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Farmers & Merchants Bancorp (FMAO) Financials

Farmers & Merchants Bancorp logo
$35.06 +0.68 (+1.98%)
Closing price 04:00 PM Eastern
Extended Trading
$35.12 +0.05 (+0.16%)
As of 05:16 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Farmers & Merchants Bancorp

Annual Income Statements for Farmers & Merchants Bancorp

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 10 12 13 15 18 20 23 33 23 26 33
Consolidated Net Income / (Loss)		 10 12 13 15 18 20 23 33 23 26 33
Net Income / (Loss) Continuing Operations		 10 12 13 15 18 20 23 33 23 26 33
Total Pre-Tax Income 		14 16 18 18 23 25 29 40 28 33 43
Total Revenue		 41 45 47 51 65 77 87 103 97 102 121
Net Interest Income / (Expense)		 30 34 36 40 54 60 69 87 81 86 104
Total Interest Income		 34 38 41 46 68 70 77 101 140 164 174
Loans and Leases Interest Income		 29 34 37 42 62 65 72 94 129 145 159
Investment Securities Interest Income		 4.32 3.96 3.86 3.79 4.47 4.59 4.84 5.96 6.57 8.46 11
Federal Funds Sold and Securities Borrowed Interest Income		 0.01 0.07 0.07 0.02 0.42 0.02 0.03 0.02 0.04 0.05 0.00
Other Interest Income		 0.03 - 0.12 0.31 1.21 0.24 0.32 0.91 3.85 9.74 3.43
Total Interest Expense		 3.59 4.22 5.13 6.57 15 10 7.34 14 58 78 69
Deposits Interest Expense		 3.27 3.62 4.48 5.99 13 8.64 5.42 9.88 47 64 58
Long-Term Debt Interest Expense		 0.00 0.15 0.15 0.08 1.08 0.98 1.28 3.28 10 12 10
Federal Funds Purchased and Securities Sold Interest Expense		 0.32 0.46 0.50 0.50 0.73 0.78 0.65 1.20 1.47 1.11 1.04
Total Non-Interest Income		 11 11 11 11 12 17 18 16 16 16 17
Other Service Charges		 9.64 - - - 11 12 - 8.50 10 8.33 9.29
Net Realized & Unrealized Capital Gains on Investments		 1.15 1.48 0.86 0.75 0.65 4.29 4.19 1.61 -0.33 0.93 1.25
Other Non-Interest Income		 - 9.89 9.88 10 - - 13 5.69 6.15 6.36 6.60
Provision for Credit Losses		 0.63 1.12 0.22 0.32 1.14 6.98 3.44 4.60 1.74 0.27 2.09
Total Non-Interest Expense		 26 27 29 32 41 44 54 58 67 69 77
Salaries and Employee Benefits		 14 15 16 18 22 24 28 30 34 39 41
Net Occupancy & Equipment Expense		 4.28 4.59 4.56 5.19 7.65 7.18 9.01 11 12 11 14
Marketing Expense		 - 0.73 0.76 0.89 1.57 1.33 1.44 1.65 2.61 2.14 2.20
Property & Liability Insurance Claims		 0.49 0.41 0.33 0.33 0.18 0.63 1.07 0.91 1.98 2.11 1.72
Other Operating Expenses		 6.47 6.26 6.46 7.47 9.62 10 13 13 14 12 15
Amortization Expense		 0.37 0.42 0.35 0.36 0.49 1.03 1.58 1.28 2.39 2.60 3.36
Income Tax Expense		 3.82 4.66 5.18 3.30 4.36 5.11 6.00 7.96 5.57 6.64 9.22
Basic Earnings per Share		 $1.12 $1.27 $1.38 $1.61 $1.66 $1.80 $2.01 $2.46 $1.67 $1.90 $2.43
Weighted Average Basic Shares Outstanding		 4.61M 9.14M 9.16M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Diluted Earnings per Share		 $1.12 $1.27 $1.38 $1.61 $1.66 $1.80 $2.01 $2.46 $1.67 $1.90 $2.43
Weighted Average Diluted Shares Outstanding		 4.61M 9.14M 9.16M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Weighted Average Basic & Diluted Shares Outstanding		 4.61M 9.14M 9.16M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Cash Dividends to Common per Share		 $0.87 $0.46 $0.50 $0.56 $0.61 $0.66 $0.71 $0.81 $0.85 $0.88 $0.90

Quarterly Income Statements for Farmers & Merchants Bancorp

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
Consolidated Net Income / (Loss)		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
Net Income / (Loss) Continuing Operations		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
Total Pre-Tax Income 		6.88 6.78 7.16 8.11 11 8.76 9.70 11 13 12 15
Total Revenue		 24 24 25 26 27 28 30 31 32 32 34
Net Interest Income / (Expense)		 20 20 21 22 23 24 26 27 28 27 29
Total Interest Income		 38 39 41 42 42 41 43 44 45 43 46
Loans and Leases Interest Income		 34 35 37 37 37 37 40 41 41 40 41
Investment Securities Interest Income		 1.75 1.77 1.86 2.19 2.63 2.82 2.91 2.90 2.87 2.90 3.30
Federal Funds Sold and Securities Borrowed Interest Income		 0.01 0.01 0.01 0.01 0.02 1.11 1.05 0.00 - 0.57 1.51
Total Interest Expense		 18 19 20 20 19 17 18 18 17 16 17
Deposits Interest Expense		 15 15 16 17 16 14 15 15 14 13 14
Long-Term Debt Interest Expense		 3.03 2.97 3.03 3.09 3.00 2.83 2.70 2.25 2.25 2.46 2.18
Federal Funds Purchased and Securities Sold Interest Expense		 0.29 0.28 0.28 0.28 0.27 0.27 0.27 0.27 0.23 0.15 0.12
Total Non-Interest Income		 3.79 3.95 3.72 3.96 4.05 4.16 3.94 4.36 4.68 5.00 5.43
Other Service Charges		 -2.28 0.54 1.79 0.71 - 2.27 2.17 0.67 5.72 2.60 2.69
Net Realized & Unrealized Capital Gains on Investments		 0.23 0.11 0.36 0.22 0.22 0.23 0.26 0.44 0.32 0.23 0.68
Other Non-Interest Income		 - 3.30 1.57 3.04 3.72 1.67 1.50 3.24 -1.34 2.17 2.03
Provision for Credit Losses		 0.47 -0.56 0.59 0.02 0.23 0.55 0.69 0.29 0.57 0.31 0.32
Total Non-Interest Expense		 16 18 17 17 16 19 19 20 19 20 19
Salaries and Employee Benefits		 8.20 10 9.70 9.83 9.17 10 9.83 10 10 11 11
Net Occupancy & Equipment Expense		 3.34 2.88 2.85 2.87 2.26 3.03 3.55 3.75 3.37 3.73 3.30
Marketing Expense		 0.40 0.53 0.52 0.60 0.50 0.50 0.36 0.67 0.67 0.47 0.36
Property & Liability Insurance Claims		 0.59 0.58 0.51 0.52 0.51 0.47 0.45 0.43 0.38 0.40 0.39
Other Operating Expenses		 2.83 3.22 3.13 2.96 2.51 3.90 4.40 3.48 3.14 3.73 3.86
Amortization Expense		 1.07 0.61 0.63 0.66 1.14 0.57 0.68 1.03 1.08 0.83 0.63
Other Special Charges		 0.09 0.00 - 0.00 -0.02 - -0.02 0.00 - - -0.03
Income Tax Expense		 1.33 1.42 1.48 1.59 2.15 1.81 1.99 2.38 3.04 2.76 2.97
Basic Earnings per Share		 $0.41 $0.39 $0.42 $0.48 $0.61 $0.51 $0.56 $0.64 $0.72 $0.70 $0.86
Weighted Average Basic Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Diluted Earnings per Share		 $0.41 $0.39 $0.42 $0.48 $0.61 $0.51 $0.56 $0.64 $0.72 $0.70 $0.86
Weighted Average Diluted Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Weighted Average Basic & Diluted Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Cash Dividends to Common per Share		 $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.22 $0.23 $0.23 $0.23 $0.23

