FRME (First Merchants) ROE % Adjusted to Book Value: 4.81% (As of Mar. 2026)

What is First Merchants ROE % Adjusted to Book Value?

First Merchants FRME +1.38% 60 ROE % Adjusted to Book Value is 4.81% as of Mar. 2026. GuruFocus rates FRME with a GF Score™ of 60/100 and a GF Value™ of $39.78 (Fairly Valued). The stock has 5 warning signs investors should review.

First Merchants's ROE % for the quarter that ended in Mar. 2026 was 4.38%. First Merchants's PB Ratio for the quarter that ended in Mar. 2026 was 0.91. First Merchants's ROE % Adjusted to Book Value for the quarter that ended in Mar. 2026 was 4.81%.

First Merchants ROE % Adjusted to Book Value Related Terms

First Merchants ROE % Adjusted to Book Value Historical Data

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The historical data trend for First Merchants's ROE % Adjusted to Book Value 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.

First Merchants ROE % Adjusted to Book Value Chart

First Merchants Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

ROE % Adjusted to Book Value

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9.27

9.30

10.56

8.76

10.89

First Merchants Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROE % Adjusted to Book Value	Get a 7-Day Free Trial															9.46	10.33	10.60	10.76	4.81

FRME vs CUBI, TRMK, WAFD: ROE % Adjusted to Book Value Comparison

For the Banks - Regional subindustry, First Merchants's ROE % Adjusted to Book Value, along with its competitors' market caps and ROE % Adjusted to Book Value 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 ROE % Adjusted to Book Value vs Banks Industry

For the Banks industry and Financial Services sector, First Merchants's ROE % Adjusted to Book Value distribution charts can be found below:

* The bar in red indicates where First Merchants's ROE % Adjusted to Book Value falls into.

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60GF Score

First Merchants Corp FRME

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First Merchants ROE % Adjusted to Book Value Calculation

First Merchants's ROE % Adjusted to Book Value for the fiscal year that ended in Dec. 2025 is calculated as

ROE % Adjusted to Book Value	=	ROE %	/	PB Ratio
	=	9.47%	/	0.87
	=	10.89%

First Merchants's ROE % Adjusted to Book Value for the quarter that ended in Mar. 2026 is calculated as

ROE % Adjusted to Book Value	=	ROE %	/	PB Ratio
	=	4.38%	/	0.91
	=	4.81%

Frequently Asked Questions Learn more about ROE % Adjusted to Book Value →

What does a ROE % Adjusted to Book Value of 4.81% mean?

First Merchants (FRME) has a ROE % Adjusted to Book Value of 4.81% as of Mar. 2026. Return on equity adjusted to book is the ratio of return on equity to price-book ratio. View historical data on First Merchants and its competitors.

Is First Merchants' ROE % Adjusted to Book Value too high?

First Merchants' current ROE % Adjusted to Book Value is 4.81%. 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' ROE % Adjusted to Book Value compare to CUBI and TRMK?

First Merchants' ROE % Adjusted to Book Value of 4.81% can be compared against companies in the Banks industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROE % Adjusted to Book Value for a Banks company?

A good ROE % Adjusted to Book Value depends on the Banks industry context. However, ROE % Adjusted to Book Value should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high ROE % Adjusted to Book Value mean?

A high ROE % Adjusted to Book Value can signal that a stock is expensive relative to its fundamentals. Return on equity adjusted to book is the ratio of return on equity to price-book ratio. View historical data on First Merchants and its competitors. First Merchants's current ROE % Adjusted to Book Value is 4.81%. 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 $42.49 — trading 6.8% above its estimated fair value. The current ROE % Adjusted to Book Value is 4.81%. 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 ROE % Adjusted to Book Value calculated?

ROE % Adjusted to Book Value is calculated from a company's financial statements. For First Merchants (FRME), the current ROE % Adjusted to Book Value is 4.81% as of Mar. 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 $42.49 is trading 6.8% above its estimated GF Value™ of $39.78. GuruFocus considers First Merchants to be Fairly Valued.

Key valuation signals for FRME:

ROE % Adjusted to Book Value: 4.81%
GF Value™: $39.78 vs. price of $42.49 (6.8% above fair value)
GF Score™: 60/100 with 5 warning signs

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 Business Description

Industry Financial Services Banks

Comparable Companies CUBI TRMK WAFD BBT FBNC NBTB FBK INTR BUSE TBBK SHSE:600036 SGX:D05 MIL:UCG NSE:HDFCBANK XPAR:BNP MIL:ISP TSE:8411 SAU:1120 NSE:ICICIBANK XMAD:CABK

Address 200 East Jackson Street, P.O. BOX 792, Muncie, IN, USA, 47305-2814

Website https://www.firstmerchants.com

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.

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$42.49

Price

$39.78

GF Value

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