A Business at a Glance
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FARMERS & MERCHANTS BANCORP INC
FMAO
$419M
Mkt Cap
$30.95
+1.88%
FARMERS & MERCHANTS BANCORP INC (FMAO) has a current P/E ratio of 12.7, compared to its historical median P/E of 14.3. The stock is currently considered Fair based on its historical valuation range.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a 5-year average return on invested capital (ROIC) of 8.5%. This is below average and may indicate limited pricing power.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a market capitalization of $426M. It is classified as a small-cap stock.
Yes, FARMERS & MERCHANTS BANCORP INC (FMAO) pays a dividend with a trailing twelve-month yield of 2.87%. The company also returns capital through share buybacks, with a buyback yield of 0.09%.
Based on historical P/E analysis, FARMERS & MERCHANTS BANCORP INC (FMAO) appears fair. The current P/E of 12.7 is 11% below its historical median of 14.3. The estimated fair value CAGR (P/E method) is 2.8%.
FARMERS & MERCHANTS BANCORP INC (FMAO) operates in the Savings Institution, Federally Chartered industry, within the Financials sector.
Farmers & Merchants Bancorp, Inc. (Company) is a bank holding company incorporated under the laws of Ohio in 1985 and elected to become a financial holding company under the Federal Reserve in 2014. Our primary subsidiary, The Farmers & Merchants State Bank (Bank) is a local independent community bank that has been primarily serving Northwest Ohio, Northeast Indiana and Southeast Michigan since 1897. Our other subsidiary, Farmers & Merchants Risk Management (Captive) was a captive insurance company formed in December 2014, located in Nevada and dissolved in December 2023. The Bank includes F&M Insurance Agency, LLC, a subsidiary offering insurance products, which was formed in November 2023. We report our financial condition and net income on a consolidated basis and have only one segment. Our executive offices are located at 307 North Defiance Street, Archbold, Ohio 43502, and our telephone number is (419) 446-2501.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 126M | 191M | 179M | 156M | 117M | 94M |
| Net Income | 35M | 33M | 25M | 23M | 32M | 23M |
| EPS | $2.58 | $2.43 | $1.90 | $1.67 | $2.46 | $2.01 |
| Free Cash Flow | 31M | 35M | 31M | 11M | 38M | 33M |
| ROIC | 0.0% | 9.3% | 7.8% | 7.3% | 10.2% | 8.0% |
| Gross Margin | - | 69.2% | 63.7% | 69.8% | 83.7% | 88.6% |
| Debt/Equity | 0.00 | 0.13 | 0.03 | 0.03 | 0.03 | 0.15 |
| Dividends/Share | $0.89 | $0.90 | $0.88 | $0.85 | $0.81 | $0.71 |
| Operating Income | 0 | 43M | 33M | 28M | 40M | 29M |
| Operating Margin | 0.0% | 22.3% | 18.2% | 18.2% | 34.6% | 31.2% |
| ROE | 9.4% | 9.3% | 7.8% | 7.3% | 10.8% | 8.5% |
| Shares Outstanding | 14M | 14M | 13M | 13M | 13M | 12M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 44M | 44M | 49M | 52M | 57M | 80M | 87M | 94M | 117M | 156M | 179M | 191M | 126M |
| Gross Margin | 88.8% | 90.5% | 89.1% | 89.7% | 88.0% | 80.2% | 80.0% | 88.6% | 83.7% | 69.8% | 63.7% | 69.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 25M | 26M | 27M | 29M | 32M | 41M | 44M | 54M | 58M | 67M | 69M | 77M | 6.1M |