Annual Cash Flow Statements for Farmers & Merchants Bancorp

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -2.28 6.30 6.15 3.90 13 124 5.12 -96 58 34 -79
Net Cash From Operating Activities		 15 12 18 11 24 27 35 41 22 32 37
Net Cash From Continuing Operating Activities		 15 12 18 11 24 27 35 41 22 32 37
Net Income / (Loss) Continuing Operations		 10 12 13 15 18 20 23 33 23 26 33
Consolidated Net Income / (Loss)		 10 12 13 15 18 20 23 33 23 26 33
Provision For Loan Losses		 0.63 1.12 0.22 - 1.14 6.98 3.44 4.60 1.74 0.27 2.09
Depreciation Expense		 1.37 1.46 1.55 1.71 2.31 2.53 2.61 2.74 3.38 3.77 3.62
Amortization Expense		 1.94 1.89 1.70 1.49 0.66 3.06 4.63 3.48 4.01 3.80 3.52
Non-Cash Adjustments to Reconcile Net Income		 -0.73 -2.96 1.89 -0.42 -4.52 -4.71 -4.03 2.06 -3.19 -5.09 -4.35
Changes in Operating Assets and Liabilities, net		 1.28 -0.74 -0.44 -7.00 5.95 -0.57 4.59 -4.73 -6.59 3.78 -1.45
Net Cash From Investing Activities		 -54 -64 -48 1.47 -149 -178 -266 -390 -194 -44 -139
Net Cash From Continuing Investing Activities		 -54 -64 -48 1.47 -149 -178 -266 -390 -194 -44 -139
Purchase of Property, Leasehold Improvements and Equipment		 -1.72 -2.41 -1.89 -2.63 -3.51 -3.22 -1.97 -2.60 -11 -1.87 -1.77
Purchase of Investment Securities		 -125 -189 -83 -36 -225 -278 -331 -420 -12 -101 -69
Sale and/or Maturity of Investments		 73 128 37 40 79 104 68 33 -171 58 -67
Net Cash From Financing Activities		 37 58 37 -8.31 138 275 236 253 230 46 23
Net Cash From Continuing Financing Activities		 37 58 37 -8.31 138 275 236 253 240 46 23
Net Change in Deposits		 8.78 71 77 9.45 153 308 171 166 139 79 44
Issuance of Debt		 10 - - - 0.00 0.00 34 110 324 15 40
Repayment of Debt		 - - -5.00 -5.00 -24 -7.49 40 -37 -186 -35 -59
Repurchase of Common Equity		 -0.80 -0.19 -0.20 -0.49 -0.38 -0.38 -0.34 -0.31 -0.22 -0.66 -0.36
Payment of Dividends		 -3.94 -4.12 -4.44 -4.96 -6.35 -7.19 -7.67 -10 -11 -12 -12
Other Financing Activities, Net		 23 -8.49 -31 -7.31 16 -18 -0.97 25 -26 -1.00 11
Cash Interest Paid		 3.61 4.15 5.06 6.47 14 10 7.05 14 55 76 70
Cash Income Taxes Paid		 3.08 5.01 5.10 5.16 3.95 6.47 6.15 7.70 5.42 3.10 8.91

Quarterly Cash Flow Statements for Farmers & Merchants Bancorp

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -11 46 5.29 52 -69 -3.31 -85 29 -19 76 -17
Net Cash From Operating Activities		 11 1.48 9.72 19 2.61 11 1.10 11 13 7.65 11
Net Cash From Continuing Operating Activities		 11 1.48 9.72 19 2.61 11 1.10 11 13 7.65 11
Net Income / (Loss) Continuing Operations		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
Consolidated Net Income / (Loss)		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
Provision For Loan Losses		 0.47 -0.56 0.59 0.02 0.23 0.55 0.69 0.29 0.57 0.31 0.32
Depreciation Expense		 0.80 0.99 0.99 1.07 0.72 0.99 0.99 1.03 0.63 0.98 0.98
Amortization Expense		 1.01 0.96 0.97 0.97 0.90 0.69 0.73 1.04 1.06 0.78 0.53
Non-Cash Adjustments to Reconcile Net Income		 1.05 -1.36 0.18 -1.15 -2.75 -0.05 -4.55 2.48 -2.23 -2.30 1.60
Changes in Operating Assets and Liabilities, net		 1.72 -3.92 1.32 11 -4.87 1.87 -4.46 -2.48 3.61 -1.70 -4.43
Net Cash From Investing Activities		 -48 42 -29 -3.69 -54 -24 -36 -15 -63 24 -34
Net Cash From Continuing Investing Activities		 -48 42 -29 -3.69 -54 -24 -36 -15 -63 24 -34
Purchase of Property, Leasehold Improvements and Equipment		 -1.93 -0.22 -0.57 -0.36 -0.73 -0.39 -0.72 -0.48 -0.19 -0.66 -0.21
Purchase of Investment Securities		 -53 -0.85 -39 -11 -67 -14 -16 -3.05 -37 -35 -39
Sale and/or Maturity of Investments		 7.18 43 11 7.68 14 -10 -19 -12 -26 60 5.62
Net Cash From Financing Activities		 26 1.75 25 37 -18 9.96 -50 33 30 44 6.04
Net Cash From Continuing Financing Activities		 26 1.75 25 37 -18 9.96 -50 33 30 44 6.04
Net Change in Deposits		 32 14 20 44 1.95 14 10 42 -21 79 60
Repayment of Debt		 30 -9.11 -5.52 -3.03 -17 -0.59 -57 -0.54 -0.54 -41 -51
Repurchase of Common Equity		 -0.02 -0.09 -0.24 -0.33 - -0.02 - -0.34 -0.00 -0.06 -0.04
Payment of Dividends		 -2.84 -2.97 -2.98 -2.98 -3.00 -3.00 -3.00 -3.00 -3.09 -3.13 -3.13
Other Financing Activities, Net		 -2.31 0.00 -1.00 0.07 -0.07 0.04 0.30 -4.84 15 -23 0.01
Cash Interest Paid		 18 19 -19 58 19 18 17 18 17 17 17
Cash Income Taxes Paid		 0.42 0.00 - 1.90 1.20 2.21 2.38 2.10 2.23 0.00 5.64

