Farmers & Merchants Bancorp, Inc. (FMAO) Balance Sheet
FMAO balance sheet, 2025
December 31, 2025 · U.S. dollars$3.43B assets = $3.06B liabilities + $370.9M equity
Both columns are drawn to the same scale: what FMAO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FMAO financial health
Descriptive bands, not a rating. Fiscal 2025.
FMAO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.06B2016 | $3.43B2025 | +14.0%/yr | |
| Total liabilities | $930.3M2016 | $3.06B2025 | +14.2%/yr | |
| Shareholders’ equity | $125.6M2016 | $370.9M2025 | +12.8%/yr | |
| Cash & short-term investments | $247.8M2016 | $309.5M2025 | +2.5%/yr | |
| Total debt | $80.3M2016 | $300.0M2025 | +15.8%/yr | |
| Net cash (debt) | $167.5M2016 | $9.4M2025 | −$158.0M | |
| Working capital | −$674.4M2016 | −$2.46B2025 | −$1.8B | |
| Book value per share | $13.622016 | $27.132025 | +8.0%/yr | |
| Debt / equity | 0.642016 | 0.812025 | +0.17 | |
| Shares outstanding | 9.2M2016 | 13.7M2025 | +4.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FMAO assets
FMAO liabilities and equity
FMAO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FMAO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $309.5M | $601.4M | $502.1M | $478.3M | $576.3M | $410.7M | $276.7M | $210.0M | $233.9M | $247.8M |
| Cash & equivalents | $98.7M | $177.3M | $143.7M | $87.5M | $146.4M | $102.9M | $54.4M | $41.5M | $37.5M | $29.3M |
| Short-term investments | $210.7M | $426.6M | $358.5M | $390.8M | $429.9M | $307.8M | $222.3M | $168.4M | $196.4M | $218.5M |
| Receivables | $11.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $159,000 | $71,000 | $214,000 | $600,000 | $674,000 | $774,000 |
| Other current assets | $0 | $4.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $309.5M | $605.4M | $502.1M | $478.3M | $576.3M | $410.7M | $276.7M | $210.0M | $233.9M | $245.9M |
| Property, plant & equipment (net) | $31.9M | $33.8M | $35.8M | $28.7M | $26.9M | $27.1M | $26.4M | $22.6M | $21.7M | $21.5M |
| Goodwill & intangible assets | $91.5M | $92.0M | $92.0M | $89.9M | $83.6M | $50.7M | $50.0M | $6.5M | $6.4M | $6.3M |
| Long-term investments | $435.1M | $441.0M | $375.6M | $400.6M | $438.1M | $1.61B | $228.1M | $172.1M | $200.1M | $222.2M |
| Other non-current assets | $2.57B | $2.19B | $2.28B | $2.02B | $1.51B | $0 | $1.03B | $705.0M | $644.9M | $560.1M |
| Total assets | $3.43B | $3.36B | $3.28B | $3.02B | $2.64B | $1.91B | $1.61B | $1.12B | $1.11B | $1.06B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $22.1M | $2.19B | $16.1M | $1.29B | $928.8M | $919.3M | $842.2M |
| Short-term debt | $37.7M | $27.2M | $28.2M | $54.2M | $30.7M | $30.2M | $48.1M | $32.2M | $39.5M | $70.3M |
| Total current liabilities | $2.77B | $2.72B | $2.64B | $2.54B | $1.16B | $1.64B | $1.35B | $972.9M | $967.9M | $920.3M |
| Long-term debt | $262.3M | $280.9M | $300.5M | $44.6M | $74.5M | $17.9M | $24.8M | $24.9M | $5.0M | $10.0M |
| Other long-term liabilities | $29.6M | $34.7M | $30.6M | $130.3M | $24.1M | $0 | $0 | $948.0M | $0 | $0 |
| Total liabilities | $3.06B | $3.03B | $2.97B | $2.72B | $98.5M | $1.66B | $1.38B | $972.9M | $972.9M | $930.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $135.5M | $135.6M | $135.5M | $135.5M | $122.7M | $81.8M | $81.5M | $10.8M | $11.5M | $11.9M |
| Retained earnings (deficit) | $257.9M | $235.9M | $221.1M | $212.4M | $189.4M | $173.6M | $160.1M | $147.9M | $136.6M | $127.9M |
| Treasury stock | — | — | — | −$11.6M | −$11.7M | −$11.9M | −$12.5M | −$12.4M | −$12.2M | −$12.3M |
