First Merchants (FRME) EV to EBITDA (2012 - 2026)
First Merchants' (FRME) EV to EBITDA stood at 4.27 in Q2 2026, up 35.5% from 3.15 a year earlier and up 14.2% from the prior quarter.
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Analysis
First Merchants (FRME) EV to EBITDA (2012 - 2026) Analysis & Trends
For FY2025, First Merchants' EV to EBITDA came in at 3.15, down 6.6% from FY2024.
- Annual EV to EBITDA has declined for five straight years.
- Across earlier years, EV to EBITDA came in at 3.37 in FY2024 (-5.2%), 3.56 in FY2023 (-48.5%), 6.90 in FY2022 (-11.3%) and 7.78 in FY2021 (-4.6%).
- The Q2 2026 figure is the highest quarterly EV to EBITDA since Q1 2023.
- On a year-over-year basis, EV to EBITDA rose in five of the last eight quarters, with growth averaging 7.2%.
- Peak year-over-year performance for EV to EBITDA in the last five years was growth of 66.9% in Q3 2021, against a decline of 64.6% in Q3 2023 at the low end.
- Per Business Quant, the preceding three quarters came in at 3.74 (Q1 2026), 3.15 (Q4 2025) and 3.08 (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Jpmorgan Chase | 890.60 Bn | 920.07 Bn | - |
| 2 | Banco Santander Chile | 421.74 Bn | 541.68 Bn | - |
| 3 | Bank Of America | 385.85 Bn | -1,990.22 Bn | - |
| 4 | Hsbc Holdings | 345.94 Bn | 345.99 Bn | - |
| 5 | Morgan Stanley | 303.15 Bn | -205.95 Bn | - |
| 6 | Royal Bank Of Canada | 279.82 Bn | 130.57 Bn | - |
| 7 | Mitsubishi Ufj Financial | 274.62 Bn | -1,313.87 Bn | 10.89 Bn |
| 8 | Goldman Sachs | 267.07 Bn | -3,290.04 Bn | - |
| 9 | Wells Fargo & Company | 243.79 Bn | 245.93 Bn | - |
| 10 | First Merchants | 2.49 Bn | 2.49 Bn | - |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 4.27 |
| Mar 31, 2026 | 3.74 |
| Dec 31, 2025 | 3.15 |
| Sep 30, 2025 | 3.08 |
| Jun 30, 2025 | 3.15 |
| Mar 31, 2025 | 3.43 |
| Dec 31, 2024 | 3.37 |
| Sep 30, 2024 | 3.33 |
| Jun 30, 2024 | 3.01 |
| Mar 31, 2024 | 3.17 |
| Dec 31, 2023 | 3.56 |
| Sep 30, 2023 | 2.80 |
| Jun 30, 2023 | 3.18 |
| Mar 31, 2023 | 4.57 |
| Dec 31, 2022 | 6.90 |
| Sep 30, 2022 | 7.89 |
| Jun 30, 2022 | 7.98 |
| Mar 31, 2022 | 7.86 |
| Dec 31, 2021 | 7.78 |
| Sep 30, 2021 | 7.78 |
API Access
First Merchants EV to EBITDA API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=ev-to-ebitda&ticker=FRME&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "ev-to-ebitda", "ticker": "FRME", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=ev-to-ebitda&ticker=FRME&period=max&api_key=YOUR_API_KEY");
const data = await res.json();