Annual Balance Sheets for Farmers & Merchants Bancorp

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 989 1,056 1,107 1,116 1,607 1,910 2,638 3,015 3,283 3,365 3,434
Cash and Due from Banks		 21 27 33 37 50 98 135 83 141 175 97
Federal Funds Sold		 0.69 0.97 0.99 0.87 1.16 77 45 1.32 1.28 1.50 0.47
Interest Bearing Deposits at Other Banks		 - 1.92 4.02 4.02 4.31 4.65 11 4.44 2.74 2.48 1.50
Trading Account Securities		 239 224 201 173 232 321 446 401 377 444 439
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 21 21 22 23 26 27 27 28 36 34 32
Goodwill		 4.07 4.07 4.07 4.07 47 47 80 86 86 86 86
Other Assets		 24 25 25 35 34 44 52 74 2,639 2,628 2,778
Total Liabilities & Shareholders' Equity		 989 1,056 1,107 1,116 1,607 1,910 2,638 3,015 3,283 3,365 3,434
Total Liabilities		 869 930 973 973 1,377 1,660 2,341 2,717 2,967 3,030 3,064
Non-Interest Bearing Deposits		 171 186 199 215 265 351 474 533 528 517 527
Interest Bearing Deposits		 600 656 720 713 1,023 1,245 1,720 1,936 2,079 2,170 2,203
Short-Term Debt		 - - - - - - - - - - 38
Other Short-Term Payables		 1.01 1.05 1.19 1.38 1.77 1.89 2.46 2.83 2.97 3.00 3.13
Long-Term Debt		 10 10 5.00 0.00 25 18 99 172 300 281 262
Other Long-Term Liabilities		 7.81 6.74 7.84 11 14 14 17 19 28 32 30
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 120 126 134 143 230 249 297 298 317 335 371
Total Preferred & Common Equity		 120 126 134 143 230 249 297 298 317 335 371
Total Common Equity		 120 126 134 143 230 249 297 298 317 335 371
Common Stock		 12 12 12 11 82 82 123 135 136 136 136
Retained Earnings		 120 128 137 148 160 174 189 212 221 236 258
Treasury Stock		 -12 -12 -12 -12 -12 -12 -12 -12 -11 -11 -11
Accumulated Other Comprehensive Income / (Loss)		 0.21 -1.97 -1.83 -3.01 1.10 5.70 -3.18 -38 -29 -25 -12

Quarterly Balance Sheets for Farmers & Merchants Bancorp

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 3,070 3,147 3,235 3,288 3,323 3,389 3,389 3,346 3,391 3,486 3,502
Cash and Due from Banks		 63 70 152 187 192 245 173 88 116 173 156
Federal Funds Sold		 1.55 1.43 1.47 1.24 1.28 0.93 0.43 0.64 0.58 0.62 0.51
Interest Bearing Deposits at Other Banks		 4.44 3.49 2.99 2.74 3.22 2.73 1.99 1.99 1.50 1.25 0.52
Trading Account Securities		 385 382 366 365 382 422 455 451 437 448 455
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 29 30 32 35 35 34 33 33 32 32 30
Goodwill		 86 86 86 86 86 86 86 86 86 86 86
Other Assets		 79 83 90 94 2,624 2,599 2,639 2,685 2,716 2,745 2,774
Total Liabilities & Shareholders' Equity		 3,070 3,147 3,235 3,288 3,323 3,389 3,389 3,346 3,391 3,486 3,502
Total Liabilities		 2,764 2,843 2,931 2,970 3,000 3,054 3,044 2,995 3,029 3,110 3,117
Non-Interest Bearing Deposits		 520 489 505 511 479 481 502 498 501 520 506
Interest Bearing Deposits		 1,993 1,980 2,070 2,111 2,162 2,203 2,198 2,213 2,251 2,289 2,363
Short-Term Debt		 - - - 28 27 27 27 28 23 15 15
Other Short-Term Payables		 2.83 2.83 2.84 2.98 2.98 3.00 3.00 3.00 3.09 3.13 3.13
Long-Term Debt		 199 301 301 291 301 298 280 223 223 254 203
Other Long-Term Liabilities		 19 18 22 26 28 41 33 31 28 28 27
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 306 305 303 318 323 335 345 351 362 376 385
Total Preferred & Common Equity		 306 305 303 318 323 335 345 351 362 376 385
Total Common Equity		 306 305 303 318 323 335 345 351 362 376 385
Common Stock		 135 136 135 135 136 135 135 136 135 135 136
Retained Earnings		 213 216 219 224 226 230 240 245 251 265 273
Treasury Stock		 -11 -11 -11 -11 -11 -11 -11 -11 -11 -10 -10
Accumulated Other Comprehensive Income / (Loss)		 -31 -36 -39 -31 -29 -19 -20 -19 -14 -14 -14

