Farmers & Merchants Bancorp, Inc.
FMAO · Price history
Price at last available close
$36.57
+$1.86 (+5.36%) 1M
2026-10-28
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Company & revenue
About Farmers & Merchants Bancorp, Inc.
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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).
How they make money
Farmers & Merchants Bancorp, Inc. operates as a financial holding company through its subsidiary, The Farmers & Merchants State Bank. The company generates revenue primarily through net interest income earned on loans and investment securities, supplemented by non-interest income from service charges on deposit accounts, trust services, and other financial products.
Products & services
The company provides commercial, agricultural, residential mortgage, and consumer lending, alongside deposit services, trust and wealth management, and various electronic banking solutions.
Brands & revenue mix
The primary banking subsidiary through which the company conducts its business.
Separate brand revenue is not available in this research.Source
Revenue share is not unit sales or a best-seller ranking. Parent brands and included sub-brands can overlap; do not add overlapping rows.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer concentration
The company does not have a concentration of customers that individually account for a significant portion of total revenue as of December 31, 2025.
Suppliers, materials & equipment
- Core banking software and technology service providers — The company relies on third-party vendors for critical technology infrastructure, including core processing, digital banking platforms, and cybersecurity services.Source
Strengths
Sources
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
58
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
57
Fair
Financial Strength
44
Business Quality / Moat
74
Management
70
Growth Quality
33
Risk / Durability
59
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
74
Fair
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
69/100
Building Historical Record
Model Score 69/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as relatively attractive.
The model outlook is currently moderate.
- •Valuation scores attractively
- •Recent buyback activity is present
- •Debt service risk
- •Dividend-change headline · Sep 29, 2026
- •Revenue fundamentals are weak
- •Debt / balance-sheet profile needs attention
Company-specific research
Questions worth answering for FMAO
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can FMAO maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is FMAO's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Does FMAO's balance between cash and debt leave enough flexibility if business conditions weaken?
- •Is FMAO's valuation discount tied to a temporary concern or to a longer-term business risk?
Essential Investment Snapshot
Wall Street Score
58
Opportunity Score
74
Market Cap
$503.7M
P/E Ratio
11.9
EPS
$2.91
52-Week High
$36.12
52-Week Low
$22.77
Beta
0.80
Intrinsic Value
$112.04
Analyst Target
$36.00
Shares Outstanding
13.7M
Total Revenue
$194.9M
Total Debt
$218.2M
Dividend Yield (TTM)
2.57%
Liquidation Value / Share
$28.15
Dividend / Share (TTM)
$0.94
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Building upward momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for FMAO
Detected from reported data — verify before acting.Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Historical repurchase activity
Reported cash flows or share-count measures indicate past repurchase activity. This does not verify an active buyback authorization or future purchases.
Debt service risk
Interest coverage is low (~0.6x). Earnings may be strained to cover interest expense.
Dividend-change headline · Sep 29, 2026
Farmers & Merchants Bancorp, Inc. Announces 32nd Consecutive Annual Increase in Dividend and a Special Dividend Commemorating America's 250th Anniversary — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
GlobeNewsWireCommunity Sentiment
0 active · 0 total callsNo personal call yet on FMAO.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Strong community banking presence in Ohio and Indiana.
- +Diversified loan portfolio across commercial, agricultural, and consumer segments.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the Banks - Regional industry.
- −Interest rate risk affecting net interest margin.
- −Credit risk associated with loan portfolio quality.
- −Cybersecurity and operational risks related to third-party technology providers.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
6 historical score records availablePrevious Score
58
Sep 24, 2026
Change
Unchanged
Current Score
58
Oct 1, 2026
Category Changes
FMAO score was unchanged.
Projected Score
Projected Score
69
Projected Change
+10.6 points
Preliminary comparable-period financial changes suggest improvement of approximately 10.6 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
Review model assumptionsThis model estimate is more than three times the share price.
This is a formula-based estimate, not a verified fair value or price target. Check the earnings and growth assumptions.
Stored EPS: $2.91 · Growth assumption: 11.5% · Earnings multiplier: 31.5×.
Current Price
$36.57
Model Intrinsic Value
$112.04
Difference
−$75.47
-67.4% vs IV
Margin of Safety
67.4%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $194.9M | $189.1M | $176.6M | $152.0M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $68.4M | $71.3M | $77.9M | $60.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $126.5M | $117.8M | $98.6M | $91.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $30.9M | $10.1M | $48.4M | $45.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $75.3M | $75.2M | $66.1M | $63.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $56.7M | $49.5M | $38.9M | $34.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $51.2M | $42.5M | $32.6M | $28.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $67.0M | $69.3M | $77.7M | $58.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $51.2M | $42.5M | $32.6M | $28.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $11.1M | $9.2M | $6.6M | $5.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $40.0M | $33.3M | $25.9M | $22.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $2.91 | $3.41 | $1.90 | $1.67 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 13.75M | 13.67M | 13.42M | 13.64M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 13.79M | 13.67M | 13.42M | 13.64M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$50.8M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.86
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
-13.0%
Cash Change
+74.0%
Margin Change
+6.9 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
- Margins expanded
- Cash position grew
- Debt reduced
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 7.8%. EPS increased 53.6%. Cash increased 74.0%. Total debt declined 13.0%. Net income margin improved by 6.9 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
Smart Money
Number of Gurus
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Log in to view dividend history.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
6 historical recordsHistorical Score Chart
3 of 6 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
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Rumor Mill · FMAO
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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