First Merchants Corporation (FRME) — Cash Flow Quality Index
First Merchants Corporation (FRME) has a Cash Flow Quality Index of 1.41x as of December 2025. Operating cash flow of $80.71 Million exceeds net income of $57.06 Million, indicating high earnings quality where cash backs reported profits. Explore long-term investment intensity of First Merchants Corporation to see how much of total assets are deployed in long-term investments.
Cash Flow Quality Index
Operating Cash Flow
Net Income
Data as of
First Merchants Corporation Cash Flow Quality Index (1989–2025)
Historical Cash Flow Quality Index for First Merchants Corporation across 36 annual periods. Values consistently above 1.0x indicate high-quality earnings. Check First Merchants Corporation (FRME) tangible net worth to evaluate the tangible quality of the company's equity base.
Annual Cash Flow Quality Index for First Merchants Corporation (1989–2025)
Year-by-year earnings quality comparison for First Merchants Corporation. For live market cap and the full company financial profile, see FRME market cap.
| Year | Quality Index | Operating CF (USD) | Net Income | YoY Change |
|---|---|---|---|---|
| 2025 | 1.26x | $283.65 Million | $226.00 Million | ▼ -5.0% |
| 2024 | 1.32x | $266.21 Million | $201.40 Million | ▲ +14.3% |
| 2023 | 1.16x | $258.83 Million | $223.79 Million | ▼ -4.2% |
| 2022 | 1.21x | $268.05 Million | $222.09 Million | ▲ +19.6% |
| 2021 | 1.01x | $207.38 Million | $205.53 Million | ▼ -26.8% |
| 2020 | 1.38x | $204.81 Million | $148.60 Million | ▲ +27.1% |
| 2019 | 1.08x | $178.41 Million | $164.46 Million | ▼ -4.2% |
| 2018 | 1.13x | $180.24 Million | $159.14 Million | ▼ -14.0% |
| 2017 | 1.32x | $126.50 Million | $96.07 Million | ▲ +2.9% |
| 2016 | 1.28x | $103.72 Million | $81.05 Million | ▲ +47.7% |
| 2015 | 0.87x | $56.66 Million | $65.38 Million | ▼ -31.3% |
| 2014 | 1.26x | $75.84 Million | $60.16 Million | ▼ -69.3% |
| 2013 | 4.11x | $183.13 Million | $44.53 Million | ▲ +164.1% |
| 2012 | 1.56x | $70.27 Million | $45.12 Million | ▼ -54.0% |
| 2011 | 3.39x | $85.48 Million | $25.25 Million | ▼ -71.1% |
| 2010 | 11.73x | $81.05 Million | $6.91 Million | ▲ +520.6% |
| 2008 | 1.89x | $39.01 Million | $20.64 Million | ▲ +20.5% |
| 2007 | 1.57x | $49.61 Million | $31.64 Million | ▲ +30.5% |
| 2006 | 1.20x | $36.28 Million | $30.20 Million | ▼ -21.9% |
| 2005 | 1.54x | $46.49 Million | $30.24 Million | ▲ +13.2% |
| 2004 | 1.36x | $39.95 Million | $29.41 Million | ▼ -43.0% |
| 2003 | 2.38x | $65.67 Million | $27.57 Million | ▲ +274.7% |
| 2002 | 0.64x | $17.70 Million | $27.84 Million | ▼ -54.8% |
| 2001 | 1.41x | $31.21 Million | $22.21 Million | ▼ -5.9% |
| 2000 | 1.49x | $29.79 Million | $19.94 Million | ▲ +11.0% |
| 1999 | 1.35x | $25.70 Million | $19.10 Million | ▲ +24.2% |
| 1998 | 1.08x | $19.40 Million | $17.90 Million | ▼ -7.3% |
| 1997 | 1.17x | $19.30 Million | $16.50 Million | ▼ -8.8% |
| 1996 | 1.28x | $16.80 Million | $13.10 Million | ▲ +7.6% |
| 1995 | 1.19x | $11.80 Million | $9.90 Million | ▼ -12.3% |
| 1994 | 1.36x | $12.50 Million | $9.20 Million | ▲ +2.2% |
| 1993 | 1.33x | $11.30 Million | $8.50 Million | ▼ -3.1% |
| 1992 | 1.37x | $10.70 Million | $7.80 Million | ▼ -1.8% |
| 1991 | 1.40x | $9.50 Million | $6.80 Million | ▲ +7.5% |
| 1990 | 1.30x | $7.80 Million | $6.00 Million | ▼ -2.5% |
| 1989 | 1.33x | $7.60 Million | $5.70 Million | — |