Farmers & Merchants Bancorp, Inc. (FMAO) Financial Ratios
28 years of historical data (1998–2025) · Financial Services · Banks - Regional
EV/EBITDA
↑
14.08
+12% vs avg
5yr avg: 12.63
30Y Low6.8·High19.1
P/FCF
↓
11.45
↓-22% vs avg
5yr avg: 14.75
30Y Low5.8·High44.1
P/B Ratio
↓
1.06
-6% vs avg
5yr avg: 1.13
30Y Low0.8·High2.8
ROE
↑
9.4%
↓+6% vs avg
5yr avg: 8.9%
30Y Low7%·High13%
Debt/EBITDA
↑
7.06
+6% vs avg
5yr avg: 6.68
30Y Low1.6·High9.6
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
FMAO Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Farmers & Merchants Bancorp, Inc. trades at 8.5x earnings, 35% below its 5-year average of 13.0x, sitting at the 5th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.6x, the stock trades at a discount of 38%. On a free-cash-flow basis, the stock trades at 11.5x P/FCF, 22% below the 5-year average of 14.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $396M | $338M | $395M | $338M | $356M | $380M | $254M | $333M | $357M | $376M | $161M |
| Enterprise Value | $599M | $540M | $526M | $523M | $495M | $361M | $200M | $351M | $348M | $383M | $212M |
| P/E Ratio → | 8.46 | 7.25 | 15.50 | 14.85 | 11.05 | 16.33 | 12.78 | 18.16 | 23.91 | 29.57 | 13.89 |
| P/S Ratio | 2.10 | 1.79 | 2.24 | 2.22 | 3.13 | 4.12 | 2.98 | 4.25 | 6.39 | 7.41 | 3.38 |
| P/B Ratio | 1.06 | 0.91 | 1.18 | 1.07 | 1.19 | 1.28 | 1.02 | 1.44 | 2.49 | 2.80 | 1.28 |
| P/FCF | 11.45 | 9.76 | 12.91 | 30.16 | 9.35 | 11.59 | 10.53 | 16.28 | 44.07 | 23.86 | 16.10 |
| P/OCF | 10.90 | 9.29 | 12.17 | 15.28 | 8.75 | 10.93 | 9.29 | 13.90 | 33.29 | 21.31 | 12.98 |
P/E links to full P/E history page with 30-year chart
FMAO EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Farmers & Merchants Bancorp, Inc.'s enterprise value stands at 14.1x EBITDA, 12% above its 5-year average of 12.6x. The Financial Services sector median is 11.4x, placing the stock at a 24% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.86 | 2.98 | 3.44 | 4.35 | 3.92 | 2.34 | 4.48 | 6.23 | 7.54 | 4.44 |
| EV / EBITDA | 14.08 | 12.70 | 13.50 | 15.33 | 11.12 | 10.47 | 6.76 | 13.35 | 16.98 | 19.10 | 11.47 |
| EV / EBIT | 14.08 | 12.70 | 16.15 | 18.46 | 12.22 | 12.25 | 7.92 | 15.42 | 19.07 | 21.40 | 13.02 |
| EV / FCF | — | 15.60 | 17.19 | 46.65 | 12.99 | 11.02 | 8.26 | 17.19 | 42.92 | 24.30 | 21.19 |
FMAO Profitability
Margins and return-on-capital ratios measuring operating efficiency
Farmers & Merchants Bancorp, Inc. earns an operating margin of 22.5%, above the Financial Services sector average of 20.3%. Operating margins have expanded from 18.6% to 22.5% over the past 3 years, signaling improving operational efficiency. ROE of 9.4% is modest. ROIC of 4.9% represents below-average returns on invested capital versus a sector median of 5.5%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 62.3% | 62.3% | 55.9% | 60.4% | 83.3% | 88.3% | 79.6% | 79.7% | 87.7% | 89.5% | 88.8% |
| Operating Margin | 22.5% | 22.5% | 18.4% | 18.6% | 35.6% | 32.0% | 29.6% | 29.1% | 32.6% | 35.3% | 34.1% |
| Net Profit Margin | 17.6% | 17.6% | 14.7% | 15.0% | 28.6% | 25.5% | 23.6% | 23.5% | 26.7% | 25.0% | 24.4% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.4% | 9.4% | 8.0% | 7.4% | 10.9% | 8.6% | 8.4% | 9.9% | 10.8% | 9.8% | 9.5% |
| ROA | 1.0% | 1.0% | 0.8% | 0.7% | 1.2% | 1.0% | 1.1% | 1.4% | 1.3% | 1.2% | 1.1% |
| ROIC | 4.9% | 4.9% | 3.8% | 3.6% | 6.4% | 6.1% | 6.3% | 7.1% | 7.7% | 7.0% | 5.9% |
| ROCE | 2.1% | 2.1% | 5.0% | 5.1% | 9.3% | 8.9% | 9.7% | 11.4% | 12.9% | 13.0% | 12.3% |
FMAO Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Farmers & Merchants Bancorp, Inc. carries a Debt/EBITDA ratio of 7.1x, which is highly leveraged (66% above the sector average of 4.3x). Net debt stands at $202M ($300M total debt minus $98M cash). Interest coverage of just 0.6x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.81 | 0.81 | 0.92 | 1.04 | 0.76 | 0.43 | 0.19 | 0.32 | 0.22 | 0.33 | 0.64 |
| Debt / EBITDA | 7.06 | 7.06 | 7.91 | 9.63 | 5.09 | 3.71 | 1.63 | 2.77 | 1.57 | 2.22 | 4.34 |
| Net Debt / Equity | — | 0.55 | 0.39 | 0.58 | 0.47 | -0.06 | -0.22 | 0.08 | -0.07 | 0.05 | 0.41 |
