First Merchants (FRME)
Market Price (12/24/2025): $38.47 | Market Cap: $2.2 BilSector: Financials | Industry: Regional Banks
First Merchants (FRME)
Market Price (12/24/2025): $38.47Market Cap: $2.2 BilSector: FinancialsIndustry: Regional Banks
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 12% | Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -70% | Key risksFRME key risks include [1] flat revenue growth and net interest margin compression, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% | ||
| Low stock price volatilityVol 12M is 28% | ||
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% | ||
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% | ||
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 3.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 10%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 42%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42% |
| Low stock price volatilityVol 12M is 28% |
| Capital ratio is >2x the minimum of 6%Tier 1 Capital / Risk Wtd Assets RatioTier 1 Capital / Risk-Weighted Assets is a common measure of financial strength for a bank. It reflects how much equity there is relative to assets where assets are weighted based on riskiness. Low ratios indicate the bank is highly vulnerable to even small changes in the value of their risk assets. is 12% |
| Uninsured deposits are lowUninsured Deposits Ratio %Fraction of deposits that exceed the insurance deposit thresholds. For example, the FDIC protects deposits up to $250K. A high uninsured deposits ratio indicates large accounts and greater potential exposure to bank run risk. is 26% |
| Megatrend and thematic driversMegatrends include Fintech & Digital Payments. Themes include Online Banking & Lending, Digital Payments, and Wealth Management Technology. |
| Weak multi-year price returns2Y Excs Rtn is -34%, 3Y Excs Rtn is -70% |
| Key risksFRME key risks include [1] flat revenue growth and net interest margin compression, Show more. |
Why The Stock Moved
Qualitative Assessment
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1. Q3 2025 Revenue Shortfall: First Merchants Corporation reported third-quarter 2025 revenue of $166.14 million, which fell short of analyst expectations of $172.87 million. Despite an earnings per share (EPS) beat, this revenue miss led to a 1.67% dip in the stock price immediately following the earnings release, reflecting investor concerns over top-line performance.2. Broader Regional Banking Sector Weakness: The general regional banking industry experienced a challenging third quarter in 2025. As a sector, regional banks collectively saw their revenues miss analysts' consensus estimates by an average of 1.1%, and their share prices declined by an average of 1.7% after earnings reports. The SPDR S&P Regional Banking ETF (KRE) was also on track to underperform the broader S&P 500 by approximately 7 percentage points, indicating a systemic headwind for companies like First Merchants.
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Stock Movement Drivers
Fundamental Drivers
The -1.8% change in FRME stock from 9/23/2025 to 12/23/2025 was primarily driven by a -5.1% change in the company's P/E Multiple.| 9232025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 39.19 | 38.47 | -1.84% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 637.74 | 647.91 | 1.59% |
| Net Income Margin (%) | 35.39% | 36.01% | 1.74% |
| P/E Multiple | 9.98 | 9.47 | -5.12% |
| Shares Outstanding (Mil) | 57.50 | 57.45 | 0.10% |
| Cumulative Contribution | -1.84% |
Market Drivers
9/23/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| FRME | -1.8% | |
| Market (SPY) | 3.7% | 35.4% |
| Sector (XLF) | 3.1% | 62.6% |
Fundamental Drivers
The 5.2% change in FRME stock from 6/24/2025 to 12/23/2025 was primarily driven by a 9.2% change in the company's Net Income Margin (%).| 6242025 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 36.58 | 38.47 | 5.18% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 633.33 | 647.91 | 2.30% |
| Net Income Margin (%) | 32.97% | 36.01% | 9.21% |
| P/E Multiple | 10.15 | 9.47 | -6.71% |
| Shares Outstanding (Mil) | 57.97 | 57.45 | 0.90% |
| Cumulative Contribution | 5.17% |
