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

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

Farmers & Merchants Bancorp

OTC Markets OTCQX•Financial Services•Banks - Regional

$1,435.00+11.00(0.01%)Market closed

Market Cap

$970.20M

P/E

10.1x

P/S

3.1x

P/B

1.4x

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services to businesses and individuals in the United States. The company provides deposit products, including checking, savings, money market, time certificates of deposit, and individual retirement accounts. It also offers a range of lending products, such as commercial, commercial and residential real estate, real estate construction, agribusiness, and consumer loans, as well as equipment leases and credit card services; commercial products, including term loans, lines of credit and other working capital financing, and letters of credit; and financing products, such as automobile financing, home improvement, and home equity lines of credit. In addition, the company provides specialized services that include credit card programs for merchants, lockbox and other collection services, account reconciliation, investment sweep, online account access, and electronic funds transfers through domestic and international wire and automated clearinghouse; online banking services; and investment products, such as mutual funds and annuities. Farmers & Merchants Bancorp was founded in 1916 and is headquartered in Lodi, California.

How this company scores

GoodMetricSide Score: 78/100

Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (18/25).

Profitability23/25

Growth19/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality18/25

Strengths

Strong marginsLow leverageCash-backed earningsConsistent free cash flow

No red flags in the last 8 quarters.

Valuation vs. 5-year range

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

P/E · 10.1x5y range 7.7x – 11.4x

Currently near its 20-quarter median.

P/S · 3.1x5y range 2.3x – 4.2x

Currently near its 20-quarter median.

P/B · 1.4x5y range 1.1x – 1.7x

Price & Volume

Market Cap $970.20M

Metrics at a Glance

as of June 2026

Revenue & Profit

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

TTM Revenue: $309.77M
Q. Revenue: $77.51M
TTM EBITDA: $134.29M
TTM Op. Income: $131.22M
Q. Op. Income: $33.75M
TTM Net Income: $96.34M
Q. Net Income: $24.73M
EPS: $36.77
Shares Out.: $672,666

$309.77M in TTM revenue grew 5.3% YoY, reaching $77.51M last quarter. TTM EBITDA of $134.29M and TTM operating income of $131.22M show growth is flowing through to the bottom line. TTM net income of $96.34M 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: 80.5%
EBITDA Margin: 44.5%
Op. Margin: 43.5%
Net Margin: 31.9%

Op. margin of 43.5% is up 2.1% YoY — cost efficiency is improving. Net margin at 31.9% and gross margin of 80.5% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

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

P/E Ratio: 10.1x
P/S Ratio: 3.1x
P/B Ratio: 1.4x

At 10.1x P/E, the stock trades below typical market levels. P/S of 3.1x and P/B of 1.4x provide additional context. P/E sits below typical market levels while revenue is growing. Over the past year, P/E is up 31% — a weakening trend.

Assets & Liabilities

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

Total Assets: $5.84B
Cash: $278.64M
Long-Term Debt: $10.31M
Book Value: $679.02M
D/E Ratio: 0.0
Debt/EBITDA: 0.3

With $5.84B in assets and $10.31M in long-term debt, D/E is 0.0and book value is $679.02M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 6 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $33.01M
TTM Free Cash Flow: $99.56M
FCF Margin: 32.1%
FCF / Net Income: 1.0

TTM FCF of $99.56M on $33.01M in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is down 5% — an improving trend.