First Merchants Corporation Financial Ratios — FRME Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	5.25	9.17	7.69	8.84	8.29	9.25	8.71	11.74	10.3	8.12	10.85	11.25	10.49	8.86	9.49
Return on Assets (%)	0.61	1.06	0.91	1.07	1.04	1.16	1.16	1.65	1.47	1.12	1.39	1.33	1.23	1.1	1.21
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.68	2.06	2.22	2.41	2.44	2.46	2.29	2.13	2.12	2.24	2.06	1.88	1.8	4.28	4.44
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	17.62	28.15	28.73	33.07	35.46	37.25	38.36	45.3	43.71	34.54	46.31	40.7	39.82	36.98	39.09
Profit Margin (%)	13.12	20.83	21.18	24.18	25.47	27.79	27.58	38.32	37.1	30.2	39.52	35.36	34.38	32.14	34.09
Net Income to Common Margin (%)	11.05	18.73	20.04	24.18	25.47	27.79	27.58	38.32	37.1	30.2	39.52	35.13	34.09	31.84	33.81
Effective Tax Rate (%)	25.53	26.02	26.29	26.89	28.19	25.41	28.09	15.41	15.13	12.58	14.64	13.14	13.67	13.09	12.78
Dvd Payout Ratio (%)	3.52	7.15	13.31	17.78	23.94	27.39	33.12	26.18	31.18	38.05	29.79	32.96	36.08	40.91	36.99
Sustainable Growth Rate (%)	5.07	8.52	6.67	7.27	6.31	6.72	5.83	8.67	7.09	5.03	7.62	7.54	6.7	5.24	5.98

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	333	206	249	272	363	427	554	453	490	508	453	975	871	916	856
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	333	206	249	272	363	427	554	453	490	508	453	975	871	916	856
Total Debt/EBITDA	64.57	46.15	53.31	45.29	58.05	59.68	69.5	51.28	52.2	46.13	42.3	82.52	74.42	34.12	29.1
Net Debt/EBITDA	40.11	14.87	18.08	17.64	36.57	38.4	45.66	31.35	20.71	-7.03	-17.63	61.47	27.56	19.72	19.57
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.15	10.72	11.67	12.48	12.58	12.5	13.91	14.25	14.34	13.33	12.38	11.16	12.08	12.45	12.83
Long-Term Debt/Equity (%)	64.74	37.38	39.21	37.43	42.74	47.4	42.48	32.2	27.42	27.07	23.67	47.92	38.77	39.74	34.71
Long-Term Debt/Capital (%)	39.3	27.21	28.17	27.24	29.94	32.16	29.82	24.36	21.52	21.31	19.14	32.39	27.94	28.44	25.77
Long-Term Debt/Total Assets (%)	7.98	4.79	4.58	4.67	5.38	5.93	5.91	4.59	3.93	3.61	2.93	5.42	4.73	5	4.5
Total Debt/Equity (%)	64.74	37.38	39.21	37.43	42.74	47.4	42.48	32.2	27.42	27.07	23.67	47.92	38.77	39.74	34.71
Total Debt/Capital (%)	39.3	27.21	28.17	27.24	29.94	32.16	29.82	24.36	21.52	21.31	19.14	32.39	27.94	28.44	25.77
Total Debt/Total Assets (%)	7.98	4.79	4.58	4.67	5.38	5.93	5.91	4.59	3.93	3.61	2.93	5.42	4.73	5	4.5
Net Debt to Equity	40.22	12.04	13.3	14.58	26.93	30.5	27.91	19.69	10.88	-4.13	-9.86	35.7	14.36	22.98	23.34
Net Debt/Capital (%)	28.68	10.75	11.74	12.72	21.21	23.37	21.82	16.45	9.81	-4.3	-10.94	26.31	12.56	18.68	18.92
EBITDA	5	4	5	6	6	7	8	9	9	11	11	12	12	27	29
EBITDA-CapEx	5	4	5	6	6	7	8	9	9	11	11	12	12	27	29
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	10.15	10.72	11.67	12.48	12.58	12.5	13.91	14.25	14.34	13.33	12.38	11.16	12.08	12.45	12.83
Long-Term Debt/Equity (%)	64.74	37.38	39.21	37.43	42.74	47.4	42.48	32.2	27.42	27.07	23.67	47.92	38.77	39.74	34.71
