FMAONasdaqSavings Institution, Federally CharteredFiscal year ends December 31
FARMERS & MERCHANTS BANCORP INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$35.04−0.28 (-0.79%)
Close on Oct 19, 2026
- Market cap
- $476.56M
- P/E (TTM)
- 12.0
- Dividend yield
- 2.57%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
27.4%+1.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +19.6% | +5.8% | +9.7% | +11.5% | |
| Net income | +28.4% | +0.8% | +10.6% | +12.4% | |
| EPS, diluted | +27.9% | -0.4% | +6.2% | +8.1% | |
| Free cash flow | +14.3% | -2.8% | +7.7% | +10.3% | |
| Dividend per share | +2.0% | +3.5% | +6.4% | +7.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 9.5% | 8.4% | 9.4% | |
| Return on assets | 1.1% | 1.1% | 1.0% | |
| Capex to revenue | 5.4% | 4.2% | 1.5% | |
| Diluted shares | 9M | 11M | 14M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Farmers & Merchants Bancorp generated $166.77M from operations and spent $74.31M on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$166.77M
Used
$74.31M
Capital expenditure$19.13M26%Dividends$53.29M72%Share buybacks$1.89M3%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin27.4%
×Asset turnover0.04×
×Equity multiplier9.63×
=Return on equity, FY20259.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 27.4% | 0.04× | 9.63× | 9.4% |
| FY2024 | 25.5% | 0.03× | 10.20× | 8.0% |
| FY2023 | 23.4% | 0.03× | 10.25× | 7.4% |
| FY2022 | 31.7% | 0.04× | 9.50× | 10.9% |
| FY2021 | 27.0% | 0.04× | 8.32× | 8.6% |
| FY2020 | 26.2% | 0.04× | 7.34× | 8.4% |
| FY2019 | 28.2% | 0.05× | 7.29× | 9.9% |
| FY2018 | 29.5% | 0.05× | 8.01× | 10.8% |
| FY2017 | 27.1% | 0.04× | 8.33× | 9.8% |
| FY2016 | 26.0% | 0.04× | 8.32× | 9.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$33.31M
- Cash generatingOperating cash flow above zero$36.74M
- Return on assets improvedROA up on the prior year0.8% → 1.0%
- Earnings backed by cashOperating cash flow above net income$36.74M vs $33.31M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise13M → 14M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.03 → 0.04