Market Drivers
6/24/2025 to 12/23/2025| Return | Correlation | |
|---|---|---|
| FRME | 5.2% | |
| Market (SPY) | 13.7% | 42.0% |
| Sector (XLF) | 7.8% | 62.8% |
Fundamental Drivers
The -1.6% change in FRME stock from 12/23/2024 to 12/23/2025 was primarily driven by a -25.0% change in the company's P/E Multiple.| 12232024 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 39.08 | 38.47 | -1.55% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 626.09 | 647.91 | 3.48% |
| Net Income Margin (%) | 28.68% | 36.01% | 25.57% |
| P/E Multiple | 12.62 | 9.47 | -24.96% |
| Shares Outstanding (Mil) | 58.00 | 57.45 | 0.95% |
| Cumulative Contribution | -1.56% |
Market Drivers
12/23/2024 to 12/23/2025| Return | Correlation | |
|---|---|---|
| FRME | -1.6% | |
| Market (SPY) | 16.7% | 54.9% |
| Sector (XLF) | 15.7% | 67.4% |
Fundamental Drivers
The 6.9% change in FRME stock from 12/24/2022 to 12/23/2025 was primarily driven by a 11.3% change in the company's Total Revenues ($ Mil).| 12242022 | 12232025 | Change | |
|---|---|---|---|
| Stock Price ($) | 36.00 | 38.47 | 6.87% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 582.16 | 647.91 | 11.29% |
| Net Income Margin (%) | 34.19% | 36.01% | 5.30% |
| P/E Multiple | 10.69 | 9.47 | -11.35% |
| Shares Outstanding (Mil) | 59.10 | 57.45 | 2.79% |
| Cumulative Contribution | 6.79% |
Market Drivers
12/24/2023 to 12/23/2025| Return | Correlation | |
|---|---|---|
| FRME | 11.2% | |
| Market (SPY) | 48.4% | 48.5% |
| Sector (XLF) | 52.3% | 68.3% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FRME Return | -7% | 15% | 1% | -6% | 12% | 1% | 15% |
| Peers Return | � | � | � | � | � | � | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 17% | 114% |
Monthly Win Rates [3] | |||||||
| FRME Win Rate | 42% | 58% | 42% | 42% | 33% | 50% | |
| Peers Win Rate | � | � | � | � | � | � | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| FRME Max Drawdown | -46% | -1% | -16% | -39% | -14% | -14% | |
| Peers Max Drawdown | � | � | � | � | � | � | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: NEWT, ATLO, CBC, CBK, HYNE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)
How Low Can It Go
| Event | FRME | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -50.3% | -25.4% |
| % Gain to Breakeven | 101.0% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -48.0% | -33.9% |
| % Gain to Breakeven | 92.2% | 51.3% |
| Time to Breakeven | 138 days | 148 days |
| 2018 Correction | ||
| % Loss | -34.3% | -19.8% |
| % Gain to Breakeven | 52.2% | 24.7% |
| Time to Breakeven | 809 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -83.0% | -56.8% |
| % Gain to Breakeven | 487.3% | 131.3% |
| Time to Breakeven | 2,520 days | 1,480 days |
Compare to NEWT, ATLO, CBC, CBK, HYNE
In The Past
First Merchants's stock fell -50.3% during the 2022 Inflation Shock from a high on 3/12/2021. A -50.3% loss requires a 101.0% gain to breakeven.
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First Merchants Corporation operates as the financial holding company for First Merchants Bank that provides community banking services. It accepts time, savings, and demand deposits; and provides consumer, commercial, agri-business, and real estate mortgage loans, as well as public finance. The company also offers personal and corporate trust; brokerage and private wealth management; and letters of credit, repurchase agreements, and other corporate services. It operates 109 banking locations in Indiana, Illinois, Ohio, and Michigan counties. The company also offers its services through electronic and mobile delivery channels. First Merchants Corporation was founded in 1893 and is headquartered in Muncie, Indiana.
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JPMorgan Chase for Indiana, Illinois, and Ohio banking.
Bank of America for the Midwest banking market.
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- Deposit Services: Providing various checking, savings, money market, and certificate of deposit accounts for individuals and businesses to manage their funds.
- Commercial Lending: Offering loans and lines of credit to businesses for working capital, equipment financing, commercial real estate, and other business needs.
