First Merchants Corporation (FRMEP) vs NBT Bancorp Inc. (NBTB)
A side-by-side comparison of First Merchants Corporation and NBT Bancorp Inc. across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of October 6, 2026. Differences are shown without an overall score or investment verdict.
Total return — FRMEP vs NBTB
growth of $100 · dividends reinvested · last 6yFRMEP vs NBTB: by the numbers
- •FRMEP is the larger company ($2.79B vs $2.65B market cap).
- •FRMEP trades at the lower trailing earnings multiple (8.07 vs 12.47 P/E), one valuation lens rather than an overall verdict.
- •NBTB converts more revenue to profit (22.65% vs 17.08% net margin).
- •FRMEP grew revenue faster over the past five years (14.59% vs 14.08% CAGR).
- •FRMEP pays the higher dividend yield (7.42% vs 2.95%).
Metrics side by side
Valuation
| Metric | FRMEP | NBTB |
|---|---|---|
| P/E ratio | 8.07 | 12.47 |
| Forward P/E | 7.78 | 12.18 |
| PEG ratio | 1.12 | 1.77 |
| P/S ratio | 2.57 | 2.80 |
| P/B ratio | 1.05 | 1.36 |
Profitability
| Metric | FRMEP | NBTB |
|---|---|---|
| Operating margin | 18.95% | 29.34% |
| Net margin | 17.08% | 22.65% |
| ROE | 6.89% | 11.02% |
First Merchants Corporation: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
NBT Bancorp Inc.: Gross margin is not shown for a lender or insurer: its revenue is interest, premiums and fees rather than the sale of goods, so there is no cost of goods sold to measure it against.
Dividends
| Metric | FRMEP | NBTB |
|---|---|---|
| Dividend yield | 7.42% | 2.95% |
| Payout ratio | 59.91% | 37.01% |
Growth (annualized)
| Metric | FRMEP | NBTB |
|---|---|---|
| Revenue CAGR (5Y) | 14.59% | 14.08% |
| EPS CAGR (5Y) | 7.24% | 6.92% |
| Total return CAGR (5Y) | 5.75% | 10.28% |
Frequently asked
- Which has the lower trailing P/E, FRMEP or NBTB?
- FRMEP has the lower trailing P/E: FRMEP trades at 8.07 and NBTB at 12.47. P/E is one valuation measure and does not by itself establish which business is cheaper.
- Which has grown faster, FRMEP or NBTB?
- Over the past five years, FRMEP grew revenue faster — FRMEP at a 14.59% CAGR versus NBTB at 14.08%.
- Does FRMEP or NBTB pay a bigger dividend?
- FRMEP yields 7.42% and NBTB yields 2.95% based on trailing dividends and the latest price.
- Is FRMEP or NBTB more profitable?
- NBTB runs the higher net margin — FRMEP at 17.08% versus NBTB at 22.65%.
- How have FRMEP and NBTB total returns compared?
- Over the past 5 years, FRMEP delivered 5.75% and NBTB delivered 10.28% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
First Merchants & NBT Bancorp appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified October 6, 2026.