Symbols / FMAO Stock $28.09 +0.83% Farmers & Merchants Bancorp, Inc.

Financial Services • Banks - Regional • United States • NCM
FMAO (Stock) Chart
O: — H: — L: — C: — V: —
SMA 20: — SMA 50: — SMA 200: —
Stock Fundamentals
Scroll to Statements
Index EQUITY
Sector Financial Services
Industry Banks - Regional
CEO Mr. Lars B. Eller
Exch · Country NCM · United States
Market Cap 386.75M
Enterprise Value 477.06M
Income 35.49M
Sales 123.94M
FCF (ttm) —
Book/sh 27.64
Cash/sh 12.84
Employees 473
Insider 10d —
IPO Jan 30, 2006
Div forward ($/yr)
Div TTM ($/yr)
Dividend Yield
Ex-Div Date
5Y Avg Yield
Yield vs 5Y Avg
Payout 34.69%
P/E 10.72
Forward P/E 9.32
PEG —
P/S 3.12
P/B 1.02
P/C —
EV/EBITDA —
EV/Sales 3.85
Quick Ratio —
Current Ratio —
Debt/Eq —
LT Debt/Eq —
EPS (ttm) 2.62
EPS next Y 3.01
EPS Growth 37.30%
Revenue Growth 16.50%
EPS Gr Q/Q 37.80%
Rev Gr Q/Q —
Earnings (next) 2026-04-28
Earnings (prior) 2026-04-28
ROA 1.04%
ROE 9.97%
ROIC —
Gross Margin 0.00%
Oper. Margin 42.19%
Profit Margin 28.99%
Shs Outstand 13.77M
Shs Float 12.99M
Insider Own 3.90%
Instit Own 33.29%
Short Float 1.13%
Short Ratio 1.69
Short Interest 150.67K
52W High 29.83
vs 52W High -5.83%
52W Low 22.59
vs 52W Low 24.35%
Beta 0.83
Impl. Vol. 41.03%
Rel Volume 1.76
Avg Volume 67.38K
Volume 118.74K
Target (mean) $28.67
Tgt Median $28.50
Tgt Low $28.50
Tgt High $29.00
# Analysts 3
Recom None
Prev Close $27.86
Price $28.09
Change 0.83%
About

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.

Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$28.67
Mean price target
2. Current target
$28.09
Latest analyst target
3. DCF / Fair value
$39.30
Fallback: EPS × 15 (assumed fair P/E). No FCF data; use with …
Ratings
Current target
$28.09
Low
$28.50
High
$29.00
Mean
$28.67

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-04-27 main Piper Sandler Neutral → Neutral $29
2026-04-02 main Piper Sandler Neutral → Neutral $28
2024-08-05 main Piper Sandler Neutral → Neutral $26
2024-04-05 init Hovde Group — → Market Perform —
2023-08-01 reit Stephens & Co. Equal-Weight → Equal-Weight $24
2023-07-28 down Piper Sandler Neutral → Underweight $24
2023-02-09 main Stephens & Co. — → Equal-Weight $29
2022-12-21 init Janney Montgomery Scott — → Neutral $30
2022-10-24 main Stephens & Co. — → Equal-Weight $29
2022-10-21 up Piper Sandler Underweight → Neutral $27
2022-04-22 down Piper Sandler Neutral → Underweight $41
2020-10-09 init Stephens & Co. — → Equal-Weight —
2020-09-29 main Piper Sandler — → Neutral $22
2020-07-23 main Piper Sandler — → Neutral $24
2019-10-02 init Piper Sandler — → Hold —
News
RSS: Latest FMAO news
Insider Transactions
Filed Date Insider Relationship Transaction Shares Price Value SEC
2026-06-04 BRIGGS ANDREW J. Director — 3,000 $27.36 $82,080
2026-06-03 BRIGGS ANDREW J. Officer and Director — 9,000 $27.27 $248,010
2026-05-29 BRIGGS ANDREW J. Director — 6,000 $27.60 $166,080
2026-05-28 PLANSON STEVEN J Director — 4,046 $27.70 $112,094
2026-05-27 BRIGGS ANDREW J. Director — 6,000 $27.59 $166,110
2026-05-22 BRIGGS ANDREW J. Director — 6,000 $27.37 $165,330
2026-05-20 BRIGGS ANDREW J. Officer and Director — 9,000 $26.44 $241,650
2026-05-15 BRIGGS ANDREW J. Officer and Director — 6,000 $26.57 $159,690
