A Business at a Glance
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FARMERS & MERCHANTS BANCORP
FMCB
$962M
Mkt Cap
$1,377.73
-0.02%
FARMERS & MERCHANTS BANCORP (FMCB) has a current P/E ratio of 10.5, compared to its historical median P/E of 9.9. The stock is currently considered Fair based on its historical valuation range.
FARMERS & MERCHANTS BANCORP (FMCB) has a market capitalization of $962M. It is classified as a small-cap stock.
Yes, FARMERS & MERCHANTS BANCORP (FMCB) pays a dividend with a trailing twelve-month yield of 1.44%. The company also returns capital through share buybacks, with a buyback yield of 0.31%.
Based on historical P/E analysis, FARMERS & MERCHANTS BANCORP (FMCB) appears fair. The current P/E of 10.5 is 7% above its historical median of 9.9. The estimated fair value CAGR (P/E method) is 7.6%.
FARMERS & MERCHANTS BANCORP (FMCB) operates in the National Commercial Banks industry, within the Financials sector.
FARMERS & MERCHANTS BANCORP (FMCB) reported annual revenue of $303 million in its most recent fiscal year, based on SEC EDGAR filings.
FARMERS & MERCHANTS BANCORP (FMCB) generated $97 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Organizational Structure Farmers & Merchants Bancorp (the “Company” or “FMCB”) is a Delaware registered bank holding company organized in 1999. As a registered bank holding company, FMCB is subject to regulation, supervision, and examination by the Board of Governors of the Federal Reserve System (“Federal Reserve”) and by the California Department of Financial Protection and Innovation (“DFPI”). The Company’s principal business is to serve as a holding company for Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”) and for other banking or banking related subsidiaries, which the Company may establish or acquire. As a legal entity separate and distinct from its subsidiary, the Company’s principal source of funds is, and will continue to be, dividends paid by and other funds received from the Bank. Legal limitations are imposed on the amount of dividends that may be paid and loans that may be made by the Bank to the Company.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 303M | 303M | 293M | 269M | 205M | 186M |
| Net Income | 0 | - | - | - | - | - |
| EPS | $133.96 | $133.96 | $121.02 | $116.61 | $96.55 | $84.01 |
| Free Cash Flow | 97M | 97M | 101M | 88M | 98M | 58M |
| ROIC | 0.0% | - | - | - | - | - |
| Gross Margin | 78.9% | 78.9% | 77.7% | 82.2% | 94.5% | 96.6% |
| Debt/Equity | 3.25 | 3.25 | 3.67 | 4.00 | 1.34 | 1.04 |
| Dividends/Share | $19.83 | $19.35 | $18.10 | $17.10 | $16.15 | $15.30 |
| Operating Income | 6.3M | 6.3M | 4.2M | 4.3M | 4.3M | 3.8M |
| Operating Margin | 2.1% | 2.1% | 1.5% | 1.6% | 2.1% | 2.0% |
| ROE | 0.0% | - | - | - | - | - |
| Shares Outstanding | 1M | 1M | 1M | 1M | 1M | 1M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 96M | 105M | 115M | 131M | 149M | 171M | 174M | 186M | 205M | 269M | 293M | 303M | 303M |
