Farmers & Merchants Bancorp Inc
Research Farmers & Merchants Bancorp Inc (FMAO) on Bullrun: valuation model: 6.7% overvalued, market cap USD 456.62M, P/E 12.1, dividend yield 2.7%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerFMAO
- ExchangeNASDAQ
- CountryUnited States
- SectorFinancial Services
- IndustryBanks-Regional
- CurrencyUSD
- Valuation signal6.7% overvalued
- Market capUSD 456.62M
- P/E12.1
- Dividend yield2.7%
- Financial periodQ2 2026
- RevenueUSD 33.21M
- Net incomeUSD 11.80M
- Free cash flowUSD 10.59M
Valuation Snapshot
Bullrun's latest valuation model marks Farmers & Merchants Bancorp Inc as 6.7% overvalued; latest market cap is USD 456.62M; P/E is 12.1; dividend yield is 2.7%.
Peer valuation comparison
Latest P/E is 12.11x versus a Financial Services sector median of 13.41x (9.7% below).
Latest dividend yield is 2.69% versus a Financial Services sector median of 3.66% (26.4% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 117.62M | USD 33.31M | USD 34.97M | n/a | 2.43 | USD 98.75M | USD 262.31M | USD 370.86M |
| FY2024 | USD 98.90M | USD 25.94M | USD 30.60M | n/a | 1.9 | USD 177.34M | USD 280.87M | USD 335.21M |
| FY2023 | USD 93.64M | USD 22.79M | USD 11.22M | n/a | 1.67 | USD 143.66M | USD 300.45M | USD 316.54M |
| FY2022 | USD 99.30M | USD 32.52M | USD 38.07M | n/a | 2.46 | USD 87.53M | USD 172.07M | USD 298.14M |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 456.62M | 12.1 | 2.7% | 0.94 |
| 2025 | 2025-12-31 | USD 339.85M | 10.2 | 3.6% | 0.9 |
| 2024 | 2024-12-31 | USD 403.45M | 15.7 | 3.0% | 0.88 |
| 2023 | 2023-12-29 | USD 338.92M | 13.9 | 3.4% | 0.85 |
| 2022 | 2022-12-30 | USD 369.83M | 10.7 | 3.0% | 0.81 |
| 2021 | 2021-12-31 | USD 428.96M | 16.4 | 2.2% | 0.71 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 0.94 USD, yield 2.7%.
| Year | Dividends/share |
|---|---|
| FY2025 | 0.9 USD |
| FY2024 | 0.88 USD |
| FY2023 | 0.85 USD |
| FY2022 | 0.81 USD |
About Farmers & Merchants Bancorp Inc
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts.
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Frequently asked questions
Is Farmers & Merchants Bancorp Inc overvalued or undervalued?
Bullrun's valuation model currently marks Farmers & Merchants Bancorp Inc as 6.7% overvalued.
What is Farmers & Merchants Bancorp Inc's market cap?
Farmers & Merchants Bancorp Inc's market capitalization is USD 456.62M.
What is Farmers & Merchants Bancorp Inc's P/E ratio?
Farmers & Merchants Bancorp Inc's price-to-earnings (P/E) ratio is 12.1.
Does Farmers & Merchants Bancorp Inc pay a dividend?
Farmers & Merchants Bancorp Inc has a dividend yield of 2.7%.
What does Farmers & Merchants Bancorp Inc do?
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts.