Saturday 17 October 2026
Export FMAO’s income statement to Excel — free account
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. In the quarter to June 2026, revenue grew 7.70%, EPS grew 53.6%, free cash flow grew 2,792.3% and total debt fell 10.6%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for ten; insiders bought in the last twelve months.
35.54
0.42
+1.20%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
10.21 | 15.50 | 14.28 | 10.63 | 16.42 | 12.78 | 18.16 | 23.91 | 29.04 | 13.83 |
Piotroski F-Score |
8 | 7 | 4 | 5 | 4 | 5 | 6 | 6 | 6 | 7 |
P/S ratio |
1.76 | 2.21 | 2.07 | 2.93 | 4.02 | 2.93 | 4.15 | 6.17 | 7.04 | 3.26 |
P/FCF ratio |
9.54 | 12.87 | 28.13 | 8.89 | 11.43 | 10.43 | 15.85 | 42.94 | 23.01 | 15.90 |
P/Operating CF |
24.97 | 151.41 | 30.40 | 18.31 | 50.89 | 23.36 | 84.95 | 304.60 | 66.12 | 57.13 |
P/B ratio |
0.90 | 1.18 | 1.02 | 1.15 | 1.28 | 1.02 | 1.44 | 2.47 | 2.73 | 1.27 |
Price to Tangible BV |
1.20 | 1.62 | 1.43 | 1.64 | 1.78 | 1.28 | 1.84 | 2.58 | 2.86 | 1.34 |
EV/Sales |
2.43 | 2.73 | 3.02 | 3.81 | 2.98 | 1.40 | 4.37 | 5.99 | 7.15 | 2.85 |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
12.61 | 15.08 | 21.25 | 10.95 | 8.10 | 4.46 | 14.62 | 31.96 | 21.07 | 11.25 |
EV/FCF |
13.19 | 15.95 | 41.16 | 11.56 | 8.47 | 5.01 | 16.67 | 41.70 | 23.39 | 13.89 |
Quick Ratio |
0.04 | 0.07 | 0.05 | 0.04 | 0.09 | 0.11 | 0.04 | 0.05 | 0.04 | 0.03 |
Current Ratio |
1.00 | 0.99 | 1.01 | 0.96 | 0.91 | 0.92 | 0.98 | 0.94 | 0.92 | 0.85 |
Net Debt/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Debt/Assets |
7.72% | 8.12% | 8.95% | 6.36% | 3.54% | 2.52% | 4.53% | 2.88% | 4.02% | 0.95% |
Debt/Equity |
0.71 | 0.82 | 0.93 | 0.64 | 0.31 | 0.19 | 0.32 | 0.22 | 0.33 | 0.08 |
Asset Turnover |
0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 |
Operating CF/Net income |
1.12 | 1.28 | 0.98 | 1.26 | 1.49 | 1.37 | 1.31 | 0.73 | 1.40 | 1.08 |
Capex/Depreciation |
(0.33) | (0.36) | (2.80) | (1.28) | (0.25) | (0.50) | (0.99) | (0.78) | (0.53) | (0.71) |
| 9.32% | 7.80% | 7.33% | 10.83% | 8.53% | 8.32% | 9.78% | 10.67% | 9.70% | 9.41% | |
| 0.97% | 0.77% | 0.72% | 1.14% | 1.02% | 1.13% | 1.34% | 1.33% | 1.16% | 1.13% | |
ROIC |
4.95% | 4.74% | 3.81% | 6.31% | 9.28% | 13.48% | 5.75% | 8.57% | 7.98% | 9.68% |
Return on Tangible Assets |
128.00% | (1,649.35%) | 32.79% | (47.21%) | (13.11%) | (18.83%) | (410.43%) | (43.24%) | (25.40%) | (10.12%) |
Average Days of Receivables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
39.62% | 37.03% | 42.74% | 52.02% | 59.32% | 57.88% | 52.56% | 56.04% | 55.02% | 57.30% |
Intangible Assets out of Total Assets |
0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.01 |
Share Based Compensation of Revenue |
0.83% | 0.86% | 0.94% | 0.87% | 0.95% | 1.23% | 1.36% | 1.30% | 0.98% | 0.82% |