Long-Term Debt/Capital (%)	39.3	27.21	28.17	27.24	29.94	32.16	29.82	24.36	21.52	21.31	19.14	32.39	27.94	28.44	25.77
Long-Term Debt/Total Assets (%)	7.98	4.79	4.58	4.67	5.38	5.93	5.91	4.59	3.93	3.61	2.93	5.42	4.73	5	4.5
Total Debt/Equity (%)	64.74	37.38	39.21	37.43	42.74	47.4	42.48	32.2	27.42	27.07	23.67	47.92	38.77	39.74	34.71
Total Debt/Capital (%)	39.3	27.21	28.17	27.24	29.94	32.16	29.82	24.36	21.52	21.31	19.14	32.39	27.94	28.44	25.77
Total Debt/Total Assets (%)	7.98	4.79	4.58	4.67	5.38	5.93	5.91	4.59	3.93	3.61	2.93	5.42	4.73	5	4.5
CFO/Total Liabilities	2.34	1.87	3.81	1.49	0.96	1.64	1.57	2.13	1.66	1.67	1.59	1.78	1.6	1.66	1.71
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.15	0.19	0.21	0.22	0.22	0.27	0.27	0.25	0.25	0.22	0.22	0.21	0.21	0.22	0.22

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	10.58	12.71	12	12.88	11.57	11.53	11	10.65	9.88	9.57	9.36	8.83	7.13	6.61	7.16
Days Sales Outstanding	34.51	28.72	30.41	28.35	31.56	31.67	33.18	34.28	36.96	38.15	39	41.33	51.23	55.18	50.98
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash Conversion Cycle	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventory to Cash Days	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	242	426	816	857	1,034	1,540	2,068	1,691	2,303	2,017	2,237	2,433	2,203	2,313	2,135
- Cash & Cash Equivalents	126	140	165	166	134	152	190	176	295	585	641	249	549	387	280
+ Preferred Equity and Hybrid Capital	91	91	- -	- -	- -	- -	- -	- -	- -	- -	- -	25	25	25	25
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	333	206	249	272	363	427	554	453	490	508	453	975	871	916	856
Enterprise Value	21	70	365	414	604	1,119	1,432	826	707	21	-296	1,207	924	2,429	2,309
Total Capital	848	759	884	999	1,214	1,329	1,857	1,862	2,276	2,383	2,365	3,010	3,119	3,221	3,323
Total Debt/Capital (%)	39.3	27.21	28.17	27.24	29.94	32.16	29.82	24.36	21.52	21.31	19.14	32.39	27.94	28.44	25.77
Total Debt / EV	15.69	2.95	0.68	0.66	0.6	0.38	0.39	0.55	0.69	24.35	-1.53	0.81	0.94	0.38	0.37
EV/Sales	0.11	0.32	1.73	1.66	2.35	3.84	4.11	1.99	1.6	0.04	0.7	1.92	1.42	3.88	3.48
EV/EBITDA	4.11	15.62	78.05	68.84	96.52	156.21	179.69	93.46	75.37	1.89	33.84	102.18	78.92	90.45	78.47
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	0.25	0.99	1.99	5.45	10.67	10.78	11.32	4.59	4	0.1	1.68	4.25	3.57	9.12	8.14
EV/Free Cash Flow to Firm	0.25	0.99	1.99	5.45	10.67	10.78	11.32	4.59	4	0.1	1.68	4.25	3.57	9.12	8.14
Diluted Market Cap	226	428	682	832	968	1,544	1,910	1,695	2,144	2,028	2,261	2,382	2,206	2,335	2,164
Diluted Enterprise Value	524	585	766	938	1,197	1,819	2,274	1,973	2,339	1,951	2,073	3,134	2,554	2,890	2,764
EV per Share	0.74	2.43	10.15	10.98	14.86	27.34	29.12	16.75	12.77	0.39	6.73	20.4	15.55	41.89	40.54
TTM Sales	192	217	210	249	257	292	348	415	443	492	520	628	651	627	663
TTM EBITDA	5	4	5	6	6	7	8	9	9	11	11	12	12	27	29