| EBIT | 14M | 14M | 16M | 18M | 18M | 23M | 25M | 29M | 40M | 28M | 33M | 43M | 0 |
| Op. Margin | 31.0% | 31.9% | 33.2% | 34.4% | 31.9% | 28.4% | 29.0% | 31.2% | 34.6% | 18.2% | 18.2% | 22.3% | 0.0% |
| Net Income | 9.6M | 10M | 12M | 13M | 15M | 18M | 20M | 23M | 32M | 23M | 25M | 33M | 35M |
| Net Margin | 22.0% | 23.1% | 23.6% | 24.2% | 25.8% | 22.8% | 22.9% | 24.7% | 27.6% | 14.5% | 14.2% | 17.3% | 28.2% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.6% | 8.7% | 9.4% | 9.7% | 10.7% | 9.8% | 8.3% | 8.0% | 10.2% | 7.3% | 7.8% | 9.3% | 0.0% |
| ROE | 8.6% | 8.7% | 9.4% | 9.7% | 10.7% | 9.8% | 8.3% | 8.5% | 10.8% | 7.3% | 7.8% | 9.3% | 9.4% |
| ROA | 1.0% | 1.1% | 1.1% | 1.2% | 1.3% | 1.3% | 1.1% | 1.0% | 1.1% | 0.7% | 0.8% | 1.0% | 1.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 19M | 15M | 12M | 18M | 11M | 24M | 27M | 35M | 41M | 22M | 32M | 37M | 33M |
| Free Cash Flow | 16M | 13M | 10M | 16M | 8.1M | 20M | 24M | 33M | 38M | 11M | 31M | 35M | 31M |
| Owner Earnings | 17M | 13M | 10M | 15M | 8.1M | 20M | 23M | 31M | 36M | 16M | 26M | 30M | -16M |
| CapEx | 2.9M | 1.7M | 2.4M | 1.9M | 2.6M | 3.5M | 3.2M | 2.0M | 2.6M | 11M | 1.9M | 1.8M | 2.0M |
| Maint. CapEx | 1.8M | 1.7M | 1.8M | 1.8M | 1.9M | 3.0M | 3.2M | 3.3M | 3.7M | 5.1M | 5.5M | 5.3M | 48M |
| Growth CapEx | 1.1M | 0 | 583K | 43K | 761K | 483K | 2K | 0 | 0 | 5.9M | 0 | 0 | 0 |
| D&A | 1.8M | 1.7M | 1.8M | 1.8M | 1.9M | 3.0M | 3.2M | 3.3M | 3.7M | 5.1M | 5.5M | 5.3M | 48M |
| CapEx/OCF | 15.2% | 11.6% | 19.4% | 9.3% | 24.5% | 14.7% | 11.8% | 5.7% | 6.4% | 49.3% | 5.8% | 4.8% | 6.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 3.9M | 3.9M | 4.1M | 4.4M | 5.0M | 6.3M | 7.2M | 7.7M | 10M | 11M | 12M | 12M | 12M |
| Dividend Yield | 4.7% | 2.2% | 2.0% | 2.1% | 1.6% | 2.5% | 3.4% | 3.2% | 2.8% | 4.2% | 3.8% | 3.6% | 2.9% |
| Share Buybacks | 576K | 803K | 194K | 196K | 490K | 381K | 383K | 338K | 308K | 218K | 664K | 362K | 396K |
| Buyback Yield | 0.7% | 0.9% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% |
| Stock-Based Comp | 232K | 314K | 402K | 507K | 745K | 1.1M | 1.0M | 822K | 899K | 1.3M | 1.4M | 1.4M | 1.4M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -273M | N/A | N/A | N/A | N/A | N/A | N/A | -566M | -465M | -491M | -593M | -470M | -603M |
| Cash & Equiv. | 24M | 22M | 28M | 34M | 38M | 51M | 176M | 181M | 84M | 142M | 176M | 98M | 603M |
| Long-Term Debt | 0 | N/A | N/A | N/A | N/A | N/A | N/A | 34M | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.00 | 7.24 | 7.41 | 7.25 | 6.79 | 5.98 | 6.66 | 0.15 | 0.03 | 0.03 | 0.03 | 0.13 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 114M | 120M | 126M | 134M | 143M | 230M | 249M | 297M | 298M | 317M | 335M | 371M | 376M |
| Total Assets | 941M | 989M | 1.1B | 1.1B | 1.1B | 1.6B | 1.9B | 2.6B | 3.0B | 3.3B | 3.4B | 3.4B | 3.5B |
| Total Liabilities | 827M | 869M | 930M | 973M | 973M | 1.4B | 1.7B | 2.3B | 2.7B | 3.0B | 3.0B | 3.1B | 3.1B |