Annual Metrics And Ratios for Farmers & Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 4,624,353.00 4,620,725.00 9,266,676.00 9,285,261.00 11,137,014.00 11,158,701.00 13,066,233.00 - - - 13,749,944.00
DEI Adjusted Shares Outstanding		 9,248,706.00 9,241,450.00 9,266,676.00 9,285,261.00 11,137,014.00 11,158,701.00 13,066,233.00 - - - 13,749,944.00
DEI Earnings Per Adjusted Shares Outstanding		 1.12 1.26 1.37 1.61 1.65 1.80 1.80 - - - 2.42
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.33% 9.84% 4.42% 8.25% 28.88% 17.13% 13.77% 17.77% -5.15% 4.35% 19.59%
EBITDA Growth		 2.32% 12.67% 7.55% 1.40% 19.91% 19.70% 19.31% 27.10% -23.46% 12.32% 23.70%
EBIT Growth		 4.75% 15.26% 9.70% 1.94% 24.72% 10.74% 17.02% 37.22% -29.95% 14.88% 30.55%
NOPAT Growth		 7.19% 12.80% 9.05% 17.52% 23.10% 9.20% 16.92% 38.39% -29.92% 13.83% 28.42%
Net Income Growth		 7.19% 12.80% 9.05% 17.52% 23.10% 9.20% 16.92% 38.39% -29.92% 13.83% 28.42%
EPS Growth		 7.19% 12.80% 8.66% 16.67% 3.11% 8.43% 11.67% 22.39% -32.11% 13.77% 27.89%
Operating Cash Flow Growth		 -22.72% -16.06% 41.99% -39.16% 122.88% 14.42% 26.88% 17.06% -45.55% 46.64% 13.13%
Free Cash Flow Firm Growth		 -163.65% 217.48% 48.12% 17.89% -964.66% 108.72% -1,392.54% 60.08% -195.28% 121.65% -180.07%
Invested Capital Growth		 13.63% 4.21% 2.63% 2.98% 78.01% 4.69% 48.19% 18.83% 31.22% -0.15% 8.90%
Revenue Q/Q Growth		 0.78% 2.39% 1.48% 1.40% 5.43% 12.31% -0.18% 2.40% -2.96% 3.06% 4.86%
EBITDA Q/Q Growth		 0.13% 4.52% 0.86% -3.45% 9.56% 21.26% -2.37% -2.08% -4.55% 9.47% 5.01%
EBIT Q/Q Growth		 0.34% 4.35% 2.98% -4.78% 8.85% 27.75% -5.59% -1.91% -6.65% 12.63% 5.73%
NOPAT Q/Q Growth		 1.10% 3.75% 1.94% -1.60% 9.07% 11.38% 4.02% -1.50% -6.73% 12.29% 4.43%
Net Income Q/Q Growth		 1.10% 3.75% 1.94% -1.60% 9.07% 33.26% -8.04% -1.50% -6.73% 12.29% 4.43%
EPS Q/Q Growth		 1.10% 3.75% -14.29% 17.52% 9.93% 10.43% 0.00% -2.77% -6.70% 11.76% 4.74%
Operating Cash Flow Q/Q Growth		 -5.91% -16.05% 18.31% -28.94% 13.01% 34.17% -8.97% 38.17% -26.82% -19.71% 41.72%
Free Cash Flow Firm Q/Q Growth		 -108.10% 199.61% 40.23% -21.37% -2.77% -9.32% -351.02% 51.85% 18.65% 180.63% -125.25%
Invested Capital Q/Q Growth		 8.87% -1.00% -2.63% -0.73% 1.19% 2.25% 28.87% 10.05% 2.13% -6.73% 10.47%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 42.74% 43.84% 45.16% 42.30% 39.36% 40.22% 42.18% 45.52% 36.74% 39.54% 40.90%
EBIT Margin		 34.66% 36.37% 38.21% 35.98% 34.82% 32.92% 33.86% 39.46% 29.14% 32.08% 35.02%
Profit (Net Income) Margin		 25.31% 25.99% 27.15% 29.47% 28.15% 26.25% 26.97% 31.70% 23.42% 25.55% 27.43%
Tax Burden Percent		 73.03% 71.47% 71.05% 81.91% 80.85% 79.72% 79.65% 80.33% 80.37% 79.63% 78.33%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 26.97% 28.53% 28.95% 18.09% 19.15% 20.28% 20.35% 19.67% 19.63% 20.37% 21.67%
Return on Invested Capital (ROIC)		 8.46% 8.78% 9.26% 10.59% 9.24% 7.70% 7.09% 7.51% 4.19% 4.21% 5.18%
ROIC Less NNEP Spread (ROIC-NNEP)		 8.46% 8.78% 9.26% 10.59% 9.24% 7.70% 7.09% 7.51% 4.19% 4.21% 5.18%
Return on Net Nonoperating Assets (RNNOA)		 0.36% 0.71% 0.53% 0.19% 0.61% 0.69% 1.51% 3.41% 3.22% 3.75% 4.26%
Return on Equity (ROE)		 8.82% 9.50% 9.80% 10.78% 9.85% 8.38% 8.60% 10.92% 7.41% 7.96% 9.44%
Cash Return on Invested Capital (CROIC)		 -4.30% 4.66% 6.67% 7.65% -46.88% 3.12% -31.74% -9.70% -22.81% 4.35% -3.34%
Operating Return on Assets (OROA)		 1.47% 1.60% 1.66% 1.64% 1.67% 1.43% 1.30% 1.43% 0.90% 0.98% 1.25%
Return on Assets (ROA)		 1.07% 1.14% 1.18% 1.34% 1.35% 1.14% 1.03% 1.15% 0.72% 0.78% 0.98%
Return on Common Equity (ROCE)		 8.82% 9.50% 9.80% 10.78% 9.85% 8.38% 8.60% 10.92% 7.41% 7.96% 9.44%
Return on Equity Simple (ROE_SIMPLE)		 8.61% 9.29% 9.48% 10.43% 7.99% 8.07% 7.91% 10.91% 7.20% 7.74% 8.98%
Net Operating Profit after Tax (NOPAT)		 10 12 13 15 18 20 23 33 23 26 33
NOPAT Margin		 25.31% 25.99% 27.15% 29.47% 28.15% 26.25% 26.97% 31.70% 23.42% 25.55% 27.43%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 45.88% 45.16% 46.02% 47.21% 47.58% 42.58% 43.57% 40.92% 50.40% 50.94% 46.79%
Operating Expenses to Revenue		 63.81% 61.13% 61.32% 63.38% 63.44% 57.96% 62.18% 56.06% 69.07% 67.65% 63.26%
Earnings before Interest and Taxes (EBIT)		 14 16 18 18 23 25 29 40 28 33 43
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 17 20 21 21 26 31 37 47 36 40 50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.78 0.75 2.36 2.12 1.26 0.92 1.33 1.15 1.03 1.20 0.91
Price to Tangible Book Value (P/TBV)		 0.81 0.77 2.43 2.18 1.59 1.14 1.82 1.62 1.42 1.62 1.18
Price to Revenue (P/Rev)		 2.29 2.09 6.75 5.98 4.45 2.99 4.53 3.35 3.36 3.97 2.77
Price to Earnings (P/E)		 9.06 8.03 24.88 20.28 15.82 11.41 16.78 10.57 14.35 15.55 10.11
Dividend Yield		 0.00% 0.00% 1.13% 1.72% 2.33% 3.21% 2.35% 3.17% 3.55% 3.00% 3.67%
Earnings Yield		 11.03% 12.45% 4.02% 4.93% 6.32% 8.76% 5.96% 9.46% 6.97% 6.43% 9.89%
Enterprise Value to Invested Capital (EV/IC)		 0.63 0.54 2.03 1.82 1.02 0.25 0.76 0.91 0.78 0.82 0.80
Enterprise Value to Revenue (EV/Rev)		 2.00 1.64 6.04 5.14 3.98 0.87 3.46 4.16 4.96 4.98 4.43
Enterprise Value to EBITDA (EV/EBITDA)		 4.68 3.73 13.37 12.15 10.12 2.17 8.20 9.14 13.50 12.59 10.83
