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Farmers & Merchants Bancorp, Inc. FMAO R2KR3KFINANCIAL

Financial Services · Banks - Regional · United States
https://www.fm.bank
Company Profile ↓
$36.54
+45.24% 1Y
Mkt Cap$503.27M
P/E12.56
P/B1.22
Div. Yield2.75%
52W High$36.54
52W Low$22.27
Book Value$28.26
EPS (TTM)$2.91

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

Reasonable Valuation

Trades at a P/E of 12.6, below the sector median of 13.6.

Healthy Margins

Maintains a net profit margin of 31.0%.

Dividend Income

Offers a dividend yield of 2.75%.

Positive Free Cash Flow

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:+45.24%
6 Months:+39.21%
3 Months:+17.95%
1 Month:+5.05%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bullish
52-Week Range 100% of range
$22.27 $36.54
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • RSI (14)65.36 · Neutral
Price Performance
1M+5.05%
3M+17.95%
6M+39.21%
1Y+45.24%
Valuation vs Sector

P/E of 12.56 is below the sector median of 13.55 — relatively cheaper than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

Robinhood TradingView

Fundamental Growth Charts

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 2.75%.
  • 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.

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Valuation

Stock P/E
12.56
Industry PE
13.55
Forward P/E
11.17
PEG Ratio
-
Book Value
$28.26
Price to Book
1.22
P/S
3.69
EV/EBITDA
-
Dividend Yield
2.75%

Growth (CAGR)

Revenue 5Y
5.81%
Profit 5Y
0.81%
Revenue (YoY)
17.50%
Earnings (YoY)
53.00%

Profitability & Returns

ROCE
-
ROE
10.88%
ROA
1.17%
Profit Margin
31.03%
Op Margin
46.34%
Gross Margin
0.00%
EPS (Latest Qtr)
$0.86
EPS (TTM)
$2.91

Balance Sheet & Liquidity

Debt/Equity
0.71
Quick Ratio
-
Current Ratio
-
Debt
$218.62M
Total Assets
$3.50B
Current Assets
-
Working Capital
-

Ownership

Promoter Holding
2.76%
Chg in Prom Hold
0.00%
FII / Inst Holding
37.77%
Chg in FII Hold
0.29%

Financial Snapshot

Enterprise Value
$503.27M
Total Revenue (TTM)
$129.00M
EBITDA
-
Free Cash Flow
$34.97M
Operating Cash Flow
$43.08M
Shares Outstanding
13.77M
Gross Margin
0.00%
Payout Ratio
23.63%

Peer comparison

Peer companies in the same sector (Financial Services).

#NameCMP $P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 FMAO Farmers & Merchants Bancorp, Inc. R2KR3KFINANCIAL 36.54 12.56 $503.27M 2.75% - 10.88% 5.81% 0.81%
2 JPM JPMorgan Chase & Co. SPXR3KFINANCIAL 331.58 14.21 $881.40B 1.72% - 17.79% 12.50% 14.83%
3 BRK-B Berkshire Hathaway Inc. SPXFINANCIAL 542.19 13.64 $763.42B 0.00% - 12.12% 4.18% 9.44%
4 V Visa Inc. SPXR3KFINANCIAL 407.92 34.69 $695.14B 0.72% 37.15% 61.19% 14.33% 13.04%
5 MA Mastercard Incorporated SPXR3KFINANCIAL 623.60 34.34 $542.20B 0.62% 60.19% - 12.29% 19.21%
6 BRK-A Berkshire Hathaway Inc. FINANCIAL 813,595.00 13.64 $397.40B 0.00% - 12.12% 7.60% 10.02%
7 BAC Bank of America Corporation SPXR3KFINANCIAL 50.56 11.68 $353.55B 2.39% - 11.20% 3.14% 4.27%
8 HSBC HSBC Holdings plc FINANCIAL 90.68 12.95 $310.38B 3.65% - 13.10% 9.75% 12.72%
9 MS Morgan Stanley SPXR3KFINANCIAL 179.49 14.51 $281.90B 2.26% - 17.97% 3.76% 9.66%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in USD.

Metric Sep 2016Dec 2016Mar 2017Jun 2017Sep 2017Dec 2017Mar 2018Jun 2018Sep 2018Dec 2018Mar 2019Jun 2019Sep 2019Dec 2019Mar 2020Jun 2020Sep 2020Dec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue ----------------------------------27.35M29.32M30.23M31.48M31.56M-
Cost of Revenue ----------------------------------------
Gross Profit ----------------------------------------
Operating Expenses ----------------------------------------
Operating Income ----------------------------------------
EBITDA ----------------------------------------
Interest Expense ----------------------------------17.09M17.78M17.58M16.80M15.85M-
Pretax Income ----------------------------------8.76M9.70M11.23M12.83M12.34M-
Tax Provision ----------------------------------1.81M1.99M2.38M3.04M2.76M-
Net Income 3.02M3.19M2.84M3.22M3.22M3.44M3.77M4.11M3.88M3.19M3.22M6.18M4.28M4.72M4.11M4.80M4.41M6.78M4.91M4.98M5.92M7.68M8.10M8.27M8.95M7.19M6.47M6.00M4.78M5.54M5.36M5.68M6.52M8.38M6.95M7.71M8.85M9.79M9.58M11.80M
Diluted EPS ------------------0.440.440.530.590.620.630.680.530.470.440.350.410.390.420.480.610.510.560.640.710.700.86

