Stock Ratings / Financials / FRME / financials

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First Merchants Corporation (FRME) Revenue-to-Profit Sankey Flow & SEC XBRL Financials

$41.09 +1.06% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot)

First Merchants Corporation (FRME) earns a Roarable Rating of B- (Buy) with 71/100 RQD Confidence. High-quality cash engine (steady margins, 9% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

ROARABLE B- • BUY Cap $2.58B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

RQD QUANT TACHOMETERBUY • B-

JEV AI Jury Split (Battleground)

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw B- · Rk B

Each axis scored 0–20

12M PRICE TARGET CONE+5.8% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for FRME)Realized 20D OHLCV Swing Band: ±3.7%

VISUAL REVENUE-TO-PROFIT SANKEY WATERFALL • FY 2025 (10-K)

How FRME Turns Every Dollar of Sales Into Real Bottom-Line Profit

Free Cash Flow:$283.6M (7.1% FCF Margin)

Multi-Year SEC EDGAR XBRL Revenue, Net Profit & Free Cash Flow Trajectory

■ Revenue■ Net Profit■ Free Cash Flow

FY23

Rev $4.00B

FY24

Rev $4.00B

FY25

Rev $4.00B

Fiscal Year	Revenue	Gross Margin	Op Margin	Net Profit	Free Cash Flow	ROIC %
FY 2025	$4.00B	52%	0%	$226.0M	$283.6M	9.2%
FY 2024	$4.00B	52%	0%	$201.4M	$266.2M	9.2%
FY 2023	$4.00B	52%	0%	$223.8M	$258.8M	9.2%

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Forensic Quant Desk

Red-Light Warning Desk: Spotting SEC Cash-Flow & Dilution Risks Before Downgrades (Featuring FRME)

✓Walkthrough of FRME's RQD Radar, SEC cash-conversion gap & downside invalidation levels
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FRME // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +1.61%▼ DESCENDING CHANNEL

2026-10-30O $41.25H $41.27L $40.46C $41.09VOL 412.5K

RES: $42.58SUP: $38.13SMA50: $40.61SMA200: $40.73

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

FRME Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 FRME Butterfly Map → + Track FRME →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

1.5%/yr Implied 5Y Growth

vs. +6.0% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on FRME today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for FRME. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for FRME today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (FRME)

Financials Rank #118 of 1096 ⚔️ TRMK vs FRME Full Matrix →

1. Head-to-Head Financials Peer Comparison (FRME vs. TRMK, BANR, FBNC, FBK)

Industry: Major Banks (248 Tracked Issuers)

Across 1096 tracked Financials securities in the Roarable RQD universe, First Merchants Corporation (FRME) ranks #118 by composite RQD confidence (71/100, grade B-) and #391 by equity capitalization ($2.58B). Within this direct 5-issuer industry benchmark cohort, FRME leads on earnings valuation at 11.4x trailing P/E, while TRMK leads on capital efficiency and profitability with 10.6% ROIC and — gross margin. FRME currently leads its immediate peer cohort in composite quantitative strength at 71/100 (B-).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
FRME ACTIVE First Merchants Corporation	B-	71/100	11.4x	—	9.2%	+1.06%	$2.58B	Benchmark Subject
TRMK Trustmark Corporation	B-	70/100	11.6x	—	10.6%	-0.36%	$2.60B	/trmk-vs-frme →
BANR Banner Corporation	D+	57/100	—	—	3.8%	+0.93%	$2.54B	/banr-vs-frme →
FBNC First Bancorp	B-	70/100	23.9x	—	6.7%	+1.37%	$2.66B	/fbnc-vs-frme →
FBK FB Financial Corporation	C+	67/100	21.9x	—	6.3%	+1.42%	$2.68B	/fbk-vs-frme →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0000712534

In its most recent audited fiscal period (FY2025, filed 2025-12-31), First Merchants Corporation (FRME) reported GAAP revenue of $0 (N/A vs. FY2024 revenue of $0 ) , GAAP net income of $226.0M, operating cash flow of $283.6M, and free cash flow of $283.6M (+6.5% YoY). On the balance sheet, FRME closed FY2025 with $19.03B in total assets against $0 in total debt (Altman Z-Score: N/A, Piotroski F-Score: 5/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$0	$226.0M	$283.6M	$283.6M	$19.03B	—
FY2024 (FY)	2024-12-31	$0	$201.4M	$266.2M	$266.2M	$18.31B	—
FY2023 (FY)	2023-12-31	$0	$223.8M	$258.8M	$258.8M	—	—

3. FRME Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is FRME stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

As of 2026-11-01, First Merchants Corporation (NASDAQ: FRME) is rated B- (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 71/100 at a spot price of $41.09 (+1.06% 1D, market cap $2.58B). Pillar breakdown: Fundamental Cash Engine 13/20, Institutional 13F & Options Flow 13/20, Executive Insider Alignment 13/20, FRED Macro Regime Fit 16/20, and SEC Balance-Sheet Forensics 16/20. Across 1096 tracked Financials issuers, FRME ranks #118 in composite RQD confidence.

How does FRME compare to TRMK and BANR in the Financials sector?

Within the Financials sector (Major Banks), FRME carries a Roarable B- (71/100 RQD), trailing P/E of 11.4x, gross margin of —, and ROIC of 9.2%. By comparison, TRMK (Trustmark Corporation) holds a B- grade (70/100 RQD, P/E 11.6x, ROIC 10.6%, cap $2.60B) and BANR (Banner Corporation) posts a D+ grade (57/100 RQD, P/E N/A, ROIC 3.8%, cap $2.54B). Among the 5-stock peer group, FRME leads on earnings multiple (11.4x) while TRMK leads on capital efficiency (10.6% ROIC).

What are the biggest fundamental strengths and SEC risk factors for FRME?

Per FRME's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0000712534), First Merchants Corporation generated $0 in revenue, $226.0M in net income, and $283.6M in free cash flow against $19.03B in total assets and $0 in total debt. Key quantitative strengths: Company leadership has skin in the game with net positive insider conviction.. Primary risk factors monitored: Broader market pullbacks can still drag down strong stocks in the short run.. Institutional options positioning shows a 50% call / 50% put premium split.

Where is FRME trading relative to its 50-day, 200-day, and 52-week technical levels?

FRME last traded at $41.09 (+1.06% on volume of 447,088 shares), positioning the stock +1.18% above its 50-day simple moving average ($40.61) and +0.88% above its 200-day simple moving average ($40.73). Across its 52-week range of $34.66 to $45.33, FRME sits at the 60.3% percentile with a 14-day RSI of 52.4 (NEUTRAL RANGE) and an implied next-earnings move of ±3.7% ($39.57 to $42.61).