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Farmers & Merchants Bancorp, Inc. FMAO R2K

Financial Services · Banks - Regional · United States
https://www.fm.bank
Company Profile ↓
$29.81
+18.62% 1Y
Mkt Cap$410.43M
P/E11.38
P/B1.04
Div. Yield3.16%
52W High$31.21
52W Low$22.43
Book Value$27.64
EPS (TTM)$2.62

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

Consistent Profit Growth

Net profit has compounded at 10.6% per year over the last five years.

Reasonable Valuation

Trades at a P/E of 11.4, below the sector median of 13.3.

Healthy Margins

Maintains a net profit margin of 29.0%.

Dividend Income

Offers a dividend yield of 3.16%.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Trailing 12 Months Year-on-year growth — revenue +16.5%, earnings +37.3%.
  • 5-Year Trend Long-term compounding — profit CAGR 10.6%.

Growth & Price Performance

Compounded Sales Growth

5 Years:-
1 Year:16.50%

Compounded Profit Growth

5 Years:10.64%
1 Year:37.30%

Stock Price Performance

1 Year:+18.62%
6 Months:+20.37%
3 Months:+11.93%
1 Month:+5.93%

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

Technical Snapshot Bullish
52-Week Range 84% of range
$22.43 $31.21
Trend Signals
  • Price vs 50-DMAAbove
  • Price vs 200-DMAAbove
  • RSI (14)55.45 · Neutral
Price Performance
1M+5.93%
3M+11.93%
6M+20.37%
1Y+18.62%
Valuation vs Sector

P/E of 11.38 is below the sector median of 13.30 — 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 29.0%.
  • Profit CAGR of 10.6% over 5 years.
  • Attractive dividend yield of 3.16%.
  • 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
11.38
Industry PE
13.30
Forward P/E
9.89
PEG Ratio
-
Book Value
$27.64
Price to Book
1.04
P/S
3.20
EV/EBITDA
-
Dividend Yield
3.16%

Growth (CAGR)

Revenue 5Y
-
Profit 5Y
10.64%
Revenue (YoY)
16.50%
Earnings (YoY)
37.30%

Profitability & Returns

ROCE
-
ROE
9.97%
ROA
1.04%
Profit Margin
28.99%
Op Margin
42.19%
Gross Margin
0.00%
EPS (Latest Qtr)
$0.70
EPS (TTM)
$2.62

Balance Sheet & Liquidity

Debt/Equity
0.71
Quick Ratio
-
Current Ratio
-
Debt
$269.66M
Total Assets
$3.49B
Current Assets
-
Working Capital
-

Ownership

Promoter Holding
3.55%
Chg in Prom Hold
-0.22%
FII / Inst Holding
33.72%
Chg in FII Hold
0.41%

Financial Snapshot

Enterprise Value
$410.43M
Total Revenue (TTM)
$123.94M
EBITDA
-
Free Cash Flow
$34.97M
Operating Cash Flow
$33.38M
Shares Outstanding
13.77M
Gross Margin
0.00%
Payout Ratio
34.69%

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. R2K 29.81 11.38 $410.43M 3.16% - 9.97% - 10.64%
2 JPM JPMorgan Chase & Co. SPX 342.89 16.42 $918.78B 1.87% - 16.47% 5.35% 7.56%
3 BRK-B Berkshire Hathaway Inc. SPX 491.09 14.61 $686.70B 0.00% - 10.50% 4.18% 9.44%
4 V Visa Inc. SPX 356.02 31.01 $590.89B 0.83% 37.15% 60.35% 14.33% 13.04%
5 MA Mastercard Incorporated SPX 538.02 31.10 $471.86B 0.71% 60.19% - 12.29% 19.21%
6 BAC Bank of America Corporation SPX 60.62 15.04 $430.20B 2.00% - 10.64% 6.00% 3.49%
7 MS Morgan Stanley SPX 227.67 20.62 $359.10B 1.87% - 16.39% 3.76% 9.66%
8 GS The Goldman Sachs Group, Inc. SPX 1,140.00 20.83 $336.31B 1.69% - 14.55% - 2.21%
9 WFC Wells Fargo & Company SPX 85.29 13.18 $261.00B 2.11% - 12.03% 4.02% 15.98%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in USD.

Metric Jun 2016Sep 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 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 2.97M3.02M3.19M2.84M3.22M3.22M3.44M3.77M4.11M3.88M3.19M3.22M6.18M4.28M4.72M4.11M4.80M4.41M6.78M4.91M4.98M5.92M7.68M8.10M8.27M8.95M7.19M6.47M6.00M4.78M5.54M5.36M5.68M6.52M8.38M6.95M7.71M8.85M9.79M9.58M
Diluted EPS -------------------0.440.440.530.590.620.630.680.530.470.440.350.410.390.420.480.610.510.560.640.710.70

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
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 % -----------------
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
3.55%
Institutions
33.72%
Public Float
34.96%

Top Institutional Holders

#Holder% HeldSharesValue
1 Blackrock Inc. 9.94% 923.33K $28.18M
2 Vanguard Capital Management LLC 5.76% 534.74K $16.32M
3 Goelzer Investment Management, Inc. 3.54% 328.60K $10.03M
4 Geode Capital Management, LLC 3.33% 309.21K $9.44M
5 Manufacturers Life Insurance Co. 3.13% 290.62K $8.87M
6 Dimensional Fund Advisors LP 2.44% 226.92K $6.93M
7 State Street Corporation 2.42% 224.34K $6.85M
8 Raymond James Financial, Inc. 1.46% 135.35K $4.13M
9 Mendel Money Management 1.33% 123.08K $3.76M
10 Gryphon Financial Partners Llc 1.08% 100.19K $3.06M

