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Farmers & Merchants Bancorp Inc.

FMAO Financial Banks Regional

Farmers & Merchants Bancorp Inc.’s revenue for fiscal 2025 (year ended December 2025) was $190.7 million, up 6.41% from fiscal 2024.

Revenue
+6.18%
EPS
+32.5%
Free cash flow
+36.0%
Total debt
−10.6%

Quarter to September 2026, against a year earlier

36.49 0.12 +0.33%
Market cap
$500.5M
P/E
11.6×
Fwd P/E
11.3×
Dividend yield
2.56%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.01
Sold, $m 6.31
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — 1 — — —
Sell — — — 2 — 6 11 9 6 — — —
Insider Ownership 6.23%

Capital & Financial Ratios $m

Size
Market Cap 500.49
Revenue ttm 200.48
Net income ttm 42.71
Free cash flow ttm 46.54
Net debt Q (38.43)
Valuation
P/E 11.64
Forward P/E 11.30
Price / sales 2.46
Forward P/S Powerpack
Price / FCF 10.62
Price / book 1.28
Financial health
Current ratio Q 0.96
Debt / equity Q 0.43
Interest coverage Q —
Growth
Revenue growth Q +6.18% (above 0%: growing)
Operating income growth Q +26.53% (above 0%: growing)
EPS, this year +32.65% (at or above 15%: strong)
EPS, next year A +5.48%
Revenue, next year A −38.75% (below 0%: weak)
EPS, past 5 yrs +6.19%
EPS, next 5 yrs A +13.68%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 21.60%
10-year low 10-year high
P/S against its own 10 years 31.32%
10-year low 10-year high
P/B against its own 10 years 64.47%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.56%
Annual rate
0.93
Payout ratio
29.8%
Growth, 2017–25
+7.62%/yr
  1. 0.50 ’17
  2. 0.56 ’18 +12
  3. 0.61 ’19 +9
  4. 0.66 ’20 +8
  5. 0.71 ’21 +8
  6. 0.61 ’22 −14
  7. 0.85 ’23 +39
  8. 0.88 ’24 +4
  9. 0.90 ’25 +2
  10. 0.95 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 145 179 99 206
Receivables — — — —
Inventory — — — —
Other — — — —
2,703 2,718 2,789 2,918
2023 2024 2025 Q'26
Payables 2,607 2,687 2,731 2,962
ST’ Debt — — — —
Other 35 35 35 35
2,670 2,753 2,795 3,041

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.81 Actual 0.84

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.67 0.71 Beat by 0.04
Q1 FY26 0.68 0.70 Beat by 0.02
Q2 FY26 0.67 0.86 Beat by 0.19
Q3 FY26 0.81 0.84 Beat by 0.03
Q4 FY26 0.82 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.70 0.86 0.85 — —
’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.