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	85	70	183	76	57	104	127	180	177	204	215	284	259	266	284
TTM Free Cash Flow to Firm	85	70	183	76	57	104	127	180	177	204	215	284	259	266	284

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	2.64	6.09	3.72	10.97	17.09	14.89	15.1	9.41	12.13	9.95	10.5	8.38	8.52	8.77	7.63
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	21	70	365	414	604	1,119	1,432	826	707	21	-296	1,207	924	2,429	2,309
Low Price	6.63	8.48	14.08	19.38	21.37	21.1	35.26	32.49	33	21.18	33.98	34.07	24.52	30.55	33.13
EV/Sales	0.11	0.32	1.73	1.66	2.35	3.84	4.11	1.99	1.6	0.04	0.7	1.92	1.42	3.88	3.48
EV/EBITDA	4.11	15.62	78.05	68.84	96.52	156.21	179.69	93.46	75.37	1.89	33.84	102.18	78.92	90.45	78.47
Price/Earnings	10.56	10.45	16	13.7	14.69	18.92	19.75	10.61	13	13.6	10.97	10.73	9.91	11.66	9.61
Price/Earnings Average	10.42	8.94	12.22	12.67	14.26	13.31	19	13.61	11.89	10.82	11.21	10.75	8.61	10.63	9.97
Price/Earnings High	12.09	11.11	16.44	14.09	15.95	19.11	21.32	15.62	13.27	15.34	13.26	12.04	11.76	13.49	11.7
Price/Earnings Low	8.26	5.97	9.92	11.67	12.35	10.6	16.55	10.06	10.31	7.7	8.9	8.9	6.56	8.93	8.49
Price/Book Value	0.57	0.92	1.29	1.18	1.22	1.71	1.59	1.2	1.29	1.08	1.17	1.21	0.99	1.01	0.87
Price/Book Value Average	0.56	0.79	0.98	1.09	1.18	1.2	1.53	1.54	1.18	0.86	1.2	1.21	0.86	0.92	0.91
Price/Book Value High	0.65	0.98	1.32	1.21	1.32	1.73	1.71	1.77	1.32	1.21	1.41	1.36	1.18	1.17	1.06
Price/Book Value Low	0.45	0.53	0.8	1	1.02	0.96	1.33	1.14	1.02	0.61	0.95	1	0.66	0.78	0.77
Price/Tangible Book Value	0.89	1.37	1.89	1.69	1.75	2.4	2.5	1.8	1.91	1.55	1.67	1.93	1.49	1.49	1.24
Price/Tangible Book Value Average	0.87	1.17	1.44	1.56	1.7	1.69	2.41	2.31	1.74	1.23	1.7	1.93	1.29	1.36	1.29
Price/Tangible Book Value High	1.01	1.45	1.94	1.73	1.9	2.42	2.7	2.65	1.95	1.75	2.02	2.16	1.76	1.73	1.51
Price/Tangible Book Value Low	0.69	0.78	1.17	1.44	1.47	1.34	2.1	1.71	1.51	0.88	1.35	1.6	0.98	1.14	1.1
Price/Sales	1.17	1.96	3.21	3.31	3.74	5.26	5.45	4.07	4.82	4.11	4.33	3.77	3.38	3.71	3.25
Price/Sales Average	1.15	1.67	2.45	3.06	3.63	3.7	5.24	5.22	4.41	3.27	4.43	3.78	2.94	3.38	3.37
Price/Sales High	1.34	2.08	3.3	3.41	4.06	5.31	5.88	5.98	4.92	4.63	5.24	4.23	4.01	4.29	3.95
Price/Sales Low	0.91	1.12	1.99	2.82	3.15	2.95	4.57	3.85	3.83	2.33	3.52	3.13	2.23	2.84	2.87
Price/Cash Flow	2.63	6.04	3.68	10.87	16.96	14.78	15	9.37	12.09	9.92	10.47	8.33	8.5	8.74	7.59
Price/Cash Flow Average	2.59	5.16	2.81	10.05	16.45	10.4	14.43	12.02	11.07	7.89	10.7	8.34	7.38	7.97	7.88
Price/Cash Flow High	3.01	6.42	3.78	11.18	18.41	14.93	16.19	13.79	12.35	11.18	12.66	9.35	10.08	10.11	9.24
Price/Cash Flow Low	2.06	3.45	2.28	9.26	14.25	8.29	12.57	8.88	9.6	5.61	8.49	6.91	5.62	6.7	6.71
Price/Free Cash Flow Average	2.61	5.21	2.84	10.13	16.58	10.48	14.52	12.07	11.1	7.92	10.73	8.39	7.4	7.99	7.91
