Basis: Trailing twelve months (TTM). Source: stored company filings and market data; unavailable inputs remain N/A.
Is the operating margin high or low?
The operating margin of 18.95% is 33% below its 5-year average of 28.16%, near the low end of its 5-year range (10.69%–45.68%).
5.79% below its 12-month average of 20.11%.
Reported quarterly operating margin; no daily interpolation. Q2 FY2026 (2026-06-30): 16.26%.
OPERATING MARGIN
18.95%
OPERATING MARGIN AVG TTM
20.11%
OPERATING MARGIN AVG 3Y
22.00%
OPERATING MARGIN AVG 5Y
28.16%
OPERATING MARGIN AVG 10Y
31.65%
OPERATING MARGIN AVG 15Y
29.95%
OPERATING MARGIN AVG 20Y
25.78%
CURRENT VS TTM AVG
-5.79%
CURRENT VS 3Y AVG
-13.86%
CURRENT VS 5Y AVG
-32.72%
CURRENT VS 10Y AVG
-40.13%
CURRENT VS 15Y AVG
-36.73%
CURRENT VS 20Y AVG
-26.50%
SECTOR MEDIAN · FINANCIAL SERVICES
16.12%
median of 690 covered companies
CURRENT VS SECTOR MEDIAN
+17.56%
vs the sector median at left
First Merchants Corporation
Market Cap
$2.50B
Operating Margin
18.95%
TTM Avg
20.11%
3Y Avg
22.00%
5Y Avg
28.16%
Market Cap
$2.49B
Operating Margin
16.52%
TTM Avg
20.51%
3Y Avg
24.97%
5Y Avg
27.51%
Market Cap
$2.49B
Operating Margin
11.80%
TTM Avg
4.17%
3Y Avg
13.40%
5Y Avg
19.64%
Market Cap
$2.53B
Operating Margin
21.15%
TTM Avg
24.27%
3Y Avg
31.54%
5Y Avg
42.14%
Market Cap
$2.44B
Operating Margin
-135.44%
TTM Avg
-42.42%
3Y Avg
15.56%
5Y Avg
34.37%
Market Cap
$2.58B
Operating Margin
7.27%
TTM Avg
5.84%
3Y Avg
1.24%
5Y Avg
-1.70%
Market Cap
$2.38B
Operating Margin
21.15%
TTM Avg
24.27%
3Y Avg
31.54%
5Y Avg
42.14%
Market Cap
$2.38B
Operating Margin
21.15%
TTM Avg
24.27%
3Y Avg
31.54%
5Y Avg
42.14%
| NAME | MARKET CAP | OPERATING MARGIN | TTM | 3Y | 5Y |
|---|---|---|---|---|---|
| First Merchants Corporation (FRME) | $2.50B | 18.95% | 20.11% | 22.00% | 28.16% |
| First Busey Corporation (BUSE)vs › | $2.49B | 16.52% | 20.51% | 24.97% | 27.51% |
| Columbia Financial, Inc. (CLBK)vs › | $2.49B | 11.80% | 4.17% | 13.40% | 19.64% |
| First Bancorp (FBNC)vs › | $2.49B | 26.56% | 22.52% | 28.71% | 30.71% |
| Merchants Bancorp (MBINM)vs › | $2.53B | 21.15% | 24.27% | 31.54% | 42.14% |
| Oxford Lane Capital Corp. (OXLCM)vs › | $2.44B | -135.44% | -42.42% | 15.56% | 34.37% |
| The Baldwin Insurance Group, Inc. (BWIN)vs › | $2.58B | 7.27% | 5.84% | 1.24% | -1.70% |
| Merchants Bancorp (MBINN)vs › | $2.38B | 21.15% | 24.27% | 31.54% | 42.14% |
| Merchants Bancorp (MBINL)vs › | $2.38B | 21.15% | 24.27% | 31.54% | 42.14% |
| NBT Bancorp Inc. (NBTB)vs › | $2.63B | 29.34% | 24.06% | 26.96% | 29.22% |
Operating Margin
18.9%
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.
Operating Margin = Operating Income / Revenue
Operating margin is the percentage of revenue remaining after operating expenses, reflecting operating efficiency.