Revenue $m

Mar Jun Sep Dec Year
’26 48 51 52 — —
’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
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 8 11 15 — —
’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
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 7 12 15 — —
’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
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 49 52 57 80 87 94 117 156 179 191 200 +16.3% 117 128 135 (10.9%)
Gross margin, % 91.40 90.14 88.53 81.58 88.05 92.23 87.72 62.49 56.66 63.68 66.87 (27.7) pt
EBT 16 18 18 23 25 29 40 28 33 43 54 +11.2%
EBT margin, % 33.24 34.44 31.85 28.41 28.99 31.23 34.61 18.21 18.18 22.30 27.01 (10.9) pt
Net income 12 13 15 18 20 23 33 23 26 33 43 +12.4%
Per share, $
Per share, $ Revenue 5.37 5.67 6.24 7.26 7.86 8.16 8.93 11.54 13.35 14.06 14.73 +11.3%
Earnings 1.27 1.38 1.61 1.66 1.80 2.01 2.46 1.67 1.90 2.43 3.12 +7.5%
Cash flow 1.36 1.93 1.17 2.17 2.48 3.00 3.11 1.64 2.42 2.71 3.43 +8.0%
Capex (0.26) (0.19) (0.27) (0.27) (0.27) (0.13) (0.16) (0.79) (0.13) (0.12) (0.01) (8.4%)
Free cash flow 1.10 1.74 0.90 1.90 2.20 2.87 2.94 0.85 2.29 2.59 3.42 +10.0%
Book value 13.73 14.64 15.61 20.87 22.53 25.68 22.77 23.46 24.98 27.35 28.43 +8.0%
Shares, m 9 9 9 11 11 12 13 13 13 14 14 +4.5%
Valuation, ×
Valuation, × P/E 13.83 29.04 23.91 18.16 12.78 16.42 10.63 14.28 15.50 10.21 11.64 16.5
P/S 3.26 7.04 6.17 4.15 2.93 4.02 2.93 2.07 2.21 1.76 2.46 3.7
P/B 1.27 2.73 2.47 1.44 1.02 1.28 1.15 1.02 1.18 0.90 1.28 1.4
EV/Sales 2.85 7.15 5.99 4.37 1.40 2.98 3.81 3.02 2.73 2.43 — 3.7
EV/FCF 13.89 23.39 41.70 16.67 5.01 8.47 11.56 41.16 15.95 13.19 — 19.1
Cash, $m
Cash, $m Operating cash flow 12 18 11 24 27 35 41 22 32 37 47 +12.8%
Capex (2) (2) (3) (3) (3) (2) (2) (11) (2) (2) 0 (4.3%)
Free cash flow 10 16 8 21 24 33 39 11 31 35 47 +14.9%
Balance, $m
Balance, $m Working capital (136) (71) (57) (31) (133) (205) (97) 33 (35) (6) (123) (29.1%)
Net debt (20) 6 (10) 17 (132) (98) 103 149 94 166 (38) n/m
Shareholders’ equity 126 134 143 230 249 297 298 317 335 371 387 +12.8%
Returns, %
Returns, % ROA 1.13 1.16 1.33 1.34 1.13 1.02 1.14 0.72 0.77 0.97 1.21 (0.2) pt
ROIC 9.68 7.98 8.57 5.75 13.48 9.28 6.31 3.81 4.74 4.95 9.71 (4.7) pt
ROE 9.41 9.70 10.67 9.78 8.32 8.53 10.83 7.33 7.80 9.32 11.27 (0.1) pt
People
People Employees 273 275 288 357 367 385 431 456 473 474 — +6.3%
Revenue/emp, $m 0.18 0.19 0.20 0.22 0.24 0.25 0.27 0.34 0.38 0.40 — +9.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Farmers & Merchants Bancorp Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OBT Orange County Bancorp, Inc. $534.6M 11.2× 10.5× −16.27% (below 0%: shrinking) +17.24% (above 0%: growing) +491.65% (above 0%: growing) 81.95% 0.00% Compare
PDLB Ponce Financial Group, Inc. $528.0M 11.3× 2.1× +20.72% (above 0%: growing) +188.89% (above 0%: growing) +1,603.44% (above 0%: growing) 59.70% 0.00% Compare
NRIM Northrim BanCorp Inc $524.3M 9.4× 9.5× −9.44% (below 0%: shrinking) −47.97% (below 0%: shrinking) −115.99% (below 0%: shrinking) 85.30% 0.00% Compare
WTBA West Bancorporation, Inc. $523.4M 12.9× 11.5× +1.00% (above 0%: growing) +24.04% (above 0%: growing) +44.69% (above 0%: growing) 56.06% 0.00% Compare
CZNC Citizens & Northern Corp $507.1M 19.2× 12.9× +26.53% (above 0%: growing) +97.50% (above 0%: growing) +90.26% (above 0%: growing) 76.74% 0.00% Compare
FMAO Farmers & Merchants Bancorp Inc. $500.5M 11.6× 11.3× +6.18% (above 0%: growing) +32.48% (above 0%: growing) +35.98% (above 0%: growing) 67.12% 0.00%
FRBA First Bank $493.4M 11.6× 11.5× −3.96% (below 0%: shrinking) +7.32% (above 0%: growing) −48.72% (below 0%: shrinking) 62.19% 0.00% Compare
PBAM Private Bancorp of America, Inc. $482.0M 10.8× 10.1× +1.51% (above 0%: growing) +27.22% (above 0%: growing) +7,335.44% (above 0%: growing) 77.85% 0.00% Compare
HBCP Home Bancorp, Inc. $478.0M 10.6× 10.7× +1.86% (above 0%: growing) −18.75% (below 0%: shrinking) +17.52% (above 0%: growing) 74.37% 0.00% Compare
Median of peers $515.3M 11.3× 10.6× +1.26% +20.64% +67.48% 75.55% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 24 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 969.34k 913.08k 126.00
2024 910.16k 1.00m 142.00
2023 701.88k 666.82k 118.00
2022 753.62k 708.93k 125.00
2021 717.79k 811.84k 146.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Farmers & Merchants Bancorp Inc. (FMAO) Latest News

29 Sep

Impact 3 · · GlobeNewswire

27 Jul

Impact 3 ·

25 Apr

Impact 4 · · MarketBeat

22 Apr

Impact 4 · · GlobeNewswire

12 Feb

Impact 4 · · GlobeNewswire

17 Dec

Impact 3 · · GlobeNewswire

16 Dec

Impact 3 · · GlobeNewswireSimply Wall St.Simply Wall St.ZacksSimply Wall St.Simply Wall St.MT NewswiresInsider Monkey

21 Nov

Impact 3 · · Zacks

14 Nov

Impact 3 · · Zacks

13 Nov

Impact 4 · · GlobeNewswire

12 Nov

Impact 4 · · GlobeNewswireSimply Wall St.
Impact 3 · · Zacks

31 Oct

Impact 3 · · GlobeNewswire

29 Oct

Impact 4 · · Simply Wall St.

27 Oct

Impact 4 · · GlobeNewswire

20 Oct

Impact 3 ·

16 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.

3 Oct

Impact 4 · · Zacks
Impact 4 · · Zacks
Impact 4 · · Zacks

30 Sep

Impact 4 · · GlobeNewswire

12 Sep

Impact 4 · · Zacks

11 Sep

Impact 3 · · GlobeNewswire

14 Aug

Impact 3 ·

7 Aug

Impact 3 ·

28 Jul

Impact 3 ·

17 Jul

Impact 4 · · GlobeNewswire

25 Jun

Impact 3 ·

21 May

Impact 3 ·
stockrow.com/FMAO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com