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Side-by-side financial comparison of FIRST MERCHANTS CORP (FRME) and GDEV Inc. (GDEV). Click either name above to swap in a different company.
FIRST MERCHANTS CORP is the larger business by last-quarter revenue ($157.1M vs $119.9M, roughly 1.3× GDEV Inc.). FIRST MERCHANTS CORP runs the higher net margin — 17.9% vs 13.9%, a 4.1% gap on every dollar of revenue.
First Merchants Corporation is a financial holding company in Central Indiana, headquartered in Muncie, Indiana. The Corporation includes First Merchants Bank and First Merchants Private Wealth Advisors. The company is listed on the NASDAQ as FRME. As of March 2023, total asset size of First Merchants Corporation was $18.2 billion. First Merchants offers commercial banking, personal banking, and investment advisor services.
GDEV Inc. is a gaming and entertainment holding company. It is a publicly traded company listed on the Nasdaq stock exchange, headquartered in Limassol, Cyprus. The holding was evolved in June 2023 from a video game company Nexters, founded in 2014, one of the top five independent mobile game companies in Europe. Subsidiaries of GDEV include Nexters Studio, which operates offices in Cyprus, Armenia, and Kazakhstan, as well as Cubic Games, Royal Ark, Game Gears and Light Hour Games. The compan...
FRME vs GDEV — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.1M | $119.9M |
| Net Profit | $28.2M | $16.6M |
| Gross Margin | — | — |
| Operating Margin | — | 15.5% |
| Net Margin | 17.9% | 13.9% |
| Revenue YoY | — | 13.3% |
| Net Profit YoY | -49.1% | 13.0% |
| EPS (diluted) | $0.45 | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $157.1M | — | ||
| Q4 25 | $172.2M | — | ||
| Q3 25 | $166.1M | — | ||
| Q2 25 | $164.3M | $119.9M | ||
| Q1 25 | $160.3M | — | ||
| Q4 24 | $177.1M | — | ||
| Q3 24 | $156.0M | — | ||
| Q2 24 | $159.9M | $105.8M |
| Q1 26 | $28.2M | — | ||
| Q4 25 | $57.1M | — | ||
| Q3 25 | $56.8M | — | ||
| Q2 25 | $56.8M | $16.6M | ||
| Q1 25 | $55.3M | — | ||
| Q4 24 | $64.3M | — | ||
| Q3 24 | $49.2M | — | ||
| Q2 24 | $39.9M | $14.7M |
| Q1 26 | — | — | ||
| Q4 25 | 38.0% | — | ||
| Q3 25 | 39.3% | — | ||
| Q2 25 | 39.6% | 15.5% | ||
| Q1 25 | 39.4% | — | ||
| Q4 24 | 43.3% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 27.5% | 14.4% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 33.1% | — | ||
| Q3 25 | 34.2% | — | ||
| Q2 25 | 34.6% | 13.9% | ||
| Q1 25 | 34.5% | — | ||
| Q4 24 | 36.3% | — | ||
| Q3 24 | 31.5% | — | ||
| Q2 24 | 25.0% | 13.9% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.98 | — | ||
| Q3 25 | $0.98 | — | ||
| Q2 25 | $0.98 | $0.90 | ||
| Q1 25 | $0.94 | — | ||
| Q4 24 | $1.09 | — | ||
| Q3 24 | $0.84 | — | ||
| Q2 24 | $0.68 | $0.81 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $41.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $-129.4M |
| Total Assets | $21.1B | $210.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $41.6M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $50.8M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | $-129.4M | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | $-118.7M |
| Q1 26 | $21.1B | — | ||
| Q4 25 | $19.0B | — | ||
| Q3 25 | $18.8B | — | ||
| Q2 25 | $18.6B | $210.2M | ||
| Q1 25 | $18.4B | — | ||
| Q4 24 | $18.3B | — | ||
| Q3 24 | $18.3B | — | ||
| Q2 24 | $18.3B | $282.8M |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
GDEV
Segment breakdown not available.
