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Side-by-side financial comparison of FIRST MERCHANTS CORP (FRME) and PERDOCEO EDUCATION Corp (PRDO). Click either name above to swap in a different company.
PERDOCEO EDUCATION Corp is the larger business by last-quarter revenue ($211.6M vs $157.1M, roughly 1.3× FIRST MERCHANTS CORP). Over the past eight quarters, PERDOCEO EDUCATION Corp's revenue compounded faster (12.2% 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.
Perdoceo Education Corporation (PRDO) is a public company that owns five for-profit universities in the United States: American Intercontinental University, Colorado Technical University, California Southern University, Trident University International, and University of St. Augustine for Health Sciences. The company was previously known as Career Education Corporation.
FRME vs PRDO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $157.1M | $211.6M |
| Net Profit | $28.2M | — |
| Gross Margin | — | — |
| Operating Margin | — | 19.8% |
| Net Margin | 17.9% | — |
| Revenue YoY | — | 20.0% |
| Net Profit YoY | -49.1% | — |
| EPS (diluted) | $0.45 | $0.55 |
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 | $211.6M | ||
| Q3 25 | $166.1M | $211.9M | ||
| Q2 25 | $164.3M | $209.6M | ||
| Q1 25 | $160.3M | $213.0M | ||
| Q4 24 | $177.1M | $176.4M | ||
| Q3 24 | $156.0M | $169.8M | ||
| Q2 24 | $159.9M | $166.7M |
| Q1 26 | $28.2M | — | ||
| Q4 25 | $57.1M | — | ||
| Q3 25 | $56.8M | $39.9M | ||
| Q2 25 | $56.8M | $41.0M | ||
| Q1 25 | $55.3M | $43.7M | ||
| Q4 24 | $64.3M | — | ||
| Q3 24 | $49.2M | $38.3M | ||
| Q2 24 | $39.9M | $38.4M |
| Q1 26 | — | — | ||
| Q4 25 | 38.0% | 19.8% | ||
| Q3 25 | 39.3% | 24.1% | ||
| Q2 25 | 39.6% | 24.5% | ||
| Q1 25 | 39.4% | 24.3% | ||
| Q4 24 | 43.3% | 21.1% | ||
| Q3 24 | 36.1% | 26.4% | ||
| Q2 24 | 27.5% | 27.6% |
| Q1 26 | 17.9% | — | ||
| Q4 25 | 33.1% | — | ||
| Q3 25 | 34.2% | 18.8% | ||
| Q2 25 | 34.6% | 19.6% | ||
| Q1 25 | 34.5% | 20.5% | ||
| Q4 24 | 36.3% | — | ||
| Q3 24 | 31.5% | 22.5% | ||
| Q2 24 | 25.0% | 23.0% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.98 | $0.55 | ||
| Q3 25 | $0.98 | $0.60 | ||
| Q2 25 | $0.98 | $0.62 | ||
| Q1 25 | $0.94 | $0.65 | ||
| Q4 24 | $1.09 | $0.46 | ||
| Q3 24 | $0.84 | $0.57 | ||
| Q2 24 | $0.68 | $0.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $111.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | $972.4M |
| Total Assets | $21.1B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $111.0M | ||
| Q3 25 | — | $159.5M | ||
| Q2 25 | — | $172.1M | ||
| Q1 25 | — | $132.1M | ||
| Q4 24 | — | $109.1M | ||
| Q3 24 | — | $238.0M | ||
| Q2 24 | — | $127.9M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.5B | $972.4M | ||
| Q3 25 | $2.4B | $997.9M | ||
| Q2 25 | $2.3B | $984.6M | ||
| Q1 25 | $2.3B | $970.3M | ||
| Q4 24 | $2.3B | $959.5M | ||
| Q3 24 | $2.3B | $935.4M | ||
| Q2 24 | $2.2B | $899.5M |
| Q1 26 | $21.1B | — | ||
| Q4 25 | $19.0B | $1.2B | ||
| Q3 25 | $18.8B | $1.3B | ||
| Q2 25 | $18.6B | $1.3B | ||
| Q1 25 | $18.4B | $1.3B | ||
| Q4 24 | $18.3B | $1.2B | ||
| Q3 24 | $18.3B | $1.1B | ||
| Q2 24 | $18.3B | $1.1B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $40.1M |
| Free Cash FlowOCF − Capex | — | $37.9M |
| FCF MarginFCF / Revenue | — | 17.9% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $216.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $283.6M | $40.1M | ||
| Q3 25 | $87.6M | $41.2M | ||
| Q2 25 | $53.7M | $78.8M | ||
| Q1 25 | $61.7M | $65.1M | ||
| Q4 24 | $266.2M | $17.6M | ||
| Q3 24 | $76.8M | $51.0M | ||
| Q2 24 | $63.0M | $38.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $37.9M | ||
| Q3 25 | — | $39.4M | ||
| Q2 25 | — | $76.0M | ||
| Q1 25 | — | $63.4M | ||
| Q4 24 | — | $16.0M | ||
| Q3 24 | — | $50.0M | ||
| Q2 24 | — | $37.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | 17.9% | ||
| Q3 25 | — | 18.6% | ||
| Q2 25 | — | 36.3% | ||
| Q1 25 | — | 29.8% | ||
| Q4 24 | — | 9.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 22.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 1.3% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 0.5% |
| Q1 26 | — | — | ||
| Q4 25 | 4.97× | — | ||
| Q3 25 | 1.54× | 1.03× | ||
| Q2 25 | 0.94× | 1.92× | ||
| Q1 25 | 1.11× | 1.49× | ||
| Q4 24 | 4.14× | — | ||
| Q3 24 | 1.56× | 1.33× | ||
| Q2 24 | 1.58× | 1.00× |
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% |
PRDO
| CTU | $107.0M | 51% |
| AIUS | $60.8M | 29% |
| University Of St Augustine For Health Sciences Llc | $43.7M | 21% |
| Other | $1.1M | 1% |