- Real Estate Lending: Providing mortgage loans for residential properties, including home purchases and refinancing, as well as commercial real estate financing.
- Consumer Lending: Extending personal loans, auto loans, and home equity lines of credit to individuals for various personal financial needs.
- Wealth Management & Trust Services: Delivering financial planning, investment advisory, and fiduciary services to individuals, families, and businesses to help manage and grow their assets.
- Treasury Management: Supplying a range of services designed for businesses to optimize cash flow, manage payments, and enhance liquidity.
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First Merchants Corporation (FRME) is a diversified financial services company primarily operating as a regional bank. Due to the nature of its business, First Merchants serves a broad and diverse customer base, including both individuals and various types of businesses across its operating footprint (Indiana, Illinois, Michigan, and Ohio).
Banks typically do not have "major customers" in the traditional sense that can be publicly identified and listed by name. Their revenue is generated from a vast number of relationships and transactions, and client confidentiality is paramount. While First Merchants does have a significant commercial banking division serving numerous businesses (small to medium-sized enterprises, commercial real estate developers, etc.), their business customer base is highly diversified with no single or few major companies that could be listed as "major customers" as implied by the prompt's request for specific names.
Therefore, rather than identifying specific major business customers, it is more appropriate and feasible to describe the categories of customers First Merchants serves. Applying the prompt's guidance for describing categories for individual customers (as the "list names" option is not applicable to a diversified bank's commercial clients), First Merchants serves the following primary categories of individual customers:
- Everyday Banking & Consumer Customers: This broad category includes individuals who utilize fundamental banking services such as checking and savings accounts, debit cards, online and mobile banking, credit cards, personal loans, and auto loans for their daily financial needs.
- Residential Lending Customers: Individuals and families seeking financing for their homes. This includes a variety of mortgage products for home purchases and refinancing, as well as home equity lines of credit (HELOCs).
- Wealth Management & Trust Clients: Affluent individuals, families, and high-net-worth clients who require more specialized financial services. These services include investment management, financial planning, private banking, and trust and estate administration to help manage, protect, and grow their assets.
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Mark K. Hardwick, Chief Executive Officer
Mark K. Hardwick serves as the Chief Executive Officer of First Merchants Corporation and First Merchants Bank, a position he has held since 2021. He joined First Merchants in November 1997 as corporate controller and was promoted to Chief Financial Officer in April 2002. In June 2007, he also took on leadership responsibilities for operations, technology, and risk management, and in 2016, his title expanded to include Chief Operating Officer. Prior to joining First Merchants, Mr. Hardwick was a Senior Accountant with BKD, LLP in Indianapolis. He is a certified public accountant and holds a Master of Business Administration and a Bachelor's degree in Accounting from Ball State University.
Michele M. Kawiecki, Executive Vice President and Chief Financial Officer
Michele M. Kawiecki is the Executive Vice President and Chief Financial Officer for First Merchants Corporation and First Merchants Bank, a role she assumed in 2021. She began her career with First Merchants in March 2015 as Director of Finance. Before joining First Merchants, Ms. Kawiecki spent 11 to 12 years with UMB Financial Corporation in Kansas City, Missouri, where her roles included Senior Vice President of Capital Management and Assistant Treasurer, Director of Corporate Development and the Enterprise Project Management Office, and Chief Risk Officer. Earlier in her career, she worked for PricewaterhouseCoopers LLP as an Audit Manager. She earned both a Master of Science in Accounting and an Executive Master of Business Administration from the University of Missouri-Kansas City, and a Bachelor's degree in Business and Accounting from Dakota Wesleyan University.
Michael J. Stewart, President
Michael J. Stewart currently serves as President for First Merchants Corporation and First Merchants Bank, overseeing the Commercial, Private Wealth, and Consumer Lines of Business. He joined the bank in 2008 as Chief Banking Officer. Prior to his time at First Merchants, Mr. Stewart spent 18 years with National City Bank in various commercial sales and credit roles. He holds a Master of Business Administration from Butler University and a Bachelor's degree in Finance from Millikin University.
