Farmers & Merchants Bancorp, Inc. FMAO R2K

Financial Services · Banks - Regional · United States

https://www.fm.bank

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.

Market & Price

Market Cap

$384.55M

Current Price

$27.93

High / Low (52W)

$29.31 / $22.05

Beta

0.82

Valuation

Stock P/E

10.66

Industry PE

12.01

Forward P/E

9.27

PEG Ratio

Book Value

$27.64

Price to Book

1.01

P/S

3.10

EV/EBITDA

Dividend Yield

3.25%

Profitability & Returns

ROCE

ROE

9.97%

ROA

1.04%

Profit Margin

28.99%

Op Margin

42.19%

EPS (Latest Qtr)

$0.70

EPS (TTM)

$2.62

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$269.66M

Total Assets

$3.43B

Current Assets

Working Capital

Ownership

Promoter Holding

4.01%

Chg in Prom Hold

FII / Inst Holding

33.29%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$474.88M

Total Revenue (TTM)

$123.94M

EBITDA

Free Cash Flow

Operating Cash Flow

$33.38M

Shares Outstanding

13.77M

Gross Margin

0.00%

Payout Ratio

34.69%

Growth (CAGR)

Revenue 5Y

5.81%

Profit 5Y

0.81%

Revenue (YoY)

16.50%

Earnings (YoY)

37.30%

PROS

Excellent profit margin of 29.0%.
Attractive dividend yield of 3.25%.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

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. R2K	27.93	10.66	$384.55M	3.25%	-	9.97%	5.81%	0.81%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Jun 2016	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
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	2.97M	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
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

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

Compounded Sales Growth

5 Years:	5.81%
1 Year:	16.50%

Compounded Profit Growth

5 Years:	0.81%
1 Year:	37.30%

Stock Price Performance

1 Year:	+21.48%
6 Months:	+12.86%
3 Months:	+8.97%
1 Month:	+4.72%

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	-	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	-	-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	-	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	-	-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	-	38.07M	11.22M	30.60M	34.97M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	-	-	-	-96.41M	57.79M	34.15M	-78.63M
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

Insiders

4.01%

Institutions

33.29%

Public Float

34.69%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Blackrock Inc.	9.94%	923.33K	$25.79M
2	Vanguard Capital Management LLC	5.76%	534.74K	$14.94M
3	Goelzer Investment Management, Inc.	3.54%	328.60K	$9.18M
4	Geode Capital Management, LLC	3.33%	309.21K	$8.64M
5	Manufacturers Life Insurance Co.	3.13%	290.62K	$8.12M
6	Dimensional Fund Advisors LP	2.44%	226.92K	$6.34M
7	State Street Corporation	2.42%	224.34K	$6.27M
8	Raymond James Financial, Inc.	1.46%	135.35K	$3.78M
9	Mendel Money Management	1.33%	123.08K	$3.44M
10	Gryphon Financial Partners Llc	1.08%	100.19K	$2.80M

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