Farmers & Merchants Bancorp In Financials
This page shows Farmers & Merchants Bancorp In (FMAO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Farmers & Merchants Bancorp In's revenue surged 17.0% year-over-year to $163.6M, reflecting rapid business expansion. This strong growth earns a score of 77/100.
Farmers & Merchants Bancorp In has elevated debt relative to equity (D/E of 9.04), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Farmers & Merchants Bancorp In converts 18.7% of revenue into free cash flow ($30.6M). This strong cash generation earns a score of 94/100.
Farmers & Merchants Bancorp In's ROE of 7.7% shows moderate profitability relative to equity, earning a score of 31/100. This is up from 7.2% the prior year.
Farmers & Merchants Bancorp In passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Farmers & Merchants Bancorp In generates $1.25 in operating cash flow ($32.5M OCF vs $25.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Farmers & Merchants Bancorp In generated $163.6M in revenue in fiscal year 2024. This represents an increase of 17.0% from the prior year.
Farmers & Merchants Bancorp In generated $30.6M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 172.8% from the prior year.
Farmers & Merchants Bancorp In reported $25.9M in net income in fiscal year 2024. This represents an increase of 13.8% from the prior year.
Farmers & Merchants Bancorp In earned $1.90 per diluted share (EPS) in fiscal year 2024. This represents an increase of 13.8% from the prior year.
Farmers & Merchants Bancorp In paid $0.88 per share in dividends in fiscal year 2024. This represents an increase of 3.8% from the prior year.
Farmers & Merchants Bancorp In had 14M shares outstanding in fiscal year 2024. This represents an increase of 0.3% from the prior year.
Farmers & Merchants Bancorp In's net profit margin was 15.9% in fiscal year 2024, showing the share of revenue converted to profit. This is down 0.4 percentage points from the prior year.
Farmers & Merchants Bancorp In's ROE was 7.7% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is up 0.5 percentage points from the prior year.
Farmers & Merchants Bancorp In spent $664K on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 204.6% from the prior year.
Farmers & Merchants Bancorp In invested $1.9M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 82.9% from the prior year.
FMAO Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $44.5M+2.3% | $43.5M+6.1% | $41.0M-2.0% | $41.9M-0.1% | $41.9M+1.8% | $41.2M+6.5% | $38.7M+1.0% | $38.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.3M-32.3% | $1.9M+29.2% | $1.5M+1.3% | $1.5M+29.9% | $1.1M-24.5% | $1.5M+12.2% | $1.3M+296.7% | $336K |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $17.6M-1.1% | $17.8M+4.0% | $17.1M-10.1% | $19.0M-6.4% | $20.3M+2.6% | $19.8M+6.8% | $18.5M+1.1% | $18.3M |
| Income Tax | $2.4M+19.7% | $2.0M+10.0% | $1.8M-15.8% | $2.1M+34.7% | $1.6M+7.9% | $1.5M+4.1% | $1.4M+6.5% | $1.3M |
| Net Income | $8.9M+14.8% | $7.7M+10.9% | $7.0M-17.1% | $8.4M+28.6% | $6.5M+14.7% | $5.7M+6.0% | $5.4M-3.3% | $5.5M |
| EPS (Diluted) | $0.64+14.3% | $0.56+9.8% | $0.51-16.4% | $0.61+27.1% | $0.48+14.3% | $0.42+7.7% | $0.39-4.9% | $0.41 |
FMAO Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B+1.3% | $3.3B-1.3% | $3.4B+0.7% | $3.4B-0.7% | $3.4B+2.0% | $3.3B+1.1% | $3.3B+0.1% | $3.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M |
| Total Liabilities | $3.0B+1.1% | $3.0B-1.6% | $3.0B+0.5% | $3.0B-0.8% | $3.1B+1.8% | $3.0B+1.0% | $3.0B+0.1% | $3.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $361.8M+3.1% | $350.8M+1.8% | $344.6M+2.8% | $335.2M-0.1% | $335.4M+3.9% | $322.7M+1.6% | $317.7M+0.4% | $316.5M |
| Retained Earnings | $251.2M+2.6% | $244.9M+2.0% | $240.1M+1.8% | $235.9M+2.3% | $230.5M+1.8% | $226.4M+1.2% | $223.6M+1.2% | $221.1M |
FMAO Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $11.2M+914.5% | $1.1M-90.0% | $11.0M+321.8% | $2.6M-86.0% | $18.7M+92.0% | $9.7M+555.3% | $1.5M-86.0% | $10.6M |
| Capital Expenditures | $475K-33.9% | $719K+86.3% | $386K-47.1% | $729K+104.2% | $357K-36.9% | $566K+158.4% | $219K-88.7% | $1.9M |
| Free Cash Flow | $10.7M+2685.7% | $385K-96.4% | $10.6M+464.8% | $1.9M-89.7% | $18.3M+100.0% | $9.2M+624.1% | $1.3M-85.4% | $8.6M |
