Saturday 17 October 2026 Export FMAO’s income statement to Excel — free account

Farmers & Merchants Bancorp Inc.

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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Market cap: $483.7M
P/E: 12.2×
Fwd P/E: 10.0×
Dividend yield: 2.62%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.02

Total sells 6.31

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	1	—	—	—	—	—	—	—	—	1	—	—
Sell	—	—	—	—	2	—	6	11	9	6	—	—

Insider Ownership 6.11%

Capital & Financial Ratios $m

Market Cap 483.71

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 12.21

Fwd P/E 9.96

P/S ratio 2.45

P/B ratio 1.26

Past 5Y EPS Growth 6.19%

This Y EPS Growth 30.59%

Next Y EPS Growth 3.05%

Next Y revenue growth (39.58%)

Next 5Y EPS Growth 13.19%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 31.77%

10-year low 10-year high

P/S against its own 10 years 31.00%

10-year low 10-year high

P/B against its own 10 years 62.26%

10-year low 10-year high

Dividends

Payout Ratio 0.32

Annual Dividend Rate 0.93

Annual Dividend Yield 2.62%

	total	individual payouts
2027	Powerpack
2026	0.94	0.23 0.23 0.24
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	0.61	0.19 0.01 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 special payouts not included in total or ratios

Assets vs Liabilities $m

	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

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 $m

	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

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	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

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	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

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	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
	High	25.00	44.00	49.99	39.45	30.85	32.97	42.14	30.45	34.15	29.86
People
People	Employees	273	275	288	357	367	385	431	456	473	474
	Revenue/emp, $m	0.18	0.19	0.20	0.22	0.24	0.25	0.27	0.34	0.38	0.40
Income, $m
Income, $m	Revenue	49	52	57	80	87	94	117	156	179	191
	Gross margin, %	91.40	90.14	88.53	81.58	88.05	92.23	87.72	62.49	56.66	63.68
	EBT	16	18	18	23	25	29	40	28	33	43
	EBT margin, %	33.24	34.44	31.85	28.41	28.99	31.23	34.61	18.21	18.18	22.30
	Net income	12	13	15	18	20	23	33	23	26	33
	Depreciation	3	3	3	3	6	6	2	4	5	5
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
	Earnings	1.27	1.38	1.61	1.66	1.80	2.01	2.46	1.67	1.90	2.43
	Cash flow	1.36	1.93	1.17	2.17	2.48	3.00	3.11	1.64	2.42	2.71
	Capex	(0.26)	(0.19)	(0.27)	(0.27)	(0.27)	(0.13)	(0.16)	(0.79)	(0.13)	(0.12)
	Free cash flow	1.10	1.74	0.90	1.90	2.20	2.87	2.94	0.85	2.29	2.59
	Book value	13.73	14.64	15.61	20.87	22.53	25.68	22.77	23.46	24.98	27.35
	Shares, m	9	9	9	11	11	12	13	13	13	14
Valuation, ×
Valuation, ×	P/E	13.83	29.04	23.91	18.16	12.78	16.42	10.63	14.28	15.50	10.21
	P/S	3.26	7.04	6.17	4.15	2.93	4.02	2.93	2.07	2.21	1.76
	P/B	1.27	2.73	2.47	1.44	1.02	1.28	1.15	1.02	1.18	0.90
	EV/Sales	2.85	7.15	5.99	4.37	1.40	2.98	3.81	3.02	2.73	2.43
	EV/FCF	13.89	23.39	41.70	16.67	5.01	8.47	11.56	41.16	15.95	13.19
Cash, $m
Cash, $m	Operating cash flow	12	18	11	24	27	35	41	22	32	37
	Capex	(2)	(2)	(3)	(3)	(3)	(2)	(2)	(11)	(2)	(2)
	Free cash flow	10	16	8	21	24	33	39	11	31	35
Balance, $m
Balance, $m	Working capital	(136)	(71)	(57)	(31)	(133)	(205)	(97)	33	(35)	(6)
	Total debt	10	44	32	73	48	93	192	294	273	265
	Net debt	(20)	6	(10)	17	(132)	(98)	103	149	94	166
	Shareholders’ equity	126	134	143	230	249	297	298	317	335	371
Returns, %
Returns, %	ROA	1.13	1.16	1.33	1.34	1.13	1.02	1.14	0.72	0.77	0.97
	ROIC	9.68	7.98	8.57	5.75	13.48	9.28	6.31	3.81	4.74	4.95
	ROE	9.41	9.70	10.67	9.78	8.32	8.53	10.83	7.33	7.80	9.32