John J. Martin, Executive Vice President and Chief Credit Officer
John J. Martin is the Executive Vice President and Chief Credit Officer of First Merchants Corporation. Mr. Martin joined First Merchants in 2007 as Senior Manager of Lending Process in the Credit Division, was promoted to Deputy Chief Credit Officer in 2008, and became Chief Credit Officer in June 2009. He is a graduate of Indiana University with a Bachelor of Arts degree in Economics and also holds a Master of Business Administration in finance from the Weatherhead School of Management at Case Western Reserve University.
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The key risks to First Merchants (FRME) include challenges related to revenue growth and net interest margin compression, the highly competitive financial services environment, and broader economic conditions impacting credit quality.
- Revenue Growth and Net Interest Margin Compression: First Merchants has experienced flat revenue growth over the last two years, indicating a slowdown in demand. Its net interest income growth has also slowed, and its net interest margin (NIM)—a key profitability indicator for banks—has been flat or declining. This compression in NIM can stem from increased competition for loans and deposits or an unfavorable shift in its balance sheet composition. This directly impacts the bank's profitability, as evidenced by a decline in earnings per share over the past two years, even with flat revenue.
- Competitive and Regulatory Environment: The banking and financial services industry is intensely competitive, driven by evolving regulations, technological advancements, and new product delivery systems. First Merchants faces competition from traditional banks and non-traditional financial service providers. Additionally, the significant regulatory burden on banking institutions can lead to higher operating costs for First Merchants compared to less regulated competitors.
- General Economic Conditions and Credit Risk: First Merchants is exposed to risks from potential changes in monetary and fiscal policies, as well as fluctuations in market interest rates. The creditworthiness of its customers can change, potentially impairing the collectability of loans. Although its market area is diverse, adverse economic challenges, such as those affecting unemployment, could negatively impact the company's operations. The potential for deterioration in Midwest commercial real estate is a specific economic risk that could quickly compress margins.
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The clearest emerging threats to First Merchants (FRME) are:
- Digital-First Neobanks and Fintech Lenders: Companies like Chime, Ally Bank, SoFi, and various specialized online lenders are attracting customers by offering superior digital experiences, lower fees, and often more competitive interest rates on deposits or loans. These challengers leverage technology to provide convenient, user-friendly banking alternatives, directly competing with FRME for deposits and specific lending segments (e.g., personal loans, small business loans, certain mortgage products). Their asset-light, digitally native models allow them to innovate rapidly and often underprice traditional banks.
- Big Tech Platforms Entering Financial Services: Companies with vast ecosystems and strong brand loyalty, such as Apple (e.g., Apple Savings accounts in partnership with Goldman Sachs), are offering financial products directly to consumers. This trend poses a significant threat by disintermediating traditional banks in deposit gathering and potentially other services, as these tech giants control the customer relationship and user experience for financial products integrated into their platforms. Their ability to leverage existing customer data and trust presents a formidable challenge to acquiring and retaining retail customers.
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First Merchants (symbol: FRME) primarily offers commercial banking, personal banking, and private wealth advisory services within the United States, particularly in Indiana and Ohio. The addressable markets for these main products and services in the U.S. are sized as follows:
- Retail Banking: The United States retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030.
- Commercial Banking: The U.S. commercial banking market size stands at USD 732.5 billion in 2025 and is forecasted to reach USD 915.45 billion by 2030.
- Private Wealth Management (Private Banking): The United States private banking market is valued at USD 59.54 billion in 2025 and is expected to reach USD 94.89 billion by 2030.