| Intangibles | 1.4M | 1.1M | 740K | N/A | N/A | 3.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 114M | 120M | 128M | 137M | 148M | 160M | 174M | 189M | 212M | 221M | 236M | 258M | 265M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 1.04 | 0.56 | 0.64 | 1.38 | 1.61 | 1.66 | 1.80 | 2.01 | 2.46 | 1.67 | 1.90 | 2.43 | 2.58 |
| Owner EPS | 1.86 | 0.70 | 0.56 | 1.68 | 0.88 | 1.80 | 2.09 | 2.64 | 2.75 | 1.17 | 1.92 | 2.22 | -1.15 |
| Book Value | 12.43 | 6.55 | 6.90 | 14.69 | 15.59 | 20.93 | 22.49 | 25.63 | 22.76 | 23.45 | 25.04 | 27.39 | 27.30 |
| Cash Flow/Share | 2.08 | 0.81 | 0.68 | 1.93 | 1.17 | 2.18 | 2.47 | 3.00 | 3.10 | 1.64 | 2.43 | 2.71 | 6.05 |
| Dividends/Share | 0.42 | 0.22 | 0.23 | 0.50 | 0.56 | 0.61 | 0.66 | 0.71 | 0.81 | 0.85 | 0.88 | 0.90 | 0.89 |
| Shares Out. | 9.2M | 18.3M | 18.2M | 9.1M | 9.2M | 11.0M | 11.1M | 11.6M | 13.1M | 13.5M | 13.4M | 13.5M | 13.8M |
| Valuation | |||||||||||||
| P/E Ratio | 9.1 | 9.0 | 12.1 | 23.6 | 19.0 | 15.1 | 10.9 | 14.0 | 9.8 | 14.8 | 14.5 | 10.6 | 12.0 |
| P/FCF | 5.4 | 14.0 | 27.8 | 18.9 | 34.8 | 13.5 | 9.0 | 10.0 | 8.3 | 29.8 | 12.0 | 10.0 | 13.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | 0.8 | 0.8 | 1.1 | 2.2 | 2.0 | 1.2 | 0.9 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.1 |
| Price/Sales | 2.1 | 2.2 | 2.4 | 4.5 | 6.1 | 3.9 | 2.8 | 2.8 | 3.7 | 2.8 | 3.1 | 2.8 | 3.4 |
| FCF Yield | 18.6% | 14.1% | 7.1% | 5.2% | 2.8% | 7.3% | 11.0% | 9.9% | 12.0% | 3.3% | 8.1% | 9.9% | 7.4% |
| Market Cap | 88M | 93M | 141M | 300M | 285M | 278M | 219M | 329M | 317M | 338M | 376M | 354M | 426M |
| Avg. Price | 8.97 | 9.81 | 11.49 | 22.83 | 33.28 | 23.22 | 19.31 | 20.67 | 28.30 | 20.08 | 23.38 | 24.57 | 30.95 |
| Year-End Price | 9.44 | 10.04 | 15.33 | 32.60 | 30.66 | 25.10 | 19.61 | 28.19 | 24.01 | 24.78 | 27.55 | 25.86 | 30.95 |
FARMERS & MERCHANTS BANCORP INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
FARMERS & MERCHANTS BANCORP INC trades at 12.7x trailing earnings, compared to its 15-year median P/E of 14.3x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 12.2x vs a median of 12.8x. The company's 5-year average ROIC is 8.5% with a gross margin of 75.0%. Total shareholder yield (dividends) is 3.0%. At current prices, the estimated annualized return to fair value is +1.6%.
FARMERS & MERCHANTS BANCORP INC (FMAO) reported annual revenue of $191 million in its most recent fiscal year, based on SEC EDGAR filings.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a net profit margin of 17.3%. This is a healthy margin.
FARMERS & MERCHANTS BANCORP INC (FMAO) generated $35 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a debt-to-equity ratio of 0.13. This indicates a conservatively financed balance sheet.
FARMERS & MERCHANTS BANCORP INC (FMAO) reported earnings per share (EPS) of $2.43 in its most recent fiscal year.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a return on equity (ROE) of 9.3%. This indicates moderate shareholder returns.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a 5-year average gross margin of 75.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 16 years of financial data for FARMERS & MERCHANTS BANCORP INC (FMAO), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a book value per share of $27.39, based on its most recent annual SEC filing.