FRME (First Merchants) Scaled Net Operating Assets: 0.18 (As of Mar. 2026)


FRME First Merchants Corp FRME
60 GF Score
Price $42.49
GF Value $39.78
Valuation Fairly Valued
! 5 Warning Signs
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What is First Merchants Scaled Net Operating Assets?

First Merchants FRME +1.38% 60 Scaled Net Operating Assets is 0.18 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.

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Merchants's operating assets for the quarter that ended in Mar. 2026 was $20,388.6 Mil. First Merchants's operating liabilities for the quarter that ended in Mar. 2026 was $17,014.4 Mil. First Merchants's Total Assets for the quarter that ended in Dec. 2025 was $19,025.1 Mil. Therefore, First Merchants's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.18.

FRME
60GF Score
First Merchants Corp FRME
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First Merchants Scaled Net Operating Assets Calculation

Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.

First Merchants's Scaled Net Operating Assets (SNOA) for the fiscal year that ended in Dec. 2025 is calculated as

Scaled Net Operating Assets (SNOA)(A: Dec. 2025 )
=(Operating Assets (A: Dec. 2025 )-Operating Liabilities (A: Dec. 2025 ))/Total Assets (A: Dec. 2024 )
=(18744.643-15702.255)/18311.969
=0.17

where

Operating Assets(A: Dec. 2025 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=19025.101 - 280.458
=18744.643

Operating Liabilities(A: Dec. 2025 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=16558.434 - 856.179 - 0
=15702.255

First Merchants's Scaled Net Operating Assets (SNOA) for the quarter that ended in Mar. 2026 is calculated as

Scaled Net Operating Assets (SNOA)(Q: Mar. 2026 )
=(Operating Assets (Q: Mar. 2026 )-Operating Liabilities (Q: Mar. 2026 ))/Total Assets (Q: Dec. 2025 )
=(20388.629-17014.419)/19025.101
=0.18

where

Operating Assets(Q: Mar. 2026 )
=Total Assets - Balance Sheet Cash And Cash Equivalents
=21072.521 - 683.892
=20388.629

Operating Liabilities(Q: Mar. 2026 )
=Total Liabilities - Long-Term Debt & Capital Lease Obligation - Short-Term Debt & Capital Lease Obligation
=18399.956 - 1385.537 - 0
=17014.419

* 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.

What does a Scaled Net Operating Assets of 0.18 mean?
First Merchants (FRME) has a Scaled Net Operating Assets of 0.18 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Merchants and its competitors.
Is First Merchants' Scaled Net Operating Assets too high?
First Merchants' current Scaled Net Operating Assets is 0.18. 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' Scaled Net Operating Assets compare to CUBI and TRMK?
First Merchants' Scaled Net Operating Assets of 0.18 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 Scaled Net Operating Assets for a Banks company?
A good Scaled Net Operating Assets depends on the Banks industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on First Merchants and its competitors. First Merchants's current Scaled Net Operating Assets is 0.18. 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 Scaled Net Operating Assets is 0.18. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For First Merchants (FRME), the current Scaled Net Operating Assets is 0.18 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:

  • Scaled Net Operating Assets: 0.18
  • 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

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

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Scaled Net Operating Assets is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$42.49
Price
$39.78
GF Value