Farmers & Merchants Bancorp, Inc. FMAO R2KR3KFINANCIAL
Company Overview
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, bill-pay, on-line statement opportunities, and remote deposit capture or electronic deposit processing. Additionally, the company offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.
Why Investors Should Care
Trades at a P/E of 13.5, below the sector median of 14.5.
Maintains a net profit margin of 31.0%.
Offers a dividend yield of 2.68%.
Generates positive free cash flow, funding growth and shareholder returns internally.
Recent Developments
- Dec 2025 Revenue of $117.62M (+18.9% YoY); net profit $33.31M.
- Trailing 12 Months Year-on-year growth — revenue +17.5%, earnings +53.0%.
- 5-Year Trend Long-term compounding — revenue CAGR 5.8%, profit CAGR 0.8%.
Growth & Price Performance
Compounded Sales Growth
| 5 Years: | 5.81% |
| 1 Year: | 17.50% |
Compounded Profit Growth
| 5 Years: | 0.81% |
| 1 Year: | 53.00% |
Stock Price Performance
| 1 Year: | +40.19% |
| 6 Months: | +41.57% |
| 3 Months: | +26.53% |
| 1 Month: | +2.89% |
Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.
- Price vs 50-DMAAbove
- Price vs 200-DMAAbove
- RSI (14)63.85 · Neutral
P/E of 13.46 is below the sector median of 14.52 — relatively cheaper than peers.
Auto-generated from price history and fundamentals; not investment advice.
Price Chart
Technical Trend
Computed from daily close history using EMA cross, slope, and RSI signals.
Note: intraday data is not stored locally. “Hourly” uses the most recent 10 daily candles as a short-term proxy.
Fundamental Growth Charts
No fundamental data available for this stock.
Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.
PROS
- Excellent profit margin of 31.0%.
- Attractive dividend yield of 2.68%.
- Generates positive free cash flow.
- In a confirmed uptrend (50-DMA above 200-DMA).
CONS
No notable concerns flagged.
* The pros and cons are auto-generated from financial metrics.
Valuation
Growth (CAGR)
Profitability & Returns
Balance Sheet & Liquidity
Ownership
Financial Snapshot
Peer comparison
Peer companies in the same sector (Financial Services).
| # | Name | CMP $ | P/E | Mkt Cap | Div Yld % | ROCE % | ROE % | Rev CAGR 5Y % | Profit CAGR 5Y % |
|---|---|---|---|---|---|---|---|---|---|
| 1 | FMAO Farmers & Merchants Bancorp, Inc. R2KR3KFINANCIAL | 35.27 | 13.46 | $485.60M | 2.68% | - | 10.88% | 5.81% | 0.81% |
| 2 | JPM JPMorgan Chase & Co. SPXR3KFINANCIAL | 358.64 | 15.37 | $953.34B | 1.68% | - | 17.79% | 12.50% | 14.83% |
| 3 | BRK-B Berkshire Hathaway Inc. SPXFINANCIAL | 506.03 | 15.07 | $707.59B | 0.00% | - | 10.50% | 4.18% | 9.44% |
| 4 | V Visa Inc. SPXR3KFINANCIAL | 374.00 | 31.86 | $637.34B | 0.72% | 37.15% | 61.19% | 14.33% | 13.04% |
| 5 | MA Mastercard Incorporated SPXR3KFINANCIAL | 579.21 | 31.82 | $503.60B | 0.60% | 60.19% | - | 12.29% | 19.21% |
| 6 | BAC Bank of America Corporation SPXR3KFINANCIAL | 62.68 | 14.48 | $438.31B | 2.03% | - | 11.20% | 3.14% | 4.27% |
| 7 | BRK-A Berkshire Hathaway Inc. FINANCIAL | 759,350.00 | 15.07 | $384.00B | 0.00% | - | 10.50% | 7.60% | 10.02% |
| 8 | HSBC HSBC Holdings plc FINANCIAL | 107.11 | 15.30 | $367.34B | 3.62% | - | 13.10% | 9.75% | 12.72% |
| 9 | MS Morgan Stanley SPXR3KFINANCIAL | 217.72 | 17.59 | $342.26B | 2.15% | - | 17.97% | 3.76% | 9.66% |
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios
Quarterly Results
Figures in USD.
