FMAO

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Farmers & Merchants Bancorp, Inc.

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Key Metrics

Previous Close: $33.74
52-Week Range: $22.77 – $35.94
Market Cap: $463.60M
P/E (TTM): 11.57
EPS (TTM): 2.91
Dividend Yield: 2.72%

Advanced Metrics

Price/Book: 1.19
PEG Ratio: —
Return on Equity: 10.88%
Return on Assets: 1.17%
Gross Margin: 0.00%
Operating Margin: 46.34%
Profit Margin: 31.03%
Current Ratio: —
Debt/Equity: —
Total Debt: $218.62M
Free Cash Flow: —
Revenue Growth: 17.50%
Earnings Growth: 53.00%
Enterprise Value: $520.87M

FMAO Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$99.30M	$93.64M	$98.90M	$117.62M
Selling, General & Admin	$38.03M	$45.40M	$48.38M	$50.77M
Pretax Income	$40.48M	$28.35M	$32.57M	$42.52M
Income Tax	$7.96M	$5.57M	$6.63M	$9.22M
Net Income	$32.52M	$22.79M	$25.94M	$33.31M
Diluted EPS	2.46	1.67	1.90	2.43
Diluted Shares	13.21M	13.64M	13.68M	13.73M

FMAO Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$87.53M	$143.66M	$177.34M	$98.75M
Total Assets	$3.02B	$3.28B	$3.36B	$3.43B
Long-Term Debt	$172.07M	$300.45M	$280.87M	$262.31M
Total Debt	$172.07M	$300.45M	$280.87M	$262.31M
Total Liabilities	$2.72B	$2.97B	$3.03B	$3.06B
Retained Earnings	$212.45M	$221.08M	$235.85M	$257.86M
Shareholders' Equity	$298.14M	$316.54M	$335.21M	$370.86M
Net Debt	$84.54M	$156.79M	$103.54M	$163.56M

FMAO Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$40.67M	$22.15M	$32.47M	$36.74M
Capital Expenditure	-$2.60M	-$10.93M	-$1.87M	-$1.77M
Free Cash Flow	$38.07M	$11.22M	$30.60M	$34.97M
Depreciation & Amortisation	$4.02M	$5.77M	$6.37M	$6.99M
Stock-Based Compensation	$1.02M	$1.46M	$1.55M	$1.58M
Investing Cash Flow	-$389.90M	-$194.09M	-$44.36M	-$138.70M
Financing Cash Flow	$252.82M	$229.73M	$46.04M	$23.33M
Dividends Paid	-$10.28M	-$11.34M	-$11.92M	-$12.09M
Share Repurchases	-$308.00K	-$218.00K	-$664.00K	-$362.00K
Net Change in Cash	-$96.41M	$57.79M	$34.15M	-$78.63M

FMAO Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$27.35M	$29.32M	$30.23M	$31.48M	$31.56M
Selling, General & Admin	$12.73M	$12.55M	$12.78M	$12.70M	$13.21M
Pretax Income	$8.76M	$9.70M	$11.23M	$12.83M	$12.34M
Income Tax	$1.81M	$1.99M	$2.38M	$3.04M	$2.76M
Net Income	$6.95M	$7.71M	$8.85M	$9.79M	$9.58M
Diluted EPS	0.51	0.56	0.64	0.71	0.70
Diluted Shares	13.71M	13.72M	13.73M	13.75M	13.75M

FMAO Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$174.60M	$89.59M	$117.95M	$98.75M	$174.10M
Total Assets	$3.39B	$3.35B	$3.39B	$3.43B	$3.49B
Long-Term Debt	$280.32M	$223.32M	$222.82M	$262.31M	$253.95M
Total Debt	$280.32M	$223.32M	$222.82M	$262.31M	$253.95M
Total Liabilities	$3.04B	$2.99B	$3.03B	$3.06B	$3.11B
Retained Earnings	$240.08M	$244.87M	$251.18M	$257.86M	$264.61M
Shareholders' Equity	$344.60M	$350.79M	$361.78M	$370.86M	$375.95M
Net Debt	$105.72M	$133.73M	$104.87M	$163.56M	$79.85M

FMAO Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$11.01M	$1.10M	$11.20M	$13.43M	$7.65M
Capital Expenditure	-$386.00K	-$719.00K	-$475.00K	-$187.00K	-$663.00K
Free Cash Flow	$10.62M	$385.00K	$10.72M	$13.24M	$6.99M
Depreciation & Amortisation	$1.56M	$1.66M	$2.06M	$1.71M	$1.81M
Stock-Based Compensation	$352.00K	$573.00K	$341.00K	$317.00K	$331.00K
Investing Cash Flow	-$24.28M	-$36.23M	-$15.27M	-$62.93M	$23.71M
Financing Cash Flow	$9.96M	-$49.68M	$32.86M	$30.19M	$44.40M
Dividends Paid	-$3.00M	-$3.00M	-$3.00M	-$3.09M	-$3.13M
Share Repurchases	-$23.00K	$0.00	-$338.00K	-$1.00K	-$57.00K
Net Change in Cash	-$3.31M	-$84.81M	$28.80M	-$19.31M	$75.75M

Market Snapshot

About

Farmers & Merchants Bancorp, Inc. is the holding company for Farmers & Merchants Bank, a community bank serving northwestern Ohio. The bank provides traditional banking services including commercial and retail lending, deposit accounts, wealth management, and treasury services to individuals, businesses, and agricultural customers. Farmers & Merchants operates through a network of branch locations concentrated in its primary market areas, emphasizing relationship-based banking and local decision-making. The bank's loan portfolio includes commercial real estate, agricultural loans, residential mortgages, and business operating lines. The company is headquartered in Archbold, Ohio.