FRME
First Merchants Corporation
FRME's outlook is improving, though it still trails on the overall score.
GS
The Goldman Sachs Group, Inc.
GS has the edge over FRME overall, supported by stronger fundamentals and stronger valuation.
FRME Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
FRME's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FRME.
GS Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| N/A | |
| N/A |
GS's revenue and profitability are currently strong. Free cash flow and net leverage aren't meaningful measures for financial services companies like GS.
FRME PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.8x | $28.35 | -31% |
| Forward | 9.7x | $40.94 | — |
| Fair | 11x | $35.18 | -14% |
| Expensive | 13x | $41.89 | +2.3% |
| Current | 13x | $40.94 | — |
Historical ranges are pointers, not guarantees.
FRME has the edge over GS in the historical PE scenario, which offers more potential upside but is not a forecast.
GS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 7.6x | $528 | -42% |
| Current | 13x | $914 | — |
| Forward | 13x | $914 | — |
| Fair | 14x | $940 | +2.9% |
| Expensive | 17x | $1,214 | +33% |
Historical ranges are pointers, not guarantees.
GS's PE is 13x, but its earnings don't support one, so it isn't a reliable read right now.
FRME Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FRME, with profitability holding steady.
GS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GS, with profitability improving. However, they disagree widely on these estimates.
FRME Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.21 | +31% |
| Q3 2026 | $3.22 | -19% |
| Q2 2026 | $3.11 | -19% |
| Q1 2026 | $3.39 | -4.5% |
| Q4 2025 | $3.88 | +14% |
| Q3 2025 | $3.99 | +32% |
| Q2 2025 | $3.85 | +23% |
| Q1 2025 | $3.55 | +2.6% |
| Q4 2024 | $3.41 | -8.6% |
FRME's earnings per share have fallen from their peak: $3.22 over the past year, against $4.36 in mid-2023.
GS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $72.35 | +4% |
| Q3 2026 | $69.58 | +41% |
| Q2 2026 | $64.82 | +43% |
| Q1 2026 | $54.75 | +27% |
| Q4 2025 | $51.32 | +27% |
| Q3 2025 | $49.22 | +44% |
| Q2 2025 | $45.37 | +45% |
| Q1 2025 | $43.08 | +68% |
| Q4 2024 | $40.54 | +77% |
GS has the edge over FRME on earnings, with more consistent year-over-year improvement.
FRME Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $199.1M | +20% |
| Q2 2026 | $196.1M | +19% |
| Q1 2026 | $157.1M | -2% |
| Q4 2025 | $172.2M | -2.8% |
| Q3 2025 | $166.1M | +6.5% |
| Q2 2025 | $164.3M | +2.8% |
| Q1 2025 | $160.3M | +4.3% |
| Q4 2024 | $177.1M | +13% |
FRME's revenue has picked up after two years of holding roughly level: $199M last quarter, up 20% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +0.6 points |
| Q2 2026 | 24% | -15 points |
| Q1 2026 | 17% | -22 points |
| Q4 2025 | 38% | -5.2 points |
| Q3 2025 | 39% | +3.2 points |
| Q2 2025 | 40% | +12 points |
| Q1 2025 | 39% | +3.8 points |
| Q4 2024 | 43% | +13 points |
FRME has the edge over GS on profitability, with a higher operating margin.
GS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $18.7B | +23% |
| Q2 2026 | $20.3B | +39% |
| Q1 2026 | $17.2B | +14% |
| Q4 2025 | $13.5B | -3% |
| Q3 2025 | $15.2B | +20% |
| Q2 2025 | $14.6B | +15% |
| Q1 2025 | $15.1B | +6% |
| Q4 2024 | $13.9B | +23% |
GS has the edge over FRME on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 37% | +2 points |
| Q2 2026 | 42% | +8.1 points |
| Q1 2026 | 38% | +0.2 points |
| Q4 2025 | 44% | +5.6 points |
| Q3 2025 | 36% | +4.1 points |
| Q2 2025 | 34% | +3.2 points |
| Q1 2025 | 37% | +0.6 points |
| Q4 2024 | 38% | +18 points |
GS's operating margin was 37% last quarter, up 2 points from the same quarter a year ago.
FRME Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $78.4M | -10% |
| Q2 2026 | $88M | +64% |
| Q1 2026 | $58.6M | -5% |
| Q4 2025 | $80.7M | +20% |
| Q3 2025 | $87.6M | +14% |
| Q2 2025 | $53.7M | -15% |
| Q1 2025 | $61.7M | +4.8% |
| Q4 2024 | $67.5M | -22% |
FRME has the edge over GS on cash generation, producing positive trailing cash flow while its opponent burns cash.
GS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $3.7B | +72% |
| Q2 2026 | $5.6B | +7.8% |
| Q1 2026 | -$32.4B | +$5.3B |
| Q4 2025 | -$16.8B | -136% |
| Q3 2025 | $2.1B | +$40.6B |
| Q2 2025 | $5.2B | -6.8% |
| Q1 2025 | -$37.7B | -$9.2B |
| Q4 2024 | $46.2B | +$75.1B |
GS's free cash flow was −$40B over the past year, against $15.8B the year before. Free cash flow isn't a meaningful measure for financial services companies like GS.