Expanded definitions: Investopedia, Wikipedia, Corporate Finance Institute
| DATE | OPERATING MARGIN |
|---|---|
| 2026-06-30 | 16.26% |
| 2026-03-31 | 10.69% |
| 2025-12-31 | 24.28% |
| 2025-09-30 | 24.40% |
| 2025-06-30 | 24.95% |
| 2025-03-31 | 25.03% |
| 2024-12-31 | 29.77% |
| 2024-09-30 | 21.19% |
| 2024-06-30 | 16.43% |
| 2024-03-31 | 20.86% |
| 2023-12-31 | 17.80% |
| 2023-09-30 | 25.44% |
| 2023-06-30 | 28.89% |
| 2023-03-31 | 32.58% |
| 2022-12-31 | 38.77% |
| 2022-09-30 | 38.12% |
| 2022-06-30 | 25.30% |
| 2022-03-31 | 41.24% |
| 2021-12-31 | 40.26% |
| 2021-09-30 | 43.53% |
| 2021-06-30 | 45.68% |
| 2021-03-31 | 43.63% |
| 2020-12-31 | 37.51% |
| 2020-09-30 | 31.60% |
| 2020-06-30 | 27.71% |
| 2020-03-31 | 25.23% |
| 2019-12-31 | 37.40% |
| 2019-09-30 | 30.73% |
| 2019-06-30 | 36.35% |
| 2019-03-31 | 35.88% |
| 2018-12-31 | 37.28% |
| 2018-09-30 | 39.89% |
| 2018-06-30 | 39.97% |
| 2018-03-31 | 38.25% |
| 2017-12-31 | 36.19% |
| 2017-09-30 | 31.20% |
| 2017-06-30 | 34.86% |
| 2017-03-31 | 36.54% |
| 2016-12-31 | 37.16% |
| 2016-09-30 | 35.12% |
| 2016-06-30 | 33.79% |
| 2016-03-31 | 30.19% |
| 2015-12-31 | 26.55% |
| 2015-09-30 | 32.42% |
| 2015-06-30 | 37.76% |
| 2015-03-31 | 31.81% |
| 2014-12-31 | 29.98% |
| 2014-09-30 | 30.82% |
| 2014-06-30 | 31.09% |
| 2014-03-31 | 27.45% |
| 2013-12-31 | 24.08% |
| 2013-09-30 | 24.88% |
| 2013-06-30 | 27.36% |
| 2013-03-31 | 28.70% |
| 2012-12-31 | 23.55% |
| 2012-09-30 | 25.43% |
| 2012-06-30 | 21.79% |
| 2012-03-31 | 30.05% |
| 2011-12-31 | 17.28% |
| 2011-09-30 | 15.95% |
| 2011-06-30 | 12.12% |
| 2011-03-31 | 13.41% |
| 2010-12-31 | 6.20% |
| 2010-10-28 | 1.75% |
| 2010-06-30 | -3.62% |
| 2010-03-31 | 1.03% |
| 2009-12-31 | -27.86% |
| 2009-09-30 | -11.75% |
| 2009-06-30 | -65.10% |
| 2009-03-31 | 7.11% |
| 2008-12-31 | 0.30% |
| 2008-09-30 | 12.59% |
| 2008-06-30 | 14.14% |
| 2008-03-31 | 16.73% |
| 2007-12-31 | 17.75% |
| 2007-09-30 | 16.53% |
| 2007-06-30 | 11.97% |
| 2007-03-31 | 17.04% |
| 2006-12-31 | 15.98% |
| 2006-09-30 | 17.33% |
| 2006-06-30 | 17.75% |
| 2006-03-31 | 18.84% |
| 2005-12-31 | 20.17% |
| 2005-09-30 | 21.76% |
| 2005-06-30 | 22.07% |
| 2005-03-31 | 18.05% |
| 2004-12-31 | 21.99% |
| 2004-09-30 | 22.88% |
| 2004-06-30 | 22.72% |
| 2004-03-31 | 21.34% |
| 2003-12-31 | 17.32% |
| 2003-09-30 | 21.08% |
| 2003-06-30 | 23.76% |
| 2003-03-31 | 17.46% |
| 2002-12-31 | 20.64% |
| 2002-09-30 | 25.04% |