2026-05-13 BRIGGS ANDREW J. Director — 6,000 $26.77 $161,910
2026-03-23 FAUST ERIC D Officer — 1,148 $25.16 $28,884
Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Revenue
117.62
+18.93%
98.90
+5.62%
93.64
-5.70%
99.30
Operating Revenue
117.62
+18.93%
98.90
+5.62%
93.64
-5.70%
99.30
Selling General And Administration
50.77
+4.94%
48.38
+6.58%
45.40
+19.35%
38.03
Selling And Marketing Expense
2.20
+2.57%
2.14
-17.73%
2.61
+58.32%
1.65
General And Administrative Expense
48.57
+5.05%
46.24
+8.06%
42.79
+17.59%
36.39
Salaries And Wages
40.92
+5.70%
38.71
+12.42%
34.44
+16.32%
29.60
Other Gand A
5.94
+9.52%
5.42
-14.94%
6.37
+8.37%
5.88
Reconciled Depreciation
6.99
+9.67%
6.37
+10.36%
5.77
+43.70%
4.02
Total Unusual Items
-0.04
-157.75%
0.07
+152.59%
-0.14
-152.12%
0.26
Total Unusual Items Excluding Goodwill
-0.04
-157.75%
0.07
+152.59%
-0.14
-152.12%
0.26
Net Income
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Pretax Income
42.52
+30.55%
32.57
+14.88%
28.35
-29.95%
40.48
Net Interest Income
103.08
+21.92%
84.55
+5.01%
80.52
-6.89%
86.47
Interest Expense
69.25
-10.83%
77.66
+32.95%
58.41
+306.71%
14.36
Interest Income
172.34
+6.24%
162.21
+16.76%
138.93
+37.78%
100.83
Gain On Sale Of Security
0.00
0.00
+100.00%
-0.89
0.00
Tax Provision
9.22
+38.90%
6.63
+19.18%
5.57
-30.06%
7.96
Tax Rate For Calcs
0.00
+6.38%
0.00
+3.75%
0.00
-0.18%
0.00
Tax Effect Of Unusual Items
-0.01
-161.43%
0.01
+154.56%
-0.03
-152.03%
0.05
Net Income Including Noncontrolling Interests
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Net Income From Continuing Operation Net Minority Interest
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Net Income From Continuing And Discontinued Operation
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Net Income Continuous Operations
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Normalized Income
33.34
+28.82%
25.88
+13.04%
22.90
-29.13%
32.31
Net Income Common Stockholders
32.90
+29.37%
25.43
+12.84%
22.54
-30.07%
32.23
Otherunder Preferred Stock Dividend
0.41
-19.41%
0.51
+103.63%
0.25
-12.68%
0.28
Diluted EPS
2.43
+27.89%
1.90
+13.77%
1.67
-32.11%
2.46
Basic EPS
2.43
+27.89%
1.90
+13.77%
1.67
-32.11%
2.46
Basic Average Shares
13.73
+0.35%
13.68
+0.28%
13.64
+3.29%
13.21
Diluted Average Shares
13.73
+0.35%
13.68
+0.28%
13.64
+3.29%
13.21
Diluted NI Availto Com Stockholders
32.90
+29.37%
25.43
+12.84%
22.54
-30.07%
32.23
Amortization
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Amortization Of Intangibles Income Statement
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Depreciation Amortization Depletion Income Statement
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Depreciation And Amortization In Income Statement
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Insurance And Claims
1.72
-18.50%
2.11
+6.36%
1.98
+119.01%
0.91
Occupancy And Equipment
10.01
+6.27%
9.42
+6.34%
8.86
+30.74%
6.77
Other Non Interest Expense
5.28
+76.48%
2.99
-35.50%
4.63
-13.22%
5.34
Professional Expense And Contract Services Expense
3.59
+34.53%
2.67
+18.04%
2.26
-19.04%
2.79
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
3,434.38
+2.07%
3,364.72
+2.48%
3,283.23