Enterprise Value to EBIT (EV/EBIT)		 5.77 4.50 15.80 14.29 11.44 2.65 10.21 10.55 17.02 15.52 12.64
Enterprise Value to NOPAT (EV/NOPAT)		 7.90 6.29 22.24 17.44 14.15 3.32 12.82 13.13 21.18 19.49 16.14
Enterprise Value to Operating Cash Flow (EV/OCF)		 5.52 5.91 16.03 24.29 10.88 2.44 8.67 10.50 21.79 15.57 14.64
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 11.87 30.89 24.15 0.00 8.21 0.00 0.00 0.00 18.83 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.08 0.08 0.04 0.00 0.11 0.07 0.33 0.58 0.95 0.84 0.81
Long-Term Debt to Equity		 0.08 0.08 0.04 0.00 0.11 0.07 0.33 0.58 0.95 0.84 0.71
Financial Leverage		 0.04 0.08 0.06 0.02 0.07 0.09 0.21 0.45 0.77 0.89 0.82
Leverage Ratio		 8.23 8.32 8.33 8.01 7.29 7.34 8.32 9.50 10.25 10.20 9.63
Compound Leverage Factor		 8.23 8.32 8.33 8.01 7.29 7.34 8.32 9.50 10.25 10.20 9.63
Debt to Total Capital		 7.69% 7.38% 3.59% 0.00% 9.73% 6.69% 24.90% 36.59% 48.70% 45.59% 44.72%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 5.62%
Long-Term Debt to Total Capital		 7.69% 7.38% 3.59% 0.00% 9.73% 6.69% 24.90% 36.59% 48.70% 45.59% 39.10%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 92.31% 92.62% 96.41% 100.00% 90.27% 93.31% 75.10% 63.41% 51.30% 54.41% 55.28%
Debt to EBITDA		 0.57 0.51 0.24 0.00 0.96 0.58 2.68 3.68 8.41 7.00 6.04
Net Debt to EBITDA		 -0.69 -1.03 -1.58 0.00 -1.20 -5.28 -2.54 1.78 4.35 2.54 4.04
Long-Term Debt to EBITDA		 0.57 0.51 0.24 0.00 0.96 0.58 2.68 3.68 8.41 7.00 5.28
Debt to NOPAT		 0.97 0.86 0.39 0.00 1.35 0.89 4.19 5.29 13.19 10.83 9.01
Net Debt to NOPAT		 -1.16 -1.74 -2.63 0.00 -1.67 -8.09 -3.97 2.56 6.82 3.93 6.03
Long-Term Debt to NOPAT		 0.97 0.86 0.39 0.00 1.35 0.89 4.19 5.29 13.19 10.83 7.88
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5.26 6.18 9.16 11 -93 8.14 -105 -42 -124 27 -21
Operating Cash Flow to CapEx		 896.43% 516.63% 934.80% 408.56% 681.79% 849.84% 1,767.99% 1,564.19% 202.64% 1,735.65% 2,079.17%
Free Cash Flow to Firm to Interest Expense		 -1.47 1.46 1.79 1.64 -6.33 0.78 -14.33 -2.92 -2.12 0.35 -0.31
Operating Cash Flow to Interest Expense		 4.13 2.94 3.44 1.63 1.62 2.63 4.73 2.83 0.38 0.42 0.53
Operating Cash Flow Less CapEx to Interest Expense		 3.67 2.37 3.07 1.23 1.38 2.32 4.46 2.65 0.19 0.39 0.51
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.04
Fixed Asset Turnover		 2.00 2.13 2.18 2.29 2.67 2.87 3.23 3.71 3.03 2.92 3.70
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 130 136 139 143 255 267 396 470 617 616 671
Invested Capital Turnover		 0.33 0.34 0.34 0.36 0.33 0.29 0.26 0.24 0.18 0.16 0.19
Increase / (Decrease) in Invested Capital		 16 5.48 3.56 4.15 112 12 129 75 147 -0.91 55
Enterprise Value (EV)		 82 73 283 261 260 67 301 427 483 505 538
Market Capitalization		 94 94 316 303 291 229 394 344 327 403 337
Book Value per Share		 $25.97 $27.18 $14.48 $15.43 $20.68 $22.33 $22.74 $21.91 $23.16 $24.47 $26.97
Tangible Book Value per Share		 $25.09 $26.30 $14.04 $14.99 $16.42 $18.09 $16.59 $15.56 $16.84 $18.17 $20.69
Total Capital		 130 136 139 143 255 267 396 470 617 616 671
Total Debt		 10 10 5.00 0.00 25 18 99 172 300 281 300
Total Long-Term Debt		 10 10 5.00 0.00 25 18 99 172 300 281 262
Net Debt		 -12 -20 -33 -42 -31 -162 -93 83 156 102 201
Capital Expenditures (CapEx)		 1.65 2.41 1.89 2.63 3.51 3.22 1.97 2.60 11 1.87 1.77
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 10 10 5.00 0.00 25 18 99 172 300 281 300
Total Depreciation and Amortization (D&A)		 3.30 3.35 3.26 3.21 2.96 5.59 7.24 6.22 7.39 7.58 7.14
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.12 $1.27 $1.38 $1.61 $1.66 $1.80 $2.01 $2.46 $1.67 $1.90 $2.43
Adjusted Weighted Average Basic Shares Outstanding		 9.23M 9.24M 9.27M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Adjusted Diluted Earnings per Share		 $1.12 $1.27 $1.38 $1.61 $1.66 $1.80 $2.01 $2.46 $1.67 $1.90 $2.43
Adjusted Weighted Average Diluted Shares Outstanding		 9.23M 9.24M 9.27M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Adjusted Basic & Diluted Earnings per Share		 $1.12 $1.27 $1.38 $1.61 $1.66 $1.80 $2.01 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 9.23M 9.24M 9.27M 11.11M 11.13M 11.20M 13.07M 13.61M 13.66M 13.70M 13.75M
Normalized Net Operating Profit after Tax (NOPAT)		 10 12 13 15 18 20 24 33 23 26 33
Normalized NOPAT Margin		 25.31% 26.12% 27.19% 29.54% 28.25% 26.25% 27.37% 31.70% 23.53% 25.49% 27.43%
Pre Tax Income Margin		 34.66% 36.37% 38.21% 35.98% 34.82% 32.92% 33.86% 39.46% 29.14% 32.08% 35.02%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.95 3.86 3.49 2.78 1.54 2.43 4.02 2.82 0.49 0.42 0.61
NOPAT to Interest Expense		 2.88 2.76 2.48 2.27 1.25 1.93 3.20 2.26 0.39 0.33 0.48
EBIT Less CapEx to Interest Expense		 3.49 3.29 3.12 2.38 1.30 2.12 3.75 2.64 0.30 0.40 0.59
NOPAT Less CapEx to Interest Expense		 2.42 2.19 2.11 1.87 1.01 1.62 2.93 2.08 0.20 0.31 0.46
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 38.13% 35.28% 34.93% 33.15% 34.48% 35.76% 32.65% 31.60% 49.74% 45.96% 36.28%
Augmented Payout Ratio		 45.90% 36.94% 36.47% 36.43% 36.55% 37.67% 34.08% 32.55% 50.70% 48.52% 37.37%