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Here are 3-5 expected drivers of future revenue growth for First Merchants (symbol: FRME) over the next 2-3 years: * **Robust Commercial and Consumer Loan Growth:** First Merchants has demonstrated considerable business expansion, particularly in commercial loan growth across its markets in Indiana, Michigan, and Ohio. For example, Q2 2025 saw a $262 million increase in commercial loans driven by capital expenditure financing and new business conversions. The consumer banking segment also experienced growth through residential mortgages and private banking relationships. Q3 2025 continued this trend with robust loan growth reflecting a 9% increase, contributing to a strong balance sheet performance. * **Strategic Acquisitions and Market Expansion:** The acquisition of First Savings Financial Group is a significant driver, anticipated to add approximately $2.4 billion in assets and expand First Merchants' presence into Southern Indiana. This deal is expected to close by mid-first quarter of 2026. This expansion opens new market territories and enhances product offerings. * **Growth in Non-Interest Income through Customer Fees and Acquisitions:** The company expects sustained non-interest income growth, fueled by robust customer-related fees and strategic acquisitions like First Savings Financial Group, which are anticipated to bolster fee-income generating channels. * **Integration of Enhanced SBA Lending Model:** Following the acquisition of First Savings Financial Group, First Merchants plans to integrate First Savings Bank's Small Business Administration (SBA) lending model. This integration is expected to significantly increase SBA loan output across First Merchants' existing geographical footprints, expanding their product offerings and customer base. * **Economic Expansion in Core Midwest Markets:** First Merchants' primary markets in the Midwest are experiencing economic expansion, which presents numerous growth opportunities and contributes to an increasing pipeline of loans, indicating potential for continued market share growth.AI Analysis | Feedback
Share Repurchases
- In March 2025, First Merchants authorized a new stock repurchase program of up to $100 million, representing approximately 5% of its outstanding shares, superseding a prior January 2021 program.
- Year-to-date through Q3 2025, First Merchants repurchased shares totaling $36.5 million.
- The company's cash flow statements indicate net share repurchases of $53.01 million in 2024 and $54.07 million in 2020.
Share Issuance
- First Merchants had net share issuances of $2.41 million in 2022 and $3.29 million in 2023.
Outbound Investments
- First Merchants acquired Level One Bancorp in 2022.
- In September 2025, First Merchants entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. for approximately $230 million in an all-stock transaction, which is expected to close in Q1 2026 and add $2.4 billion in assets.
- In December 2024, the company divested five Illinois branches with $267.4 million in deposits, marking its exit from suburban Chicago markets.
Capital Expenditures
- First Merchants reported $0.00 in Capital Expenditures in some financial summaries for recent years.
- The company's strategic advancements in 2025 included technology platform upgrades and branch network reductions.
- Depreciation, Amortization & Accretion, which can be indicative of past capital investments, was $26.85 million in 2024.
Latest Trefis Analyses
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| ARTICLES |
Trade Ideas
Select ideas related to FRME. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.4% | 12.4% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -5.4% | -5.4% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 7.1% | 7.1% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -11.5% | -11.5% | -12.1% |
Research & Analysis
Invest in Strategies
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Peer Comparisons for First Merchants
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.61 |
| Mkt Cap | 0.3 |
| Rev LTM | 89 |
| Op Inc LTM | - |
| FCF LTM | 19 |
| FCF 3Y Avg | 16 |
