FRME - NASDAQ

First Merchants Corporation

First Merchants Corporation

FRMEยทNASDAQ

$38.90

-1.6%
Financial ServicesBanks - Regional

First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 109 banking locations in Indiana, Illinois, Ohio, and Michigan counties. The company also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.

StatementsValue Model

At a Glance

Live Snapshot
Market Cap$2.45B
EPS3.9000
P/E Ratio9.97
Earnings Date07/22/2026
First Merchants Corporation

First Merchants Corporation Fair Value Envelope

FRME ยท NASDAQ

Our analysis suggests that FRME has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $38.9, this represents a potential HIDDEN relative to our calculated worth for First Merchants Corporation.

HIDDEN
Intrinsic Value
Current Price: $38.9

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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$
%
$
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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$6.8B
+ Cash & Equivalents$84.2M
Firm Value$6.9B
- Debt$999.9M
Equity Value$5.9B
/ Shares Outstanding57,664,357B
DCF Value$103
UNDERVALUED BY 164%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$302.2M
$322.0M
$343.1M
$365.6M
$389.5M
$415.0M
$442.2M
$471.2M
$502.1M
$534.9M
Maintenance CapEx
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
-$0
Owner Earnings
$302.2M
$322.0M
$343.1M
$365.6M
$389.5M
$415.0M
$442.2M
$471.2M
$502.1M
$534.9M
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$279.8M
$276.1M
$272.4M
$268.7M
$265.1M
$261.5M
$258.0M
$254.6M
$251.2M
$247.8M
Terminal Value represents 61.5% of Enterprise Value

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