| Accumulated other comprehensive income | −$11.9M | −$25.2M | −$29.0M | −$38.2M | −$3.2M | $5.7M | $1.1M | −$13.8M | −$13.4M | −$13.9M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $370.9M | $335.2M | $316.5M | $298.1M | $2.54B | $249.2M | $230.3M | $143.3M | $134.1M | $125.6M |
| Key figures | ||||||||||
| Total debt | $300.0M | $308.1M | $328.7M | $226.3M | $105.1M | $48.1M | $72.9M | $32.2M | $44.5M | $80.3M |
| Net cash (debt) | $9.4M | $293.3M | $173.5M | $252.0M | $471.2M | $362.6M | $203.9M | $177.8M | $189.4M | $167.5M |
| Working capital | −$2.46B | −$2.11B | −$2.13B | −$2.06B | −$580.9M | −$1.23B | −$1.08B | −$762.9M | −$734.0M | −$674.4M |
| Tangible book value | $279.3M | $243.2M | $224.5M | $208.2M | $2.46B | $198.5M | $180.3M | $136.8M | $127.8M | $119.3M |
| Book value per share | $27.13 | $24.98 | $23.21 | $22.77 | $219.51 | $22.53 | $20.88 | $15.43 | $14.55 | $13.62 |
| Shares outstanding | 13.7M | 13.4M | 13.6M | 13.1M | 11.6M | 11.1M | 11.0M | 9.3M | 9.2M | 9.2M |
| Current ratio | 0.11 | 0.22 | 0.19 | 0.19 | 0.50 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Quick ratio | 0.12 | 0.22 | 0.19 | 0.19 | 0.50 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Debt / equity | 0.81 | 0.92 | 1.04 | 0.76 | 0.04 | 0.19 | 0.32 | 0.22 | 0.33 | 0.64 |
| Equity / assets | 10.8% | 10.0% | 9.6% | 9.9% | 96.3% | 13.0% | 14.3% | 12.8% | 12.1% | 11.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $155.9M | $357.2M | $309.5M | $273.6M | $252.6M | $365.6M | $603.9M | $652.2M | $561.5M | $538.0M | $502.1M | $503.0M |
| Cash & equivalents | $155.9M | $174.1M | $98.7M | $117.9M | $89.6M | $174.6M | $177.3M | $247.3M | $195.0M | $189.3M | $143.7M | $154.7M |
| Short-term investments | $441.3M | $183.1M | $210.7M | $155.7M | $163.0M | $191.0M | $426.6M | $404.9M | $365.2M | $347.5M | $358.5M | $348.3M |
| Receivables | $12.6M | $11.9M | $11.7M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $168.5M | $357.2M | $309.5M | $273.6M | $252.6M | $365.6M | $603.9M | $652.2M | $561.5M | $536.8M | $502.1M | $503.0M |
| Property, plant & equipment (net) | $30.3M | $31.5M | $31.9M | $32.3M | $32.9M | $33.2M | $33.8M | $33.8M | $34.5M | $35.0M | $35.8M | $34.8M |
| Goodwill & intangible assets | $91.4M | $91.3M | $91.5M | $91.9M | $92.2M | $92.2M | $92.0M | $92.0M | $91.9M | $91.9M | $92.0M | $92.0M |
| Long-term investments | $451.9M | $195.8M | $435.1M | $155.7M | $163.0M | $452.6M | $441.0M | $419.9M | $379.9M | $362.3M | $375.6M | $365.2M |
| Other non-current assets | $2.76B | $2.81B | $2.57B | $2.84B | $2.81B | $2.45B | $2.19B | $2.19B | $2.25B | $2.26B | $2.28B | $2.24B |
| Total assets | $3.50B | $3.49B | $3.43B | $3.39B | $3.35B | $3.39B | $3.36B | $3.39B | $3.32B | $3.29B | $3.28B | $3.23B |
| Liabilities | ||||||||||||
| Short-term debt | $14.8M | $14.8M | $37.7M | $22.7M | $27.6M | $27.3M | $27.2M | $27.3M | $27.2M | $28.2M | $28.2M | $30.5M |
| Total current liabilities | $14.8M | $2.83B | $2.77B | $2.77B | $2.74B | $2.73B | $2.71B | $2.72B | $2.67B | $2.65B | $2.64B | $2.61B |
| Long-term debt | $203.4M | $253.9M | $262.3M | $222.8M | $223.3M | $280.3M | $280.9M | $297.9M | $300.9M | $291.4M | $300.5M | $301.0M |
| Other long-term liabilities | $2.90B | $28.1M | $29.6M | $31.5M | $33.8M | $36.3M | $34.7M | $40.8M | $27.8M | $25.9M | $30.6M | $24.7M |
| Total liabilities | $3.12B | $3.11B | $3.06B | $3.03B | $2.99B | $3.04B | $3.03B | $3.05B | $3.00B | $2.97B | $2.97B | $2.93B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $135.5M | $135.3M | $135.5M | $135.2M | $135.8M | $135.4M | $135.6M | $135.2M | $135.8M | $135.5M | $135.5M | $135.2M |
