Farmers & Merchants Bancorp Inc. FMAO

34.93 (0.10) (0.29%) as of 25 Sep
Market cap
$482.5M
P/E
12.0×
Growth Flags show if company had growth for consecutive years,
Insider Buys alert about insiders buying in the last 12 month

Insider Decisions

Total buys 0.08
Total sells 6.31
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy 2 1 — — — — — — — — 1 —
Sell — — — — — 2 — 6 11 9 6 —
Insider Ownership 6.11%

Capital & Financial Ratios

Market Cap 482.47
Revenue 197.47
Net Income 40.02
Free Cash Flow 42.68
Net Debt 11.54
Current Ratio 0.96
Debt/Equity 0.44
P/E ratio 12.00
P/S ratio 2.41
P/B ratio 1.23
Past 5Y EPS Growth 2.74%
This Y EPS Growth 30.59%
Next Y EPS Growth 3.05%
Next 5Y EPS Growth 13.19%
in millions of $

Dividends

Payout Ratio 0.39
Annual Dividend Rate 0.84
Annual Dividend Yield 4.06%
total individual payouts
2027 Powerpack
2026 0.94
0.23
0.23
2025 0.90
0.22
0.22
0.23
0.23
2024 0.88
0.22
0.22
0.22
0.22
2023 0.85
0.21
0.21
0.21
0.22
2022 0.80
0.19
0.19
0.21
0.21
2021 0.71
0.17
0.17
0.18
0.19
2020 0.66
0.16
0.16
0.17
0.17
2019 0.61
0.15
0.15
0.15
0.16
2018 0.56
0.13
0.14
0.14
0.15
2017 0.50
0.12
0.13
0.13
0.13
2016 0.69
0.11
0.12
0.23
0.12
0.12
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 145 179 99 157
Receivables — — — —
Inventory — — — —
Other — — — —
2,703 2,718 2,789 2,837
2023 2024 2025 Q'26
Payables 2,607 2,687 2,731 2,869
ST’ Debt — — — —
Other 35 35 35 35
2,670 2,753 2,795 2,946
in millions of $

Compound Annual Growth

10y 5y 3y
Sales 15.68% 17.00% 17.70%
Cash Flow 9.51% 6.06% (3.33%)
Earnings 12.36% 10.53% 0.69%
Book Value 11.94% 8.28% 7.55%

Revenue

Mar Jun Sep Dec Year
’26 48 51 — — —
’25 45 47 49 49 191
’24 43 45 46 46 179
’23 36 38 40 42 156
’22 26 27 30 34 117
’21 22 22 24 27 94
’20 21 21 22 24 87
in millions of $ · fiscal quarters ending in the months shown

Operating Cash Flow

Mar Jun Sep Dec Year
’26 8 11 — — —
’25 11 1 11 13 37
’24 1 10 19 3 32
’23 3 4 5 11 22
’22 8 15 0 19 41
’21 6 7 14 7 35
’20 5 3 9 11 27
in millions of $ · fiscal quarters ending in the months shown

Free Cash Flow

Mar Jun Sep Dec Year
’26 7 12 — — —
’25 11 0 11 13 35
’24 1 9 18 2 31
’23 1 0 2 9 11
’22 8 14 (1) 18 39
’21 6 6 14 7 33
’20 4 3 7 10 24
in millions of $ · fiscal quarters ending in the months shown

EPS

Mar Jun Sep Dec Year
’26 0.70 0.86 — — —
’25 0.51 0.56 0.64 0.71 2.43
’24 0.39 0.42 0.48 0.61 1.90
’23 0.47 0.44 0.35 0.41 1.67
’22 0.62 0.63 0.68 0.53 2.46
’21 0.44 0.44 0.53 0.59 2.01
’20 0.37 0.43 0.40 0.60 1.80
fiscal quarters ending in the months shown

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
12.94 17.38 34.62 24.30 17.40 21.06 25.17 16.90 18.99 20.88

