First Financial Statements From 2010 to 2026

First Merchants Balance Sheet		Trends
Current Value Last Year Historical Average  10 Year Trend Common Stock Shares Outstanding 60.6 M 57.7 M 44.5 M Slightly volatile Total Assets 22.1 B 21.1 B 11.4 B Slightly volatile Short and Long Term Debt Total 1.4 B 1.3 B 816.6 M Slightly volatile Total Current Liabilities 17.8 B 17 B 5.4 B Slightly volatile Total Stockholder Equity 2.8 B 2.7 B 1.4 B Slightly volatile Property Plant And Equipment Net 156.7 M 149.2 M 97.6 M Slightly volatile Retained Earnings 1.5 B 1.5 B 677.9 M Slightly volatile Cash 466.7 M 444.5 M 290 M Slightly volatile Non Current Assets Total 19.9 B 18.9 B 7.1 B Slightly volatile Cash And Short Term Investments 2.1 B 2 B 1.3 B Slightly volatile Net Receivables 110.9 M 105.6 M 51.3 M Slightly volatile Liabilities And Stockholders Equity 22.1 B 21.1 B 11.4 B Slightly volatile Non Current Liabilities Total 1.5 B 1.4 B 579.3 M Slightly volatile Other Stockholder Equity 1.4 B 1.4 B 796.6 M Slightly volatile Total Liabilities 19.3 B 18.4 B 9.9 B Slightly volatile Property Plant And Equipment Gross 439 M 418.1 M 182.7 M Slightly volatile Total Current Assets 1.3 B 2.1 B 2.6 B Very volatile Short Term Debt 212.3 M 278.4 M 302.2 M Pretty Stable Intangible Assets 17.9 M 22.8 M 20.8 M Slightly volatile Accounts Payable 19.4 M 18.5 M 7.1 M Slightly volatile Good Will 859.7 M 818.8 M 441.3 M Slightly volatile Other Current Assets 820.6 M 863.8 M 2.3 B Slightly volatile Common Stock 4.5 M 8.3 M 5.6 M Slightly volatile Common Stock Total Equity 4.3 M 8.5 M 5.6 M Slightly volatile Other Liabilities 51.6 M 93.4 M 63.9 M Slightly volatile Long Term Debt 1.1 B 1.1 B 516.5 M Slightly volatile Short Term Investments 1.7 B 1.6 B 1.2 B Slightly volatile Property Plant Equipment 79.8 M 142.1 M 100 M Slightly volatile Preferred Stock Total Equity 20.7 M 22.6 M 17.8 M Pretty Stable Net Tangible Assets 883.4 M 1.5 B 868.7 M Slightly volatile Retained Earnings Total Equity 1.2 B 1.2 B 632.9 M Slightly volatile Capital Surpluse 760.8 M 1.4 B 775.6 M Slightly volatile Long Term Investments 5.8 B 4 B 5.1 B Pretty Stable Non Current Liabilities Other 145.7 M 229.2 M 170.1 M Slightly volatile Short and Long Term Debt 244.9 M 263.7 M 205.2 M Slightly volatile Long Term Debt Total 1.6 B 1.5 B 568.9 M Slightly volatile Earning Assets 1.9 B 3.2 B 2 B Slightly volatile Net Invested Capital 2.8 B 3.7 B 2.3 B Slightly volatile Capital Stock 19.6 M 37.2 M 13.6 M Slightly volatile
First Merchants Income Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Other Operating Expenses 830.6 M 791.1 M 375.7 M Slightly volatile Operating Income 272.1 M 259.1 M 155.6 M Slightly volatile EBIT 279.8 M 266.5 M 156.5 M Slightly volatile EBITDA 272.1 M 259.1 M 163.4 M Slightly volatile Total Operating Expenses 400.1 M 381.1 M 236.8 M Slightly volatile Net Income 237.3 M 226 M 130 M Slightly volatile Depreciation And Amortization 32.4 M 30.9 M 11.5 M Slightly volatile Selling General Administrative 296.2 M 282.1 M 151.8 M Slightly volatile Total Revenue 1.1 B 1.1 B 533.8 M Slightly