Farmers & Merchants Bancorp, Inc. (FMAO) Key Metrics
FMAO valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $486.5M
- Enterprise value
- $542.4M
- P/E (TTM)
- 12.2 10-yr median 15.0
- Forward P/E
- 15.9
- PEG ratio
- —
- Price / sales
- 3.8 10-yr median 3.3
- Price / book
- 1.2 10-yr median 1.2
- EV / EBITDA
- — 10-yr median 4.9
- Dividend yield
- 2.72% $0.96 a year
- Beta
- 0.81
FMAO key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsFMAO valuation Price multiples at each fiscal year-end price.
FMAO returns How much profit the business earns on the capital it uses.
FMAO per-share figures Results divided by the shares outstanding at year-end.
FMAO financial health Debt, liquidity and how easily interest is covered.
FMAO efficiency & capital use Working capital cycle and where the cash goes.
FMAO valuation history
FMAO returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
FMAO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
FMAO cash returned to shareholders
FMAO price vs earnings per share
FMAO key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $337.9M | $395.2M | $338.3M | $355.8M | $379.9M | $254.4M | $332.6M | $357.4M | $376.1M | $161.4M |
| Enterprise value | $328.4M | $101.9M | $164.8M | $103.8M | −$91.4M | −$108.2M | $128.7M | $179.6M | $186.7M | −$6.1M |
| P/E ratio | 10.1 | 15.2 | 14.8 | 10.9 | 16.2 | 12.7 | 18.1 | 23.9 | 29.6 | 13.8 |
| Price / sales | 1.8 | 2.2 | 2.2 | 3.1 | 4.1 | 3.0 | 4.2 | 6.4 | 7.4 | 3.4 |
| Price / book | 0.9 | 1.2 | 1.1 | 1.2 | 0.1 | 1.0 | 1.4 | 2.5 | 2.8 | 1.3 |
| Price / free cash flow | 9.8 | 12.9 | 30.2 | 9.3 | 11.6 | 10.5 | 16.3 | 44.1 | 23.9 | 16.1 |
| Price / operating cash flow | 9.3 | 12.2 | 15.3 | 8.7 | 10.9 | 9.3 | 13.9 | 33.3 | 21.3 | 13.0 |
| EV / sales | 1.7 | 0.6 | 1.1 | 0.9 | -1.0 | -1.3 | 1.6 | 3.2 | 3.7 | -0.1 |
| EV / EBITDA | 6.6 | 2.6 | 4.8 | 2.3 | — | — | 4.9 | 8.8 | 9.3 | — |
| EV / free cash flow | 9.5 | 3.3 | 14.7 | 2.7 | — | — | 6.3 | 22.1 | 11.8 | — |
| Earnings yield | 9.9% | 6.6% | 6.7% | 9.1% | 6.2% | 7.9% | 5.5% | 4.2% | 3.4% | 7.2% |
| Free cash flow yield | 10.2% | 7.7% | 3.3% | 10.7% | 8.6% | 9.5% | 6.1% | 2.3% | 4.2% | 6.2% |
| Dividend yield | 3.6% | 3.0% | 3.4% | 2.9% | 2.0% | 2.8% | 1.9% | 1.4% | 1.2% | 2.6% |
| Shareholder yield (dividends + buybacks) | 3.7% | 3.2% | 3.4% | 3.0% | 2.1% | 3.0% | 2.0% | 1.5% | 1.2% | 2.7% |
| Share price at fiscal year-end | $24.72 | $29.45 | $24.80 | $27.18 | $32.83 | $23.00 | $30.15 | $38.49 | $40.80 | $17.50 |
| Per share | ||||||||||
| Revenue per share | $13.84 | $13.16 | $11.15 | $8.68 | $7.97 | $7.71 | $7.10 | $6.02 | $5.51 | $5.18 |
| Earnings per share | $2.44 | $1.93 | $1.67 | $2.48 | $2.03 | $1.82 | $1.67 | $1.61 | $1.38 | $1.27 |
| Operating cash flow per share | $2.66 | $2.42 | $1.62 | $3.11 | $3.00 | $2.48 | $2.17 | $1.16 | $1.91 | $1.35 |
| Free cash flow per share | $2.53 | $2.28 | $0.82 | $2.91 | $2.83 | $2.18 | $1.85 | $0.87 | $1.71 | $1.09 |
| Cash per share | $22.64 | $44.82 | $36.81 | $36.54 | $49.81 | $37.13 | $25.09 | $22.61 | $25.38 | $26.87 |
| Book value per share | $27.13 | $24.98 | $23.21 | $22.77 | $219.51 | $22.53 | $20.88 | $15.43 | $14.55 | $13.62 |
| Tangible book value per share | $20.44 | $18.12 | $16.46 | $15.91 | $212.28 | $17.95 | $16.35 | $14.74 | $13.86 | $12.94 |
| Dividends per share | $0.88 | $0.89 | $0.83 | $0.78 | $0.66 | $0.65 | $0.58 | $0.53 | $0.48 | $0.45 |
| Capex per share | $0.13 | $0.14 | $0.80 | $0.20 | $0.17 | $0.29 | $0.32 | $0.28 | $0.20 | $0.26 |
| Debt per share | $21.95 | $22.96 | $24.09 | $17.28 | $9.09 | $4.35 | $6.61 | $3.47 | $4.83 | $8.71 |
