First Merchants vs Merchants Bancorp
First Merchants and Merchants Bancorp are similar in size: $663m and $681m of revenue in their latest fiscal years. First Merchants grew faster (2.5% against 1.6%). First Merchants kept more of each dollar of sales as profit: a net margin of 34.1% against 32.1%.
| Latest fiscal year | First MerchantsFRME, 2025 | Merchants BancorpMBIN, 2025 |
|---|---|---|
| Revenue | $663m | $681m |
| Revenue growth | 2.5% | 1.6% |
| Net income | $226m | $219m |
| Operating margin | — | — |
| Net margin | 34.1% | 32.1% |
| Return on equity | 9.5% | 9.7% |
| Free cash flow | — | −$362m |
| Cash | $84.2m | $212m |
| Total debt | $1000m | $3.84bn |
| Debt to equity | — | — |
| Dividend per share | $1.43 | — |
| Dividend yield | 3.5% | 2.5% |
| Share buybacks | $46.9m | — |
| Employees | 2,086 | 735 |
| Market value | $2.56bn | $2.40bn |
| Price vs our value range | — | — |
| Moat score | 74 (Strong) | 76 (Strong) |
| Insider trades, 12 months | 0 buys, 9 sales | 0 buys, 34 sales |