A Business at a Glance
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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 | 191M | 191M | 179M | 156M | 117M | 94M |
| Net Income | 33M | 33M | 26M | 23M | 33M | 23M |
| EPS | $2.43 | $2.43 | $1.90 | $1.67 | $2.46 | $2.01 |
| Free Cash Flow | 35M | 35M | 31M | 11M | 38M | 33M |
| ROIC | 10.3% | 9.4% | 7.7% | 7.2% | 10.9% | 7.9% |
| Gross Margin | 69.2% | 69.2% | 63.7% | 69.8% | 83.7% | 88.6% |
| Debt/Equity | 0.13 | 0.13 | 0.03 | 0.03 | 0.03 | 0.03 |
| Dividends/Share | $0.88 | $0.90 | $0.88 | $0.85 | $0.81 | $0.71 |
| Operating Income | 43M | 43M | 33M | 28M | 40M | 29M |
| Operating Margin | 22.3% | 22.3% | 18.2% | 18.2% | 34.7% | 31.2% |
| ROE | 9.0% | 9.4% | 7.7% | 7.2% | 10.9% | 7.9% |
| Shares Outstanding | 14M | 14M | 14M | 14M | 13M | 12M |
FARMERS & MERCHANTS BANCORP INC passes 5 of 9 quality checks, suggesting mixed fundamentals.
FARMERS & MERCHANTS BANCORP INC trades at 11.0x 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 10.5x vs a median of 13.0x. The company's 5-year average ROIC is 8.6% with a gross margin of 75.0%. Total shareholder yield (dividends) is 3.4%. At current prices, the estimated annualized return to fair value is +2.5%.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a current P/E ratio of 11.0, 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 8.6%. This is below average and may indicate limited pricing power.
FARMERS & MERCHANTS BANCORP INC (FMAO) has a market capitalization of $367M. It is classified as a small-cap stock.
Yes, FARMERS & MERCHANTS BANCORP INC (FMAO) pays a dividend with a trailing twelve-month yield of 3.29%. The company also returns capital through share buybacks, with a buyback yield of 0.10%.
Based on historical P/E analysis, FARMERS & MERCHANTS BANCORP INC (FMAO) appears fair. The current P/E of 11.0 is 23% below its historical median of 14.3. The estimated fair value CAGR (P/E method) is 3.2%.
FARMERS & MERCHANTS BANCORP INC (FMAO) operates in the Savings Institution, Federally Chartered industry, within the Financials sector.
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 17.5%. 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 9.4%. 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 $27.06, based on its most recent annual SEC filing.