| CFO LTM | 20 |
| CFO 3Y Avg | 18 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.0% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 20.7% |
| QoQ Delta Rev Chg LTM | 4.7% |
| Op Mgn LTM | - |
| Op Mgn 3Y Avg | - |
| QoQ Delta Op Mgn LTM | - |
| CFO/Rev LTM | 31.5% |
| CFO/Rev 3Y Avg | 31.1% |
| FCF/Rev LTM | 30.8% |
| FCF/Rev 3Y Avg | 27.1% |
Price Behavior
Price Behavior
| Market Price | $38.47 | |
| Market Cap ($ Bil) | 2.2 | |
| First Trading Date | 02/25/1992 | |
| Distance from 52W High | -11.8% | |
| 50 Days | 200 Days | |
| DMA Price | $36.61 | $37.52 |
| DMA Trend | down | down |
| Distance from DMA | 5.1% | 2.5% |
| 3M | 1YR | |
| Volatility | 25.0% | 27.8% |
| Downside Capture | 64.38 | 90.20 |
| Upside Capture | 44.19 | 74.89 |
| Correlation (SPY) | 36.0% | 54.8% |
FRME Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.59 | 0.80 | 0.78 | 1.11 | 0.82 | 1.00 |
| Up Beta | 0.51 | 1.09 | 1.37 | 1.58 | 0.65 | 0.98 |
| Down Beta | -0.20 | 0.90 | 0.80 | 1.00 | 0.99 | 0.95 |
| Up Capture | 105% | 55% | 19% | 77% | 64% | 75% |
| Bmk +ve Days | 12 | 25 | 38 | 73 | 141 | 426 |
| Stock +ve Days | 11 | 21 | 26 | 62 | 120 | 361 |
| Down Capture | 54% | 78% | 94% | 120% | 100% | 103% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 8 | 20 | 35 | 62 | 127 | 388 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of FRME With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| FRME | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -0.8% | 18.1% | 18.8% | 72.9% | 9.0% | 3.7% | -11.4% |
| Annualized Volatility | 27.7% | 19.0% | 19.5% | 19.2% | 15.3% | 17.2% | 35.0% |
| Sharpe Ratio | -0.04 | 0.74 | 0.76 | 2.72 | 0.36 | 0.05 | -0.14 |
| Correlation With Other Assets | 67.4% | 54.9% | -8.1% | 13.1% | 54.9% | 21.6% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of FRME With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| FRME | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 4.3% | 16.2% | 14.8% | 18.9% | 11.8% | 4.7% | 35.5% |
| Annualized Volatility | 31.0% | 18.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.9% |
| Sharpe Ratio | 0.18 | 0.71 | 0.70 | 0.98 | 0.51 | 0.16 | 0.62 |
| Correlation With Other Assets | 68.6% | 47.2% | -1.9% | 12.0% | 46.1% | 18.8% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of FRME With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| FRME | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 7.3% | 13.1% | 14.8% | 15.1% | 6.8% | 5.4% | 69.1% |
| Annualized Volatility | 32.8% | 22.3% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.30 | 0.55 | 0.71 | 0.85 | 0.31 | 0.23 | 0.90 |
| Correlation With Other Assets | 72.5% | 54.8% | -8.4% | 19.6% | 48.5% | 14.4% | |
ETFs used for asset classes: Sector ETF = XLF, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/22/2025 | -0.5% | -2.6% | -3.6% |
| 7/23/2025 | -3.7% | -6.3% | -3.8% |
| 4/24/2025 | -1.1% | -3.5% | 2.0% |
| 1/30/2025 | 3.5% | 8.4% | 6.2% |
| 10/24/2024 | -3.6% | 1.0% | 16.2% |
| 7/25/2024 | 2.0% | 1.8% | -7.8% |
| 4/25/2024 | -1.7% | -2.5% | -5.3% |
| 1/25/2024 | -2.9% | -6.0% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 14 | 12 |
| # Negative | 14 | 10 | 12 |
| Median Positive | 2.1% | 3.5% | 5.0% |
| Median Negative | -2.4% | -3.3% | -5.1% |
| Max Positive | 4.5% | 15.2% | 33.1% |
| Max Negative | -6.1% | -6.5% | -11.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10302025 | 10-Q 9/30/2025 |
| 6302025 | 7312025 | 10-Q 6/30/2025 |
| 3312025 | 5012025 | 10-Q 3/31/2025 |
| 12312024 | 2242025 | 10-K 12/31/2024 |
| 9302024 | 10312024 | 10-Q 9/30/2024 |
| 6302024 | 8012024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 11012023 | 10-Q 9/30/2023 |
| 6302023 | 8022023 | 10-Q 6/30/2023 |
| 3312023 | 5032023 | 10-Q 3/31/2023 |
| 12312022 | 3012023 | 10-K 12/31/2022 |
| 9302022 | 11092022 | 10-Q 9/30/2022 |
| 6302022 | 8092022 | 10-Q 6/30/2022 |
| 3312022 | 5102022 | 10-Q 3/31/2022 |
| 12312021 | 3012022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | FLUHLER STEPHAN | Chief Information Officer | 11042025 | Sell | 35.55 | 5,689 | 202,244 | 986,604 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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