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First Merchants Corp. (FRME)
NASDAQ:FRME
US Market
FRME
First Merchants
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First Merchants (FRME) Ratios

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First Merchants Ratios

FRME's free cash flow for Q4 2025 was $0.61. For the 2025 fiscal year, FRME's free cash flow was decreased by $ and operating cash flow was $0.24. See a summary of the company’s cash flow.
Ratios
TTM
Dec 25Dec 24Dec 23Dec 22
Liquidity Ratios
Current Ratio
 6.04 0.20 0.13 0.15 0.16
Quick Ratio
 6.04 0.20 0.13 0.15 0.16
Cash Ratio
 0.38 0.01 0.03 0.04 0.02
Solvency Ratio
 0.01 0.02 0.01 0.01 0.01
Operating Cash Flow Ratio
 1.08 0.04 0.02 0.02 0.02
Short-Term Operating Cash Flow Coverage
 1.08 1.97 1.10 1.65 0.84
Net Current Asset Value
$ -16.83B$ -14.97B$ -14.14B$ -13.88B$ -13.59B
Leverage Ratios
Debt-to-Assets Ratio
 0.08 0.05 0.06 0.06 0.07
Debt-to-Equity Ratio
 0.62 0.41 0.50 0.46 0.65
Debt-to-Capital Ratio
 0.38 0.29 0.33 0.31 0.39
Long-Term Debt-to-Capital Ratio
 0.34 0.26 0.28 0.28 0.32
Financial Leverage Ratio
 7.88 7.71 7.94 8.19 8.82
Debt Service Coverage Ratio
 0.34 0.48 0.34 0.47 0.55
Interest Coverage Ratio
 0.57 0.67 0.54 0.74 3.01
Debt to Market Cap
 0.64 0.46 0.50 0.47 0.55
Interest Debt Per Share
 33.42 24.06 27.18 23.22 24.25
Net Debt to EBITDA
 6.33 3.17 2.98 1.77 3.98
Profitability Margins
Gross Profit Margin
60.47%60.96%56.09%64.78%85.76%
EBIT Margin
21.20%24.67%21.99%25.94%35.86%
EBITDA Margin
23.26%27.47%24.54%27.11%37.52%
Operating Profit Margin
21.20%24.67%21.99%25.94%35.86%
Pretax Profit Margin
21.20%24.67%21.99%25.94%35.86%
Net Profit Margin
18.90%21.52%19.12%22.39%31.15%
Continuous Operations Profit Margin
18.90%21.52%19.12%22.39%31.15%
Net Income Per EBT
89.16%87.22%86.91%86.33%86.86%
EBT Per EBIT
100.00%100.00%100.00%100.00%100.00%
Return on Assets (ROA)
0.94%1.19%1.10%1.22%1.24%
Return on Equity (ROE)
8.03%9.16%8.74%9.96%10.91%
Return on Capital Employed (ROCE)
1.07%2.34%6.56%7.61%7.97%
Return on Invested Capital (ROIC)
7.49%-4.28%5.34%6.28%6.15%
Return on Tangible Assets
0.98%1.24%1.15%1.27%1.29%
Earnings Yield
8.18%10.45%8.66%10.18%9.36%
Efficiency Ratios
Receivables Turnover
 10.84 11.25 11.47 10.23 8.38
Payables Turnover
 0.00 0.00 28.73 18.61 13.49
Inventory Turnover
 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
 7.20 8.68 8.12 7.46 6.09
Asset Turnover
 0.05 0.06 0.06 0.05 0.04
Working Capital Turnover Ratio
 -0.42 -0.11 -0.08 -0.08 -0.06
Cash Conversion Cycle
 33.67 32.45 19.11 16.05 16.49
Days of Sales Outstanding
 33.67 32.45 31.81 35.67 43.55
Days of Inventory Outstanding
 0.00 0.00 0.00 0.00 0.00
Days of Payables Outstanding
 0.00 0.00 12.70 19.61 27.06
Operating Cycle
 33.67 32.45 31.81 35.67 43.55
Cash Flow Ratios
Operating Cash Flow Per Share
 4.60 4.91 4.57 4.36 4.93
Free Cash Flow Per Share
 4.60 4.91 4.57 4.36 4.93
CapEx Per Share
 0.00 0.00 0.00 0.00 0.00
Free Cash Flow to Operating Cash Flow
 1.00 1.00 1.00 1.00 1.00
Dividend Paid and CapEx Coverage Ratio
 4.36 3.35 3.19 3.16 3.83
Capital Expenditure Coverage Ratio
 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Coverage Ratio
 0.17 0.28 0.23 0.25 0.22
Operating Cash Flow to Sales Ratio
 0.27 0.27 0.25 0.26 0.40
Free Cash Flow Yield
11.25%13.11%11.44%11.77%11.99%
Valuation Ratios
Price-to-Earnings (P/E) Ratio
 12.40 9.57 11.55 9.83 10.68
Price-to-Sales (P/S) Ratio
 2.43 2.06 2.21 2.20 3.33
Price-to-Book (P/B) Ratio
 0.92 0.88 1.01 0.98 1.17
Price-to-Free Cash Flow (P/FCF) Ratio
 9.12 7.63 8.74 8.50 8.34
Price-to-Operating Cash Flow Ratio
 8.79 7.63 8.74 8.50 8.34
Price-to-Earnings Growth (PEG) Ratio
 -2.77 0.68 -1.35 -4.18 40.79
Price-to-Fair Value
 0.92 0.88 1.01 0.98 1.17
Enterprise Value Multiple
 16.79 10.67 11.98 9.89 12.85
Enterprise Value
 4.07B 3.08B 3.10B 2.68B 3.44B
EV to EBITDA
 16.64 10.67 11.98 9.89 12.85
EV to Sales
 3.87 2.93 2.94 2.68 4.82
EV to Free Cash Flow
 14.34 10.86 11.64 10.35 12.09
EV to Operating Cash Flow
 14.34 10.86 11.64 10.35 12.09
Tangible Book Value Per Share
 30.29 30.16 26.98 25.44 22.31
Shareholders’ Equity Per Share
 43.81 42.73 39.53 37.90 35.27
Tax and Other Ratios
Effective Tax Rate
 0.11 0.13 0.13 0.14 0.13
Revenue Per Share
 17.24 18.19 18.07 16.85 12.36
Net Income Per Share
 3.26 3.92 3.45 3.77 3.85
Tax Burden
 0.89 0.87 0.87 0.86 0.87
Interest Burden
 1.00 1.00 1.00 1.00 1.00
Research & Development to Revenue
 0.00 0.00 0.00 0.00 0.00
SG&A to Revenue
 0.27 0.27 0.23 0.24 0.30
Stock-Based Compensation to Revenue
 <0.01 <0.01 <0.01 <0.01 <0.01
Income Quality
 1.26 1.26 1.32 1.16 1.28
Currency in USD