Analyst estimates 2026–2028

Powerpack
Low Price
25.00 44.00 49.99 39.45 30.85 32.97 42.14 30.45 34.15 29.86
High Price
273 275 288 357 367 385 431 456 473 474
Employees
0 0 0 0 0 0 0 0 0 0
Revenue/Emp
49 52 57 80 87 94 117 156 179 191
Revenue
91.40% 90.14% 88.53% 81.58% 88.05% 92.23% 87.72% 62.49% 56.66% 63.68%
Gross Margin
16 18 18 23 25 29 40 28 33 43
EBT
33.24% 34.44% 31.85% 28.41% 28.99% 31.23% 34.61% 18.21% 18.18% 22.30%
EBT Margin
12 13 15 18 20 23 33 23 26 33
Net Income
3 3 3 3 6 6 2 4 5 5
Depreciation
5.37 5.67 6.24 7.26 7.86 8.16 8.93 11.54 13.35 14.06
Revenue/Sh
1.27 1.38 1.61 1.66 1.80 2.01 2.46 1.67 1.90 2.43
Earnings/Sh
1.36 1.93 1.17 2.17 2.48 3.00 3.11 1.64 2.42 2.71
Cash Flow/Sh
(0.26) (0.19) (0.27) (0.27) (0.27) (0.13) (0.16) (0.79) (0.13) (0.12)
Capex/Sh
1.10 1.74 0.90 1.90 2.20 2.87 2.94 0.85 2.29 2.59
Free CF/Sh
13.73 14.64 15.61 20.87 22.53 25.68 22.77 23.46 24.98 27.35
Book Value/Sh
9 9 9 11 11 12 13 13 13 14
Shares
13.83 29.04 23.91 18.16 12.78 16.42 10.63 14.28 15.50 10.21
PE Ratio
3.26 7.04 6.17 4.15 2.93 4.02 2.93 2.07 2.21 1.76
PS Ratio
1.27 2.73 2.47 1.44 1.02 1.28 1.15 1.02 1.18 0.90
PB Ratio
2.85 7.15 5.99 4.37 1.40 2.98 3.81 3.02 2.73 2.43
EV/Sales
13.89 23.39 41.70 16.67 5.01 8.47 11.56 41.16 15.95 13.19
EV/FCF
12 18 11 24 27 35 41 22 32 37
Op' Cash Flow
(2) (2) (3) (3) (3) (2) (2) (11) (2) (2)
Capex
10 16 8 21 24 33 39 11 31 35
FCF
(136) (71) (57) (31) (133) (205) (97) 33 (35) (6)
Working Cap'
10 44 32 73 48 93 192 294 273 265
Total Debt
(20) 6 (10) 17 (132) (98) 103 149 94 166
Net Debt
126 134 143 230 249 297 298 317 335 371
Sh' Equity
1.13% 1.16% 1.33% 1.34% 1.13% 1.02% 1.14% 0.72% 0.77% 0.97%
ROA
9.68% 7.98% 8.57% 5.75% 13.48% 9.28% 6.31% 3.81% 4.74% 4.95%
ROIC
9.41% 9.70% 10.67% 9.78% 8.32% 8.53% 10.83% 7.33% 7.80% 9.32%
ROE
predictions in italic, sparklines do not include predictions

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Farmers & Merchants Bancorp Inc. peers in Banks Regional

All 325 Banks Regional stocks →

Farmers & Merchants Bancorp Inc. (FMAO) key facts

  • Farmers & Merchants Bancorp Inc. (FMAO) is a Banks Regional company in the Financial sector, listed on Nasdaq.
  • Farmers & Merchants Bancorp Inc.’s revenue for fiscal 2025 (year ended December 2025) was $190.7 million, up 6.41% from fiscal 2024.
  • Net income was $33.3 million, or $2.43 per share (basic), a net margin of 17.3%.
  • As of September 25, 2026, FMAO traded at $34.93, a market capitalization of $482.5 million.
  • At that price the stock trades at 12.0× trailing-twelve-month earnings and 2.4× sales.
  • Farmers & Merchants Bancorp Inc. pays an annual dividend of $0.84 per share, a yield of 4.06%, with a payout ratio of 39.4%.
  • Return on equity was 9.32% and debt-to-equity 0.44.

Source: company filings (standardised) and stockrow calculations.

Farmers & Merchants Bancorp Inc. (FMAO) Latest News

News by impact score

Fine-tune

27 Jul

3

Farmers & Merchants Bancorp Inc. (FMAO) released second-quarter and year-to-date 2026 financial results. Quarterly earnings releases typically move bank stock prices and near-term sentiment.

