Farmers & Merchants Bancorp, Inc. logo

Farmers & Merchants Bancorp, Inc.

FMAO

NASDAQFinancial ServicesBanks - Regional

Previous close

$34.05

+$0.31 · +0.92%

Aug 21, 4:00 PM ET

Pre-market

$34.21

+$0.16 · +0.47%

Aug 24, 6:53 AM ET

FMAO company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

80

Undervalued

Momentum

55

Neutral

Sentiment

55

Mixed

Risk resilience

73

Moderate Risk

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Company profile

Company website

Farmers & Merchants Bancorp, Inc. functions as the holding company for The Farmers & Merchants State Bank, offering a broad spectrum of commercial banking solutions. The bank serves individual customers and small businesses throughout northwest Ohio and northeast Indiana. Its offerings include various deposit accounts such as checking, savings, and time deposits, along with custodial services for Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). The company's lending products are extensive, covering commercial, agricultural, and residential mortgages. Specifically, it provides financing for agricultural land, farm equipment, livestock, and operational expenses like seeds and fertilizers. Consumer loans are available for home improvements, vehicles (automobiles, trucks, recreational vehicles, and motorcycles), and credit cards. Additionally, it offers commercial real estate loans, including lines of credit and machinery purchase financing. For customer convenience, Farmers & Merchants Bancorp, Inc. provides Automated Teller Machine (ATM) and Interactive Teller Machine (ITM) access. It also supports digital banking through online and mobile platforms, remote deposit capture, and merchant credit card processing. Electronic transaction services, such as wire transfers and Automated Clearing House (ACH) file transmissions, are also available. The company was founded in 1897 and is headquartered in Archbold, Ohio.

Industry
Banks - Regional
Sector
Financial Services
Headquarters
US
CEO
Lars Eller
Listed since
Jan 30, 2006
Employees
477

Market position

Day range

Current $34.05

52-week range

Current $34.05

Open
$33.69
Previous close
$33.74
Volume
107.74K
1.18× average
Average volume
91.39K
Average daily volume
Market cap
468.81M USD
Beta
0.8
Market reference 1
50-day average
$31.684
+7.47% above average
200-day average
$27.592
+23.41% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
539.14M USD
P/E (TTM)
11.7×
P/B (TTM)
1.22×
P/S (TTM)
2.4×
EV / EBITDA
10.89×
Earnings yield
9.86%
Free cash flow yield
10.25%
Dividend yield
2.69%

Profitability & efficiency

Gross margin
64.89%
Operating margin
26.25%
Net margin
20.53%
Return on equity
8.98%
Return on assets
0.97%
Return on invested capital
4.75%

Financial health

Debt / equity
0.57×
Current ratio
0.11×
Altman Z-score
0.36
Piotroski F-score
8 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends96%66%37%7%Gross margin, FY2021: 88.30%Gross margin, FY2022: 83.32%Gross margin, FY2023: 60.44%Gross margin, FY2024: 55.86%Gross margin, FY2025: 62.27%Operating margin, FY2021: 32.00%Operating margin, FY2022: 35.61%Operating margin, FY2023: 18.65%Operating margin, FY2024: 18.45%Operating margin, FY2025: 22.49%Net margin, FY2021: 25.49%Net margin, FY2022: 28.61%Net margin, FY2023: 14.99%Net margin, FY2024: 14.69%Net margin, FY2025: 17.61%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 88.30%. Gross margin FY2022 83.32%. Gross margin FY2023 60.44%. Gross margin FY2024 55.86%. Gross margin FY2025 62.27%. Operating margin FY2021 32.00%. Operating margin FY2022 35.61%. Operating margin FY2023 18.65%. Operating margin FY2024 18.45%. Operating margin FY2025 22.49%. Net margin FY2021 25.49%. Net margin FY2022 28.61%. Net margin FY2023 14.99%. Net margin FY2024 14.69%. Net margin FY2025 17.61%.