volatile Gross Profit 672.2 M 640.2 M 393.3 M Slightly volatile Cost Of Revenue 430.5 M 410 M 140.5 M Slightly volatile Income Before Tax 272.1 M 259.1 M 155.8 M Slightly volatile Selling And Marketing Expenses 8.2 M 7.8 M 4.9 M Slightly volatile Net Income Applicable To Common Shares 266.5 M 253.8 M 133.8 M Slightly volatile Preferred Stock And Other Adjustments 2.5 M 1.3 M 2 M Slightly volatile Net Income From Continuing Ops 139.1 M 231.6 M 127.5 M Slightly volatile Tax Provision 34.5 M 34.9 M 30.1 M Slightly volatile Net Interest Income 417.4 M 599.3 M 340.7 M Slightly volatile Interest Income 545.5 M 1.1 B 453 M Slightly volatile Reconciled Depreciation 32.4 M 30.9 M 12.3 M Slightly volatile
First Merchants Cash Flow Statement		Trends
Current Value Last Year Historical Average  10 Year Trend Begin Period Cash Flow 106.5 M 129.5 M 119.2 M Slightly volatile Depreciation 32.4 M 30.9 M 11.5 M Slightly volatile Total Cash From Operating Activities 321.4 M 306.1 M 170.6 M Slightly volatile Net Income 243.2 M 231.6 M 130.8 M Slightly volatile End Period Cash Flow 111.9 M 100.8 M 121.1 M Slightly volatile Stock Based Compensation 7 M 6.7 M 3.6 M Slightly volatile Issuance Of Capital Stock 2 M 2.6 M 1.6 M Slightly volatile
Financial Ratios		Trends
Current Value Last Year Historical Average  10 Year Trend Price To Sales Ratio 1.94 2.3395 2.9393 Pretty Stable Dividend Yield 0.0356 0.0382 0.0254 Slightly volatile PTB Ratio 1.44 1.16 1.1269 Slightly volatile Days Sales Outstanding 39.22 36.58 34.967 Pretty Stable Book Value Per Share 37.35 35.57 28.158 Slightly volatile Free Cash Flow Yield 0.096 0.1 0.1278 Slightly volatile Operating Cash Flow Per Share 4.31 4.11 3.4649 Slightly volatile Stock Based Compensation To Revenue 0.0079 0.0064 0.0072 Pretty Stable Capex To Depreciation 1.29 0.77 0.7519 Very volatile PB Ratio 1.44 1.16 1.1269 Slightly volatile EV To Sales 2.65 2.9402 3.8589 Very volatile Free Cash Flow Per Share 4.31 4.11 3.458 Slightly volatile ROIC 0.0563 0.0614 0.0535 Slightly volatile Net Income Per Share 4.11 3.9151 2.5992 Slightly volatile Payables Turnover 27.15 25.86 17.8428 Slightly volatile Sales General And Administrative To Revenue 0.2 0.2242 0.2894 Slightly volatile Capex To Revenue 0.0228 0.0251 0.0266 Pretty Stable Cash Per Share 28.73 27.36 29.2461 Slightly volatile POCF Ratio 7.98 7.86 9.4009 Pretty Stable Interest Coverage 0.46 0.49 2.4392 Pretty Stable Payout Ratio 0.43 0.3653 0.298 Slightly volatile Capex To Operating Cash Flow 0.26 0.25 0.2613 Slightly volatile PFCF Ratio 11.92 10.05 9.8085 Slightly volatile Days Payables Outstanding 13.88 14.61 24.8512 Slightly volatile Income Quality 1.36 1.19 1.5332 Slightly volatile ROE 0.1 0.0874 0.09 Slightly volatile EV To Operating Cash Flow 11.3 10.47 12.3865 Very volatile PE Ratio 10.63 9.5733 12.4705 Pretty Stable Return On Tangible Assets 0.0118 0.0132 0.0116 Slightly volatile EV To Free Cash Flow 16.76 13.38 12.9274 Pretty Stable Earnings Yield 0.0754 0.1045 0.0834 Very volatile Intangibles To Total Assets 0.0218 0.036 0.0367 Pretty Stable Current Ratio 0.088 0.11 0.1642 