| Net Debt / EBITDA | 4.76 | 4.76 | 3.36 | 5.42 | 3.12 | -0.54 | -1.86 | 0.70 | -0.46 | 0.35 | 2.76 |
| Debt / FCF | — | 5.84 | 4.27 | 16.49 | 3.64 | -0.57 | -2.27 | 0.90 | -1.15 | 0.44 | 5.09 |
| Interest Coverage | 0.61 | 0.61 | 0.42 | 0.49 | 2.82 | 4.02 | 2.43 | 1.54 | 2.78 | 3.49 | 3.86 |
FMAO Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Farmers & Merchants Bancorp, Inc.'s current ratio of 13.43x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.19x to 13.43x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 13.43 | 13.43 | 0.22 | 0.19 | 0.19 | 0.26 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Quick Ratio | 13.43 | 13.43 | 0.22 | 0.19 | 0.19 | 0.26 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Cash Ratio | 2.53 | 2.53 | 0.07 | 0.05 | 0.03 | 0.07 | 0.06 | 0.04 | 0.04 | 0.04 | 0.03 |
| Asset Turnover | — | 0.06 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
FMAO Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Farmers & Merchants Bancorp, Inc. returns 3.2% to shareholders annually — split between a 3.1% dividend yield and 0.1% buyback yield. The payout ratio of 36.3% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 11.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | 36.3% | 36.3% | 46.0% | 49.7% | 31.6% | 32.6% | 35.8% | 34.5% | 33.2% | 34.9% | 35.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 11.8% | 13.8% | 6.5% | 6.7% | 9.1% | 6.1% | 7.8% | 5.5% | 4.2% | 3.4% | 7.2% |
| FCF Yield | 8.7% | 10.2% | 7.7% | 3.3% | 10.7% | 8.6% | 9.5% | 6.1% | 2.3% | 4.2% | 6.2% |
| Buyback Yield | 0.1% | — | — | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 3.2% | — | — | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $14M | $13M | $14M | $13M | $12M | $11M | $11M | $9M | $9M | $9M |
Peer Comparison
Compare FMAO with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 FMAOYou | $396M | 8.5 | 14.1 | 11.5 | 62.3% | 22.5% | 9.4% | 4.9% | 7.1 |
 CZWI | $205M | 14.6 | 15.6 | 19.8 | 54.7% | 7.0% | 7.9% | 2.0% | 5.8 |
 MVBF | $355M | 13.4 | 5.1 | 168.0 | 71.7% | 13.6% | 8.4% | 7.0% | 2.1 |
 HFWA | $949M | 14.2 | 11.8 | 11.1 | 72.4% | 23.2% | 7.6% | 5.2% | 0.5 |
 OVBC | $227M | 14.5 | 14.5 | 13.3 | 67.6% | 20.6% | 9.7% | 6.9% | 2.8 |
 FXNC | $265M | 15.0 | 6.7 | 12.6 | 74.0% | 19.6% | 10.0% | 7.7% | 1.9 |
 CFFI | $255M | 9.5 | 10.8 | 11.5 | 69.5% | 17.8% | 11.0% | 6.8% | 3.5 |
 FFIN | $5B | 18.5 | 11.4 | 15.3 | 71.8% | 37.5% | 14.4% | 12.4% | 0.1 |
 FBIZ | $503M | 10.0 | 12.1 | 8.2 | 57.3% | 21.6% | 14.4% | 7.0% | 4.3 |
 CCNE | $953M | 12.8 | 12.9 | 15.9 | 60.7% | 20.4% | 8.9% | 6.3% | 3.5 |
 FMNB | $556M | 9.8 | 13.9 | 10.7 | 63.8% | 23.9% | 12.2% | 5.9% | 5.7 |
| Financial Services Median | — | 13.6 | 11.4 | 11.1 | 64.1% | 20.3% | 9.0% | 5.5% | 4.3 |
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Includes 30+ ratios · 28 years · Updated daily
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FMAO — Frequently Asked Questions
Quick answers to the most common questions about buying FMAO stock.
What is Farmers & Merchants Bancorp, Inc.'s P/E ratio?
Farmers & Merchants Bancorp, Inc.'s current P/E ratio is 8.5x. The historical average is 14.2x. This places it at the 5th percentile of its historical range.
What is Farmers & Merchants Bancorp, Inc.'s EV/EBITDA?
Farmers & Merchants Bancorp, Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.2x.
What is Farmers & Merchants Bancorp, Inc.'s ROE?
Farmers & Merchants Bancorp, Inc.'s return on equity (ROE) is 9.4%. The historical average is 9.5%.
Is FMAO stock overvalued?
Based on historical data, Farmers & Merchants Bancorp, Inc. is trading at a P/E of 8.5x. This is at the 5th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Farmers & Merchants Bancorp, Inc.'s dividend yield?
Farmers & Merchants Bancorp, Inc.'s current dividend yield is 3.07% with a payout ratio of 36.3%.
What are Farmers & Merchants Bancorp, Inc.'s profit margins?
Farmers & Merchants Bancorp, Inc. has 62.3% gross margin and 22.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Farmers & Merchants Bancorp, Inc. have?
Farmers & Merchants Bancorp, Inc.'s Debt/EBITDA ratio is 7.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.