FRME First Merchants margins

Relative Growth: Rel. Growth:

Relative Strength: Rel. Strength:

Relative Valuation: Rel. Valuation:

Relative Profitability: Rel. Profitability: 67

Gross margin

100%

Operating margin

32.5%

EBITDA margin

37.5%

Net margin

29.2%

Using the latest TTM figures, First Merchants shows a gross margin of 100%, an operating margin of 32.5%, an EBITDA margin of 37.5%, and a net margin of 29.2%. EBITDA margin led the available margin declines with 10.3 percentage points, while the other margins were unchanged.

FRME margin history

Gross, operating, EBITDA and net margin trends

Over the last 3 years, First Merchants recorded average margins of 100% gross, 37.2% operating, 41.27% EBITDA, and 32.63% net. First Merchants's current performance shows that operating, EBITDA, and net margins are below their three-year averages.

FRME margin expansion

Year-over-year margin changes in percentage points

Operating margin contracted by 9.1 percentage points, EBITDA margin by 10.3 percentage points, and net margin by 6.7 percentage points. Gross margin was unchanged.

Gross margin expansion

0pp

Operating margin expansion

-9.1pp

EBITDA margin expansion

-10.3pp

Net margin expansion

-6.7pp

FRME Gross margin

The average gross margin for First Merchants was 100% over the last 3 years. First Merchants's current gross margin is 100% and is in line with its three-year average. The gross margin for First Merchants moved between 100% in Dec 2023 and 100% in Sep 2026.

FRME Operating margin

Over the last 3 years, First Merchants recorded an average operating margin of 37.2%. First Merchants's current operating margin is 32.5% and is 4.7 percentage points below its three-year average. The highest operating margin for First Merchants was 41.6% in Sep 2025, while the lowest was 32% in Jun 2026.

FRME EBITDA margin

Over the last 3 years, First Merchants's EBITDA margin averaged 41.27%. Currently, First Merchants's current EBITDA margin is 37.5%, which is 3.8 percentage points below its three-year average. During this period, EBITDA margin reached a high of 47.8% in Sep 2025 and a low of 36.4% in Sep 2024.

FRME Net margin

Looking back over the last 3 years, First Merchants recorded an average net margin of 32.63%. Compared with its three-year average, First Merchants's current net margin is 29.2% and is 3.4 percentage points below its three-year average. The highest net margin for First Merchants was 35.9% in Sep 2025, while the lowest was 29% in Jun 2026.

FRME margin group comparison

Margins compared with peer-group, industry and sector averages

First Merchants's gross margin of 100% is higher than the Financial Services sector and the industry average. In comparison with the Financial Services sector average of 83.5%, First Merchants's gross margin is 20% higher.

FRME margin peer comparison

Compare margins with selected peers

Frequently asked questions

What is First Merchants's gross margin?

The current gross margin for FRME is 100% as of Sep 30, 2026.

What is First Merchants's operating margin?

The current operating margin for FRME is 32.5% as of Sep 30, 2026.

What is First Merchants's EBITDA margin?

For the period ending Sep 30, 2026, FRME recorded an EBITDA margin of 37.5%.

What is First Merchants's net margin?

The current net margin for FRME is 29.2% as of Sep 30, 2026.

What are the average margins of FRME?

Over the last 3 years, First Merchants's margins averaged 100.0% gross, 37.2% operating, 41.3% EBITDA, and 32.6% net.

What are the highest historical margins of FRME?

Looking back across 5 years, FRME reached 100% gross in Sep 2026, 46.3% operating in Dec 2021, 48.4% EBITDA in Dec 2021, and 39.5% net in Dec 2021.

What are the lowest historical margins of FRME?

Over the last 5 years, First Merchants's lowest margins were 100% gross in Dec 2021, 32% operating in Jun 2026, 36.4% EBITDA in Sep 2024, and 29% net in Jun 2026.