| Gross Margin | 95.8% | 96.1% | 90.8% | 93.0% | 90.9% | 92.2% | 92.0% | 96.6% | 94.5% | 82.2% | 77.7% | 78.9% | 78.9% |
| 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 | 36M | 40M | 42M | 46M | 50M | 55M | 57M | 64M | 64M | 71M | 72M | 74M | 74M |
| EBIT | 3.2M | 4.4M | 3.1M | 4.9M | 5.6M | 2.9M | 3.0M | 3.8M | 4.3M | 4.3M | 4.2M | 6.3M | 6.3M |
| Op. Margin | 3.4% | 4.2% | 2.7% | 3.7% | 3.8% | 1.7% | 1.7% | 2.0% | 2.1% | 1.6% | 1.5% | 2.1% | 2.1% |
| Net Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Non-Recurring | 22K | 383K | -71K | 1.2M | 273K | -87K | 32K | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROE | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| ROA | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 26M | 37M | 35M | 40M | 58M | 81M | 58M | 60M | 102M | 93M | 104M | 104M | 104M |
| Free Cash Flow | 22M | 35M | 33M | 36M | 53M | 65M | 50M | 58M | 98M | 88M | 101M | 97M | 97M |
| Owner Earnings | 25M | 36M | 33M | 38M | 55M | 77M | 55M | 57M | 99M | 91M | 101M | 90M | 90M |
| CapEx | 4.3M | 2.7M | 1.5M | 4.3M | 4.6M | 16M | 7.7M | 2.1M | 4.2M | 5.0M | 2.4M | 7.6M | 7.6M |
| Maint. CapEx | 1.3M | 1.7M | 1.9M | 2.2M | 2.4M | 3.4M | 3.4M | 2.6M | 2.4M | 2.5M | 2.9M | 3.1M | 3.1M |
| Growth CapEx | 2.9M | 1.0M | 0 | 2.1M | 2.2M | 12M | 4.3M | 0 | 1.8M | 2.5M | 0 | 4.5M | 4.5M |
| D&A | 1.3M | 1.7M | 1.9M | 2.2M | 2.4M | 3.4M | 3.4M | 2.6M | 2.4M | 2.5M | 2.9M | 3.1M | 3.1M |
| CapEx/OCF | 16.7% | 7.3% | 4.3% | 10.6% | 7.9% | 19.2% | 13.3% | 3.5% | 4.1% | 5.3% | 2.3% | N/A | 7.3% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 9.9M | 10M | 10M | 11M | 11M | 11M | 12M | 12M | 12M | 13M | 13M | 14M | 14M |
| Dividend Yield | 3.3% | 2.9% | 2.6% | 2.5% | 2.4% | 2.1% | 2.3% | 1.9% | 1.8% | 1.8% | 1.9% | N/A | 1.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 31M | 0 | 2.8M | 0 | 20M | 20M | 45M | 2.9M | 2.9M |
| Buyback Yield | N/A | N/A | N/A | N/A | 6.4% | N/A | 0.5% | N/A | 2.9% | 2.9% | 6.2% | 0.0% | 0.3% |
| Stock-Based Comp | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 12M | 12M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 90M | 385M | 358M | 331M | 559M | 498M | 108M | -506M | -90M | 1.6B | 1.4B | 1.0B | 2.0B |
| Cash & Equiv. | 77M | 59M | 99M | 187M | 146M | 295M | 384M | 715M | 588M | 411M | 213M | 145M | 145M |
| Long-Term Debt | N/A | N/A | N/A | 0 | 1K | 0 | 0 | 0 | 0 | 0 | 986K | 0 | N/A |
| Debt/Equity | 2.56 | 3.48 | 3.44 | 3.34 | 3.86 | 3.52 | 3.07 | 1.04 | 1.34 | 4.00 | 3.67 | 3.25 | 3.25 |
| 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 | 0.1 |
| Equity | 233M | 252M | 280M | 300M | 311M | 369M | 424M | 463M | 485M | 550M | 573M | 646M | 646M |
| Total Assets | 2.4B | 2.6B | 2.9B | 3.1B | 3.4B | 3.7B | 4.6B | 5.2B | 5.3B | 5.3B | 5.4B | 5.7B | 5.7B |
| Total Liabilities | 2.1B | 2.4B | 2.6B | 2.8B | 3.1B | 3.4B | 4.1B | 4.7B | 4.8B | 4.8B | 4.8B | 5.0B | 5.0B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | 4.0M | 3.4M | 2.8M | 2.2M | 1.7M | 1.2M | 1.2M |
