Start with its own history
At 13.21×, FRME is 2.6% above its 10-observation annual average. A lower multiple can reflect a lower price, higher earnings, or weaker growth expectations—not necessarily a bargain.
NASDAQ · FRMEBanks - RegionalUpdated Nov 5, 2026
First Merchants Corporation P/E ratio
Current valuation, historical context, and peer comparisons.
Current P/E ratio
13.21×
2.6% abovethe 10-year annual average
Share price41.89
÷Earnings per share3.17
Price and EPS in quote currency. Calculation details
Investors are paying 13.21 for every 1 of reported earnings per share.
P/E over time
2016 – 2025
Annual P/ESelected-period average 12.88×
3-year average10.40×3 positive annual observations
5-year average10.58×5 positive annual observations
10-year average12.88×10 positive annual observations
Peer median · TTM12.08×8 peers with positive P/E
Historical P/E ratios
Annual period-end data · 25 observations
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2025 | 9.61× | -17.6% |
| Dec 31, 2024 | 11.66× | +17.6% |
| Dec 31, 2023 | 9.91× | -7.6% |
| Dec 31, 2022 | 10.73× | -2.1% |
| Dec 31, 2021 | 10.97× | -19.4% |
| Dec 31, 2020 | 13.60× | +4.7% |
| Dec 31, 2019 | 13.00× | +22.5% |
| Dec 31, 2018 | 10.61× | -46.3% |
View all 25 annual observations +
| Period end | P/E | Change |
|---|---|---|
| Dec 31, 2017 | 19.75× | +4.4% |
| Dec 31, 2016 | 18.92× | +28.8% |
| Dec 31, 2015 | 14.69× | +7.2% |
| Dec 31, 2014 | 13.70× | -14.3% |
| Dec 31, 2013 | 16.00× | +53.1% |
| Dec 31, 2012 | 10.45× | -58.0% |
| Dec 31, 2011 | 24.91× | +35.0% |
| Dec 31, 2010 | 18.46× | N/M |
| Dec 31, 2009 | N/M | N/M |
| Dec 31, 2008 | 19.48× | +54.3% |
| Dec 31, 2007 | 12.62× | -23.9% |
| Dec 31, 2006 | 16.58× | +4.6% |
| Dec 31, 2005 | 15.85× | -10.9% |
| Dec 31, 2004 | 17.80× | +5.4% |
| Dec 31, 2003 | 16.89× | +32.3% |
| Dec 31, 2002 | 12.76× | -5.1% |
| Dec 31, 2001 | 13.45× | N/M |
Change is relative to the preceding observation. N/M values are excluded from averages.
How FRME compares
Company P/E vs. peer trailing-12-month ratios
| Company | P/E ratio |
|---|---|
 FRME This stockFirst Merchants Corporation | 13.21× |
 FFBCFirst Financial Bancorp. | 11.55× |
 THFFFirst Financial Corporation | 10.29× |
 BFCBank First Corporation | 18.68× |
 FCFFirst Commonwealth Financial Corporation | 12.73× |
 BUSEFirst Busey Corporation | 11.94× |
 SRCE1st Source Corporation | 12.22× |
 MBWMMercantile Bank Corporation | 10.97× |
 LKFNLakeland Financial Corporation | 13.98× |
Peers are selected by the data provider. Business models and earnings definitions can differ.
Put the numbers in context
What does FRME’s P/E tell you?
Compare like with like
The median of the 8 positive peer ratios above is 12.08×. Check growth, margins, debt, and earnings quality before interpreting the gap. A faster-growing business may justify a higher multiple.
Check what drives earnings
One-off gains can temporarily lower P/E; unusual charges can raise it. Reported earnings and forward estimates answer different questions. Pair this view with return on equity and liquidity for a fuller picture.
Keep your research connected
Take FRME into your spreadsheet
Pull historical P/E into Excel or Google Sheets with Wisesheets. Build your own comparisons alongside the rest of your financial model.
Explore WisesheetsQuarterly P/E · latest quarterLQ selects the latest reported quarter. Requires the Wisesheets add-in. See available data
=WISE("FRME", "PE Ratio", "LQ")Sources & calculation methodology
Current P/E
Share price 41.89 ÷ EPS 3.17 = 13.21×. Data is supplied by Financial Modeling Prep through Wisesheets. Quote feed updated Nov 5, 2026; this is not a real-time trading quote.
History & averages
Annual and quarterly P/E observations are provided separately from the current quote. Averages use the latest 3, 5, or 10 annual observations, excluding missing and nonpositive ratios. Pre-IPO observations are omitted. These are period-end observations, not daily averages.
Data definitions and limitations
The current quote feed does not specify the exact EPS filing-period end or whether EPS is basic or diluted. We do not label it as forward P/E. Peer ratios are explicitly trailing-12-month (TTM) values. Historical observations do not include independently verified price and EPS inputs. Sources may update on different schedules; rounded inputs can produce small calculation differences. Historical comparisons describe past pricing, not an estimate of fair value.
FRME P/E ratio: common questions
The essentials behind the numbers.
First Merchants Corporation's current P/E is 13.21× based on the quote data last updated Nov 5, 2026. It represents the share price divided by reported earnings per share. Prices and earnings may refresh on different schedules.
Annual P/E uses earnings for a completed fiscal year. Trailing-12-month (TTM) P/E uses the latest four quarters, while forward P/E uses forecast earnings. These are not interchangeable. This page labels peer ratios as TTM and shows dated annual or quarterly historical observations; it does not show forward estimates.
N/M means not meaningful: the feed has no positive P/E for that observation. Negative or zero earnings should not be ranked as a low positive valuation multiple. N/M observations are excluded from the averages shown above.
Divide the share price by earnings per share (EPS). For example, a share price of 100 and EPS of 5 gives a P/E of 20×. This page uses the price and EPS supplied together in the quote when both are positive.
Price timestamps, EPS definitions, share classes, adjustments, and fiscal periods can differ. A forward P/E also uses forecast earnings rather than reported earnings. Compare the inputs and as-of dates before comparing two displayed ratios.
Not necessarily. The average describes previous market pricing, not fair value. Changes in earnings quality, growth expectations, debt, accounting, and business risk can justify a different multiple today.