+8.88%
3,015.35
Cash And Cash Equivalents
98.75
-44.32%
177.34
+23.44%
143.66
+64.13%
87.53
Other Short Term Investments
210.71
-50.60%
426.56
+18.99%
358.48
-8.27%
390.79
Net PPE
31.86
-5.81%
33.83
-5.50%
35.80
+24.91%
28.66
Gross PPE
79.73
+0.30%
79.49
+1.77%
78.10
+14.65%
68.12
Accumulated Depreciation
-47.86
-4.83%
-45.66
-7.93%
-42.30
-7.20%
-39.46
Land And Improvements
6.80
+0.00%
6.80
-0.51%
6.84
-0.84%
6.90
Buildings And Improvements
41.64
+0.80%
41.31
+1.16%
40.83
+18.35%
34.50
Machinery Furniture Equipment
31.29
-0.28%
31.38
+3.13%
30.43
+15.04%
26.45
Construction In Progress
—
0.00
-100.00%
0.01
-97.12%
0.28
Goodwill And Other Intangible Assets
91.53
-0.52%
92.01
+0.01%
92.01
+2.33%
89.91
Goodwill
86.36
+0.00%
86.36
+0.00%
86.36
+0.00%
86.36
Other Intangible Assets
5.17
-8.50%
5.66
+0.14%
5.65
+59.14%
3.55
Investments And Advances
435.10
-1.33%
440.96
+17.40%
375.62
-6.23%
400.59
Total Liabilities Net Minority Interest
3,063.52
+1.12%
3,029.51
+2.12%
2,966.69
+9.18%
2,717.21
Payables And Accrued Expenses
3.12
+4.31%
3.00
+0.74%
2.97
+5.01%
2.83
Payables
3.12
+4.31%
3.00
+0.74%
2.97
+5.01%
2.83
Dividends Payable
3.12
+4.31%
3.00
+0.74%
2.97
+5.01%
2.83
Current Accrued Expenses
—
—
—
19.24
Long Term Debt And Capital Lease Obligation
262.31
-6.61%
280.87
-6.52%
300.45
+74.61%
172.07
Long Term Debt
262.31
-6.61%
280.87
-6.52%
300.45
+74.61%
172.07
Stockholders Equity
370.86
+10.64%
335.21
+5.90%
316.54
+6.17%
298.14
Common Stock Equity
370.86
+10.64%
335.21
+5.90%
316.54
+6.17%
298.14
Capital Stock
135.53
-0.03%
135.56
+0.04%
135.51
+0.01%
135.50
Common Stock
135.53
-0.03%
135.56
+0.04%
135.51
+0.01%
135.50
Share Issued
14.56
+0.00%
14.56
+0.00%
14.56
+0.00%
14.56
Ordinary Shares Number
13.75
+0.35%
13.70
+0.26%
13.66
+0.41%
13.61
Treasury Shares Number
0.82
-5.61%
0.86
-3.88%
0.90
-5.88%
0.96
Retained Earnings
257.86
+9.33%
235.85
+6.68%
221.08
+4.06%
212.45
Gains Losses Not Affecting Retained Earnings
-11.89
+52.87%
-25.22
+13.06%
-29.01
+24.12%
-38.23
Treasury Stock
10.64
-3.18%
10.98
-0.50%
11.04
-4.61%
11.57
Other Equity Adjustments
-11.89
+52.87%
-25.22
+13.06%
-29.01
+24.12%
-38.23
Total Equity Gross Minority Interest
370.86
+10.64%
335.21
+5.90%
316.54
+6.17%
298.14
Total Capitalization
633.17
+2.77%
616.09
-0.15%
617.00
+31.22%
470.21
Invested Capital
633.17
+2.77%
616.09
-0.15%
617.00
+31.22%
470.21
Total Debt
262.31
-6.61%
280.87
-6.52%
300.45
+74.61%
172.07
Net Debt
163.56
+57.98%
103.54
-33.97%
156.79
+85.46%
84.54
Net Tangible Assets
279.33
+14.86%
243.20
+8.31%
224.54
+7.83%
208.23
Tangible Book Value
279.33
+14.86%
243.20
+8.31%
224.54
+7.83%
208.23
Available For Sale Securities
224.39
+1458.28%
14.40
-15.98%
17.14
+74.90%
9.80
Cash Cash Equivalents And Federal Funds Sold
99.22
-44.52%
178.83
+23.38%
144.94
+63.13%
88.85
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
36.74
+13.13%
32.47
+46.64%
22.15
-45.55%
40.67
Cash Flow From Continuing Operating Activities
36.74
+13.13%
32.47
+46.64%
22.15
-45.55%
40.67
Net Income From Continuing Operations
33.31
+28.42%
25.94
+13.83%
22.79
-29.92%
32.52
Depreciation Amortization Depletion
6.99
+9.67%
6.37
+10.36%
5.77
+43.70%
4.02
Depreciation
3.62
-3.97%
3.77
+11.56%
3.38