| Shares outstanding | 13.7M | 13.4M | 13.6M | 13.1M | 11.6M | 11.1M | 11.0M | 9.3M | 9.2M | 9.2M |
| Change in shares outstanding | +1.9% | −1.6% | +4.2% | +13.1% | +4.6% | +0.3% | +18.8% | +0.7% | −0.0% | −0.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 9.4% | 8.0% | 7.4% | 2.3% | 1.7% | 8.4% | 9.9% | 10.8% | 9.8% | 9.5% |
| Return on invested capital (ROIC) | 16.5% | 28.0% | 24.1% | 3.1% | 2.4% | — | — | — | — | — |
| Return on assets (ROA) | 1.0% | 0.8% | 0.7% | 1.2% | 1.0% | 1.1% | 1.4% | 1.3% | 1.2% | 1.1% |
| Return on tangible assets | 1.0% | 0.8% | 0.7% | 1.1% | 0.9% | 1.1% | 1.2% | 1.3% | 1.2% | 1.1% |
| Free cash flow margin | 18.3% | 17.3% | 7.4% | 33.5% | 35.6% | 28.3% | 26.1% | 14.5% | 31.0% | 21.0% |
| Income quality (OCF / net income) | 1.09 | 1.25 | 0.97 | 1.25 | 1.48 | 1.36 | 1.30 | 0.72 | 1.39 | 1.07 |
| Financial health | ||||||||||
| Total debt | $300.0M | $308.1M | $328.7M | $226.3M | $105.1M | $48.1M | $72.9M | $32.2M | $44.5M | $80.3M |
| Cash & short-term investments | $309.5M | $601.4M | $502.1M | $478.3M | $576.3M | $410.7M | $276.7M | $210.0M | $233.9M | $247.8M |
| Net debt | −$9.4M | −$293.3M | −$173.5M | −$252.0M | −$471.2M | −$362.6M | −$203.9M | −$177.8M | −$189.4M | −$167.5M |
| Debt / equity | 0.81 | 0.92 | 1.04 | 0.76 | 0.04 | 0.19 | 0.32 | 0.22 | 0.33 | 0.64 |
| Debt / assets | 0.09 | 0.09 | 0.10 | 0.08 | 0.04 | 0.03 | 0.05 | 0.03 | 0.04 | 0.08 |
| Net debt / EBITDA | −0.19 | −7.53 | −5.08 | −5.66 | −13.66 | −12.29 | −7.76 | −8.68 | −9.45 | −9.04 |
| Current ratio | 0.11 | 0.22 | 0.19 | 0.19 | 0.50 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Quick ratio | 0.11 | 0.22 | 0.19 | 0.19 | 0.50 | 0.25 | 0.20 | 0.22 | 0.24 | 0.27 |
| Interest coverage | 0.6 | 0.4 | 0.5 | 2.8 | 4.0 | 2.4 | 1.5 | 2.8 | 3.5 | 3.9 |
| Working capital | −$2.46B | −$2.11B | −$2.13B | −$2.06B | −$580.9M | −$1.23B | −$1.08B | −$762.9M | −$734.0M | −$674.4M |
| Invested capital | $361.4M | $41.9M | $143.1M | $46.1M | $2.07B | −$113.5M | $26.4M | −$34.5M | −$55.3M | −$41.9M |
| Tangible asset value | $279.3M | $243.2M | $224.5M | $208.2M | $2.46B | $198.5M | $180.3M | $136.8M | $127.8M | $119.3M |
| Net current asset value | −$2.75B | −$2.42B | −$2.46B | −$2.24B | $477.8M | −$1.25B | −$1.10B | −$762.9M | −$739.0M | −$684.4M |
| Graham number | $38.57 | $32.96 | $29.53 | $35.68 | $100.15 | $30.34 | $27.99 | $23.64 | $21.26 | $19.69 |
| Graham net-net per share | −$200.86 | −$180.95 | −$180.67 | −$171.03 | $41.30 | −$112.97 | −$99.75 | −$82.13 | −$80.14 | −$73.98 |
| Capital allocation | ||||||||||
| Dividends paid | $12.1M | $11.9M | $11.3M | $10.3M | $7.7M | $7.2M | $6.3M | $5.0M | $4.4M | $4.1M |
| Share buybacks (net) | $362,000 | $664,000 | $218,000 | $308,000 | $338,000 | $383,000 | $381,000 | $490,000 | $196,000 | $194,000 |
| Dividend payout ratio | 36.3% | 46.0% | 49.7% | 31.6% | 32.6% | 35.8% | 34.5% | 33.2% | 34.9% | 35.3% |
| Dividends + buybacks / free cash flow | 36.0% | 41.1% | 103.0% | 27.8% | 24.4% | 31.3% | 32.9% | 67.2% | 29.4% | 43.0% |
| Capex / revenue | 0.9% | 1.1% | 7.2% | 2.3% | 2.1% | 3.8% | 4.5% | 4.7% | 3.7% | 5.0% |
| Capex / operating cash flow | 4.9% | 5.8% | 49.3% | 6.4% | 5.7% | 11.8% | 14.7% | 24.5% | 10.7% | 19.4% |
| Capex / depreciation | 0.25 | 0.29 | 1.89 | 0.65 | 0.39 | 0.75 | 1.00 | 1.17 | 0.88 | 1.09 |
| Stock-based compensation / revenue | 0.8% | 0.9% | 1.0% | 0.8% | 0.9% | 1.2% | 1.4% | 1.3% | 1.0% | 0.8% |
| SG&A / revenue | 5.3% | 27.4% | 29.9% | 33.5% | 41.4% | 37.7% | 38.2% | 41.7% | 42.0% | 41.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 22.6 | — | — | — | — | — | — | — | — | — |
