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First Merchants price to book ratio FRME

Market value divided by the book value of the company's net assets, since 2011.

Today, Oct 23, 2026
0.9×
10-year median
1.2×
Against its 10-year history
25th
percentile: 0 is its lowest day, 100 its highest
10-year range
0.7× to 2.1×
Peer median
1.4×

First Merchants' price to book ratio is 0.9× as of Oct 23, 2026.

That is below its ten-year median of 1.2×, lower than on 75% of days in the last ten years.

Over that time it ranged from 0.7× in Sep 2020 to 2.1× in Oct 2017.

The median for 10 diversified banks of a similar size is 1.4×.

Price to book ratio over time

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

YearEnd of yearLowHigh
2026 so far0.9×0.9×1.1×
20250.9×0.9×1.1×
20241.0×0.8×1.1×
20231.1×0.7×1.4×
20221.3×1.1×1.4×
20211.2×1.1×1.4×
20201.1×0.7×1.3×
20191.3×1.1×1.5×
20181.2×1.2×1.8×
20171.6×1.5×2.1×
20161.7×1.1×1.7×
20151.3×1.2×1.4×
20141.2×1.1×1.3×
20131.3×0.8×1.3×
20120.8×0.5×0.8×
20110.5×0.4×0.5×

Against its peers

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

CompanyPrice to book ratio
FRMEFirst Merchants0.9×
TRMKTrustmark1.3×
NBTBNBT Bancorp1.4×
WAFDWafd0.7×
FCFFirst Commonwealth Financial1.4×
TBBKBancorp2.9×
CHCOCity2.5×
CBUCommunity Financial System1.6×
PRKPark National1.9×
FFBCFirst Financial Bancorp1.1×
DCOMDime Commercial Bancshares1.2×
Peer median1.4×

What the price to book ratio tells you

Market value divided by the accounting value of the company's net assets. Below 1 means the market values the business at less than what it owns on paper.

Book value misses brands, software and people, so asset-light companies always look expensive on it. Most useful for banks and industrials.

More on First Merchants

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