| Metric | Sep 2016 | Dec 2016 | Mar 2017 | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 27.35M | 29.32M | 30.23M | 31.48M | 31.56M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 17.09M | 17.78M | 17.58M | 16.80M | 15.85M | - |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 8.76M | 9.70M | 11.23M | 12.83M | 12.34M | - |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.81M | 1.99M | 2.38M | 3.04M | 2.76M | - |
| Net Income | 3.02M | 3.19M | 2.84M | 3.22M | 3.22M | 3.44M | 3.77M | 4.11M | 3.88M | 3.19M | 3.22M | 6.18M | 4.28M | 4.72M | 4.11M | 4.80M | 4.41M | 6.78M | 4.91M | 4.98M | 5.92M | 7.68M | 8.10M | 8.27M | 8.95M | 7.19M | 6.47M | 6.00M | 4.78M | 5.54M | 5.36M | 5.68M | 6.52M | 8.38M | 6.95M | 7.71M | 8.85M | 9.79M | 9.58M | 11.80M |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 0.44 | 0.44 | 0.53 | 0.59 | 0.62 | 0.63 | 0.68 | 0.53 | 0.47 | 0.44 | 0.35 | 0.41 | 0.39 | 0.42 | 0.48 | 0.61 | 0.51 | 0.56 | 0.64 | 0.71 | 0.70 | 0.86 |
Profit & Loss (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | 99.30M | 93.64M | 98.90M | 117.62M |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.36M | 58.41M | 77.66M | 69.25M |
| Pretax Income | - | - | - | - | - | - | - | - | - | - | - | - | - | 40.48M | 28.35M | 32.57M | 42.52M |
| Tax Provision | - | - | - | - | - | - | - | - | - | - | - | - | - | 7.96M | 5.57M | 6.63M | 9.22M |
| Net Income | 6.61M | 6.98M | 8.51M | 9.79M | 9.01M | 9.65M | 10.34M | 11.66M | 12.72M | 14.95M | 18.40M | 20.09M | 23.50M | 32.52M | 22.79M | 25.94M | 33.31M |
| Diluted EPS | - | - | - | - | - | - | - | - | - | - | - | 1.80 | 2.01 | 2.46 | 1.67 | 1.90 | 2.43 |
Balance Sheet (Annual)
Figures in USD.
| Metric | Dec 2008 | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | - | - | 906.36M | 922.99M | 946.66M | 965.94M | 941.21M | 989.07M | 1.06B | 1.11B | 1.12B | 1.61B | 1.91B | - | 3.02B | 3.28B | 3.36B | 3.43B |
| Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash & Equivalents | 20.89M | 33.65M | 43.38M | 43.14M | 44.09M | 19.26M | 24.30M | - | - | - | - | - | - | - | 87.53M | 143.66M | 177.34M | 98.75M |
| Inventory | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Receivables | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | - | - | 811.96M | 817.90M | 836.42M | 857.32M | 826.72M | 868.97M | 930.32M | 972.87M | 972.88M | 1.38B | 1.66B | - | 2.72B | 2.97B | 3.03B | 3.06B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Long Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 172.07M | 300.45M | 280.87M | 262.31M |
| Total Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 172.07M | 300.45M | 280.87M | 262.31M |
| Total Equity | 90.55M | 93.58M | 94.40M | 105.34M | 110.49M | 108.62M | 114.49M | 120.10M | 125.58M | 134.11M | 143.29M | 230.26M | 249.16M | - | 298.14M | 316.54M | 335.21M | 370.86M |
| Shares Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 14.56M | 14.56M | 14.56M | 14.56M |
Cash Flows (Annual)
Figures in USD.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | 5.78M | 11.44M | 15.20M | 14.21M | 16.99M | - | - | 12.43M | 17.65M | 10.74M | 23.93M | 27.38M | 34.74M | 40.67M | 22.15M | 32.47M | 36.74M |
| Investing Cash Flow | -33.37M | -49.13M | -14.42M | -26.45M | -31.96M | - | - | -64.19M | -48.17M | 1.47M | -149.32M | -177.72M | -265.69M | -389.90M | -194.09M | -44.36M | -138.70M |
| Financing Cash Flow | 40.35M | 47.43M | -1.02M | 13.19M | -9.87M | - | - | 58.06M | 36.67M | -8.31M | 138.32M | 274.75M | 236.07M | 252.82M | 229.73M | 46.04M | 23.33M |
| Capital Expenditure | -412.00K | -2.29M | -947.00K | -1.77M | -2.06M | -2.91M | -1.72M | -2.41M | -1.89M | -2.63M | -3.51M | -3.22M | -1.97M | -2.60M | -10.93M | -1.87M | -1.77M |
| Free Cash Flow | 5.37M | 9.14M | 14.26M | 12.44M | 14.93M | - | - | 10.02M | 15.76M | 8.11M | 20.42M | 24.16M | 32.78M | 38.07M | 11.22M | 30.60M | 34.97M |
| Share Buybacks | 555.00K | 894.00K | 310.00K | 894.00K | 1.24M | 576.00K | 803.00K | 194.00K | 196.00K | 490.00K | 381.00K | 383.00K | 338.00K | 308.00K | 218.00K | 664.00K | 362.00K |
Ratios (Annual)
Figures in %.
