First Merchants Bank Valuation Multiples

First Merchants Bank Overview

About First Merchants Bank

First Merchants Corp, through its subsidiaries, provides its customers with financial services delivered locally by bankers. It offers personal banking, business banking, real estate mortgage lending, cash management services, brokerage, wealth management, and insurance. The company reports in only one segment which is community banking.

Founded

1982

HQ

Employees

2.1K

Website

firstmerchants.com

Sectors

Commercial Banking

Financials (LTM)

Revenue: $716M

Net Income: $232M

EV

$3B

Valuation Multiples

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First Merchants Bank Financials

First Merchants Bank reported last 12-month revenue of $716M.

In the same LTM period, First Merchants Bank generated $232M in net income.

First Merchants Bank P&L

In the most recent fiscal year, First Merchants Bank reported revenue of $688M and net income of $226M.

First Merchants Bank expects next 12-month revenue of XXX and NTM EBITDA of XXX

First Merchants Bank Stock Performance

First Merchants Bank has current market cap of $2B, and enterprise value of $3B.

First Merchants Bank's stock price is $39.35.

First Merchants Bank Valuation Multiples

First Merchants Bank trades at 4.7x EV/Revenue multiple.

First Merchants Bank Financial Valuation Multiples

As of March 31, 2026, First Merchants Bank has market cap of $2B and EV of $3B.

Equity research analysts estimate First Merchants Bank's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

First Merchants Bank has a P/E ratio of 10.7x.

First Merchants Bank Margins & Growth Rates

First Merchants Bank's revenue in the last 12 month grew by 14%.

First Merchants Bank's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.

First Merchants Bank Public Comps

See public comps and valuation multiples for other Commercial Banking comps.

First Merchants Bank M&A Activity

First Merchants Bank acquired XXX companies to date.

Last acquisition by First Merchants Bank was on XXXXXXXX, XXXXX. First Merchants Bank acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

First Merchants Bank Investment Activity

First Merchants Bank invested in XXX companies to date.

First Merchants Bank made its latest investment on XXXXXXXX, XXXXX. First Merchants Bank invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).