+23.51%
2.74
Amortization Cash Flow
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Depreciation And Amortization
6.99
+9.67%
6.37
+10.36%
5.77
+43.70%
4.02
Amortization Of Intangibles
3.36
+29.48%
2.60
+8.66%
2.39
+86.94%
1.28
Other Non Cash Items
-3.01
+38.32%
-4.88
+21.54%
-6.21
-289.02%
3.29
Stock Based Compensation
1.58
+2.19%
1.55
+6.02%
1.46
+43.38%
1.02
Deferred Tax
-0.13
-141.04%
0.31
-86.22%
2.23
+1202.92%
0.17
Deferred Income Tax
-0.13
-141.04%
0.31
-86.22%
2.23
+1202.92%
0.17
Operating Gains Losses
-1.32
-33.06%
-0.99
-444.60%
0.29
+117.80%
-1.61
Gain Loss On Investment Securities
0.00
0.00
-100.00%
0.89
0.00
Change In Working Capital
-2.82
-200.25%
2.81
+137.89%
-7.42
-36.96%
-5.42
Change In Other Working Capital
-2.82
-200.25%
2.81
+137.89%
-7.42
-36.96%
-5.42
Investing Cash Flow
-138.70
-212.66%
-44.36
+77.14%
-194.09
+50.22%
-389.90
Cash Flow From Continuing Investing Activities
-138.70
-212.66%
-44.36
+77.14%
-194.09
+50.22%
-389.90
Net PPE Purchase And Sale
-1.77
+5.56%
-1.87
+82.88%
-10.93
-320.35%
-2.60
Purchase Of PPE
-1.77
+5.56%
-1.87
+82.88%
-10.93
-320.35%
-2.60
Capital Expenditure
-1.77
+5.56%
-1.87
+82.88%
-10.93
-320.35%
-2.60
Net Investment Purchase And Sale
18.61
+128.13%
-66.16
-303.01%
32.59
+465.01%
-8.93
Purchase Of Investment
-52.46
+48.01%
-100.92
-653.33%
-13.40
+66.50%
-39.99
Sale Of Investment
71.07
+104.48%
34.76
-24.41%
45.98
+48.03%
31.06
Net Business Purchase And Sale
—
0.00
0.00
-100.00%
9.07
Purchase Of Business
—
—
0.00
0.00
Net Other Investing Changes
-6.92
-408.98%
2.24
+18.79%
1.88
+11.55%
1.69
Financing Cash Flow
23.33
-49.32%
46.04
-79.96%
229.73
-9.13%
252.82
Cash Flow From Continuing Financing Activities
23.33
-49.32%
46.04
-79.96%
229.73
-9.13%
252.82
Net Issuance Payments Of Debt
-18.69
+5.01%
-19.68
-115.33%
128.34
+76.76%
72.61
Issuance Of Debt
40.00
+166.67%
15.00
-95.37%
324.00
+131.43%
140.00
Repayment Of Debt
-58.69
-69.25%
-34.68
+82.28%
-195.66
-190.33%
-67.39
Long Term Debt Issuance
40.00
+166.67%
15.00
-95.37%
324.00
+131.43%
140.00
Long Term Debt Payments
-58.69
-69.25%
-34.68
+82.28%
-195.66
-190.33%
-67.39
Net Long Term Debt Issuance
-18.69
+5.01%
-19.68
-115.33%
128.34
+76.76%
72.61
Net Common Stock Issuance
-0.36
+45.48%
-0.66
-204.59%
-0.22
+29.22%
-0.31
Common Stock Payments
-0.36
+45.48%
-0.66
-204.59%
-0.22
+29.22%
-0.31
Common Stock Dividend Paid
-12.09
-1.37%
-11.92
-5.18%
-11.34
-10.31%
-10.28
Cash Dividends Paid
-12.09
-1.37%
-11.92
-5.18%
-11.34
-10.31%
-10.28
Repurchase Of Capital Stock
-0.36
+45.48%
-0.66
-204.59%
-0.22
+29.22%
-0.31
Changes In Cash
-78.63
-330.26%
34.15
-40.91%
57.79
+159.94%
-96.41
Beginning Cash Position
176.35
+24.02%
142.20
+68.47%
84.41
-53.32%
180.82
End Cash Position
97.72
-44.59%
176.35
+24.02%
142.20
+68.47%
84.41
Free Cash Flow
34.97
+14.28%
30.60
+172.83%
11.22
-70.54%
38.07
Interest Paid Supplemental Data
69.91
-8.62%
76.50
+38.79%
55.12
+300.92%
13.75
Income Tax Paid Supplemental Data
8.71
+180.97%
3.10
-42.81%
5.42
-29.62%
7.70
Amortization Of Securities
—
—
1.50
-28.23%
2.09
Sale Of Business
—
0.00
0.00
-100.00%
9.07
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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