| Days of inventory on hand | — | — | — | — | 3.9 | 3.0 | 9.3 | 33.7 | 49.4 | 66.6 |
| Days payables outstanding | — | — | — | 21,323.4 | 37,386.3 | 13,702.4 | 25,453.1 | 48,910.1 | 60,101.3 | 55,103.2 |
| Receivables turnover | 16.16 | — | — | — | — | — | — | — | — | — |
| Payables turnover | — | — | — | 0.02 | 0.01 | 0.03 | 0.01 | 0.01 | 0.01 | 0.01 |
| Inventory turnover | — | — | — | — | 93.79 | 121.92 | 39.06 | 10.83 | 7.39 | 5.48 |
| Asset turnover | 0.06 | 0.05 | 0.05 | 0.04 | 0.04 | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 |
| Average receivables | $11.7M | — | — | — | — | — | — | — | — | — |
| Average payables | — | — | — | $1.11B | $1.10B | $652.2M | $1.11B | $924.1M | $880.8M | $806.8M |
| Average inventory | — | — | — | — | $115,000 | $142,500 | $407,000 | $637,000 | $724,000 | $974,500 |
| Intangibles / total assets | 2.7% | 2.7% | 2.8% | 3.0% | 3.2% | 2.7% | 3.1% | 0.6% | 0.6% | 0.6% |
Computed from FMAO's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
FMAO valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Farmers & Merchants Bancorp traded at 10.1 times earnings, against a 10-year median of 15.0. Based on the latest twelve months, the trailing P/E is 12.2 and the forward P/E is 15.9. Farmers & Merchants Bancorp earned a return on equity of 9.4% and a return on invested capital of 16.5% in fiscal 2025. It ended the year with $300.0 million of debt and $309.5 million in cash and short-term investments, a net cash position of $9.4 million. It returned $12.4 million to shareholders: $12.1 million in dividends and $0.4 million in share buybacks, 36% of free cash flow. The share count rose 48.2% from 9.2M to 13.7M over 9 years.
See the FMAO income statement, the FMAO chart for price history, or the FMAO stock overview for the latest quote and news.
FMAO key metrics FAQ
What is Farmers & Merchants Bancorp's P/E ratio?
Farmers & Merchants Bancorp's trailing P/E ratio is 12.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 15.9. At the end of fiscal 2025 it was 10.1, compared with a 10-year median of 15.0.
What is Farmers & Merchants Bancorp's EV/EBITDA?
Farmers & Merchants Bancorp's enterprise value was 6.6 times EBITDA at the end of fiscal 2025 (enterprise value $328.4 million, EBITDA $49.5 million).
What is Farmers & Merchants Bancorp's return on equity?
Farmers & Merchants Bancorp's return on equity (ROE) was 9.4% in fiscal 2025: net income of $33.3 million on average shareholders' equity of $353.0 million.
What is Farmers & Merchants Bancorp's ROIC?
Farmers & Merchants Bancorp's return on invested capital was 16.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Farmers & Merchants Bancorp have?
Farmers & Merchants Bancorp had total debt of $300.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.81 and more cash than debt.
What is Farmers & Merchants Bancorp's dividend yield?
Farmers & Merchants Bancorp's forward dividend yield is 2.72%. Farmers & Merchants Bancorp paid $12.1 million in dividends in fiscal 2025 ($0.88 per share), a payout ratio of 36.3%.
Does Farmers & Merchants Bancorp buy back its shares?
Yes. Farmers & Merchants Bancorp spent $0.4 million on net share repurchases in fiscal 2025 Shares outstanding changed +1.9% over the year, to 13.7M..
What is Farmers & Merchants Bancorp's free cash flow yield?
Farmers & Merchants Bancorp generated $34.6 million of free cash flow in fiscal 2025, a free cash flow yield of 10.2% on its market value at year-end ($337.9 million).
What is Farmers & Merchants Bancorp's current ratio?
Farmers & Merchants Bancorp's current ratio was 0.11 at the end of fiscal 2025: current assets were 0.11 times current liabilities.