Farmers & Merchants Bancorp Inc (FMAO)
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, bill-pay, on-line statement opportunities, and remote deposit capture or electronic deposit processing. Additionally, the company offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.
- Symbol
- FMAO
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Banks - Regional
- Market cap
- $476.49M
- 52 week range
- 22.77 - 36.12
Valuation
- Share price
- $34.58 (close of 2026-09-23)
- P/E (TTM)
- 11.88x
- Price to book
- 1.24x
- Price to free cash flow
- 11.47x
- Enterprise value
- $679.93M
- Book value per share
- $27.92
Price performance
| Period | Change |
|---|
| 1 day | -2.56% |
| 5 days | -3.33% |
| 1 month | +1.56% |
| 3 months | +18.30% |
| 6 months | +37.44% |
| Year to date | +39.89% |
| 1 year | +32.90% |
| 3 years | +98.39% |
| 5 years | +55.42% |
| 10 years | +120.96% |
| All time | +216.96% |
Profitability and growth
- Return on equity
- 8.98%
- Return on assets
- 0.97%
- Net margin
- 19.19%
- EBITDA margin
- 66.48%
- Revenue growth
- 6.10%
- Net income growth
- 28.42%
- Free cash flow growth
- 14.28%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 8.72%
- Net debt to EBITDA
- 1.72x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $173.54M
- EBITDA
- $115.38M
- Net income
- $33.31M
- Earnings per share
- $2.43
- Interest expense
- $69.25M
- Shares outstanding
- 13.56M
Income statement by year
| Period end | Revenue | Net income | EPS |
|---|
| 2025-12-31 | $173.54M | $33.31M | $2.43 |
| 2024-12-31 | $163.57M | $25.94M | $1.90 |
| 2023-12-31 | $139.81M | $22.79M | $1.67 |
| 2022-12-31 | $101.15M | $32.52M | $2.46 |
| 2021-12-31 | $76.84M | $23.50M | $2.01 |
| 2020-12-31 | $70.17M | $20.09M | $1.80 |
| 2019-12-31 | $68.31M | $18.40M | $1.66 |
| 2018-12-31 | $46.43M | $14.95M | $1.61 |
| 2017-12-31 | $41.25M | $12.72M | $1.38 |
| 2016-12-31 | $37.73M | $11.66M | $1.27 |
Margins and returns by year
| Period end | Net margin | Return on equity |
|---|
| 2025-12-31 | 19.19% | 8.98% |
| 2024-12-31 | 15.86% | 7.74% |
| 2023-12-31 | 16.30% | 7.20% |
| 2022-12-31 | 32.15% | 10.91% |
| 2021-12-31 | 30.58% | 7.91% |
| 2020-12-31 | 28.64% | 8.07% |
| 2019-12-31 | 26.94% | 7.99% |
| 2018-12-31 | 32.20% | 10.43% |
| 2017-12-31 | 30.84% | 9.48% |
| 2016-12-31 | 30.92% | 9.29% |
Cash and debt by year
| Period end | Debt |
|---|
| 2025-12-31 | $50.00M |
| 2024-12-31 | $10.00M |
| 2023-12-31 | $10.00M |
| 2022-12-31 | $10.00M |
| 2021-12-31 | $10.00M |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $34.97M | $1.39M |
| 2024-12-31 | $30.60M | $1.36M |
| 2023-12-31 | $11.22M | $1.28M |
| 2022-12-31 | $38.07M | $899.00K |
| 2021-12-31 | $32.78M | $822.00K |
| 2020-12-31 | $24.16M | $1.02M |
| 2019-12-31 | $20.42M | $1.09M |
| 2018-12-31 | $8.11M | $745.00K |
| 2017-12-31 | $15.76M | $507.00K |
| 2016-12-31 | $10.02M | $402.00K |
Dividend history
- Most recent payment
- 2026-07-10
- Paid in the last twelve months
- $0.92
| Payment date | Dividend per share |
|---|
| 2026-07-10 | $0.23 |
| 2026-04-02 | $0.23 |
| 2025-12-29 | $0.23 |
| 2025-10-10 | $0.23 |
| 2025-07-07 | $0.22 |
| 2025-04-04 | $0.22 |
| 2024-12-27 | $0.22 |
| 2024-10-04 | $0.22 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-26
- Consensus EPS estimate
- $0.81
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-27 | Jun/2026 | $0.67 |
| 2026-04-22 | - | - |
| 2025-10-27 | - | - |
| 2025-07-28 | - | - |
| 2025-04-28 | - | - |
| 2025-02-12 | - | - |
| 2024-10-30 | - | - |
| 2024-08-01 | - | - |
Filings and sources
- Company website
- fm.bank
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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