FRMEFIRST MERCHANTS CORP
National Commercial Banks
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $2.5B
- Employees
- 2,086
- Net debt / EBITDA
- —
- $1.0B net debt
- AI in 10-K
- 1.3
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 0 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo126% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo46% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo4% of assetsOver 40% of assets
- Shareholder dissentNo81% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.3 per 10K words · 42nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$2.5B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $206M | $222M | $224M | $201M | $226M | 12% |
| Operating cash flow | $215M | $284M | $259M | $266M | $284M | 6.5% |
| Stock-based comp | $5M | $5M | $5M | $6M | $7M | 26% |
| Buybacks | $25M | $0 | $0 | $56M | $47M | 17% |
| Dividends | $61M | $73M | $80M | $82M | $83M | 1.6% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $2M · 8
- Net
- −$2M
Pay vs performance
No pay-versus-performance disclosure yet.