What is Farmers & Merchants Bancorp In's earnings per share (EPS)?

Farmers & Merchants Bancorp In (FMAO) reported diluted earnings per share of $2.43 for fiscal year 2025. This represents a 27.9% 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.

Farmers & Merchants Bancorp In Financials

FMAO

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Farmers & Merchants Bancorp In (FMAO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 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

Financial Profile 37/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Farmers & Merchants Bancorp In's revenue grew 6.1% year-over-year to $173.5M, a solid pace of expansion. This earns a growth score of 43/100.

Leverage

Farmers & Merchants Bancorp In has elevated debt relative to equity (D/E of 8.26), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

Farmers & Merchants Bancorp In converts 20.2% of revenue into free cash flow ($35.0M). This strong cash generation earns a score of 75/100.

Returns

Farmers & Merchants Bancorp In's ROE of 9.0% shows moderate profitability relative to equity, earning a score of 31/100. This is up from 7.7% the prior year.

Piotroski F-Score Neutral

5/9

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.

Earnings Quality Cash-Backed

1.10x

For every $1 of reported earnings, Farmers & Merchants Bancorp In generates $1.10 in operating cash flow ($36.7M OCF vs $33.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$173.5M

YoY+6.1%

5Y CAGR+19.9%

10Y CAGR+17.8%

Farmers & Merchants Bancorp In generated $173.5M in revenue in fiscal year 2025. This represents an increase of 6.1% from the prior year.

EBITDA

N/A

Net Income

$33.3M

YoY+28.4%

5Y CAGR+10.6%

10Y CAGR+12.4%

Farmers & Merchants Bancorp In reported $33.3M in net income in fiscal year 2025. This represents an increase of 28.4% from the prior year.

EPS (Diluted)

$2.43

YoY+27.9%

5Y CAGR+6.2%

Farmers & Merchants Bancorp In earned $2.43 per diluted share (EPS) in fiscal year 2025. This represents an increase of 27.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$35.0M

YoY+14.3%

5Y CAGR+7.7%

10Y CAGR+10.3%

Farmers & Merchants Bancorp In generated $35.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.3% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$0.90

YoY+2.0%

5Y CAGR+6.4%

10Y CAGR+7.4%

Farmers & Merchants Bancorp In paid $0.90 per share in dividends in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Shares Outstanding

14M

YoY+0.4%

5Y CAGR+2.4%

10Y CAGR+10.2%

Farmers & Merchants Bancorp In had 14M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

19.2%

YoY+3.3pp

5Y CAGR-9.4pp

10Y CAGR-11.5pp

Farmers & Merchants Bancorp In's net profit margin was 19.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 3.3 percentage points from the prior year.

Return on Equity

9.0%

YoY+1.2pp

5Y CAGR+0.9pp

10Y CAGR+0.4pp

Farmers & Merchants Bancorp In's ROE was 9.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.2 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

$362K

YoY-45.5%

5Y CAGR-1.1%

10Y CAGR-7.7%

Farmers & Merchants Bancorp In spent $362K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 45.5% from the prior year.

Capital Expenditures

$1.8M

YoY-5.6%

5Y CAGR-11.3%

10Y CAGR+0.3%

Farmers & Merchants Bancorp In invested $1.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 5.6% from the prior year.

FMAO Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$173.5M+6.1%	$163.6M+17.0%	$139.8M+38.2%	$101.1M+31.6%	$76.8M+9.5%	$70.2M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$5.9M+9.5%	$5.4M-14.9%	$6.4M+8.4%	$5.9M-28.1%	$8.2M+34.1%	$6.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$69.3M-10.8%	$77.7M+33.0%	$58.4M+306.7%	$14.4M+95.6%	$7.3M-29.4%	$10.4M
Income Tax	$9.2M+38.9%	$6.6M+19.2%	$5.6M-30.1%	$8.0M+32.6%	$6.0M+17.4%	$5.1M
Net Income	$33.3M+28.4%	$25.9M+13.8%	$22.8M-29.9%	$32.5M+38.4%	$23.5M+16.9%	$20.1M
EPS (Diluted)	$2.43+27.9%	$1.90+13.8%	$1.67-32.1%	$2.46+22.4%	$2.01+11.7%	$1.80

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$44.6M+0.2%	$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
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	N/A	$1.3M-32.3%	$1.9M+29.2%	$1.5M	N/A	$1.1M-24.5%	$1.5M+12.2%	$1.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$16.8M-4.5%	$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
Income Tax	$3.0M+27.7%	$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
Net Income	$9.8M+10.6%	$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
EPS (Diluted)	$0.71+10.9%	$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

FMAO Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.4B+2.1%	$3.4B+2.5%	$3.3B+8.9%	$3.0B+14.3%	$2.6B+38.2%	$1.9B
Current Assets	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
Inventory	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
Goodwill	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M+7.4%	$80.4M+69.9%	$47.3M
Total Liabilities	$3.1B+1.1%	$3.0B+2.1%	$3.0B+9.2%	$2.7B+16.1%	$2.3B+41.0%	$1.7B
Current Liabilities	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
Total Equity	$370.9M+10.6%	$335.2M+5.9%	$316.5M+6.2%	$298.1M+0.3%	$297.2M+19.3%	$249.2M
Retained Earnings	$257.9M+9.3%	$235.9M+6.7%	$221.1M+4.1%	$212.4M+12.2%	$189.4M+9.1%	$173.6M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$3.4B+1.3%	$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
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	$3.1B+1.1%	$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
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	$370.9M+2.5%	$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
Retained Earnings	$257.9M+2.7%	$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

