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Side-by-side financial comparison of FIRST MERCHANTS CORP (FRME) and CVR PARTNERS, LP (UAN). Click either name above to swap in a different company.
CVR PARTNERS, LP is the larger business by last-quarter revenue ($180.0M vs $157.1M, roughly 1.1× FIRST MERCHANTS CORP). CVR PARTNERS, LP runs the higher net margin — 27.7% vs 17.9%, a 9.8% gap on every dollar of revenue. Over the past eight quarters, CVR PARTNERS, LP's revenue compounded faster (16.4% 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.
CVR Partners, LP is a leading North American producer of nitrogen-based fertilizer products, primarily urea ammonium nitrate (UAN) and ammonia. It serves agricultural, industrial and commercial markets across the U.S. and Canada, delivering cost-effective, high-quality nutrient solutions for crop production and diverse industrial use cases.
FRME vs UAN — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $157.1M | $180.0M |
| Net Profit | $28.2M | $49.9M |
| Gross Margin | — | 37.5% |
| Operating Margin | — | 32.0% |
| Net Margin | 17.9% | 27.7% |
| Revenue YoY | — | 26.0% |
| Net Profit YoY | -49.1% | 84.3% |
| EPS (diluted) | $0.45 | — |
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 | $180.0M | ||
| Q4 25 | $172.2M | $131.1M | ||
| Q3 25 | $166.1M | $163.5M | ||
| Q2 25 | $164.3M | $168.6M | ||
| Q1 25 | $160.3M | $142.9M | ||
| Q4 24 | $177.1M | $139.6M | ||
| Q3 24 | $156.0M | $125.2M | ||
| Q2 24 | $159.9M | $132.9M |
| Q1 26 | $28.2M | $49.9M | ||
| Q4 25 | $57.1M | $-10.3M | ||
| Q3 25 | $56.8M | $43.1M | ||
| Q2 25 | $56.8M | $38.8M | ||
| Q1 25 | $55.3M | $27.1M | ||
| Q4 24 | $64.3M | $18.3M | ||
| Q3 24 | $49.2M | $3.8M | ||
| Q2 24 | $39.9M | $26.2M |
| Q1 26 | — | 37.5% | ||
| Q4 25 | — | 4.4% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 32.4% | ||
| Q1 25 | — | 29.7% | ||
| Q4 24 | — | 23.8% | ||
| Q3 24 | — | 14.7% | ||
| Q2 24 | — | 30.0% |
| Q1 26 | — | 32.0% | ||
| Q4 25 | 38.0% | -2.2% | ||
| Q3 25 | 39.3% | 31.0% | ||
| Q2 25 | 39.6% | 27.5% | ||
| Q1 25 | 39.4% | 24.2% | ||
| Q4 24 | 43.3% | 18.4% | ||
| Q3 24 | 36.1% | 8.8% | ||
| Q2 24 | 27.5% | 25.3% |
| Q1 26 | 17.9% | 27.7% | ||
| Q4 25 | 33.1% | -7.8% | ||
| Q3 25 | 34.2% | 26.3% | ||
| Q2 25 | 34.6% | 23.0% | ||
| Q1 25 | 34.5% | 19.0% | ||
| Q4 24 | 36.3% | 13.1% | ||
| Q3 24 | 31.5% | 3.0% | ||
| Q2 24 | 25.0% | 19.7% |
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.98 | $-0.98 | ||
| Q3 25 | $0.98 | $4.08 | ||
| Q2 25 | $0.98 | $3.67 | ||
| Q1 25 | $0.94 | $2.56 | ||
| Q4 24 | $1.09 | $1.73 | ||
| Q3 24 | $0.84 | $0.36 | ||
| Q2 24 | $0.68 | $2.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $128.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.7B | — |
| Total Assets | $21.1B | $1.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $128.1M | ||
| Q4 25 | — | $69.2M | ||
| Q3 25 | — | $156.2M | ||
| Q2 25 | — | $114.4M | ||
| Q1 25 | — | $121.8M | ||
| Q4 24 | — | $90.9M | ||
| Q3 24 | — | $110.5M | ||
| Q2 24 | — | $47.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $569.1M | ||
| Q3 25 | — | $569.1M | ||
| Q2 25 | — | $569.2M | ||
| Q1 25 | — | $569.3M | ||
| Q4 24 | — | $568.0M | ||
| Q3 24 | — | $547.7M | ||
| Q2 24 | — | $547.6M |
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | — |
| Q1 26 | $21.1B | $1.0B | ||
| Q4 25 | $19.0B | $969.5M | ||
| Q3 25 | $18.8B | $1.0B | ||
| Q2 25 | $18.6B | $998.0M | ||
| Q1 25 | $18.4B | $1.0B | ||
| Q4 24 | $18.3B | $1.0B | ||
| Q3 24 | $18.3B | $986.6M | ||
| Q2 24 | $18.3B | $959.4M |
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% |
UAN
| Fertilizer sales | $166.1M | 92% |
| Other | $14.0M | 8% |