25 Apr

4

Farmers & Merchants Bancorp Inc. (FMAO) achieved a record 2025 profit. Shareholders approved the board of directors and say-on-pay proposal. Record 2025 profit signals strong financial performance, enhancing investor sentiment and market position.

22 Apr

4

Farmers & Merchants Bancorp, Inc. (FMAO) reported first-quarter 2026 financial results. Quarterly earnings reports directly shape financial performance assessments and stock market reactions.

12 Feb

4

Farmers & Merchants Bancorp, Inc. reported its financial results for the fourth quarter and full year of 2025, highlighting key metrics such as net income, earnings per share, and asset growth. The bank experienced an increase in total loans and deposits, reflecting strong operational performance. Management provided insights into strategic initiatives and market conditions that influenced the results, indicating a positive outlook for future growth. Significant growth in loans and deposits suggests a strong operational performance that could positively influence future market positioning.

17 Dec

3

Mike Schnitkey has been promoted to Market President for Northwest Ohio at Farmers & Merchants Bank. In his new role, Schnitkey will oversee the bank's operations and strategic initiatives in the region, focusing on enhancing customer relationships and driving growth. His extensive experience in the banking sector positions him well to lead the bank's efforts in this key market. The promotion of a new market president may influence the bank's regional operations and customer engagement, but its overall impact on the company's trajectory is expected to be limited.

16 Dec

3

Farmers & Merchants Bancorp, Inc. has declared a cash dividend for the fourth quarter of 2025, reflecting its ongoing commitment to returning value to shareholders. The dividend is set at a specified amount per share and will be payable to shareholders on record as of a designated date. This announcement underscores the company's financial stability and growth trajectory. The dividend declaration indicates financial health but does not significantly alter the company's overall trajectory.

21 Nov

3

Farmers & Merchants Bancorp Inc. (FMAO) has been highlighted as one of the best income stocks to buy as of November 21st. The company is recognized for its strong dividend yield and consistent financial performance, making it an attractive option for income-focused investors. Analysts suggest that FMAO's solid fundamentals and growth potential position it well in the current market environment. FMAO's recognition as a strong income stock indicates a moderately noticeable influence on its market performance and investor sentiment.

14 Nov

3

Farmers & Merchants Bancorp Inc. (FMAO) has been highlighted as one of the best value stocks to buy as of November 14. The company is recognized for its strong financial performance and attractive valuation metrics, making it a compelling investment opportunity in the current market environment. Analysts suggest that FMAO's fundamentals position it well for potential growth, appealing to value-focused investors. FMAO's recognition as a value stock indicates a moderately noticeable influence on its market performance and investor sentiment.

13 Nov

4

Farmers & Merchants Bancorp Inc. (FMAO) has announced a special stock buyback program aimed at repurchasing up to $5 million of its common stock. This initiative is part of the company's strategy to enhance shareholder value and reflects its strong financial position. The buyback program is expected to be executed over the next 12 months, depending on market conditions and other factors. The board of directors believes that this move will benefit shareholders by reducing the number of outstanding shares and potentially increasing earnings per share. The stock buyback program is a significant strategic move that is likely to enhance shareholder value and positively influence market sentiment.

12 Nov

4

Farmers & Merchants Bancorp Inc. (FMAO) has announced a record quarterly dividend, reflecting strong financial performance and commitment to returning value to shareholders. The dividend increase underscores the company's robust earnings and positive outlook, positioning it favorably in the market. The record quarterly dividend indicates significant financial strength and a strategic focus on shareholder returns, likely influencing investor sentiment positively.

3

Farmers & Merchants Bancorp Inc. (FMAO) is highlighted as one of the best income stocks to buy for November 12, indicating strong potential for income generation. The company is recognized for its solid financial performance and attractive dividend yield, making it a favorable option for income-focused investors. Analysts suggest that FMAO's consistent earnings and strategic positioning in the banking sector contribute to its appeal as a reliable investment choice. FMAO's recognition as a top income stock suggests a moderately noticeable influence on its market performance and investor sentiment.