Quarterly Metrics And Ratios for Farmers & Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - 13,700,311.00 13,718,086.00 13,724,036.00 13,749,944.00 13,748,074.00 13,768,188.00
DEI Adjusted Shares Outstanding		 - - - - - 13,700,311.00 13,718,086.00 13,724,036.00 13,749,944.00 13,748,074.00 13,768,188.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - 0.51 0.56 0.65 0.71 0.70 0.86
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -11.99% -6.94% 2.67% 9.53% 13.28% 16.65% 18.15% 22.35% 20.96% 15.58% 15.87%
EBITDA Growth		 -17.56% -11.92% -2.87% 30.67% 40.01% 19.56% 25.19% 30.98% 19.49% 35.03% 42.66%
EBIT Growth		 -22.70% -15.79% -4.95% 37.49% 53.12% 29.24% 35.47% 38.54% 21.91% 40.81% 52.25%
NOPAT Growth		 -22.89% -17.12% -5.32% 36.40% 51.20% 29.73% 35.69% 35.88% 16.85% 37.77% 53.01%
Net Income Growth		 -22.89% -17.12% -5.32% 36.40% 51.20% 29.73% 35.69% 35.88% 16.85% 37.77% 53.01%
EPS Growth		 -22.64% -17.02% -4.55% 37.14% 48.78% 30.77% 33.33% 33.33% 18.03% 37.25% 53.57%
Operating Cash Flow Growth		 -43.41% -51.77% 163.36% 288.89% -75.34% 642.35% -88.64% -39.99% 414.41% -30.50% 878.35%
Free Cash Flow Firm Growth		 -109.81% -11.00% 83.92% 71.01% 106.58% 93.74% 245.83% 224.45% -584.47% 314.80% -81.43%
Invested Capital Growth		 31.22% 26.27% 7.36% 9.34% -0.15% 2.34% -7.54% -8.06% 8.90% -1.15% 0.21%
Revenue Q/Q Growth		 1.72% 0.85% 4.06% 2.02% 5.20% 4.63% 5.61% 5.44% 3.82% -0.02% 5.87%
EBITDA Q/Q Growth		 11.69% 0.61% 4.39% 11.40% 19.67% -14.08% 9.30% 16.55% 9.17% -2.91% 15.48%
EBIT Q/Q Growth		 16.56% -1.41% 5.62% 13.27% 29.82% -16.79% 10.71% 15.84% 14.23% -3.88% 19.70%
NOPAT Q/Q Growth		 16.04% -3.32% 6.03% 14.68% 28.62% -17.05% 10.90% 14.84% 10.61% -2.20% 23.17%
Net Income Q/Q Growth		 16.04% -3.32% 6.03% 14.68% 28.62% -17.05% 10.90% 14.84% 10.61% -2.20% 23.17%
EPS Q/Q Growth		 17.14% -4.88% 7.69% 14.29% 27.08% -16.39% 9.80% 14.29% 12.50% -2.78% 22.86%
Operating Cash Flow Q/Q Growth		 120.50% -85.99% 555.29% 92.05% -86.02% 321.80% -89.97% 914.49% 19.88% -43.01% 41.17%
Free Cash Flow Firm Q/Q Growth		 17.92% 24.93% 69.39% -28.12% 118.63% -185.67% 813.30% 9.34% -172.51% 137.99% -38.32%
Invested Capital Q/Q Growth		 2.13% -1.23% 2.11% 1.51% -6.73% 5.86% -7.74% 0.94% 10.47% -3.91% -6.47%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 36.57% 36.28% 36.39% 39.74% 45.20% 37.19% 38.49% 42.54% 44.74% 43.45% 47.39%
EBIT Margin		 28.98% 28.17% 28.59% 31.74% 39.17% 31.21% 32.71% 35.94% 39.54% 38.02% 42.98%
Profit (Net Income) Margin		 23.36% 22.27% 22.69% 25.50% 31.18% 24.77% 26.01% 28.33% 30.18% 29.52% 34.34%
Tax Burden Percent		 80.63% 79.06% 79.37% 80.36% 79.61% 79.36% 79.50% 78.81% 76.31% 77.65% 79.90%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 19.37% 20.94% 20.63% 19.64% 20.39% 20.64% 20.50% 21.19% 23.69% 22.35% 20.10%
Return on Invested Capital (ROIC)		 4.18% 3.73% 3.48% 3.97% 5.14% 4.05% 4.57% 5.17% 5.69% 5.73% 7.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 4.18% 3.73% 3.48% 3.97% 5.14% 4.05% 4.57% 5.17% 5.69% 5.73% 7.44%
Return on Net Nonoperating Assets (RNNOA)		 3.21% 3.10% 3.49% 3.90% 4.58% 3.84% 3.93% 4.24% 4.68% 4.58% 4.75%
Return on Equity (ROE)		 7.40% 6.83% 6.97% 7.87% 9.72% 7.89% 8.50% 9.41% 10.38% 10.31% 12.19%
Cash Return on Invested Capital (CROIC)		 -22.81% -19.42% -3.70% -5.27% 4.35% 1.96% 12.56% 13.43% -3.34% 6.70% 6.44%
Operating Return on Assets (OROA)		 0.90% 0.85% 0.85% 0.94% 1.20% 0.99% 1.08% 1.23% 1.41% 1.39% 1.64%
Return on Assets (ROA)		 0.72% 0.67% 0.68% 0.76% 0.95% 0.78% 0.86% 0.97% 1.08% 1.08% 1.31%
Return on Common Equity (ROCE)		 7.40% 6.83% 6.97% 7.87% 9.72% 7.89% 8.50% 9.41% 10.38% 10.31% 12.19%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 6.82% 6.62% 6.89% 0.00% 7.99% 8.43% 8.82% 0.00% 9.56% 10.40%
Net Operating Profit after Tax (NOPAT)		 5.54 5.36 5.68 6.52 8.38 6.95 7.71 8.85 9.79 9.58 12
NOPAT Margin		 23.36% 22.27% 22.69% 25.50% 31.18% 24.77% 26.01% 28.33% 30.18% 29.52% 34.34%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 50.31% 55.80% 52.21% 52.01% 44.39% 49.23% 46.33% 47.35% 44.55% 45.76% 41.88%
Operating Expenses to Revenue		 69.06% 74.14% 69.07% 68.20% 59.99% 66.83% 64.97% 63.15% 58.71% 61.03% 56.08%
Earnings before Interest and Taxes (EBIT)		 6.88 6.78 7.16 8.11 11 8.76 9.70 11 13 12 15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8.68 8.73 9.11 10 12 10 11 13 15 14 16
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.03 0.00 0.97 1.12 1.20 0.91 0.98 0.94 0.91 0.93 1.09
Price to Tangible Book Value (P/TBV)		 1.42 0.00 1.33 1.51 1.62 1.21 1.30 1.23 1.18 1.21 1.40
Price to Revenue (P/Rev)		 3.36 0.00 3.27 3.81 3.97 2.97 3.13 2.94 2.77 2.78 3.20
Price to Earnings (P/E)		 14.35 0.00 14.73 16.24 15.55 11.38 11.64 10.66 10.11 9.73 10.44
Dividend Yield		 3.55% 3.90% 3.74% 3.17% 3.00% 3.86% 3.52% 3.57% 3.67% 3.54% 2.99%
Earnings Yield		 6.97% 0.00% 6.79% 6.16% 6.43% 8.79% 8.59% 9.38% 9.89% 10.27% 9.58%
Enterprise Value to Invested Capital (EV/IC)		 0.78 0.00 0.69 0.68 0.82 0.68 0.84 0.77 0.80 0.69 0.79
Enterprise Value to Revenue (EV/Rev)		 4.96 0.00 4.64 4.59 4.98 4.22 4.58 4.03 4.43 3.53 3.67
