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First Merchants Bank Valuation Multiples

Discover revenue and EBITDA valuation multiples for First Merchants Bank and similar public comparables like RAKBANK, Abu Dhabi Islamic Bank, and Abu Dhabi Commercial Bank.

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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

United States of America
Employees

2.1K+

Financials

LTM Revenue $663M

LTM EBITDA n/a

EV

$3.0B

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First Merchants Bank Financials

First Merchants Bank has a last 12-month revenue of $663M and a last 12-month EBITDA of n/a.

In the most recent fiscal year, First Merchants Bank achieved revenue of $627M and an EBITDA of n/a.

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

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First Merchants Bank P&L

FY 2023 FY 2024 FY 2025 LTM NTM
Revenue $651M $627M XXX XXX XXX
Gross Profit n/a n/a XXX XXX XXX
Gross Margin NaN% NaN% XXX XXX XXX
EBITDA n/a n/a XXX XXX XXX
EBITDA Margin NaN% NaN% XXX XXX XXX
Net Profit $222M $224M XXX XXX XXX
Net Margin 34% 36% XXX XXX XXX
Net Debt $726M $323M XXX XXX XXX

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First Merchants Bank Stock Performance

As of April 15, 2025, First Merchants Bank's stock price is $34.

First Merchants Bank has current market cap of $2.0B, and EV of $3.0B.

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First Merchants Bank Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$3.0B $2.0B XXX XXX XXX XXX $3.54

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First Merchants Bank Valuation Multiples

As of April 15, 2025, First Merchants Bank has market cap of $2.0B and EV of $3.0B.

First Merchants Bank's trades at 4.5x LTM EV/Revenue multiple, and n/a LTM EBITDA.

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

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First Merchants Bank Financial Valuation Multiples

FY 2024 FY 2025E FY 2026E FY 2027E
EV $3.0B XXX XXX XXX
EV/Revenue 4.7x XXX XXX XXX
EV/EBITDA n/a XXX XXX XXX
P/E 10.0x XXX XXX XXX
P/E/Growth 1.2x XXX XXX XXX
EV/FCF 11.1x XXX XXX XXX

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First Merchants Bank Valuation Multiples

First Merchants Bank's NTM/LTM revenue growth is 7%

First Merchants Bank's revenue per employee for the last fiscal year averaged $0.3M, while opex per employee averaged n/a for the same period.

Over next 12 months, First Merchants Bank's ratio of sales and marketing spend to revenue is estimated to be  XXX , while its R&D spend to revenue to be  XXX .

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

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First Merchants Bank Operational Valuation Multiples

FY 2024 NTM FY 2025E FY 2026E FY 2027E
Revenue Growth -4% XXX XXX XXX XXX
EBITDA Margin n/a XXX XXX XXX XXX
EBITDA Growth n/a XXX XXX XXX XXX
Rule of 40 (SaaS-only) n/a XXX XXX XXX XXX
Revenue per Employee $0.3M XXX XXX XXX XXX
Opex per Employee n/a XXX XXX XXX XXX
S&M Expenses to Revenue 1% XXX XXX XXX XXX
G&A Expenses to Revenue 38% XXX XXX XXX XXX
R&D Expenses to Revenue n/a XXX XXX XXX XXX
Opex to Revenue n/a XXX XXX XXX XXX

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First Merchants Bank Public Comps

See public comps and valuation multiples for Commercial Banking comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
Abu Dhabi Commercial Bank XXX XXX XXX XXX XXX XXX
Abu Dhabi Islamic Bank XXX XXX XXX XXX XXX XXX
First Abu Dhabi Bank XXX XXX XXX XXX XXX XXX
National Bank of Fujairah XXX XXX XXX XXX XXX XXX
RAKBANK XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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First Merchants Bank M&A and Investment Activity

First Merchants Bank acquired  XXX companies to date.

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

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Latest Acquisitions by First Merchants Bank

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About First Merchants Bank

When was First Merchants Bank founded? First Merchants Bank was founded in 1982.
Where is First Merchants Bank headquartered? First Merchants Bank is headquartered in United States of America.
How many employees does First Merchants Bank have? As of today, First Merchants Bank has 2.1K+ employees.
Who is the CEO of First Merchants Bank? First Merchants Bank's CEO is Mr. Mark K. Hardwick.
Is First Merchants Bank publicy listed? Yes, First Merchants Bank is a public company listed on NAS.
What is the stock symbol of First Merchants Bank? First Merchants Bank trades under FRME ticker.
When did First Merchants Bank go public? First Merchants Bank went public in 1992.
Who are competitors of First Merchants Bank? Similar companies to First Merchants Bank include e.g. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, First Abu Dhabi Bank, National Bank of Fujairah.
What is the current market cap of First Merchants Bank? First Merchants Bank's current market cap is $2.0B
What is the current revenue of First Merchants Bank? First Merchants Bank's last 12-month revenue is $663M.
What is the current EV/Revenue multiple of First Merchants Bank? Current revenue multiple of First Merchants Bank is 4.5x.
What is the current revenue growth of First Merchants Bank? First Merchants Bank revenue growth between 2023 and 2024 was -4%.
Is First Merchants Bank profitable? Yes, First Merchants Bank is EBITDA-positive (as of the last 12 months).

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