First Merchants PE ratio FRME

Share price divided by earnings per share over the last twelve months, since 2013.

Today, Oct 23, 2026: 13.0×
10-year median: 11.8×
Against its 10-year history: 64th; percentile: 0 is its lowest day, 100 its highest
10-year range: 6.1× to 23.2×
Peer median: 12.9×

First Merchants' PE ratio is 13.0× as of Oct 23, 2026: a share price of $40.68 against $3.12 of earnings per share over the last twelve months.

That is above its ten-year median of 11.8×, close to the middle of its last ten years.

Over that time it ranged from 6.1× in Oct 2023 to 23.2× in Feb 2017.

The median for 10 diversified banks of a similar size is 12.9×.

PE ratio over time

median 11.8×

The dashed line is the 10-year median and the shaded band the middle half of its days.

Open the interactive chart, with overlays and comparisons

Year by year

Year	End of year	Low	High
2026 so far	13.0×	9.4×	14.0×
2025	9.6×	8.9×	14.7×
2024	13.3×	8.0×	14.5×
2023	8.8×	6.1×	12.4×
2022	11.7×	9.3×	13.0×
2021	11.1×	10.6×	18.2×
2020	13.5×	7.6×	13.5×
2019	13.1×	10.2×	14.3×
2018	11.9×	11.8×	21.3×
2017	19.3×	17.2×	23.2×
2016	20.9×	12.5×	20.9×
2015	14.4×	13.5×	15.6×
2014	14.5×	13.4×	16.1×
2013	16.6×	10.3×	16.6×

Against its peers

Companies in Banks - Diversified nearest First Merchants' size, closest first, today.

Company	PE ratio
FRMEFirst Merchants	13.0×
TRMKTrustmark	11.8×
NBTBNBT Bancorp	12.9×
WAFDWafd	9.3×
FCFFirst Commonwealth Financial	12.9×
TBBKBancorp	9.6×
CHCOCity	15.6×
CBUCommunity Financial System	14.5×
PRKPark National	16.4×
FFBCFirst Financial Bancorp	11.5×
DCOMDime Commercial Bancshares	15.6×
Peer median	12.9×

Where First Merchants ranks

#45of 65Diversified banks with the lowest PE ratio

What the PE ratio tells you

Share price divided by earnings per share over the last twelve months. It is the price tag on a dollar of profit: 20× means you pay $20 for $1 of yearly earnings.

Blank while earnings are negative. A very low PE can mean the market expects profits to fall, so read it with growth and the company's own history.

More on First Merchants

Valuation data, not investment advice. Prices as of Oct 23, 2026. Reported figures come from the company's filings with the SEC.