| Retained Earnings | 153M | 170M | 189M | 207M | 241M | 286M | 333M | 387M | 450M | 525M | 592M | 669M | 669M |
| 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 | 32.64 | 34.82 | 37.44 | 35.03 | 56.82 | 71.18 | 74.03 | 84.01 | 96.55 | 116.61 | 121.02 | 133.96 | 133.96 |
| Owner EPS | 32.00 | 45.07 | 40.77 | 46.48 | 70.63 | 97.68 | 69.30 | 72.60 | 129.31 | 121.47 | 144.04 | 128.36 | 128.36 |
| Book Value | 297.39 | 318.46 | 346.80 | 368.90 | 397.10 | 465.68 | 536.53 | 586.51 | 631.63 | 735.00 | 818.91 | 924.93 | 924.93 |
| Cash Flow/Share | 33.69 | 47.20 | 43.12 | 49.17 | 73.72 | 101.96 | 73.60 | 75.94 | 132.47 | 124.80 | 148.24 | 149.30 | 4.39 |
| Dividends/Share | 12.70 | 12.90 | 13.10 | 13.55 | 13.90 | 14.20 | 14.75 | 15.30 | 16.15 | 17.10 | 18.10 | 19.35 | 19.83 |
| Shares Out. | 0.8M | 0.8M | 0.8M | 0.8M | 0.8M | 0.8M | 0.8M | 0.8M | 0.8M | 0.7M | 0.7M | 0.7M | 0.7M |
| Valuation | |||||||||||||
| P/E Ratio | 12.5 | 13.6 | 15.1 | 16.7 | 10.9 | 9.8 | 9.2 | 10.6 | 9.9 | 8.5 | 8.6 | N/A | 10.3 |
| P/FCF | 14.2 | 10.5 | 13.4 | 13.3 | 9.1 | 8.4 | 10.6 | 12.2 | 7.5 | 8.4 | 7.2 | N/A | 10.0 |
| 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 | 460.4 |
| Price/Book | 1.4 | 1.5 | 1.6 | 1.5 | 1.6 | 1.5 | 1.3 | 1.5 | 1.5 | 1.3 | 1.3 | N/A | 1.5 |
| Price/Sales | 3.2 | 3.5 | 3.7 | 3.4 | 3.4 | 3.4 | 3.1 | 3.3 | 3.3 | 2.8 | 3.0 | N/A | 3.2 |
| FCF Yield | 7.0% | 9.3% | 7.4% | 7.8% | 10.9% | 11.9% | 9.5% | 8.5% | 13.8% | 12.7% | 13.9% | N/A | 10.0% |
| Market Cap | 317M | 373M | 449M | 458M | 490M | 548M | 532M | 683M | 707M | 696M | 728M | 0 | 962M |
| Avg. Price | 380.00 | 436.62 | 498.73 | 543.75 | 600.67 | 681.62 | 653.55 | 794.28 | 890.76 | 933.73 | 958.91 | 0.00 | 1,377.73 |
| Year-End Price | 400.28 | 460.79 | 553.30 | 584.42 | 617.28 | 694.45 | 677.99 | 893.94 | 951.87 | 993.95 | 1,040.24 | 0.00 | 1,377.73 |
FARMERS & MERCHANTS BANCORP passes 2 of 9 quality checks, indicating weak fundamentals.
FARMERS & MERCHANTS BANCORP trades at 10.5x trailing earnings, compared to its 15-year median P/E of 9.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 10.2x vs a median of 9.1x. The company's 5-year average gross margin is 86.0%. Total shareholder yield (dividends + buybacks) is 1.7%. At current prices, the estimated annualized return to fair value is +9.3%.
FARMERS & MERCHANTS BANCORP (FMCB) has a debt-to-equity ratio of 3.25. This indicates higher leverage, which may increase financial risk.
FARMERS & MERCHANTS BANCORP (FMCB) reported earnings per share (EPS) of $133.96 in its most recent fiscal year.
FARMERS & MERCHANTS BANCORP (FMCB) has a 5-year average gross margin of 86.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for FARMERS & MERCHANTS BANCORP (FMCB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FARMERS & MERCHANTS BANCORP (FMCB) has a book value per share of $924.93, based on its most recent annual SEC filing.