FRME
First Merchants
PE ratio, current and historical analysis
- Stocks
- Financial Services
- NASDAQ: FRME
- PE Ratio
The current P/E ratio for First Merchants stock as of Jul 13, 2026 is 12.7. This is calculated based on the TTM EPS of $3.41 and the stock price of $43.3 per share. The PE ratio has increased by 26% from its last 4 quarters average of 10.1.
FRME PE ratio history
The average historical PE ratio of First Merchants for the last ten years is 12.31. The current price-to-earnings ratio of 12.7 is 3.2% more than the historical average. Analyzing the last ten years, FRME's PE ratio reached its highest point in the Dec 2017 quarter at 19.75, when the price was $42.06 and the EPS was $2.13. The lowest point was recorded in the Jun 2023 quarter, when it reached 6.46 with a price of $28.23 and an EPS of $4.37.
First Merchants PE ratio by year
Maximum annual increase: 53.11% in 2013
Maximum annual decrease: -58.05% in 2012
| Year | PE ratio | PE change | Price | EPS |
|---|---|---|---|---|
| 2025 | 9.61 | -17.58% | $37.48 | $3.9 |
| 2024 | 11.66 | 17.66% | $39.89 | $3.42 |
| 2023 | 9.91 | -7.64% | $37.08 | $3.74 |
| 2022 | 10.73 | -2.19% | $41.11 | $3.83 |
| 2021 | 10.97 | -19.34% | $41.89 | $3.82 |
| 2020 | 13.6 | 4.62% | $37.41 | $2.75 |
| 2019 | 13 | 22.53% | $41.59 | $3.2 |
| 2018 | 10.61 | -46.28% | $34.27 | $3.23 |
| 2017 | 19.75 | 4.39% | $42.06 | $2.13 |
| 2016 | 18.92 | 28.8% | $37.65 | $1.99 |
| 2015 | 14.69 | 7.23% | $25.42 | $1.73 |
| 2014 | 13.7 | -14.38% | $22.75 | $1.66 |
| 2013 | 16 | 53.11% | $22.72 | $1.42 |
| 2012 | 10.45 | -58.05% | $14.84 | $1.42 |
| 2011 | 24.91 | 34.94% | $8.47 | $0.34 |
First Merchants PE ratio by quarter (TTM)
| Year | PE ratio | PE change | Price | EPS |
|---|---|---|---|---|
| Mar 2026 | 11.36 | 18.21% | $38.73 | $3.41 |
| Dec 2025 | 9.61 | 2.23% | $37.48 | $3.9 |
| Sep 2025 | 9.4 | -5.05% | $37.7 | $4.01 |
| Jun 2025 | 9.9 | -12.62% | $38.3 | $3.87 |
| Mar 2025 | 11.33 | -2.83% | $40.44 | $3.57 |
| Dec 2024 | 11.66 | -5.36% | $39.89 | $3.42 |
| Sep 2024 | 12.32 | 15.79% | $37.2 | $3.02 |
| Jun 2024 | 10.64 | 5.77% | $33.29 | $3.13 |
| Mar 2024 | 10.06 | 1.51% | $34.9 | $3.47 |
| Dec 2023 | 9.91 | 51.07% | $37.08 | $3.74 |
| Sep 2023 | 6.56 | 1.55% | $27.82 | $4.24 |
| Jun 2023 | 6.46 | -21.79% | $28.23 | $4.37 |
| Mar 2023 | 8.26 | -23.02% | $32.95 | $3.99 |
| Dec 2022 | 10.73 | -2.37% | $41.11 | $3.83 |
| Sep 2022 | 10.99 | 5.47% | $38.68 | $3.52 |
FRME Price vs fair value
FRME average PE ratio chart
What this chart measures
The Historical Valuation Regime chart shows where the stock's current valuation sits relative to its own historical valuation range over the selected lookback period.
This is a history-relative tool, not a market-relative percentile. It does not compare the stock to other companies. Instead, it compares each historical valuation reading to the stock's own past readings.
