FMCBOTCNational Commercial BanksFiscal year ends December 31
FARMERS & MERCHANTS BANCORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$1438.88−6.44 (-0.45%)
Close on Oct 19, 2026
- Market cap
- $977.81M
- P/E (TTM)
- 10.3
- Dividend yield
- 1.34%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
38.6%+2.9 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 | +6.8% | +6.7% | +8.1% | +9.1% | |
| Net income | +5.8% | +7.6% | +9.8% | +13.1% | |
| EPS, diluted | +10.7% | +11.5% | +12.6% | – | |
| Free cash flow | -4.7% | -0.3% | +13.9% | +10.8% | |
| Dividend per share | +6.9% | +6.2% | +5.6% | +4.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 11.2% | 14.8% | 15.4% | |
| Return on assets | 1.1% | 1.4% | 1.7% | |
| Capex to revenue | 1.4% | 4.7% | 3.1% | |
| Diluted shares | 1M | 1M | 1M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Farmers & Merchants Bancorp generated $463.02M from operations and spent $174.38M on capital expenditure, dividends and share buybacks. 12% of that went back into the business.
Generated
$463.02M
Used
$174.38M
Capital expenditure$21.21M12%Dividends$64.31M37%Share buybacks$88.86M51%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin38.6%
×Asset turnover0.04×
×Equity multiplier9.08×
=Return on equity, FY202515.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 38.6% | 0.04× | 9.08× | 15.4% |
| FY2024 | 38.9% | 0.04× | 9.51× | 15.8% |
| FY2023 | 38.3% | 0.04× | 10.28× | 17.1% |
| FY2022 | 37.6% | 0.04× | 11.08× | 15.8% |
| FY2021 | 36.4% | 0.04× | 10.97× | 15.0% |
| FY2020 | 35.6% | 0.04× | 10.43× | 14.8% |
| FY2019 | 35.5% | 0.04× | 10.52× | 16.5% |
| FY2018 | 32.4% | 0.04× | 10.66× | 14.9% |
| FY2017 | 22.7% | 0.04× | 10.35× | 9.8% |
| FY2016 | 26.9% | 0.04× | 10.41× | 11.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$93.61M
- Cash generatingOperating cash flow above zero$104.19M
- Return on assets improvedROA up on the prior year1.7% → 1.7%
- Earnings backed by cashOperating cash flow above net income$104.19M vs $93.61M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise1M → 1M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.04 → 0.05