Analyst View

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Latest News

Recent headlines for FMAO

Google News Mon, 13 Jul 2026

Farmers & Merchants Bancorp Inc (FMAO) - MSN

<a href="https://news.google.com/rss/articles/CBMiiAFBVV95cUxOcmZTb3R2ZjRZLW1BaWdNY2lmbmJEdGN4Y3FxWkxpaE9kdzRCWkVkUGtwYURNempiaUpRWFhqU0tmN2NPVkhvYy1MVE9USGhCSk0wWUlDLW1meVBJcmdlbE1CNzd6SDdhV2s2Y1NBMXRaYjduaW5QeFVDMERuMjVGUlBBd2E0Z0N4?oc=5"…

Google News Fri, 10 Jul 2026

Farmers & Merchants Bancorp (FMAO) director sells 6,000 shares in open market - Stock Titan

<a href="https://news.google.com/rss/articles/CBMiwAFBVV95cUxQZ0NYQW5zNkUxTWJ3cVg0VV9kXzhkUGZERXBWdEF4bHJnMm0wTF9FZkFCX2NUdWpKTF9URDNVMHhjbGNSU1Y2OV91NWtWU0JyNnVBOEViQnpMZlpuUF9FTXlXZHRLYXZiOVhLRzY0RF9PbklYbzdRcjZtTzJVeE5zREluMlJhQWU4UnJBZX…

Google News Mon, 13 Jul 2026

[144] FARMERS & MERCHANTS BANCORP INC SEC Filing - Stock Titan

<a href="https://news.google.com/rss/articles/CBMiqgFBVV95cUxNay1nalVraUY2TXhiR2ExQlBKeWNYVXhJYmhCSy1jWVA3VjRhU1JOX29DUG5SeW0wTHRReGsyWURtOUZ0T1FnZXNKM3QxQUU3cGc3LXJ3TVZVTHlJQVhDdHAzQnpHSThtdjd5X0hmemhPNzlpakpkR2h3OHdMcHRLM0FQRHo2X1l6a1BnR1…

Google News Fri, 10 Jul 2026

Director Andrew Briggs Sells 6,000 Shares of Farmers & Merchants Bancorp Inc (FMAO) - GuruFocus

<a href="https://news.google.com/rss/articles/CBMiuAFBVV95cUxQT2VmeEhqNFFWNUphbGJDU1FJVXdPdDBsdGl6Q19VZFRmYVczd3VJTTJQYkRudExFR0tOeHJtTkJHNDFXT3Q3X3Zqb1hWdWhJcGtKaHZoQk5wWURwWjJhZk9FMks0a3Z5S2h1TGtvUDVieGt1MkRucHR1dXlHdkdDel9JM29nQ0RzT285Mk…

Google News Mon, 08 Jun 2026

Farmers & Merchants Bancorp Stock (FMAO) Opinions on Recent Congressional Stock Purchase - Quiver Quantitative

<a href="https://news.google.com/rss/articles/CBMixgFBVV95cUxPdWt4cWt1eDhTZmJFUzh6THRIeXNiVDNJdXhxTWRXamVabEVZYUI0TkFxTDd1blU1YmxoWGdldkd2akNrSHEtdUFnVDJQOGNqX0tHclJkQURHMlA3a3dBdEhiWDZJTm5zYWhndmdLbjVqdEtOeHY1OE5ORm84ZlZJUXBQOHVrTGliWElwdF…

Google News Sun, 12 Jul 2026

Farmers & Merchants Bncp 1Q EPS 70c >FMAO - Moomoo

<a href="https://news.google.com/rss/articles/CBMihwFBVV95cUxQX2x2Ukh4OE9YRFl0RWxZNTZDYWEwdHRUM20ycEdDRUl6V2U1a0p6dTdLZ2lXcjA5T1lESWQ5cG8zbkktSGpyd19kX05PTDhNLVA3WVdnRnR0S1N1czhJaUpOMFI4ZXdJVHU4ZDI2VzE1LW5qT3lrQ2lPaktMVURXcnE0cFpBc0k?oc=5" …

FMAO — Frequently Asked Questions

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

As of 2026-07-14 21:23 PDT, Farmers & Merchants Bancorp, Inc. (FMAO) trades at $29.81 on NasdaqCM. Its 52-week range is $22.43 to $31.21.

What is the market capitalisation of FMAO?

Farmers & Merchants Bancorp, Inc. (FMAO) has a market capitalisation of $410.43M on NasdaqCM.

What is the P/E ratio of FMAO?

FMAO trades at a trailing price-to-earnings (P/E) ratio of 11.38. The industry average P/E is 13.30. Its price-to-book (P/B) ratio is 1.04.

Does FMAO pay a dividend?

Farmers & Merchants Bancorp, Inc. (FMAO) currently offers a dividend yield of 3.16%.

What is the return on equity (ROE) of FMAO?

FMAO has a return on equity (ROE) of 9.97%.

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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