Income trends

Revenue

189.09M USD+7.10%

Operating income

42.53M USD+30.55%

Net income

33.31M USD+28.42%
Income trends across reported periods205.73M USD139.2M USD72.68M USD6.16M USDRevenue, FY2021: 92.17M USDRevenue, FY2022: 113.66M USDRevenue, FY2023: 152.05M USDRevenue, FY2024: 176.56M USDRevenue, FY2025: 189.09M USDOperating income, FY2021: 29.5M USDOperating income, FY2022: 40.48M USDOperating income, FY2023: 28.35M USDOperating income, FY2024: 32.57M USDOperating income, FY2025: 42.53M USDNet income, FY2021: 23.5M USDNet income, FY2022: 32.52M USDNet income, FY2023: 22.79M USDNet income, FY2024: 25.94M USDNet income, FY2025: 33.31M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 92.17M USD. Revenue FY2022 113.66M USD. Revenue FY2023 152.05M USD. Revenue FY2024 176.56M USD. Revenue FY2025 189.09M USD. Operating income FY2021 29.5M USD. Operating income FY2022 40.48M USD. Operating income FY2023 28.35M USD. Operating income FY2024 32.57M USD. Operating income FY2025 42.53M USD. Net income FY2021 23.5M USD. Net income FY2022 32.52M USD. Net income FY2023 22.79M USD. Net income FY2024 25.94M USD. Net income FY2025 33.31M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue189.09M USD176.56M USD152.05M USD113.66M USD92.17M USD
Cost of goods sold71.34M USD77.93M USD60.16M USD18.96M USD10.79M USD
Gross profit117.75M USD98.63M USD91.89M USD94.7M USD81.38M USD
Selling, general, and administrative10.07M USD48.38M USD45.4M USD38.04M USD38.19M USD
Operating expenses75.23M USD66.06M USD63.54M USD54.22M USD51.89M USD
Interest income173.54M USD162.21M USD138.93M USD100.83M USD76.67M USD
Interest expense69.25M USD77.66M USD58.41M USD14.36M USD7.34M USD
Depreciation and amortization6.99M USD6.37M USD5.77M USD4.02M USD4.99M USD
Operating income42.53M USD32.57M USD28.35M USD40.48M USD29.5M USD
Net income33.31M USD25.94M USD22.79M USD32.52M USD23.5M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
100%
11 beats, 0 misses, 0 met estimates
Average EPS surprise
+16.29%
11 comparable reports
Latest EPS result
0.86
Estimate 0.67 · Beat by 27.79%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates0.90.730.550.38Q1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 12, 2025: actual 0.61, estimate 0.48, surprise +27.08%, Beat. Q2 2025, reported Apr 28, 2025: actual 0.51, estimate 0.42, surprise +21.43%, Beat. Q3 2025, reported Jul 28, 2025: actual 0.56, estimate 0.51, surprise +9.80%, Beat. Q4 2025, reported Oct 27, 2025: actual 0.64, estimate 0.59, surprise +8.47%, Beat. Q1 2026, reported Feb 12, 2026: actual 0.71, estimate 0.655, surprise +8.40%, Beat. Q2 2026, reported Apr 22, 2026: actual 0.7, estimate 0.68, surprise +2.94%, Beat. Q3 2026, reported Jul 27, 2026: actual 0.86, estimate 0.673, surprise +27.79%, Beat. Q4 2026, reported Oct 26, 2026: actual —, estimate 0.81, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates36.04M31.3M26.57M21.83MQ1 '25BeatQ2 '25BeatQ3 '25BeatQ4 '25BeatQ1 '26BeatQ2 '26MissQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Feb 12, 2025: actual 26.27M USD, estimate 24.04M USD, surprise +9.25%, Beat. Q2 2025, reported Apr 28, 2025: actual 27.35M USD, estimate 23.22M USD, surprise +17.81%, Beat. Q3 2025, reported Jul 28, 2025: actual 29.32M USD, estimate 26.35M USD, surprise +11.26%, Beat. Q4 2025, reported Oct 27, 2025: actual 30.23M USD, estimate 27.3M USD, surprise +10.74%, Beat. Q1 2026, reported Feb 12, 2026: actual 32.45M USD, estimate 31.45M USD, surprise +3.18%, Beat. Q2 2026, reported Apr 22, 2026: actual 32.44M USD, estimate 32.6M USD, surprise -0.48%, Miss. Q3 2026, reported Jul 27, 2026: actual 34.35M USD, estimate 33.05M USD, surprise +3.93%, Beat. Q4 2026, reported Oct 26, 2026: actual —, estimate 34.65M USD, surprise —, Comparison unavailable.

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