| Retained earnings (deficit) | $273.5M | $264.6M | $257.9M | $251.2M | $244.9M | $240.1M | $235.9M | $230.5M | $226.4M | $223.6M | $221.1M | $218.5M |
| Accumulated other comprehensive income | −$14.0M | −$13.5M | −$11.9M | −$14.0M | −$19.2M | −$20.1M | −$25.2M | −$19.4M | −$28.6M | −$30.6M | −$29.0M | −$39.5M |
| Total shareholders' equity | $384.7M | $375.9M | $370.9M | $361.8M | $350.8M | $344.6M | $335.2M | $335.4M | $322.7M | $317.7M | $316.5M | $303.2M |
| Key figures | ||||||||||||
| Total debt | $218.2M | $268.7M | $300.0M | $245.5M | $250.9M | $307.6M | $308.1M | $325.2M | $328.1M | $319.6M | $328.7M | $331.5M |
| Net cash (debt) | −$62.3M | $88.5M | $9.4M | $28.1M | $1.7M | $58.0M | $295.8M | $327.0M | $233.4M | $218.5M | $173.5M | $171.5M |
| Working capital | $153.7M | −$2.47B | −$2.46B | −$2.50B | −$2.49B | −$2.36B | −$2.11B | −$2.06B | −$2.11B | −$2.12B | −$2.13B | −$2.10B |
| Tangible book value | $293.3M | $284.6M | $279.3M | $269.9M | $258.6M | $252.4M | $243.2M | $243.4M | $230.8M | $225.8M | $224.5M | $211.1M |
| Book value per share | $27.89 | $27.26 | $26.89 | $26.72 | $25.90 | $25.45 | $24.47 | $24.79 | $23.58 | $23.24 | $23.16 | $22.21 |
| Shares outstanding | 13.8M | 13.8M | 13.8M | 13.5M | 13.5M | 13.5M | 13.7M | 13.5M | 13.7M | 13.7M | 13.7M | 13.7M |
| Current ratio | 11.41 | 0.13 | 0.11 | 0.10 | 0.09 | 0.13 | 0.22 | 0.24 | 0.21 | 0.20 | 0.19 | 0.19 |
| Quick ratio | 11.41 | 0.13 | 0.12 | 0.10 | 0.09 | 0.13 | 0.22 | 0.24 | 0.21 | 0.20 | 0.19 | 0.19 |
| Debt / equity | 0.57 | 0.71 | 0.81 | 0.68 | 0.72 | 0.89 | 0.92 | 0.97 | 1.02 | 1.01 | 1.04 | 1.09 |
| Equity / assets | 11.0% | 10.8% | 10.8% | 10.7% | 10.5% | 10.2% | 10.0% | 9.9% | 9.7% | 9.7% | 9.6% | 9.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
FMAO financial position
At the end of fiscal 2025 (December 31, 2025), Farmers & Merchants Bancorp had total assets of $3.4 billion (up 2.1% from a year earlier), total liabilities of $3.1 billion and shareholders' equity of $370.9 million. It held $309.5 million in cash and short-term investments against $300.0 million of debt, a net cash position of $9.4 million. Its current ratio was 0.11. In the latest quarter (ended June 30, 2026) total assets were $3.5 billion and equity $384.7 million.
Related: FMAO income statement, FMAO cash flow statement, FMAO key metrics. See the FMAO stock overview for the latest quote and news.
FMAO balance sheet FAQ
What are Farmers & Merchants Bancorp's total assets?
Farmers & Merchants Bancorp reported total assets of $3.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.4 billion a year earlier.
How much debt does Farmers & Merchants Bancorp have?
Farmers & Merchants Bancorp had $300.0 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.81.
How much cash does Farmers & Merchants Bancorp have?
Farmers & Merchants Bancorp held $309.5 million in cash and short-term investments at the end of fiscal 2025; with $300.0 million of debt that is net cash of $9.4 million.
What is Farmers & Merchants Bancorp's book value?
Farmers & Merchants Bancorp's shareholders' equity (book value) was $370.9 million at the end of fiscal 2025, or $27.13 per share.
What is Farmers & Merchants Bancorp's current ratio?
Farmers & Merchants Bancorp had current assets of $309.5 million and current liabilities of $2.8 billion, a current ratio of 0.11 (current liabilities exceed current assets).
How much goodwill does Farmers & Merchants Bancorp have?
Farmers & Merchants Bancorp carried $91.5 million of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.