Farmers & Merchants Bancorp, In (FMAO) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Farmers & Merchants Bancorp, In

NasdaqCM•Financial Services•Banks - Regional

$36.88+0.46(0.01%)Pre-market

Market Cap

$501.87M

P/E

11.8x

P/S

2.5x

P/B

1.3x

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.

How this company scores

WeakMetricSide Score: 80/100

Grade capped at D — Interest coverage below 1× (0.5x) — earnings cannot cover interest. Strongest: Cash & Earnings Quality (25/25); weakest: Balance Sheet & Red Flags (16/25).

Profitability20/25

Growth19/25

Balance Sheet & Red Flags16/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsRising earningsCash-backed earnings

Grade capped at D

Interest coverage below 1× (0.5x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 11.8x5y range 9.7x – 17.6x

Currently near its 20-quarter median.

P/S · 2.5x5y range 1.8x – 3.6x

Currently near its 20-quarter median.

P/B · 1.3x5y range 0.9x – 1.3x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Share Dilution

Watch

Shares outstanding rose 3.8% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $501.87M

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $200.48M
Q. Revenue: $51.86M
TTM EBITDA: $39.02M
TTM Op. Income: $34.17M
Q. Op. Income: $9.35M
TTM Net Income: $42.71M
Q. Net Income: $11.54M
EPS: $0.84
Shares Out.: $13.61M

$200.48M in TTM revenue grew 7.0% YoY, reaching $51.86M last quarter. TTM EBITDA of $39.02M and TTM operating income of $34.17M show growth is flowing through to the bottom line. TTM net income of $42.71M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 67.1%
EBITDA Margin: 18.6%
Op. Margin: 18.0%
Net Margin: 22.2%

Op. margin of 18.0% is up 3.9% YoY — cost efficiency is improving. Net margin at 22.2% and gross margin of 67.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 28% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 11.8x
P/S Ratio: 2.5x
P/B Ratio: 1.3x

At 11.8x P/E, the stock trades below typical market levels. P/S of 2.5x and P/B of 1.3x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 2 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.60B
Cash: $205.81M
Long-Term Debt: $202.90M
Book Value: $386.93M
D/E Ratio: 0.5
Debt/EBITDA: 21.0

With $3.60B in assets and $202.90M in long-term debt, D/E is 0.5and book value is $386.93M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $14.86M
TTM Free Cash Flow: $45.40M
FCF Margin: 22.6%
FCF / Net Income: 1.1

TTM FCF of $45.40M on $14.86M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.