| Metric | Dec 2009 | Dec 2010 | Dec 2011 | Dec 2012 | Dec 2013 | Dec 2014 | Dec 2015 | Dec 2016 | Dec 2017 | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - | - | 32.7% | 24.3% | 26.2% | 28.3% |
| ROE % | 7.1% | 7.4% | 8.1% | 8.9% | 8.3% | 8.4% | 8.6% | 9.3% | 9.5% | 10.4% | 8.0% | 8.1% | - | 10.9% | 7.2% | 7.7% | 9.0% |
| ROCE % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Shareholding Pattern
Top Institutional Holders
| # | Holder | % Held | Shares | Value |
|---|---|---|---|---|
| 1 | Blackrock Inc. | 11.71% | 1.09M | $37.23M |
| 2 | Vanguard Capital Management LLC | 6.22% | 577.30K | $19.77M |
| 3 | Geode Capital Management, LLC | 3.60% | 334.41K | $11.45M |
| 4 | Manufacturers Life Insurance Co. | 3.11% | 289.18K | $9.90M |
| 5 | State Street Corporation | 2.89% | 268.04K | $9.18M |
| 6 | Dimensional Fund Advisors LP | 2.89% | 268.39K | $9.19M |
| 7 | Goelzer Investment Management, Inc. | 2.41% | 223.60K | $7.66M |
| 8 | American Century Companies Inc | 2.01% | 186.96K | $6.40M |
| 9 | Mendel Money Management | 1.25% | 115.88K | $3.97M |
| 10 | Northern Trust Corporation | 1.15% | 106.35K | $3.64M |
Analyst View
Analyst aggregate. Targets and ratings update periodically; not investment advice.
Latest News
Recent headlines for FMAO
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Farmers & Merchants Bancorp director Andrew Briggs sells $211,710 in FMAO stock - Investing.com
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FMAO — Frequently Asked Questions
What is the current share price of Farmers & Merchants Bancorp, Inc. (FMAO)?
As of 2026-09-07 16:24 PDT, Farmers & Merchants Bancorp, Inc. (FMAO) trades at $35.27 on NasdaqCM. Its 52-week range is $22.43 to $35.33.
What is the market capitalisation of FMAO?
Farmers & Merchants Bancorp, Inc. (FMAO) has a market capitalisation of $485.60M on NasdaqCM.
What is the P/E ratio of FMAO?
FMAO trades at a trailing price-to-earnings (P/E) ratio of 13.46. The industry average P/E is 14.52. Its price-to-book (P/B) ratio is 1.24.
Does FMAO pay a dividend?
Farmers & Merchants Bancorp, Inc. (FMAO) currently offers a dividend yield of 2.68%.
What is the return on equity (ROE) of FMAO?
FMAO has a return on equity (ROE) of 10.88%.
Is FMAO a good stock to buy?
This page provides a data-driven analysis of Farmers & Merchants Bancorp, Inc. (FMAO), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.