31 Oct

3

Farmers & Merchants Bancorp Inc. has appointed Amy Cover as the new Chief Marketing & Experience Officer of F&M Bank. Cover brings over 20 years of experience in marketing and customer experience, having previously held leadership roles at various financial institutions. Her appointment is expected to enhance the bank's marketing strategies and customer engagement initiatives. The appointment of a new Chief Marketing & Experience Officer may moderately influence the bank's marketing effectiveness and customer relations.

29 Oct

4

Farmers & Merchants Bancorp Inc. (FMAO) reported a robust 37.5% growth in earnings, reinforcing positive investor sentiment and bullish narratives surrounding the company. This significant increase in earnings highlights the bank's strong financial performance and potential for future growth, attracting attention from investors and analysts alike. The substantial earnings growth is likely to significantly influence investor sentiment and the company's future performance.

27 Oct

4

Farmers & Merchants Bancorp, Inc. reported its financial results for the third quarter and year-to-date of 2025, highlighting key metrics such as net income, asset growth, and loan performance. The bank experienced an increase in total assets and deposits, alongside a rise in net interest income. The management emphasized their strategic initiatives aimed at enhancing operational efficiency and customer service. Overall, the results reflect a positive trajectory in the bank's financial health and market position. The reported financial results indicate significant growth and strategic initiatives that could positively influence the company's future performance.

20 Oct

3

F&M Bank has appointed Mike Benson as Senior Vice President and Senior Small Business Banking Manager. Benson brings over 20 years of experience in banking and small business lending, having previously held leadership roles at various financial institutions. His expertise is expected to enhance F&M Bank's commitment to supporting small businesses and driving growth in the community. Benson's appointment may positively influence small business banking operations, but its overall impact on the company's trajectory is expected to be limited.

16 Oct

4

Farmers & Merchants Bancorp Inc. (FMAO) reported record earnings for the third quarter of 2025, showcasing significant growth in net income and improved financial metrics. The bank attributed this success to increased loan demand and effective cost management strategies. Additionally, the company highlighted its commitment to community engagement and sustainable practices, which have contributed to its positive performance. Overall, the results reflect a strong operational foundation and a favorable market position. Record earnings and growth in net income indicate a significant positive shift in financial performance and market positioning.

3

Farmers & Merchants Bancorp Inc. (FMAO) is facing challenges as its profit margins have dipped, raising concerns about its previously bullish profitability narrative. The decline in margins could signal potential difficulties in maintaining growth and profitability, prompting scrutiny from investors and analysts. This situation may impact the bank's competitive positioning and overall market sentiment. The margin dip indicates a moderately noticeable influence on financial performance and market sentiment.

3 Oct

4

Farmers & Merchants Bancorp Inc. (FMAO) has been identified as a top value stock to consider for investment on October 3rd. The company's strong fundamentals, including solid earnings growth and a favorable valuation, make it an attractive option for investors seeking value opportunities in the current market. Analysts highlight its potential for continued performance improvement, driven by strategic initiatives and a robust financial position. The identification of FMAO as a top value stock suggests significant potential for future performance improvements and investor interest.

4

Farmers & Merchants Bancorp Inc. (FMAO) has been identified as a top value stock to consider for investment on October 2nd. The company's strong fundamentals, including solid earnings growth and a favorable valuation, position it well in the current market. Analysts highlight its potential for continued performance improvement, making it an attractive option for investors seeking value opportunities. Strong fundamentals and favorable valuation indicate significant potential for future performance improvement.

4

Farmers & Merchants Bancorp Inc. (FMAO) is highlighted as one of the best income stocks to buy for October 3rd, indicating strong potential for dividend income and stability in the current market environment. The bank's solid financial performance and commitment to returning value to shareholders through dividends make it an attractive option for income-focused investors. Strong potential for dividend income and stability suggests significant impact on future performance.

30 Sep

4

Farmers & Merchants Bancorp, Inc. has announced its 31st consecutive annual increase in dividend, reflecting the company's commitment to returning value to shareholders. The increase demonstrates the bank's strong financial performance and stability, reinforcing investor confidence in its operations and future growth potential. A consecutive annual increase in dividends indicates strong financial health and can significantly enhance investor sentiment and market performance.

