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FIRST MERCHANTS CORP（FRME）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
FIRST MERCHANTS CORP的季度营收约是Repay Holdings Corp的2.0倍（$157.1M vs $78.6M），FIRST MERCHANTS CORP净利率更高（17.9% vs -178.3%，领先196.2%），过去两年FIRST MERCHANTS CORP的营收复合增速更高（-0.9% vs -1.3%）
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
FRME vs RPAY — 直观对比
营收规模更大
FRME
是对方的2.0倍
$78.6M
净利率更高
FRME
高出196.2%
-178.3%
两年增速更快
FRME
近两年复合增速
-1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $157.1M | $78.6M |
| 净利润 | $28.2M | $-140.1M |
| 毛利率 | — | 74.2% |
| 营业利润率 | — | -182.2% |
| 净利率 | 17.9% | -178.3% |
| 营收同比 | — | 0.4% |
| 净利润同比 | -49.1% | -3304.1% |
| 每股收益（稀释后） | $0.45 | $-1.68 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收FRMERPAY
| Q1 26 | $157.1M | — | ||
| Q4 25 | $172.2M | $78.6M | ||
| Q3 25 | $166.1M | $77.7M | ||
| Q2 25 | $164.3M | $75.6M | ||
| Q1 25 | $160.3M | $77.3M | ||
| Q4 24 | $177.1M | $78.3M | ||
| Q3 24 | $156.0M | $79.1M | ||
| Q2 24 | $159.9M | $74.9M |
净利润FRMERPAY
| Q1 26 | $28.2M | — | ||
| Q4 25 | $57.1M | $-140.1M | ||
| Q3 25 | $56.8M | $-6.4M | ||
| Q2 25 | $56.8M | $-102.3M | ||
| Q1 25 | $55.3M | $-7.9M | ||
| Q4 24 | $64.3M | $-4.1M | ||
| Q3 24 | $49.2M | $3.2M | ||
| Q2 24 | $39.9M | $-4.1M |
毛利率FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | 74.2% | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 75.7% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.3% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 78.2% |
营业利润率FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | 38.0% | -182.2% | ||
| Q3 25 | 39.3% | -3.9% | ||
| Q2 25 | 39.6% | -138.7% | ||
| Q1 25 | 39.4% | -4.7% | ||
| Q4 24 | 43.3% | -1.5% | ||
| Q3 24 | 36.1% | -0.9% | ||
| Q2 24 | 27.5% | -4.6% |
净利率FRMERPAY
| Q1 26 | 17.9% | — | ||
| Q4 25 | 33.1% | -178.3% | ||
| Q3 25 | 34.2% | -8.3% | ||
| Q2 25 | 34.6% | -135.2% | ||
| Q1 25 | 34.5% | -10.3% | ||
| Q4 24 | 36.3% | -5.3% | ||
| Q3 24 | 31.5% | 4.1% | ||
| Q2 24 | 25.0% | -5.4% |
每股收益（稀释后）FRMERPAY
| Q1 26 | $0.45 | — | ||
| Q4 25 | $0.98 | $-1.68 | ||
| Q3 25 | $0.98 | $-0.08 | ||
| Q2 25 | $0.98 | $-1.15 | ||
| Q1 25 | $0.94 | $-0.09 | ||
| Q4 24 | $1.09 | $-0.04 | ||
| Q3 24 | $0.84 | $0.03 | ||
| Q2 24 | $0.68 | $-0.04 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $115.7M |
| 总债务越低越好 | — | $280.1M |
| 股东权益账面价值 | $2.7B | $484.4M |
| 总资产 | $21.1B | $1.2B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $95.7M | ||
| Q2 25 | — | $162.6M | ||
| Q1 25 | — | $165.5M | ||
| Q4 24 | — | $189.5M | ||
| Q3 24 | — | $168.7M | ||
| Q2 24 | — | $147.1M |
总债务FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | $280.1M | ||
| Q3 25 | — | $279.5M | ||
| Q2 25 | — | $279.0M | ||
| Q1 25 | — | $497.6M | ||
| Q4 24 | — | $496.8M | ||
| Q3 24 | — | $496.2M | ||
| Q2 24 | — | $435.6M |
股东权益FRMERPAY
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.5B | $484.4M | ||
| Q3 25 | $2.4B | $616.9M | ||
| Q2 25 | $2.3B | $633.7M | ||
| Q1 25 | $2.3B | $755.7M | ||
| Q4 24 | $2.3B | $761.3M | ||
| Q3 24 | $2.3B | $754.7M | ||
| Q2 24 | $2.2B | $815.4M |
总资产FRMERPAY
| Q1 26 | $21.1B | — | ||
| Q4 25 | $19.0B | $1.2B | ||
| Q3 25 | $18.8B | $1.3B | ||
| Q2 25 | $18.6B | $1.4B | ||
| Q1 25 | $18.4B | $1.5B | ||
| Q4 24 | $18.3B | $1.6B | ||
| Q3 24 | $18.3B | $1.6B | ||
| Q2 24 | $18.3B | $1.5B |
负债/权益比FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.65× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.53× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | — | $23.3M |
| 自由现金流经营现金流 - 资本支出 | — | $23.2M |
| 自由现金流率自由现金流/营收 | — | 29.6% |
| 资本支出强度资本支出/营收 | — | 0.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | — | $90.7M |
8季度趋势，按日历期对齐
经营现金流FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | $283.6M | $23.3M | ||
| Q3 25 | $87.6M | $32.2M | ||
| Q2 25 | $53.7M | $33.1M | ||
| Q1 25 | $61.7M | $2.5M | ||
| Q4 24 | $266.2M | $34.3M | ||
| Q3 24 | $76.8M | $60.1M | ||
| Q2 24 | $63.0M | $31.0M |
自由现金流FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | $23.2M | ||
| Q3 25 | — | $32.1M | ||
| Q2 25 | — | $33.0M | ||
| Q1 25 | — | $2.4M | ||
| Q4 24 | — | $34.0M | ||
| Q3 24 | — | $59.8M | ||
| Q2 24 | — | $30.5M |
自由现金流率FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | 29.6% | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 43.6% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 43.5% | ||
| Q3 24 | — | 75.6% | ||
| Q2 24 | — | 40.7% |
资本支出强度FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | — | 0.1% | ||
| Q3 25 | — | 0.2% | ||
| Q2 25 | — | 0.1% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.6% |
现金转化率FRMERPAY
| Q1 26 | — | — | ||
| Q4 25 | 4.97× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 0.94× | — | ||
| Q1 25 | 1.11× | — | ||
| Q4 24 | 4.14× | — | ||
| Q3 24 | 1.56× | 18.52× | ||
| Q2 24 | 1.58× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
