Sierra Bancorp (BSRR) vs Farmers & Merchants Bancorp Inc. (FMAO)

Sierra Bancorp and Farmers & Merchants Bancorp Inc. are both Banks Regional companies. Sierra Bancorp and Farmers & Merchants Bancorp Inc. are of similar size ($514.0M and $482.5M). Sierra Bancorp trades at the lower P/E: 11.6× against 12.0×. Farmers & Merchants Bancorp Inc. grew revenue faster over the last twelve months: 7.14% against −0.63%. Sierra Bancorp has the higher net margin (22.4% vs 20.0%) and the higher return on invested capital (12.1% vs 8.07%). Both pay a dividend; Sierra Bancorp yields more (4.96% vs 4.06%). Across the 20 metrics below, Sierra Bancorp leads on 11 and Farmers & Merchants Bancorp Inc. on 9.

Valuation

Metric BSRR FMAO Banks Regional median
P/E 11.63 12.00 12.15
P/S 2.55 2.41 2.37
P/B 1.40 1.23 1.21
Price to free cash flow 11.34 11.13 10.80
EV/EBITDA n/m n/m —
EV/Sales 2.26 2.46 2.27
Earnings yield 8.60% 8.33% 8.11%
Free cash flow yield 8.82% 8.98% 8.98%

Profitability

Metric BSRR FMAO Banks Regional median
Gross margin 77.94% 66.09% 69.57%
Operating margin 0.00% 0.00% 0.00%
Net margin 22.37% 20.02% 18.66%
Free cash flow margin 22.46% 21.61% 21.18%
Return on equity 12.46% 10.75% 10.64%
Return on assets 1.20% 1.15% 1.13%
Return on invested capital 12.07% 8.07% 8.33%

Growth

Metric BSRR FMAO Banks Regional median
Revenue growth (TTM) (0.63%) 7.14% 6.61%
EPS growth (last fiscal year) 10.28% 27.89% —
Revenue growth, 5-year CAGR 8.17% 17.00% 12.30%
Net income growth, 5-year CAGR 3.61% 10.53% 9.71%

Health

Metric BSRR FMAO Banks Regional median
Debt to equity 0.23 0.44 0.22
Current ratio 0.80 0.96 0.94
Net debt to EBITDA 0.00 0.00 0.00

Dividend

Metric BSRR FMAO Banks Regional median
Dividend yield 4.96% 4.06% 3.75%
Payout ratio 0.38 0.39 0.27

Size

Metric BSRR FMAO Banks Regional median
Market cap 514.00m 482.47m 921.07m

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