Enterprise Value to EBITDA (EV/EBITDA)		 13.50 0.00 13.02 12.32 12.59 10.65 11.43 9.88 10.83 8.32 8.23
Enterprise Value to EBIT (EV/EBIT)		 17.02 0.00 16.71 15.63 15.52 12.90 13.61 11.61 12.64 9.63 9.36
Enterprise Value to NOPAT (EV/NOPAT)		 21.18 0.00 20.90 19.57 19.49 16.19 17.08 14.64 16.14 12.35 11.97
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.79 0.00 16.79 11.18 15.57 10.61 15.12 18.02 14.64 13.29 11.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 18.83 35.32 6.42 5.49 0.00 10.21 12.36
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.95 1.01 1.02 0.97 0.84 0.89 0.72 0.68 0.81 0.71 0.57
Long-Term Debt to Equity		 0.95 0.92 0.93 0.89 0.84 0.81 0.64 0.62 0.71 0.68 0.53
Financial Leverage		 0.77 0.83 1.00 0.98 0.89 0.95 0.86 0.82 0.82 0.80 0.64
Leverage Ratio		 10.25 10.20 10.31 10.37 10.20 10.08 9.90 9.73 9.63 9.54 9.31
Compound Leverage Factor		 10.25 10.20 10.31 10.37 10.20 10.08 9.90 9.73 9.63 9.54 9.31
Debt to Total Capital		 48.70% 50.15% 50.42% 49.23% 45.59% 47.16% 41.70% 40.43% 44.72% 41.68% 36.19%
Short-Term Debt to Total Capital		 0.00% 4.43% 4.18% 4.13% 0.00% 4.18% 4.58% 3.74% 5.62% 2.29% 2.45%
Long-Term Debt to Total Capital		 48.70% 45.72% 46.23% 45.09% 45.59% 42.98% 37.12% 36.69% 39.10% 39.39% 33.74%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 51.30% 49.85% 49.58% 50.77% 54.41% 52.84% 58.30% 59.57% 55.28% 58.32% 63.81%
Debt to EBITDA		 8.41 9.25 9.57 8.87 7.00 7.35 5.68 5.19 6.04 5.04 3.75
Net Debt to EBITDA		 4.35 3.73 3.84 2.10 2.54 3.17 3.64 2.69 4.04 1.76 1.05
Long-Term Debt to EBITDA		 8.41 8.43 8.77 8.12 7.00 6.70 5.06 4.71 5.28 4.76 3.50
Debt to NOPAT		 13.19 14.74 15.36 14.08 10.83 11.17 8.49 7.70 9.01 7.48 5.45
Net Debt to NOPAT		 6.82 5.95 6.17 3.33 3.93 4.81 5.44 3.98 6.03 2.62 1.53
Long-Term Debt to NOPAT		 13.19 13.44 14.08 12.89 10.83 10.18 7.56 6.99 7.88 7.07 5.08
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -141 -127 -39 -50 9.29 -7.96 57 62 -45 17 11
Operating Cash Flow to CapEx		 547.16% 677.17% 1,716.96% 5,227.73% 358.02% 2,852.07% 153.55% 2,357.89% 7,179.68% 1,154.00% 5,167.94%
Free Cash Flow to Firm to Interest Expense		 -7.70 -6.86 -1.97 -2.46 0.49 -0.47 3.19 3.53 -2.68 1.08 0.63
Operating Cash Flow to Interest Expense		 0.58 0.08 0.49 0.92 0.14 0.64 0.06 0.64 0.80 0.48 0.65
Operating Cash Flow Less CapEx to Interest Expense		 0.47 0.07 0.46 0.90 0.10 0.62 0.02 0.61 0.79 0.44 0.63
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.03 0.04 0.04 0.04
Fixed Asset Turnover		 3.03 3.00 2.97 3.01 2.92 3.10 3.27 3.50 3.70 3.89 4.13
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 617 637 651 661 616 652 602 607 671 645 603
Invested Capital Turnover		 0.18 0.17 0.15 0.16 0.16 0.16 0.18 0.18 0.19 0.19 0.22
Increase / (Decrease) in Invested Capital		 147 133 45 56 -0.91 15 -49 -53 55 -7.52 1.25
Enterprise Value (EV)		 483 0.00 446 452 505 446 505 467 538 444 479
Market Capitalization		 327 0.00 315 375 403 313 344 340 337 350 418
Book Value per Share		 $23.16 $23.22 $23.58 $24.52 $24.47 $25.15 $25.57 $26.36 $26.97 $27.35 $27.94
Tangible Book Value per Share		 $16.84 $16.91 $17.27 $18.20 $18.17 $18.85 $19.28 $20.07 $20.69 $21.06 $21.67
Total Capital		 617 637 651 661 616 652 602 607 671 645 603
Total Debt		 300 320 328 325 281 308 251 246 300 269 218
Total Long-Term Debt		 300 291 301 298 281 280 223 223 262 254 203
Net Debt		 156 129 132 77 102 133 161 127 201 94 61
Capital Expenditures (CapEx)		 1.93 0.22 0.57 0.36 0.73 0.39 0.72 0.48 0.19 0.66 0.21
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 300 320 328 325 281 308 251 246 300 269 218
Total Depreciation and Amortization (D&A)		 1.80 1.95 1.96 2.04 1.62 1.68 1.71 2.06 1.69 1.76 1.51
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.41 $0.39 $0.42 $0.48 $0.61 $0.51 $0.56 $0.64 $0.72 $0.70 $0.86
Adjusted Weighted Average Basic Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Adjusted Diluted Earnings per Share		 $0.41 $0.39 $0.42 $0.48 $0.61 $0.51 $0.56 $0.64 $0.72 $0.70 $0.86
Adjusted Weighted Average Diluted Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 13.66M 13.68M 13.68M 13.70M 13.70M 13.72M 13.72M 13.75M 13.75M 13.77M 13.77M
Normalized Net Operating Profit after Tax (NOPAT)		 5.61 5.36 5.64 6.52 8.36 6.95 7.70 8.85 9.79 9.58 12
Normalized NOPAT Margin		 23.65% 22.27% 22.53% 25.50% 31.12% 24.77% 25.97% 28.33% 30.18% 29.52% 34.27%
Pre Tax Income Margin		 28.98% 28.17% 28.59% 31.74% 39.17% 31.21% 32.71% 35.94% 39.54% 38.02% 42.98%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.38 0.37 0.36 0.40 0.55 0.51 0.55 0.64 0.76 0.78 0.88
NOPAT to Interest Expense		 0.30 0.29 0.29 0.32 0.44 0.41 0.43 0.50 0.58 0.60 0.71
EBIT Less CapEx to Interest Expense		 0.27 0.35 0.33 0.38 0.52 0.49 0.51 0.61 0.75 0.74 0.87
NOPAT Less CapEx to Interest Expense		 0.20 0.28 0.26 0.30 0.40 0.38 0.39 0.48 0.57 0.56 0.69
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 49.74% 52.94% 54.40% 50.92% 45.96% 43.38% 40.48% 37.59% 36.28% 33.99% 30.85%
Augmented Payout Ratio		 50.70% 54.38% 56.96% 53.87% 48.52% 45.54% 41.68% 38.72% 37.37% 35.09% 31.94%