FMAO Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$36.7M+13.1%	$32.5M+46.6%	$22.1M-45.5%	$40.7M+17.1%	$34.7M+26.9%	$27.4M
Capital Expenditures	$1.8M-5.6%	$1.9M-82.9%	$10.9M+320.3%	$2.6M+32.3%	$2.0M-39.0%	$3.2M
Free Cash Flow	$35.0M+14.3%	$30.6M+172.8%	$11.2M-70.5%	$38.1M+16.1%	$32.8M+35.7%	$24.2M
Investing Cash Flow	-$138.7M-212.7%	-$44.4M+77.1%	-$194.1M+50.2%	-$389.9M-46.7%	-$265.7M-49.5%	-$177.7M
Financing Cash Flow	$23.3M-49.3%	$46.0M-80.0%	$229.7M-9.1%	$252.8M+7.1%	$236.1M-14.1%	$274.8M
Dividends Paid	$12.1M+1.4%	$11.9M+5.2%	$11.3M+10.3%	$10.3M+34.0%	$7.7M+6.7%	$7.2M
Share Buybacks	$362K-45.5%	$664K+204.6%	$218K-29.2%	$308K-8.9%	$338K-11.7%	$383K

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$13.4M+19.9%	$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
Capital Expenditures	$187K-60.6%	$475K-33.9%	$719K+86.3%	$386K-47.1%	$729K+104.2%	$357K-36.9%	$566K+158.4%	$219K
Free Cash Flow	$13.2M+23.4%	$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
Investing Cash Flow	-$62.9M-312.3%	-$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
Financing Cash Flow	$30.2M-8.1%	$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
Dividends Paid	$3.1M+3.1%	$3.0M+0.1%	$3.0M0.0%	$3.0M-0.1%	$3.0M+0.8%	$3.0M0.0%	$3.0M0.0%	$3.0M
Share Buybacks	$1K-99.7%	$338K	$0-100.0%	$23K	$0-100.0%	$331K+38.5%	$239K+154.3%	$94K

FMAO Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	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
Net Margin	19.2%+3.3pp	15.9%-0.4pp	16.3%-15.8pp	32.1%+1.6pp	30.6%+1.9pp	28.6%
Return on Equity	9.0%+1.2pp	7.7%+0.5pp	7.2%-3.7pp	10.9%+3.0pp	7.9%-0.2pp	8.1%
Return on Assets	1.0%+0.2pp	0.8%+0.1pp	0.7%-0.4pp	1.1%+0.2pp	0.9%-0.2pp	1.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	8.26-0.8	9.04-0.3	9.37+0.3	9.11+1.2	7.88+1.2	6.66
FCF Margin	20.2%+1.4pp	18.7%+10.7pp	8.0%-29.6pp	37.6%-5.0pp	42.6%+8.2pp	34.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
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	22.0%+2.1pp	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%
Return on Equity	2.6%+0.2pp	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%
Return on Assets	0.3%+0.0pp	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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	8.26-0.1	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
FCF Margin	29.7%+5.6pp	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%

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Frequently Asked Questions

What is Farmers & Merchants Bancorp In's annual revenue?

Farmers & Merchants Bancorp In (FMAO) reported $173.5M in total revenue for fiscal year 2025. This represents a 6.1% 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 6.1% year-over-year, from $163.6M to $173.5M in fiscal year 2025.

Is Farmers & Merchants Bancorp In profitable?

Yes, Farmers & Merchants Bancorp In (FMAO) reported a net income of $33.3M in fiscal year 2025, with a net profit margin of 19.2%.

What is Farmers & Merchants Bancorp In's net profit margin?

Farmers & Merchants Bancorp In (FMAO) had a net profit margin of 19.2% in fiscal year 2025, 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 $0.90 per share in dividends during fiscal year 2025.

What is Farmers & Merchants Bancorp In's return on equity (ROE)?

Farmers & Merchants Bancorp In (FMAO) has a return on equity of 9.0% for fiscal year 2025, 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 $35.0M in free cash flow during fiscal year 2025. This represents a 14.3% 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 $36.7M in operating cash flow during fiscal year 2025, 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 2025, including both current and long-term assets.

What are Farmers & Merchants Bancorp In's capital expenditures?

Farmers & Merchants Bancorp In (FMAO) invested $1.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Farmers & Merchants Bancorp In buy back shares?

Yes, Farmers & Merchants Bancorp In (FMAO) spent $362K on share buybacks during fiscal year 2025, 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 2025.

What is Farmers & Merchants Bancorp In's debt-to-equity ratio?

Farmers & Merchants Bancorp In (FMAO) had a debt-to-equity ratio of 8.26 as of fiscal year 2025, 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 1.0% for fiscal year 2025, 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 1.10x, 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 37 out of 100 on our Financial Profile, indicating weak 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.