261.03 M |
| Revenue Growth (YoY) | 12.85 % | 14.16 % | 0.29 % | 4.81 % | 0.61 % | -2.50 % |
| Cost of Revenue | 106.18 M | 134.90 M | 102.17 M | 105.53 M | 105.73 M | 102.32 M |
| Gross Profit | 195.77 M | 163.10 M | 151.13 M | 164.25 M | 161.84 M | 158.72 M |
| SG&A Expense | 94.72 M | 93.32 M | 85.56 M | 73.22 M | 62.96 M | 60.08 M |
| R&D Expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Operating Expenses | 116.25 M | 114.66 M | 124.05 M | 98.75 M | 96.56 M | 93.60 M |
| Operating Income | 79.52 M | 48.45 M | 27.09 M | 65.50 M | 65.28 M | 65.12 M |
| Pretax Income | 79.52 M | 47.75 M | 27.09 M | 65.50 M | 65.28 M | 65.12 M |
| Tax Provision | 11.20 M | 3.77 M | -1.07 M | 8.43 M | 8.52 M | 8.29 M |
| Net Income | 68.31 M | 43.98 M | 28.16 M | 57.06 M | 56.77 M | 56.83 M |
| EPS (Basic) | 1.09 | 0.70 | 0.46 | 0.99 | 0.98 | 0.98 |
| EPS (Diluted) | 1.09 | 0.70 | 0.46 | 0.99 | 0.98 | 0.98 |
| Shares Outstanding | 62.41 M | 62.57 M | 61.01 M | 57.44 M | 57.45 M | 57.50 M |
Quarterly figures; YoY compares the same fiscal quarter a year earlier. Source: public market data.