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FMAOFarmers & Merchants Bancorp, Inc.
$35.37$476M
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
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Income StatementBalance SheetCash FlowRatios & Margins
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P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
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FMAO logo

Farmers & Merchants Bancorp, Inc.

FMAO
NASDAQ · Regional Banks
$35.37
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$487M
P/E10.4x
52W High$36.41
Volume41.81K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Securities-Heavy Balance Sheet Drives Accelerating Earnings Growth

Farmers & Merchants Bancorp is experiencing a period of accelerating earnings growth, with diluted EPS expanding 53.6% year-over-year in 2026Q2, driven by a combination of net interest income growth and improving operational efficiency. The bank's conservative...

GrowthAccelerating
ProfitabilityStrong
ValuationAttractive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

FMAO price & volume

Price trend, volume and key moving averages

Launch Terminal
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Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

11/12 Beats

EPS beat 11 of last 12 quarters

02

Valuation risk

-29% Peers

P/E is 29% below peer median

03

Market leadership

RS 87 · Leader

High momentum (Outperforming 87% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 27

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
FMAO+47.27%
S&P 500 (^GSPC)+13.20%
1-Year Return
FMAO+40.54%
S&P 500 (^GSPC)+15.98%
3-Year Return
FMAO+118.26%
S&P 500 (^GSPC)+79.85%
5-Year Return
FMAO+75.73%
S&P 500 (^GSPC)+76.48%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
10.1x
Forward P/E
10.9x
EV/EBITDA80th %ile
13.7x
FCF YieldCash Flow
7.3%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
10.1x
14.9x
20th· Low
EV/EBITDA
13.7x
11.1x
80th· High
Price/FCF
13.8x
11.6x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
No DCF Model AvailableIntrinsic value modeling is not supported for this equity.

Growth & profitability

Annual revenue & EPS trend
Revenue
$120M+21.2% YoY
Net income
$33M+28.4% YoY
Free cash flow
$35M+13.1% YoY
Operating margin
22.5%+4.0 pts YoY
ROIC (TTM)4.9%
Avg ROIC 5Y-
ROE (TTM)9.4%
Piotroski Score7 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate11/12 (92%)
Revenue Beat Rate11/12 (92%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 27, 2026
$0.86+27.8%
vs $0.67
$34M+3.9%
vs $33M
Q2 2026
Apr 22, 2026
$0.70+2.9%
vs $0.68
$32M-0.5%
vs $33M
Q1 2026
Feb 12, 2026
$0.71+8.4%
vs $0.66
$32M+3.2%
vs $31M
Q4 2025
Oct 27, 2025
$0.64+8.5%
vs $0.59
$30M+10.7%
vs $27M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Zacks Investment Research·Sep 10, 2026
5 Top-Ranked Efficient Stocks With Strong Growth Potential

Wayfair leads five stocks screened for above-industry efficiency ratios, with strong earnings surprise records adding to their growth potential.

Defense World·Sep 2, 2026
BlackRock Inc. Purchases Shares of 1,087,009 Farmers & Merchants Bancorp Inc. $FMAO

BlackRock Inc. purchased a new position in shares of Farmers and Merchants Bancorp Inc. (NASDAQ: FMAO) during the undefined quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 1,087,009 shares of the financial services provider's stock, valued at approximately $33,241,000. BlackRock Inc. owned approximately 7.89% of Farmers

Zacks Investment Research·Sep 1, 2026
Best Income Stocks to Buy for September 1st

TXO, FMAO and GS made it to the Zacks Rank #1 (Strong Buy) income stocks list on September 1, 2026.

GlobeNewsWire·Aug 25, 2026
F&M Bank Welcomes Gregory R. Allen to Board of Directors

ARCHBOLD, Ohio, Aug. 25, 2026 (GLOBE NEWSWIRE) -- F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), today announced a planned transition on its Board of Directors as Andrew J. Briggs concludes seven years of dedicated service and Gregory R.

Filtered for Farmers & Merchants Bancorp, Inc.More Headlines
04

Compare before deciding

Benchmark FMAO against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Farmers & Merchants Bancorp, Inc. (FMAO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
FMAO logoFMAOFarmers & Merchants Bancorp, Inc.Current
$35.37$486.98M10.3721.17%17.61%9.44%2.5%
CZWI logoCZWICitizens Community Bancorp, Inc.
$21.63$208.6M14.82-9.39%14.64%6.77%—
MVBF logoMVBFMVB Financial Corp.
$30.45$391.28M14.7834.4%17.71%11.57%—
HFWA logoHFWAHeritage Financial Corporation
$28.22$1.16B14.4013.51%23.17%7.69%—
OVBC logoOVBCOhio Valley Banc Corp.
$45.20$212.94M13.667.65%20.5%8.37%—
FXNC logoFXNCFirst National Corporation
$30.46$275.39M15.5433.46%18.47%11.57%—

Compare FMAO vs Peers

Farmers & Merchants Bancorp, Inc. (FMAO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs CZWI

Most directly comparable listed peer for FMAO.

Scale Benchmark

vs NTRS

Larger-name benchmark to compare FMAO against a more recognizable public peer.

Peer Set

Compare Top 5

vs CZWI, MVBF, HFWA, OVBC

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

FMAO SEC Filings & Documents

Farmers & Merchants Bancorp, Inc. (FMAO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 27, 2026·SEC

Material company update

Jul 7, 2026·SEC

Material company update

Apr 22, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 27, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 31, 2025·SEC

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FMAO Frequently Asked Questions

Farmers & Merchants Bancorp, Inc. (FMAO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
How fast is Farmers & Merchants Bancorp, Inc. growing?

Farmers & Merchants Bancorp, Inc. (FMAO) grew revenue by 21.2% over the past year. This is strong growth.

Is FMAO profitable?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) is profitable, generating $40.0M in net income for fiscal year 2025 (17.6% net margin).

Dividend & Returns
Does FMAO pay dividends?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) pays a dividend with a yield of 2.50%. This makes it attractive for income-focused investors.

What is FMAO's return on equity?

Farmers & Merchants Bancorp, Inc. (FMAO) has a return on equity (ROE) of 9.4%. This is below average, suggesting room for improvement.

Industry Metrics
What is Farmers & Merchants Bancorp, Inc.'s net interest margin?

Farmers & Merchants Bancorp, Inc. (FMAO) has a net interest margin (NIM) of 3.0%. This indicates healthy earnings from lending activities.

What is Farmers & Merchants Bancorp, Inc.'s efficiency ratio?

Farmers & Merchants Bancorp, Inc. (FMAO) has an efficiency ratio of 39.8%. This is excellent, indicating strong cost control.

What if you invested $1,000 in FMAO back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →