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FARMERS & MERCHANTS BANCORP FMCB

OTC · stock · National Commercial Banks · website · IPO 1994-03-09

FARMERS & MERCHANTS BANCORP statistics & valuation

Market cap$914.5M
P / E9.8×
P / B1.4×
P / FCF9.5×
Dividend yield1.51%
Return on equity14.5%
Graham number +20%$1,668.65

Market cap as of 2026-06-30. 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 ($1,668.65); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
2016201720182019202020212022202320242025
Return on equity (%)
10.60% 9.50% 14.60% 15.20% 13.90% 14.30% 15.50% 16.10% 15.40% 14.50% 2016201720182019202020212022202320242025
Shares outstanding
807329 812304 801229 793033 793337 789646 777726 757336 730914 698768 2016201720182019202020212022202320242025
Net debt ($)
2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
1.00% 0.90% 1.30% 1.50% 1.30% 1.30% 1.40% 1.70% 1.60% 1.60% 2016201720182019202020212022202320242025
Free cash flow margin (%)
2016201720182019202020212022202320242025
Debt / equity (×)
2016201720182019202020212022202320242025
EPS ($)
$71.18 $74.03 $84.01 $96.55 $116.61 $121.02 $133.96 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 trades at about 10.4× earnings — near its 10-year norm (10-year range 8.4×–11×, median 10.3×).

8.4× 11×

Shaded band = 10-year range (8.4×–11×); dot = today's 10.4×.

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 assets1.6%1.6%1.7%1.4%1.3%1.3%1.5%1.3%0.9%1.0%
Return on equity14.5%15.4%16.1%15.5%14.3%13.9%15.2%14.6%9.5%10.6%

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