TFSL vs FMAO vs NBTB vs WAFD

For growth investors, NBT Bancorp Inc.

(NBTB) is the stronger pick with 10. 4% revenue growth year-over-year, versus -1. 6% for WaFd, Inc. (WAFD). Farmers & Merchants Bancorp, Inc. (FMAO) offers the better valuation at 8. 1x trailing P/E (9. 8x forward), making it the more compelling value choice. Analysts rate TFS Financial Corporation (TFSL) a "Hold" — based on 4 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Farmers & Merchants Bancorp, Inc.

(FMAO) is the cheapest at 8. 1x versus TFS Financial Corporation at 47. 0x. On forward P/E, Farmers & Merchants Bancorp, Inc. is actually cheaper at 9. 8x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Farmers & Merchants Bancorp, Inc. wins at 0. 72x versus TFS Financial Corporation's 35. 11x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.

Over the past 5 years, Farmers & Merchants Bancorp, Inc.

(FMAO) delivered a total return of +44. 3%, compared to +3. 5% for TFS Financial Corporation (TFSL). Over 10 years, the gap is even starker: FMAO returned +144. 5% versus TFSL's +37. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), TFS Financial Corporation (TFSL) is the lower-risk stock at 0.

76β versus Farmers & Merchants Bancorp, Inc. 's 1. 04β — meaning FMAO is approximately 37% more volatile than TFSL relative to the S&P 500. On balance sheet safety, NBT Bancorp Inc. (NBTB) carries a lower debt/equity ratio of 17% versus 3% for TFS Financial Corporation — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), NBT Bancorp Inc.

(NBTB) is pulling ahead at 10. 4% versus -1. 6% for WaFd, Inc. (WAFD). On earnings-per-share growth, the picture is similar: Farmers & Merchants Bancorp, Inc. grew EPS 79. 5% year-over-year, compared to 5. 2% for WaFd, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

NBT Bancorp Inc.

(NBTB) is the more profitable company, earning 19. 5% net margin versus 11. 5% for TFS Financial Corporation — meaning it keeps 19. 5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NBTB leads at 25. 3% versus 14. 5% for TFSL. At the gross margin level — before operating expenses — NBTB leads at 72. 1%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Farmers & Merchants Bancorp, Inc. (FMAO) is the more undervalued stock at a PEG of 0. 72x versus TFS Financial Corporation's 35. 11x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Farmers & Merchants Bancorp, Inc. (FMAO) trades at 9. 8x forward P/E versus 45. 6x for TFS Financial Corporation — 35. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for FMAO: 3. 0% to $28. 50.

All stocks in this comparison pay dividends.

Farmers & Merchants Bancorp, Inc. (FMAO) offers the highest yield at 3. 2%, versus 1. 4% for TFS Financial Corporation (TFSL).

For long-horizon retirement investors, TFS Financial Corporation (TFSL) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

76), 1. 4% yield). Both have compounded well over 10 years (TFSL: +37. 5%, FMAO: +144. 5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: TFSL is a small-cap quality compounder stock; FMAO is a small-cap deep-value stock; NBTB is a small-cap deep-value stock; WAFD is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.