Financials Breakdown Chart

Key Financial Trends

Farmers & Merchants Bancorp (NASDAQ: FMAO) delivered a solid start to 2026, with Q1 earnings and cash generation holding up well. However, the multi-year trend shows a bank that is still managing a large balance sheet tied heavily to securities and deposits, while equity has been growing only gradually.

  • Q1 2026 net income rose to $9.6 million, up from $8.9 million in Q3 2025 and $7.7 million in Q2 2025, showing improved profitability early in the year.
  • Earnings per share improved to $0.70 in Q1 2026, versus $0.64 in Q3 2025 and $0.56 in Q2 2025.
  • Operating cash flow was strong at $7.7 million in Q1 2026, compared with $13.4 million in Q4 2025 and $11.2 million in Q3 2025, indicating the core business continues to produce cash.
  • Deposit growth resumed in Q1 2026, with net deposit inflows of $78.9 million, a sharp reversal from the $21.2 million decline in Q4 2025.
  • Non-interest income stayed meaningful, contributing $5.0 million in Q1 2026, which helped support total revenue of $32.4 million.
  • Credit costs remained low, with provision for credit losses of just $308,000 in Q1 2026.
  • Book equity continued to edge higher, with total common equity rising to $375.9 million in Q1 2026 from $361.8 million in Q3 2025 and $344.6 million in Q1 2025.
  • Cash and liquidity increased materially, as cash and due from banks climbed to $172.8 million in Q1 2026 from $116.4 million in Q3 2025.
  • Interest expense remains elevated, with deposit interest expense of $13.2 million and total interest expense of $15.9 million in Q1 2026, still a drag on margin.
  • Profitability is still below the stronger levels seen in late 2023 and early 2024, when quarterly net income frequently ran around $10 million or more.

Over the last several years, FMAO has remained consistently profitable, but earnings have moved in a fairly tight range rather than breaking out materially higher. Quarterly net income generally ranged from about $4.8 million to $9.8 million from 2022 through early 2026, with the most recent quarter near the high end of that range.

The balance sheet also shows a few important trends. Total assets increased to $3.49 billion in Q1 2026 from $3.39 billion a year earlier, while liabilities rose at a similar pace. That means the bank is still growing, but leverage and funding management remain central. Deposits are the key liability, and the recent rebound in deposit balances is encouraging.

One notable feature is that Farmers & Merchants Bancorp carries a large securities-heavy balance sheet and relatively limited loan balances in the data provided, which suggests the company’s earnings are highly sensitive to interest rates and portfolio yields. The recent quarters show net interest income holding up, but it has not yet returned to the strongest levels seen when rates were more favorable.

Overall, the recent quarter looks constructive but not transformational. Investors can point to stable profitability, decent cash flow, and improving deposits, but they should also watch margin pressure, the reliance on non-loan earning assets, and the fact that earnings growth has been steady rather than explosive.

08/11/26 06:01 PM ETAI Generated. May Contain Errors.

Farmers & Merchants Bancorp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Farmers & Merchants Bancorp's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Farmers & Merchants Bancorp's net income appears to be on an upward trend, with a most recent value of $33.31 million in 2025, rising from $10.34 million in 2015. The previous period was $25.94 million in 2024. View Farmers & Merchants Bancorp's forecast to see where analysts expect Farmers & Merchants Bancorp to go next.

Over the last 10 years, Farmers & Merchants Bancorp's total revenue changed from $40.85 million in 2015 to $121.43 million in 2025, a change of 197.2%.

Farmers & Merchants Bancorp's total liabilities were at $3.06 billion at the end of 2025, a 1.1% increase from 2024, and a 252.5% increase since 2015.

In the past 10 years, Farmers & Merchants Bancorp's cash and equivalents has ranged from $21.33 million in 2015 to $174.86 million in 2024, and is currently $97.25 million as of their latest financial filing in 2025.

Over the last 10 years, Farmers & Merchants Bancorp's book value per share changed from 25.97 in 2015 to 26.97 in 2025, a change of 3.9%.


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Financial statements for NASDAQ:FMAO last updated on 7/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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