FMAO Stock Analysis: Farmers & Merchants Bancorp | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 422m USD | 12M Return: 18.8% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.07M
EPS Trend: 70.3%
Qual. Beats: 8
Rev. Trend: 95.8%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Seasonality
Farmers & Merchants Bancorp, Inc. (FMAO) is a financial holding company headquartered in Archbold, Ohio, operating as the parent entity for The Farmers & Merchants State Bank. Established in 1897, the institution provides traditional commercial banking services to individuals and small businesses across Northwest Ohio, Northeast Indiana, and Southeast Michigan.
The company’s business model focuses heavily on community-based lending, with a specialized emphasis on the agricultural sector. Its portfolio includes financing for farmland, livestock, and equipment, alongside standard commercial real estate and residential mortgage products. Regional banks like FMAO often rely on a high proportion of low-cost core deposits to fund their localized loan portfolios.
Service offerings extend to digital banking platforms, remote deposit capture, and automated clearing house (ACH) transmittal services. As a small-cap regional bank, the firm operates in a sector where net interest margin is heavily influenced by local economic conditions and federal interest rate cycles. You can analyze these valuation metrics further on ValueRay.
- Net interest margin sensitivity to Federal Reserve monetary policy shifts
- Agricultural and commercial loan demand in Midwest regional markets
- Asset quality and credit loss provisions for farming sector exposure
- Strategic expansion through acquisitions in Ohio and Michigan corridors
| Net Income: 35.9m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.26 > 1.0 |
| NWC/Revenue: -1.29k% < 20% (prev -1.32k%; Δ 24.43% < -1%) |
| CFO/TA 0.01 > 3% & CFO 34.0m > Net Income 35.9m |
| Net Debt (-88.5m) to EBITDA (53.3m): -1.66 < 3 |
| Current Ratio: 0.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (13.8m) vs 12m ago 1.85% < -2% |
| Gross Margin: 63.48% > 18% (prev 56.77%; Δ 6.71% > 0.5%) |
| Asset Turnover: 5.57% > 50% (prev 5.30%; Δ 0.27% > 0%) |
| Interest Coverage Ratio: 0.68 > 6 (EBIT TTM 46.1m / Interest Expense TTM 68.0m) |
| A: -0.71 (Total Current Assets 357.2m - Total Current Liabilities 2.83b) / Total Assets 3.49b |
| B: 0.08 (Retained Earnings 264.6m / Total Assets 3.49b) |
| C: 0.01 (EBIT TTM 46.1m / Avg Total Assets 3.44b) |
| D: 0.12 (Book Value of Equity 375.9m / Total Liabilities 3.11b) |
| Altman-Z'' = -4.18 = D |
As of July 08, 2026, the stock is trading at USD 30.30 with a total of 67,933 shares traded. Over the past week, the price has changed by -0.85%, over one month by +7.68%, over three months by +16.00% and over the past year by +18.78%.
Current recommended Stop Loss: 29.20 (which is 3.6% or 1.3 ATR below the current price).
Farmers & Merchants Bancorp has received a consensus analysts rating of 3.00. Therefore, it is recommended to hold FMAO.
- StrongBuy: 0
- Buy: 0
- Hold: 3
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 29.8 | -1.6% |
P/E Trailing = 11.7061
P/E Forward = 13.8889
P/S = 3.4071
P/B = 1.1232
Revenue TTM = 191.3m USD
EBIT TTM = 46.1m USD
EBITDA TTM = 53.3m USD
Long Term Debt = 253.9m USD (from longTermDebt, last quarter)
Short Term Debt = 14.8m USD (from shortTermDebt, last quarter)
Debt = 268.7m USD (from shortLongTermDebtTotal, last quarter)
Net Debt = -88.5m USD (calculated: Debt 268.7m - CCE 357.2m)
Enterprise Value = 333.8m USD (422.3m + Debt 268.7m - CCE 357.2m)
Interest Coverage Ratio = 0.68 (Ebit TTM 46.1m / Interest Expense TTM 68.0m)
EV/FCF = 10.44x (Enterprise Value 333.8m / FCF TTM 32.0m)
FCF Yield = 9.58% (FCF TTM 32.0m / Enterprise Value 333.8m)
FCF Margin = 16.71% (FCF TTM 32.0m / Revenue TTM 191.3m)
Net Margin = 18.78% (Net Income TTM 35.9m / Revenue TTM 191.3m)
Gross Margin = 63.48% ((Revenue TTM 191.3m - Cost of Revenue TTM 69.9m) / Revenue TTM)
Gross Margin QoQ = 66.17% (prev 64.29%)
Tobins Q-Ratio = 0.10 (Enterprise Value 333.8m / Total Assets 3.49b)
Interest Expense / Debt = 25.31% (Interest Expense 68.0m / Debt 268.7m)
Taxrate = 22.05% (10.2m / 46.1m)
NOPAT = 35.9m (EBIT 46.1m * (1 - 22.05%))
Current Ratio = 0.13 (Total Current Assets 357.2m / Total Current Liabilities 2.83b)
Debt / Equity = 0.71 (Debt 268.7m / totalStockholderEquity, last quarter 375.9m)
Debt / EBITDA = -1.66 (Net Debt -88.5m / EBITDA 53.3m)
Debt / FCF = -2.77 (Net Debt -88.5m / FCF TTM 32.0m)
Total Stockholder Equity = 364.8m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.05% (Net Income 35.9m / Total Assets 3.49b)
RoE = 9.85% (Net Income TTM 35.9m / Total Stockholder Equity 364.8m)
RoCE = 7.45% (EBIT 46.1m / Capital Employed (Equity 364.8m + L.T.Debt 253.9m))
RoIC = 5.42% (NOPAT 35.9m / Invested Capital 663.2m)
WACC = 13.18% (E(422.3m)/V(691.0m) * Re(9.01%) + D(268.7m)/V(691.0m) * Rd(25.31%) * (1-Tc(0.22)))
Discount Rate = 9.01% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 25.61 | Cagr: 0.41%
[DCF] Terminal Value 57.37% ; FCFF base≈35.2m ; Y1≈30.8m ; Y5≈24.9m
[DCF] Fair Price = 22.73 (EV 224.5m - Net Debt -88.5m = Equity 313.0m / Shares 13.8m; r=13.18% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 70.31 | EPS CAGR: 14.16% | SUE: 1.40 | # QB: 8
Revenue Correlation: 95.80 | Revenue CAGR: 12.43% | SUE: 0.69 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.67 | Chg30d=+0.00% | Revisions=-40% | Analysts=3
EPS next Quarter (2026-09-30): EPS=0.71 | Chg30d=+0.00% | Revisions=+17% | Analysts=3
EPS current Year (2026-12-31): EPS=2.84 | Chg30d=+0.00% | Revisions=+40% | GrowthEPS=+16.9% | GrowthRev=+15.2%
EPS next Year (2027-12-31): EPS=3.01 | Chg30d=+0.00% | Revisions=+50% | GrowthEPS=+6.1% | GrowthRev=+6.7%
[Analyst] Revisions Ratio: +31% (up=7, down=3)