COMP <GO>

FRME vs SYBT // FORWARD P/E MULTIPLE

First Merchants Corporation (NASDAQ) VS. Stock Yards Bancorp Inc. (NASDAQ) • 15-METRIC TALLY: FRME 4 — SYBT 2

▲ FORWARD P/E MULTIPLE LEADER: FRME

LAST: $41.09 (+1.06%) • MKT CAP: $2.58B

forward-pe

10.6x

LAST: $78.70 (+2.46%) • MKT CAP: $2.44B

forward-pe

16.2x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (FRME VS. SYBT) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	FRME	SYBT	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.20%	13.00%	-3.80	SYBT	/roic <GO>
EV/EBITDA & P/E Valuation	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	10.99%	6.30%	+4.69	FRME	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.21%	1.52%	+1.69	FRME	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	5/9	5/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	52.4	53.0	-0.55	SYBT	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	10.6x	16.2x	-5.60	FRME	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.58B	$2.44B	$135.6M	FRME	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	FRME REV	SYBT REV	FRME GROSS %	SYBT GROSS %	FRME FCF	SYBT FCF
FY 2025	$0	$0	—	—	$283.6M	$154.0M
FY 2024	$0	$0	—	—	$266.2M	$133.0M
FY 2023	$0	$0	—	—	$258.8M	$106.7M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

FRME // BETA —

SYBT // BETA —