First Merchants (FRME)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from FRME's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from First Merchants's 10-K filings. Ten years of the full income statement, balance sheet and cash flow.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $520M | $628M | $651M | $647M | $663M |
| Net income | $206M | $222M | $224M | $201M | $226M |
| Free cash flow | — | — | — | — | — |
| EPS (diluted) | $3.81 | $3.81 | $3.73 | $3.41 | $3.88 |
| Operating margin | — | — | — | — | — |
Superinvestors who own FRME
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $25M | 0.01% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Held | $240,776 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by First Merchants's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
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In the full deep dive
Questions
Are First Merchants insiders buying the stock?
No open-market insider purchases of FRME in the last 12 months, according to SEC Form 4 filings.
Which superinvestors own First Merchants?
2 of the superinvestors Investingly tracks hold FRME in their latest 13F, including Cliff Asness, Joel Greenblatt.
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Prices and ratios as of Oct 11, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.