Price/Free Cash Flow High	3.03	6.48	3.83	11.27	18.55	15.03	16.3	13.84	12.39	11.22	12.7	9.4	10.11	10.14	9.28
Price/Free Cash Flow Low	2.07	3.48	2.31	9.34	14.37	8.34	12.66	8.92	9.63	5.63	8.52	6.94	5.64	6.72	6.74
EV/Sales Average	2.79	2.41	3.37	3.61	4.8	4.66	6.76	5.89	5.19	3.1	4.03	5.07	3.47	4.25	4.25
EV/Sales High	2.99	2.82	4.39	3.97	5.26	6.28	7.46	6.66	5.74	4.47	4.84	5.54	4.55	5.15	4.83
EV/Sales Low	2.53	1.85	2.81	3.36	4.28	3.9	6.02	4.53	4.56	2.16	3.13	4.41	2.77	3.71	3.75
EV/EBITDA Average	104.03	116.62	151.55	149.5	196.74	189.8	295.38	276.75	245.27	138.76	196.03	269.79	193.16	99.14	95.66
EV/EBITDA High	111.45	136.44	197.72	164.34	215.82	255.64	325.93	312.89	271.39	199.63	235.19	294.57	252.82	120.27	108.72
EV/EBITDA Low	94.45	89.61	126.41	139.19	175.36	158.97	263.24	212.71	215.45	96.72	151.98	234.23	154.13	86.63	84.55
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.47	14.84	22.72	22.75	25.42	37.65	42.06	34.27	41.59	37.41	41.89	41.11	37.08	39.89	37.48
High Price	9.7	15.78	23.35	23.39	27.6	38.02	45.42	50.44	42.48	42.19	50.65	46.12	43.97	46.13	45.62
Enterprise Value Average	537	522	708	898	1,232	1,359	2,353	2,447	2,301	1,528	2,098	3,188	2,262	2,662	2,815
Enterprise Value High	575	610	923	987	1,351	1,831	2,597	2,767	2,546	2,198	2,517	3,480	2,961	3,229	3,199
Enterprise Value Low	487	401	590	836	1,098	1,138	2,097	1,881	2,022	1,065	1,626	2,767	1,805	2,326	2,488

Shares Outstanding	29	29	36	38	41	41	49	49	55	54	53	59	59	58	57
Diluted Weighted Avg Shares	27	29	30	37	38	41	45	49	52	54	54	58	59	59	58
Basic Weighted Avg Shares	27	29	30	36	38	41	45	49	51	54	54	58	59	58	57
Revenue per Share	7.26	7.58	7.08	6.87	6.79	7.16	7.72	8.43	8.63	9.11	9.66	10.9	10.97	10.74	11.54
EBITDA per Share	0.19	0.16	0.16	0.17	0.17	0.18	0.18	0.18	0.18	0.2	0.2	0.21	0.2	0.46	0.51
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.8	1.42	1.42	1.66	1.73	1.99	2.13	3.23	3.2	2.75	3.82	3.83	3.74	3.42	3.9
Basic EPS from Cont Ops	0.95	1.58	1.5	1.66	1.73	1.99	2.13	3.23	3.2	2.75	3.82	3.85	3.77	3.45	3.93
Diluted EPS, GAAP	0.8	1.41	1.4	1.65	1.72	1.98	2.12	3.22	3.19	2.74	3.81	3.81	3.73	3.41	3.88
Diluted EPS from Cont Ops	0.95	1.56	1.48	1.65	1.72	1.98	2.12	3.22	3.19	2.74	3.81	3.83	3.76	3.44	3.92
Dividend per Share	0.18	0.26	0.27	0.3	0.41	0.55	0.71	0.85	1	1.05	1.14	1.29	1.38	1.43	1.48
Cash Flow per Share	3.22	2.46	6.17	2.09	1.5	2.55	2.8	3.66	3.44	3.77	4	4.93	4.36	4.56	4.94
Free Cash Flow per Basic Share	3.22	2.46	6.17	2.09	1.5	2.55	2.8	3.66	3.44	3.77	4	4.93	4.36	4.56	4.94
Cash & Equivalents per Share	22.57	22.77	19.51	19	19.5	20.76	24.21	26.72	37.67	46.44	55.9	37.61	36.62	14.23	12.41
Book Value per Share	14.83	16.08	17.67	19.29	20.91	22.04	26.51	28.53	32.26	34.78	35.81	33.96	37.4	39.33	42.87
Tangible Book Value per Share	9.56	10.87	12.03	13.48	14.52	15.71	16.82	19.01	21.81	24.16	25.12	21.32	24.96	26.7	30.13

First Merchants Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)