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Farmers & Merchants Bancshares, Inc. (FMFG) stock analysis

FMFGOTCSavings Institutions, Not Federally CharteredFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Nov 13, 2026Score 6/30
$18.60+0.00 (0.00%)

Close on Oct 19, 2026Market cap $60.75MP/E 8.1Yield –

StockData Score

Prices as of Nov 13, 2026How the score works

Value0Growth2Performance3Health1Dividend0

Weak6 of 30 checks passed

Farmers & Merchants Bancshares passes 6 of the 30 checks behind our score; 14 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
0/6
Growth
2/6
Past performance
3/6
Financial health
1/6
Dividend
0/6

What stands out

  • Earnings grew over 5 years

    Net income grew 16.5% a year on average over the last five fiscal years.

  • Earnings growth accelerating

    Net income grew 51.1% over the last twelve months, against a 5-year average of 16.5% a year.

  • Loans funded by deposits

    Loans equal 91.5% of deposits, so lending is funded by customer deposits.

  • Growing faster than the industry

    Revenue grew 15.7% over the last twelve months; the Savings Institutions median is 8.4%.

What to watch

  • Return on equity under 15%

    Return on equity was 11.4% over the last twelve months and averaged 12.2% over five years; we look for 15% on both.

  • Revenue growing under 10% a year

    Revenue grew -0.1% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -12.0% a year over the last three fiscal years.

  • Thin capital

    Equity is 7.8% of total assets; 8% or more is a comfortable cushion.

Valuation0/6

  • P/E against its history

    Not enough price and earnings history to compare.

  • P/E against the industry

    Needs positive earnings and enough profitable companies in the industry.

  • P/S against the industry

    Not enough revenue data to compare.

  • P/B against the industry

    Needs positive book value.

  • Price against fair value

    We could not estimate a fair value: it needs at least two valuation methods with positive inputs.

  • Margin of safety

    Depends on the fair value estimate.

Growth2/6

  • Revenue growing under 10% a year

    Revenue grew -0.1% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew -12.0% a year over the last three fiscal years.

  • Earnings growth accelerating

    Net income grew 51.1% over the last twelve months, against a 5-year average of 16.5% a year.

  • Growing faster than the industry

    Revenue grew 15.7% over the last twelve months; the Savings Institutions median is 8.4%.

  • Company guidance

    No outlook found in earnings releases from the last twelve months.

  • Gross margin trend

    Banks and insurers do not report gross profit.

Past performance3/6

  • Return on equity under 15%

    Return on equity was 11.4% over the last twelve months and averaged 12.2% over five years; we look for 15% on both.

  • Return on assets under 1%

    Return on assets was 0.9%; for a bank or insurer, 1% or more is considered good.

  • Return on equity above the industry

    Farmers & Merchants Bancshares's return on equity of 11.4% is above the Savings Institutions median of 5.9%.

  • Earnings grew over 5 years

    Net income grew 16.5% a year on average over the last five fiscal years.

  • Net margin below its 5-year average

    Net margin was 25.5% over the last twelve months, against a 5-year average of 26.4%.

  • Net margin above the industry

    Farmers & Merchants Bancshares's net margin of 25.5% is above the Savings Institutions median of 21.8%.

Financial health1/6

  • Thin capital

    Equity is 7.8% of total assets; 8% or more is a comfortable cushion.

  • Loans funded by deposits

    Loans equal 91.5% of deposits, so lending is funded by customer deposits.

  • Thin loan-loss reserve

    The allowance for credit losses is 0.7% of loans; we look for at least 1%.

  • High cost base

    Non-interest expense takes 65.8% of revenue; under 60% is efficient for a bank.

  • Deposits shrinking

    Deposits fell 2.5% over the past year.

  • Borrowings

    Needs debt and equity figures.

Dividend0/6

  • No dividend

    Farmers & Merchants Bancshares has not paid a dividend in the last twelve months.

  • Yield against Treasuries

    No dividend.

  • Yield against the market

    No dividend.

  • Dividend stability

    No dividend.

  • Earnings cover

    No dividend.

  • Cash-flow cover

    No dividend.

Scores of similar companies

Fair value

How we estimate it

We don't publish a fair value for Farmers & Merchants Bancshares. It needs a US-dollar share price, at least two valuation methods with positive inputs (earnings, EBITDA, book value or sales) and, for companies with several share classes, classes that trade at the same price.

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 8.6
  • Savings Institutions median 13.6

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Margins

Share of revenue, fiscal years 2015 to 2025

Net margin

21.9%+8.0 pts over 5 years

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