Market cap is the total market value to buy the whole company. It is equal to the share price times the number of Shares Outstanding (EOP). First Merchants's share price for the quarter that ended in Mar. 2026 was $38.73. First Merchants's Shares Outstanding (EOP) for the quarter that ended in Mar. 2026 was 62.5 Mil. Therefore, First Merchants's market cap for the quarter that ended in Mar. 2026 was $2,420.9 Mil.
First Merchants's quarterly market cap
declined
from Sep. 2025 ($2,156.1 Mil) to Dec. 2025 ($2,134.6 Mil) but then
increased
from Dec. 2025 ($2,134.6 Mil) to Mar. 2026 ($2,420.9 Mil).
First Merchants's annual market cap
increased
from Dec. 2023 ($2,203.4 Mil) to Dec. 2024 ($2,312.6 Mil) but then
declined
from Dec. 2024 ($2,312.6 Mil) to Dec. 2025 ($2,134.6 Mil).
Enterprise Value is the theoretical takeover price. It is more comprehensive than market capitalization (market cap), which only includes common equity. Enterprise Value is calculated as the market cap plus debt and minority interest and preferred shares, minus total cash and cash equivalents. First Merchants's Enterprise Value for Today is $3,822.0 Mil.
First Merchants (NAS:FRME) Market Cap Explanation
Market cap is not the real price you pay for a company. If you buy the company and become its owner, you become the owner of the cash the company has, and you also assume the companys debt. The real price you pay is the Enterprise Value.
Warren Buffett uses the ratio of total market cap of all public traded companies over GDP to measure if the market is expensive. As of April 2012, the US total market cap is about $14.7 trillion, while the US GDP is about $15 trillion. The market was modestly overvalued.
First Merchants Market Cap Related Terms
First Merchants Market Cap Historical Data
* Premium members only.
The historical data trend for First Merchants's Market Cap can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Banks - Regional subindustry, First Merchants's Market Cap, along with its competitors' market caps and Market Cap data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
First Merchants Market Cap vs Banks Industry
For the Banks industry and Financial Services sector, First Merchants's Market Cap distribution charts can be found below:
* The bar in red indicates where First Merchants's Market Cap falls into.
Market cap is the short version of market capitalization. It is the total market value to buy the whole company. It is equal to the share price times the number of shares outstanding.
First Merchants's Market Cap for the fiscal year that ended in Dec. 2025 is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
First Merchants (FRME) has a Market Cap of $2,684.8 Mil as of Jun. 24, 2026. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on First Merchants and its competitors. According to the industry distribution chart, First Merchants ranks #436 out of 1544 companies in the Banks industry, placing it in the top 28.2%.
Is First Merchants' Market Cap too high?
First Merchants' current Market Cap is $2,684.8 Mil. The Banks industry median Market Cap is 708.25. First Merchants' value of $2,684.8 Mil is 279.1% above this industry median. Based on the distribution chart, First Merchants ranks #436 out of 1544 companies in the Banks industry, which is above the industry midpoint. Overall, First Merchants has a GF Score™ of 60/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does First Merchants' Market Cap compare to CUBI and TRMK?
According to the Banks industry distribution chart, First Merchants ranks #436 out of 1544 companies for Market Cap. This puts First Merchants in the upper half of its industry. The industry median Market Cap is 708.25. First Merchants' value of $2,684.8 Mil is 279.1% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Market Cap for a Banks company?
The median Market Cap among Banks companies is 708.25, based on 1,544 companies in the industry. Companies in the top quartile (top 25%) have a Market Cap significantly above this median, while those in the bottom quartile fall well below. However, Market Cap should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. First Merchants's current Market Cap of $2,684.8 Mil is 279.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Market Cap mean?
A high Market Cap can signal that a stock is expensive relative to its fundamentals. Market cap equals the total value of a company's shares: price times shares outstanding. View historical data on First Merchants and its competitors. For the Banks industry, the median Market Cap is 708.25 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. First Merchants's current Market Cap is $2,684.8 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is First Merchants stock overvalued right now?
Based on GuruFocus' analysis, First Merchants (FRME) is currently considered Fairly Valued. The stock's GF Value™ is $39.78, compared to a current price of $42.60 — trading 7.1% above its estimated fair value. The current Market Cap is $2,684.8 Mil and 279.1% above the Banks industry median of 708.25. First Merchants' overall GF Score™ is 60/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Market Cap calculated?
Market Cap is calculated from a company's financial statements. For First Merchants (FRME), the current Market Cap is $2,684.8 Mil as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is First Merchants (FRME) Overvalued in 2026?
Based on GuruFocus' analysis, First Merchants stock appears to be overvalued.
The current stock price of $42.60 is trading 7.1% above its estimated GF Value™ of $39.78.
GuruFocus considers First Merchants to be Fairly Valued.
Key valuation signals for FRME:
Market Cap: $2,684.8 Mil
GF Value™: $39.78 vs. price of $42.60 (7.1% above fair value)
Industry Position: 279.1% above the Banks median (#436 of 1544)
No single metric tells the full story. See the FRME stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
First Merchants Corp, through its subsidiaries, provides its customers with financial services delivered locally by bankers. It offers personal banking, business banking, real estate mortgage lending, cash management services, brokerage, wealth management, and insurance. The company reports in only one segment, which is community banking.
60GF Score
Get the complete analysis for FRME
Market Cap is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FRME has been successfully added to your 