12 Sep

4

Farmers & Merchants Bancorp Inc. (FMAO) has been highlighted as one of the best income stocks to buy as of September 12th. The company is recognized for its strong dividend yield and solid financial performance, making it an attractive option for income-focused investors. Analysts suggest that FMAO's consistent earnings growth and commitment to returning value to shareholders through dividends position it well in the current market environment. Strong dividend yield and consistent earnings growth indicate significant potential for future performance.

11 Sep

3

Curtis Metz has been promoted to Market President for Northern Indiana at F&M Bank, a subsidiary of Farmers & Merchants Bancorp Inc. (FMAO). Metz, who has over 20 years of banking experience, will oversee the bank's operations and growth strategies in the region. His previous roles include serving as the Senior Vice President and Commercial Banking Manager at F&M Bank. The promotion is part of the bank's strategy to enhance its leadership team and expand its market presence in Northern Indiana. The promotion of a seasoned banking professional to a key leadership position may positively influence the bank's operations and market positioning.

14 Aug

3

Farmers & Merchants Bancorp Inc. has authorized a $45 million increase to its existing share repurchase program, reflecting the company's commitment to enhancing shareholder value. This decision comes as part of the bank's ongoing strategy to manage its capital effectively and return excess capital to shareholders. The repurchase program is expected to be executed in accordance with market conditions and regulatory requirements. The increase in the share repurchase program may positively influence investor sentiment and financial performance, but its overall impact is expected to be limited.

7 Aug

3

Farmers & Merchants Bancorp, Inc. has announced the opening of its second full-service office in Michigan, expanding its presence in the state. This new location aims to enhance customer service and provide a wider range of banking products to local residents and businesses. The bank's strategic growth plan includes increasing its footprint in key markets, and this office is part of that initiative. The opening of a new office may moderately influence the bank's market presence and customer base in Michigan.

28 Jul

3

Farmers & Merchants Bancorp, Inc. reported its financial results for the second quarter and year-to-date of 2025, highlighting key metrics such as net income, total assets, and loan growth. The bank experienced an increase in deposits and maintained a strong capital position, reflecting its ongoing commitment to serving its community and stakeholders. Management expressed optimism about future growth opportunities and strategic initiatives aimed at enhancing operational efficiency. The financial results indicate moderate growth and stability, which may influence investor sentiment and operational aspects but are not expected to drastically change the company's trajectory.

17 Jul

4

Farmers & Merchants Bancorp reported record second quarter 2025 earnings with net income of $23.1 million, a 5.9% increase from the previous year. Diluted earnings per share rose 12.1% to $32.94. The bank's net interest income increased by 6.1% to $53.9 million, and the efficiency ratio improved to 44.88%. The company declared a mid-year cash dividend of $9.30 per share, marking 90 consecutive years of dividends and 60 years of increases. Capital ratios strengthened, with a total risk-based capital ratio of 15.35%. Credit quality remained solid with no non-accrual loans. CEO Kent Steinwert highlighted strong liquidity and a conservative approach to lending amid economic challenges. Record earnings and strong capital ratios indicate significant positive momentum for future performance.

25 Jun

3

F&M Bank has appointed Ahmed Alomari to its Board of Directors, enhancing its leadership team. Alomari brings extensive experience in banking and finance, having held various senior roles in the industry. His appointment is expected to contribute positively to the bank's strategic direction and governance. The addition of a seasoned professional to the board may moderately influence the bank's strategic decisions and overall performance.

21 May

3

F&M Bank has promoted Eric D. Faust to Executive Vice President, recognizing his contributions and leadership within the organization. Faust has been with the bank for over 20 years, holding various positions that have significantly impacted its growth and operations. His promotion is expected to enhance the bank's strategic direction and operational efficiency. The promotion of a long-serving executive may positively influence operational performance and strategic initiatives.

28 Apr

3

Farmers & Merchants Bancorp, Inc. reported its financial results for the first quarter of 2025, highlighting key metrics such as net income, total assets, and loan growth. The bank experienced an increase in deposits and improved net interest margin, contributing to overall positive performance. Management expressed optimism about future growth and strategic initiatives aimed at enhancing shareholder value. The reported financial results indicate moderate growth and positive trends that may influence the company's performance but are not expected to drastically change its trajectory.

stockrow.com/FMAO · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com