| Investing Cash Flow | -$15.3M+57.9% | -$36.2M-49.2% | -$24.3M+54.7% | -$53.6M-1351.8% | -$3.7M+87.4% | -$29.4M-169.4% | $42.4M+188.2% | -$48.0M |
| Financing Cash Flow | $32.9M+166.2% | -$49.7M-599.0% | $10.0M+154.9% | -$18.1M-148.4% | $37.5M+50.0% | $25.0M+1330.4% | $1.7M-93.4% | $26.4M |
| Dividends Paid | $3.0M+0.1% | $3.0M0.0% | $3.0M-0.1% | $3.0M+0.8% | $3.0M0.0% | $3.0M0.0% | $3.0M+4.8% | $2.8M |
| Share Buybacks | $338K | $0-100.0% | $23K | $0-100.0% | $331K+38.5% | $239K+154.3% | $94K+394.7% | $19K |
FMAO Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 19.9%+2.2pp | 17.7%+0.8pp | 17.0%-3.1pp | 20.0%+4.5pp | 15.6%+1.7pp | 13.8%-0.1pp | 13.9%-0.6pp | 14.5% |
| Return on Equity | 2.5%+0.3pp | 2.2%+0.2pp | 2.0%-0.5pp | 2.5%+0.6pp | 1.9%+0.2pp | 1.8%+0.1pp | 1.7%-0.1pp | 1.8% |
| Return on Assets | 0.3%+0.0pp | 0.2%+0.0pp | 0.2%-0.0pp | 0.3%+0.1pp | 0.2%+0.0pp | 0.2%0.0pp | 0.2%0.0pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 8.37-0.2 | 8.54-0.3 | 8.83-0.2 | 9.04-0.1 | 9.11-0.2 | 9.30-0.1 | 9.35-0.0 | 9.37 |
| FCF Margin | 24.1%+23.2pp | 0.9%-25.0pp | 25.9%+21.4pp | 4.5%-39.2pp | 43.7%+21.5pp | 22.2%+19.0pp | 3.3%-19.3pp | 22.6% |
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Frequently Asked Questions
What is Farmers & Merchants Bancorp In's annual revenue?
Farmers & Merchants Bancorp In (FMAO) reported $163.6M in total revenue for fiscal year 2024. This represents a 17.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Farmers & Merchants Bancorp In's revenue growing?
Farmers & Merchants Bancorp In (FMAO) revenue grew by 17% year-over-year, from $139.8M to $163.6M in fiscal year 2024.
Is Farmers & Merchants Bancorp In profitable?
Yes, Farmers & Merchants Bancorp In (FMAO) reported a net income of $25.9M in fiscal year 2024, with a net profit margin of 15.9%.
What is Farmers & Merchants Bancorp In's earnings per share (EPS)?
Farmers & Merchants Bancorp In (FMAO) reported diluted earnings per share of $1.90 for fiscal year 2024. This represents a 13.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Farmers & Merchants Bancorp In's net profit margin?
Farmers & Merchants Bancorp In (FMAO) had a net profit margin of 15.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Farmers & Merchants Bancorp In pay dividends?
Yes, Farmers & Merchants Bancorp In (FMAO) paid $0.88 per share in dividends during fiscal year 2024.
What is Farmers & Merchants Bancorp In's return on equity (ROE)?
Farmers & Merchants Bancorp In (FMAO) has a return on equity of 7.7% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Farmers & Merchants Bancorp In's free cash flow?
Farmers & Merchants Bancorp In (FMAO) generated $30.6M in free cash flow during fiscal year 2024. This represents a 172.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Farmers & Merchants Bancorp In's operating cash flow?
Farmers & Merchants Bancorp In (FMAO) generated $32.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Farmers & Merchants Bancorp In's total assets?
Farmers & Merchants Bancorp In (FMAO) had $3.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Farmers & Merchants Bancorp In's capital expenditures?
Farmers & Merchants Bancorp In (FMAO) invested $1.9M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Farmers & Merchants Bancorp In buy back shares?
Yes, Farmers & Merchants Bancorp In (FMAO) spent $664K on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Farmers & Merchants Bancorp In have outstanding?
Farmers & Merchants Bancorp In (FMAO) had 14M shares outstanding as of fiscal year 2024.
What is Farmers & Merchants Bancorp In's debt-to-equity ratio?
Farmers & Merchants Bancorp In (FMAO) had a debt-to-equity ratio of 9.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Farmers & Merchants Bancorp In's return on assets (ROA)?
Farmers & Merchants Bancorp In (FMAO) had a return on assets of 0.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Farmers & Merchants Bancorp In's Piotroski F-Score?
Farmers & Merchants Bancorp In (FMAO) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Farmers & Merchants Bancorp In's earnings high quality?
Farmers & Merchants Bancorp In (FMAO) has an earnings quality ratio of 1.25x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Farmers & Merchants Bancorp In?
Farmers & Merchants Bancorp In (FMAO) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.