Percentile logic
The threshold lines are calculated them from the stock's real historical values using percentile interpolation. That is why some colored bands are narrow while others are wide: the band widths reflect how the stock actually traded through time.
Regime map
| Historical percentile | Regime | Chart meaning |
|---|---|---|
| 0-10 | Historically Low | Deep cheap zone |
| >10-25 | Below Average | Cheap relative to history |
| >25-75 | Average | Within the normal historical range |
| >75-90 | Above Average | Expensive relative to history |
| >90-100 | Historically High | Extreme or stretched valuation |
How to read each part
| Chart element | What it tells you |
|---|---|
| Main line | The actual historical valuation values over time for the selected metric. |
| Dashed horizontal lines | The stock's computed P10, P25, Median, P75, and P90 thresholds for the selected period. |
| Colored bands | The historical valuation zones between those thresholds. |
| Metric boxes | Current ratio, historical median, current percentile, and current regime. |
| Timeline strip | A condensed regime history showing how the stock moved between cheap, fair, and expensive states across each observation. |
Important metric definitions
Current Percentile is the percentile rank of the latest valid historical observation within the selected lookback range.
Current Regime is assigned directly from the latest observation's percentile bucket using the fixed 10 / 25 / 75 / 90 cutoffs shown above.
How to use it well
This chart is most useful for answering a narrow question: Is this stock trading high, low, or normal relative to its own history? It works best alongside growth, profitability, and forward-looking business analysis, because a stock can deserve a higher or lower regime if its business quality has changed.
The current PE ratio of FRME is above its 3, 5 and 10-year averages.
PE comparison
First Merchants's price to earnings (P/E) of 12.7 is lower than the Financial Services sector, the industry and its peers average. Looking at the Financial Services sector average of 13.38, First Merchants's price to earnings (P/E) is 5% lower.
FRME PE vs peers
When compared to its peers ONB and GABC, FRME's PE ratio is lower, but it is higher than SRCE's and THFF's. First Merchants's current PE ratio of 12.7 is in line with the average of its peers, which is 12.86.
| Stock name | PE ratio | Market cap |
|---|---|---|
| THFF First Financial Corp | 11.11 | $898.31M |
| SRCE 1St Source Corp | 12.54 | $1.97B |
| FRME First Merchants Corp | 12.7 | $2.73B |
| GABC German American Bancorp Inc | 13.01 | $1.78B |
| ONB Old National Bancorp | 13.43 | $10.17B |
| LKFN Lakeland Financial Corp | 14.19 | $1.51B |
| HBNC Horizon Bancorp Inc | N/A | $1.01B |
Frequently asked questions
What is First Merchants's PE ratio?
The price to earnings ratio for FRME stock as of Jul 13, 2026, stands at 12.7.
What is the 3-year average PE ratio for First Merchants (FRME)?
As an average over the last 3 years, FRME stock has a PE ratio of 10.25.
What is the 5-year average PE ratio for First Merchants (FRME)?
As an average over the last 5 years, FRME stock has a PE ratio of 10.14.
What is the highest PE ratio for FRME?
The highest quarterly PE ratio in the last ten years has been 19.75 and it was in the Dec 2017 quarter.
How does the current PE ratio for FRME compare to its historical average?
The current PE ratio of FRME is 3.2% higher than the 10-year historical average.
How is FRME's PE ratio calculated (First Merchants PE ratio formula)?
The P/E ratio is calculated by taking the latest stock price and dividing it by the earnings per share(EPS) for the last 12 months. As of today (Jul 13, 2026), First Merchants's share price is $43.3. The company's earnings per share for the trailing twelve months (TTM) ending Mar 2026 is $3.41. Therefore, First Merchants's price to earnings ratio for today is 12.7. PE RATIO(12.7) = STOCK PRICE($43.3) / TTM EPS($3.41)
All PE ratio stats are based on quarterly TTM periods, unless otherwise specified.