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Side-by-side financial comparison of FIRST MERCHANTS CORP (FRME) and MONARCH CASINO & RESORT INC (MCRI). Click either name above to swap in a different company.
FIRST MERCHANTS CORP is the larger business by last-quarter revenue ($157.1M vs $136.6M, roughly 1.2× MONARCH CASINO & RESORT INC). MONARCH CASINO & RESORT INC runs the higher net margin — 20.2% vs 17.9%, a 2.3% gap on every dollar of revenue. Over the past eight quarters, MONARCH CASINO & RESORT INC's revenue compounded faster (3.2% CAGR vs -0.9%).
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.
The Atlantis Casino Resort Spa is a hotel and casino located in Reno, Nevada, United States. It is owned and operated by Monarch Casino & Resort, Inc. Its three hotel towers have a combined 824 guest rooms and suites. The casino floor spans 64,814 sq ft. Often known simply as "Atlantis," it is one of Reno's most profitable and luxurious properties, competing directly with Peppermill Hotel Casino and Grand Sierra Resort for customers. Nearly $150 million has been spent on upgrading the facility.
FRME vs MCRI — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $157.1M | $136.6M |
| Net Profit | $28.2M | $27.6M |
| Gross Margin | — | — |
| Operating Margin | — | 25.6% |
| Net Margin | 17.9% | 20.2% |
| Revenue YoY | — | 8.9% |
| Net Profit YoY | -49.1% | 38.9% |
| EPS (diluted) | $0.45 | $1.52 |
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 | $136.6M | ||
| Q4 25 | $172.2M | $140.0M | ||
| Q3 25 | $166.1M | $142.8M | ||
| Q2 25 | $164.3M | $136.9M | ||
| Q1 25 | $160.3M | $125.4M | ||
| Q4 24 | $177.1M | $134.5M | ||
| Q3 24 | $156.0M | $137.9M | ||
| Q2 24 | $159.9M | $128.1M |
| Q1 26 | $28.2M | $27.6M | ||
| Q4 25 | $57.1M | $22.9M | ||
| Q3 25 | $56.8M | $31.6M | ||
| Q2 25 | $56.8M | $27.0M | ||
| Q1 25 | $55.3M | $19.9M | ||
| Q4 24 | $64.3M | $4.2M | ||
| Q3 24 | $49.2M | $27.6M | ||
| Q2 24 | $39.9M | $22.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.8% | ||
| Q3 25 | — | 26.7% | ||
| Q2 25 | — | 25.5% | ||
| Q1 25 | — | 20.2% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 25.6% | ||
| Q2 24 | — | 23.0% |
| Q1 26 | — | 25.6% | ||
| Q4 25 | 38.0% | 21.3% | ||
| Q3 25 | 39.3% | 27.1% | ||
| Q2 25 | 39.6% | 25.8% | ||
| Q1 25 | 39.4% | 20.4% | ||
| Q4 24 | 43.3% | 3.1% | ||
| Q3 24 | 36.1% | 25.5% | ||
| Q2 24 | 27.5% | 22.9% |
| Q1 26 | 17.9% | 20.2% | ||
| Q4 25 | 33.1% | 16.4% | ||
| Q3 25 | 34.2% | 22.1% | ||
| Q2 25 | 34.6% | 19.7% | ||
| Q1 25 | 34.5% | 15.8% | ||
| Q4 24 | 36.3% | 3.1% | ||
| Q3 24 | 31.5% | 20.0% | ||
| Q2 24 | 25.0% | 17.7% |
| Q1 26 | $0.45 | $1.52 | ||
| Q4 25 | $0.98 | $1.25 | ||
| Q3 25 | $0.98 | $1.69 | ||
| Q2 25 | $0.98 | $1.44 | ||
| Q1 25 | $0.94 | $1.05 | ||
| Q4 24 | $1.09 | $0.25 | ||
| Q3 24 | $0.84 | $1.47 | ||
| Q2 24 | $0.68 | $1.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $120.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $549.8M |
| Total Assets | $21.1B | $725.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $120.1M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $2.7B | $549.8M | ||
| Q4 25 | $2.5B | $537.7M | ||
| Q3 25 | $2.4B | $558.4M | ||
| Q2 25 | $2.3B | $539.2M | ||
| Q1 25 | $2.3B | $535.6M | ||
| Q4 24 | $2.3B | $517.7M | ||
| Q3 24 | $2.3B | $513.3M | ||
| Q2 24 | $2.2B | $498.4M |
| Q1 26 | $21.1B | $725.2M | ||
| Q4 25 | $19.0B | $712.8M | ||
| Q3 25 | $18.8B | $725.4M | ||
| Q2 25 | $18.6B | $705.8M | ||
| Q1 25 | $18.4B | $712.1M | ||
| Q4 24 | $18.3B | $691.6M | ||
| Q3 24 | $18.3B | $671.1M | ||
| Q2 24 | $18.3B | $672.4M |
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% |
MCRI
| Casino | $79.7M | 58% |
| Food and beverage | $31.7M | 23% |
| Hotel | $19.0M | 14% |
| Other | $6.1M | 5% |