Profit & Loss (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Revenue -------------99.30M93.64M98.90M117.62M
Cost of Revenue -----------------
Gross Profit -----------------
Operating Expenses -----------------
Operating Income -----------------
EBITDA -----------------
Interest Expense -------------14.36M58.41M77.66M69.25M
Pretax Income -------------40.48M28.35M32.57M42.52M
Tax Provision -------------7.96M5.57M6.63M9.22M
Net Income 6.61M6.98M8.51M9.79M9.01M9.65M10.34M11.66M12.72M14.95M18.40M20.09M23.50M32.52M22.79M25.94M33.31M
Diluted EPS -----------1.802.012.461.671.902.43

Balance Sheet (Annual)

Figures in USD.

Metric Dec 2008Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Total Assets --906.36M922.99M946.66M965.94M941.21M989.07M1.06B1.11B1.12B1.61B1.91B-3.02B3.28B3.36B3.43B
Current Assets ------------------
Cash & Equivalents 20.89M33.65M43.38M43.14M44.09M19.26M24.30M-------87.53M143.66M177.34M98.75M
Inventory ------------------
Receivables ------------------
Total Liabilities --811.96M817.90M836.42M857.32M826.72M868.97M930.32M972.87M972.88M1.38B1.66B-2.72B2.97B3.03B3.06B
Current Liabilities ------------------
Long Term Debt --------------172.07M300.45M280.87M262.31M
Total Debt --------------172.07M300.45M280.87M262.31M
Total Equity 90.55M93.58M94.40M105.34M110.49M108.62M114.49M120.10M125.58M134.11M143.29M230.26M249.16M-298.14M316.54M335.21M370.86M
Shares Outstanding --------------14.56M14.56M14.56M14.56M

Cash Flows (Annual)

Figures in USD.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025
Operating Cash Flow 5.78M11.44M15.20M14.21M16.99M--12.43M17.65M10.74M23.93M27.38M34.74M40.67M22.15M32.47M36.74M
Investing Cash Flow -33.37M-49.13M-14.42M-26.45M-31.96M---64.19M-48.17M1.47M-149.32M-177.72M-265.69M-389.90M-194.09M-44.36M-138.70M
Financing Cash Flow 40.35M47.43M-1.02M13.19M-9.87M--58.06M36.67M-8.31M138.32M274.75M236.07M252.82M229.73M46.04M23.33M
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 5.37M9.14M14.26M12.44M14.93M--10.02M15.76M8.11M20.42M24.16M32.78M38.07M11.22M30.60M34.97M
Share Buybacks 555.00K894.00K310.00K894.00K1.24M576.00K803.00K194.00K196.00K490.00K381.00K383.00K338.00K308.00K218.00K664.00K362.00K

Ratios (Annual)

Figures in %.

Metric Dec 2009Dec 2010Dec 2011Dec 2012Dec 2013Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 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
2.76%
Institutions
37.77%
Public Float
38.84%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 11.71% 1.09M $37.56M
2 Vanguard Capital Management LLC 6.22% 577.30K $19.95M
3 Geode Capital Management, LLC 3.60% 334.41K $11.55M
4 Manufacturers Life Insurance Co. 3.11% 289.18K $9.99M
5 State Street Corporation 2.89% 268.04K $9.26M
6 Dimensional Fund Advisors LP 2.89% 268.39K $9.27M
7 Goelzer Investment Management, Inc. 2.41% 223.60K $7.73M
8 American Century Companies Inc 2.01% 186.96K $6.46M
9 Mendel Money Management 1.25% 115.88K $4.00M
10 Northern Trust Corporation 1.15% 106.35K $3.67M

Analyst View

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Latest News

Recent headlines for FMAO

Google News hu, 22 Oct 2026

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Farmers & Merchants Bancorp (FMAO) Reports Tangible Book Value G - GuruFocus

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Google News Fri, 23 Oct 2026

Farmers & Merchants Bancorp earnings beat by $0.04, revenue topped estimates - Investing.com South Africa

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FMAO — Frequently Asked Questions

What is the current share price of Farmers & Merchants Bancorp, Inc. (FMAO)?

As of 2026-10-23 16:27 PDT, Farmers & Merchants Bancorp, Inc. (FMAO) trades at $36.54 on NasdaqCM. Its 52-week range is $22.27 to $36.54.

What is the market capitalisation of FMAO?

Farmers & Merchants Bancorp, Inc. (FMAO) has a market capitalisation of $503.27M on NasdaqCM.

What is the P/E ratio of FMAO?

FMAO trades at a trailing price-to-earnings (P/E) ratio of 12.56. The industry average P/E is 13.55. Its price-to-book (P/B) ratio is 1.22.

Does FMAO pay a dividend?

Farmers & Merchants Bancorp, Inc. (FMAO) currently offers a dividend yield of 2.75%.

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.

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