First Merchants Corporation — Earnings Quality Grade F
FRME · Financial Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 51 days, change -2 days YoY
AR growth 1.7% vs revenue growth 5.8%
Revenue 5.8%, CFFO 6.5%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
Insufficient data
Insufficient data
Cash Flow Quality
CFFO/NI = 1.26. Profits backed by cash
FCF $0.3B, FCF/NI = 1.26
Accruals ratio = -0.3%. Low accruals
Cash $0.3B covers only 33% of debt $0.9B
Balance Sheet Health
Goodwill+Intangibles $0.7B = 29% of equity. Manageable
Insufficient data
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score — Not Applicable
First Merchants Corporation is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25