Slightly volatile Tangible Book Value Per Share 25.49 24.28 19.2869 Slightly volatile Receivables Turnover 8.38 10.33 10.5998 Slightly volatile Graham Number 52.37 49.88 39.7299 Slightly volatile Shareholders Equity Per Share 37.35 35.57 28.158 Slightly volatile Debt To Equity 0.95 0.58 0.6536 Slightly volatile Capex Per Share 0.17 0.27 0.2756 Pretty Stable Revenue Per Share 16.82 16.0204 10.7886 Slightly volatile Interest Debt Per Share 14.2 24.46 17.5489 Slightly volatile Debt To Assets 0.0999 0.0727 0.0789 Slightly volatile Enterprise Value Over EBITDA 10.54 10.78 12.3396 Pretty Stable Short Term Coverage Ratios 1.04 0.99 0.7617 Slightly volatile Price Earnings Ratio 10.63 9.5733 12.4705 Pretty Stable Operating Cycle 39.22 36.58 34.967 Pretty Stable Price Book Value Ratio 1.44 1.16 1.1269 Slightly volatile Days Of Payables Outstanding 13.88 14.61 24.8512 Slightly volatile Dividend Payout Ratio 0.43 0.3653 0.298 Slightly volatile Price To Operating Cash Flows Ratio 7.98 7.86 9.4009 Pretty Stable Price To Free Cash Flows Ratio 11.92 10.05 9.8085 Slightly volatile Pretax Profit Margin 0.19 0.2802 0.2897 Pretty Stable Operating Profit Margin 0.18 0.2 0.2843 Pretty Stable Effective Tax Rate 0.12 0.1278 0.1981 Slightly volatile Company Equity Multiplier 10.09 9.14 8.248 Very volatile Long Term Debt To Capitalization 0.42 0.33 0.2814 Pretty Stable Total Debt To Capitalization 0.48 0.38 0.3837 Slightly volatile Return On Capital Employed 0.1 0.0754 0.0806 Very volatile Debt Equity Ratio 0.95 0.58 0.6536 Slightly volatile Ebit Per Revenue 0.18 0.2 0.2843 Pretty Stable Quick Ratio 0.088 0.11 0.1642 Slightly volatile Dividend Paid And Capex Coverage Ratio 3.48 2.87 6.1225 Slightly volatile Net Income Per E B T 0.61 0.8722 0.7861 Slightly volatile Cash Ratio 0.0527 0.0301 0.0396 Slightly volatile Operating Cash Flow Sales Ratio 0.21 0.23 0.3269 Pretty Stable Days Of Sales Outstanding 39.22 36.58 34.967 Pretty Stable Free Cash Flow Operating Cash Flow Ratio 0.95 1.14 0.9921 Slightly volatile Cash Flow Coverage Ratios 0.16 0.21 0.2141 Pretty Stable Price To Book Ratio 1.44 1.16 1.1269 Slightly volatile Fixed Asset Turnover 5.94 9.34 5.387 Slightly volatile Capital Expenditure Coverage Ratio 3.98 4.19 4.1214 Slightly volatile Price Cash Flow Ratio 7.98 7.86 9.4009 Pretty Stable Enterprise Value Multiple 10.54 10.78 12.3396 Pretty Stable Debt Ratio 0.0999 0.0727 0.0789 Slightly volatile Cash Flow To Debt Ratio 0.16 0.21 0.2141 Pretty Stable Price Sales Ratio 1.94 2.3395 2.9393 Pretty Stable Return On Assets 0.0114 0.0126 0.0112 Slightly volatile Asset Turnover 0.0706 0.0662 0.0518 Very volatile Net Profit Margin 0.14 0.2444 0.2317 Slightly volatile Gross Profit Margin 0.53 0.5 0.7608 Slightly volatile Price Fair Value 1.44 1.16 1.1269 Slightly volatile Return On Equity 0.1 0.0874 0.09 Slightly volatile
First Merchants Valuation Data		Trends
Current Value Last Year Historical Average  10 Year Trend Market Cap 1.9 B 1.8 B 1.5 B Slightly volatile Enterprise Value 1.7 B 1.9 B 2.1 B Slightly volatile

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