First Merchants Corporation

FRMEP

Banks - Regional · Financial Services

Price

$25.12

+0.01 (+0.04%)

Market Cap

$2.78B

Exchange

NASDAQ Global Select

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Growth

Mixed

Valuation

Strong

Dividends

Good

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Share count rising — dilution

+6.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 54.0M (2021) → 57.7M (2025)

Winston Score History

The full picture

First Merchants Corporation functions as the parent company for First Merchants Bank, which delivers a comprehensive suite of community banking services. Through its banking operations, the corporation accepts various forms of deposits, including checking, savings, and time accounts. It also provides a diverse range of lending options, such as consumer, commercial, agri-business, and real estate mortgage loans, alongside public finance solutions. Additionally, First Merchants offers specialized financial services including personal and corporate trust management, brokerage services, and private wealth management. Corporate clients can also utilize facilities like letters of credit, repurchase agreements, and other tailored business services. The company maintains a substantial physical presence with 109 banking locations spread across counties in Indiana, Illinois, Ohio, and Michigan. Moreover, it ensures convenient access to its services through modern electronic and mobile banking platforms. First Merchants Corporation traces its origins back to 1893 and is presently headquartered in Muncie, Indiana.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-28.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Cash Position

Cash flow positive

$19.3B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

First Merchants Corporation is a rare growth stock that's already generating positive cash flow while growing at 14%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Not applicable for this business.

Growth

Sales growth

Sales YoY

+5.0%

Slow sales growth (+5.0% YoY)

Profit growth

EPS YoY

-19.1%

Earnings shrinking (-19.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit

P/E Ratio (TTM)

13.3x

Attractive valuation — P/E 13.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.1

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

7.46%

Healthy income — 7.46% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

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