Stocktoria

FARMERS & MERCHANTS BANCORP INC FMAO

Nasdaq · stock · Savings Institution, Federally Chartered · website · IPO 2004-11-23

FARMERS & MERCHANTS BANCORP INC statistics & valuation

Market cap$419.5M
P / E12.6×
P / B1.1×
P / FCF12.0×
Dividend yield2.88%
Return on equity9.0%
Graham number +9.3%$38.40

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($38.40); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
9.30% 9.50% 10.40% 8.00% 8.10% 7.90% 10.90% 7.20% 7.70% 9.00% 2016201720182019202020212022202320242025
Shares outstanding
10.4M 10.4M 10.4M 12.2M 12.2M 14.1M 14.6M 13.7M 13.7M 13.7M 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.10% 1.10% 1.30% 1.10% 1.10% 0.90% 1.10% 0.70% 0.80% 1.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$1.80 $2.01 $2.46 $1.67 $1.90 $2.43 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

FARMERS & MERCHANTS BANCORP INC trades at about 14.5× earnings — near its 10-year norm (10-year range 11×–15.7×, median 13.5×).

11× 15.7×

Shaded band = 10-year range (11×–15.7×); dot = today's 14.5×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Return on assets1.0%0.8%0.7%1.1%0.9%1.1%1.1%1.3%1.1%1.1%
Return on equity9.0%7.7%7.2%10.9%7.9%8.1%8.0%10.4%9.5%9.3%

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.