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BWFG Bankwell Financial Group, Inc.	$519.5M	12.1×	9.9×	+9.58% (above 0%: growing)	+33.62% (above 0%: growing)	+64.68% (above 0%: growing)	59.05%	0.00%	Compare
HBCP Home Bancorp, Inc.	$518.5M	10.9×	11.0×	+1.51% (above 0%: growing)	+1.36% (above 0%: growing)	+15.46% (above 0%: growing)	74.76%	0.00%	Compare
BSRR Sierra Bancorp	$507.5M	11.6×	10.5×	−3.43% (below 0%: shrinking)	−1.28% (below 0%: shrinking)	+114.97% (above 0%: growing)	78.74%	0.00%	Compare
WTBA West Bancorporation, Inc.	$493.3M	12.9×	9.3×	+1.39% (above 0%: growing)	+38.30% (above 0%: growing)	+10.26% (above 0%: growing)	55.06%	0.00%	Compare
OBT Orange County Bancorp, Inc.	$492.5M	10.5×	10.3×	−16.27% (below 0%: shrinking)	+17.24% (above 0%: growing)	+491.65% (above 0%: growing)	81.95%	0.00%	Compare
COFS ChoiceOne Financial Services, Inc.	$492.3M	9.1×	8.8×	−2.56% (below 0%: shrinking)	−7.78% (below 0%: shrinking)	+165.17% (above 0%: growing)	70.71%	0.00%	Compare
PDLB Ponce Financial Group, Inc.	$488.1M	14.2×	1.8×	+10.97% (above 0%: growing)	+38.46% (above 0%: growing)	+35.79% (above 0%: growing)	59.40%	0.00%	Compare
FMAO Farmers & Merchants Bancorp Inc.	$483.7M	12.2×	10.0×	+7.70% (above 0%: growing)	+53.57% (above 0%: growing)	+2,792.25% (above 0%: growing)	67.25%	0.00%
CZNC Citizens & Northern Corp	$454.8M	17.3×	10.8×	+26.53% (above 0%: growing)	+97.50% (above 0%: growing)	+90.26% (above 0%: growing)	76.74%	0.00%	Compare
Median of peers	$492.9M	11.9×	10.1×	+1.45%	+25.43%	+77.47%	72.73%	0.00%

All 323 Banks Regional stocks →

Farmers & Merchants Bancorp Inc. (FMAO) key facts

Strength: Farmers & Merchants Bancorp Inc.’s revenue for fiscal 2025 (year ended December 2025) was $190.7 million, up 6.41% from fiscal 2024.
Strength: Net income was $33.3 million, or $2.43 per share (basic), a net margin of 17.3%.
Farmers & Merchants Bancorp Inc. (FMAO) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, FMAO traded at $35.54, a market capitalization of $483.7 million.
At that price the stock trades at 12.2× trailing-twelve-month earnings and 2.4× sales; its P/E is higher than 32% of its own readings over the past ten years.
Farmers & Merchants Bancorp Inc. pays an annual dividend of $0.93 per share, a yield of 2.62%, with a payout ratio of 32.0%.
Return on equity was 9.32% and debt-to-equity 0.44.
Its Piotroski F-score is 8 out of 9 for fiscal 2025.