Graham Net Nets |
(0.82) | (0.79) | (0.82) | (0.85) | (0.79) | (0.72) | (0.32) | (0.26) | (0.32) | (0.92) |
Graham Number |
38.59 | 32.68 | 29.69 | 35.50 | 34.00 | 30.20 | 27.92 | 23.78 | 21.28 | 19.77 |
Earnings Yield |
9.79% | 6.45% | 7.01% | 9.41% | 6.09% | 7.83% | 5.51% | 4.18% | 3.44% | 7.23% |
Free Cash Flow Yield |
10.48% | 7.77% | 3.56% | 11.25% | 8.75% | 9.59% | 6.31% | 2.33% | 4.35% | 6.29% |
Revenue per Share |
14.06 | 13.35 | 11.54 | 8.93 | 8.16 | 7.86 | 7.26 | 6.24 | 5.67 | 5.37 |
Operating CF per Share |
2.71 | 2.42 | 1.64 | 3.11 | 3.00 | 2.48 | 2.17 | 1.17 | 1.93 | 1.36 |
Capex per Share |
(0.12) | (0.13) | (0.79) | (0.16) | (0.13) | (0.27) | (0.27) | (0.27) | (0.19) | (0.26) |
Free Cash Flow per Share |
2.59 | 2.29 | 0.85 | 2.94 | 2.87 | 2.20 | 1.90 | 0.90 | 1.74 | 1.10 |
Cash per Share |
7.32 | 13.33 | 10.74 | 6.79 | 16.57 | 16.31 | 5.04 | 4.62 | 4.20 | 3.31 |
Shareholders Equity per Share |
27.35 | 24.98 | 23.46 | 22.77 | 25.68 | 22.53 | 20.87 | 15.61 | 14.64 | 13.73 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
27.35 | 24.98 | 23.46 | 22.77 | 25.68 | 22.53 | 20.87 | 15.61 | 14.64 | 13.73 |
Free Cash Flow |
35.14 | 30.70 | 11.44 | 38.51 | 33.23 | 24.39 | 20.99 | 8.23 | 15.90 | 10.07 |
Working Capital |
(6.16) | (35.37) | 32.94 | (96.94) | (204.71) | (132.98) | (30.80) | (56.84) | (71.32) | (135.66) |
Capital Expenditures |
(1.60) | (1.78) | (10.71) | (2.16) | (1.51) | (3.00) | (2.95) | (2.51) | (1.75) | (2.36) |
Net Current Asset Value |
(274.38) | (311.64) | (264.00) | (291.46) | (300.51) | (182.97) | (105.45) | (90.40) | (117.01) | (146.72) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.01 | 0.01 | 0.07 | 0.02 | 0.02 | 0.03 | 0.04 | 0.04 | 0.03 | 0.05 |
Price to Operating Income |
7.88 | 12.13 | 11.34 | 8.46 | 12.88 | 10.09 | 14.61 | 19.36 | 20.43 | 9.81 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.15 | 0.14 | 0.11 | 0.06 | 0.22 | 0.22 | 0.11 | 0.14 | 0.15 | 0.16 |
Cash ROIC |
4.78% | 3.90% | 1.51% | 6.65% | 5.71% | 5.11% | 5.85% | 3.78% | 7.32% | 6.07% |
Accounts Receivable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts Payable Turnover |
0.03 | 0.03 | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
14,392.63 | 12,627.73 | 16,293.57 | 62,744.42 | 109,045.71 | 56,056.88 | 31,861.69 | 51,583.74 | 65,449.41 | 72,792.82 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Payables |
2,708.75 | 2,647.11 | 2,538.16 | 2,331.16 | 1,894.81 | 1,442.25 | 1,108.57 | 924.07 | 880.77 | 806.77 |
Average Assets |
3,399.55 | 3,323.98 | 3,149.29 | 2,826.83 | 2,273.92 | 1,758.44 | 1,361.75 | 1,111.59 | 1,081.45 | 1,022.48 |
Average Common Equity |
353.04 | 325.88 | 307.34 | 297.65 | 273.16 | 239.71 | 186.77 | 138.71 | 129.86 | 122.84 |
Columns are period end dates