FRME Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -163K shares |
| 1 year | +8.6% | +5M shares |
| 3 years | +4.9% | +2.9M shares |
| 5 years | +16% | +8.5M shares |
| Available history | +12% | +6.9M shares |
FRME has 62M diluted shares, up 8.6% from a year ago, despite $61M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $12M |
| Q2 2026 | $13.4M |
| Q1 2026 | $24.9M |
| Q4 2025 | $10.4M |
| Q3 2025 | $6.5M |
| Q2 2025 | $22.1M |
| Q1 2025 | $7.9M |
| Q4 2024 | $6.2M |
FRME spent $61M buying back its own shares over the past year, up 42% from the year before.
GS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.2% | -3.8M shares |
| 1 year | -4.4% | -13.9M shares |
| 3 years | -12% | -42.8M shares |
| 5 years | -15% | -52.8M shares |
| Available history | -20% | -74.4M shares |
GS has the edge over FRME on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $3B |
| Q2 2026 | $4B |
| Q1 2026 | $5B |
| Q4 2025 | $3B |
| Q3 2025 | $2B |
| Q2 2025 | $3B |
| Q1 2025 | $4.4B |
| Q4 2024 | $2B |
GS spent $15B buying back its own shares over the past year, up 32% from the year before.
FRME Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.0x | Elevated |
| Q2 2026 | 6.0x | High |
| Q1 2026 | 5.1x | High |
| Q4 2025 | 2.7x | Moderate |
| Q3 2025 | 2.5x | Moderate |
| Q2 2025 | 3.0x | Moderate |
| Q1 2025 | 3.5x | Elevated |
| Q4 2024 | 3.2x | Elevated |
FRME's net debt is about 4.0 years of its operating earnings (EBITDA), up from 2.5 years a year ago. Net leverage isn't a meaningful measure for financial services companies like FRME.
GS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -5.4x | Net Cash |
| Q2 2026 | -6.1x | Net Cash |
| Q1 2026 | -6.7x | Net Cash |
| Q4 2025 | -6.4x | Net Cash |
| Q3 2025 | -3.5x | Net Cash |
| Q2 2025 | -3.1x | Net Cash |
| Q1 2025 | -3.9x | Net Cash |
| Q4 2024 | -4.7x | Net Cash |
GS has the edge over FRME on leverage, with a lower net debt burden relative to earnings.
FRME Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.0 | Neutral |
| Stochastic | 42.5 | Neutral |
FRME's weekly RSI is 50 (neutral) and its Stochastic is 43 (neutral).
GS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.5 | Neutral |
| Stochastic | 16.3 | Oversold |
GS's weekly RSI is 45 (neutral) and its Stochastic is 16 (oversold).
FRME PE vs Financial Services Sector
| Metric | FRME | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 2.4% below |
| PE % | 79 | 63 | 16 pts above |
FRME has the edge over GS on valuation relative to its sector.
GS PE vs Financial Services Sector
| Metric | GS | Sector median | Relative |
|---|---|---|---|
| PE | 13x | 13x | 0.8% above |
| PE % | 46 | 63 | 17 pts below |
GS is trading at 13x earnings, in line with the Financial Services sector's median of 13x, though its earnings don't support one.
FRME Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $40.3 | 1.6% above |
| 20 week MA | $41.7 | 1.8% below |
| 50 week MA | $40.4 | 1.3% above |
| 100 week MA | $39.7 | 3.2% above |
| 200 week MA | $36.9 | 11% above |
FRME has the edge over GS on trend strength, trading above more of its moving averages.
GS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $895.5 | 2% above |
| 20 week MA | $977.4 | 6.5% below |
| 50 week MA | $945.4 | 3.4% below |
| 100 week MA | $804.5 | 14% above |
| 200 week MA | $602.7 | 52% above |
GS's trend is mixed: it's above three of its five weekly moving averages, and 52% above its 200-week average.
FRME Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $41.3 | $36.8 | -11% |
| 2021 | $36.8 | $41.2 | +12% |
| 2022 | $41.2 | $40.5 | -1.6% |
| 2023 | $40.5 | $37.1 | -8.5% |
| 2024 | $37.1 | $40.3 | +8.5% |
| 2025 | $40.3 | $38.3 | -4.9% |
| 2026 YTD | $38.3 | $40.9 | +7% |
FRME has the edge over GS on returns for 2026, with the stronger performance.
GS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $230.7 | $256.2 | +11% |
| 2021 | $256.2 | $385.0 | +50% |
| 2022 | $385.0 | $345.5 | -10% |
| 2023 | $345.5 | $385.8 | +12% |
| 2024 | $385.8 | $576.2 | +49% |
| 2025 | $576.2 | $907.0 | +57% |
| 2026 YTD | $907.0 | $913.6 | +0.7% |
GS has finished higher in five of the last six years, two of them by more than 50%. It's up 0.7% so far in 2026.