Farmers & Merchants Bancorp In Financials
Farmers & Merchants Bancorp In (FMAO) reported $173.5M in revenue for fiscal year 2025, up 6.1% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Farmers & Merchants Bancorp's earnings rebound reflects cleaner cash conversion and a slightly stronger equity cushion on a larger balance sheet.
By FY2025, operating cash flow of$36.7M slightly exceeded net income of$33.3M , a cleaner cash match than the FY2023 trough. Because capital spending stayed light, more of that improvement reached free cash flow, which suggests the rebound came from stronger earning power on existing assets rather than from a more capital-hungry model.
The balance-sheet posture became a bit sturdier as total equity climbed to
Interest cost relief mattered more than overhead cutting: interest expense fell to
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Farmers & Merchants Bancorp In's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Farmers & Merchants Bancorp In, and counted as zero in the overall score.
Farmers & Merchants Bancorp In passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 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 $1.10 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
Earnings & Revenue
Farmers & Merchants Bancorp In generated $173.5M in revenue in fiscal year 2025. This represents an increase of 6.1% from the prior year.
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.
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.
Not reported for fiscal year 2025.
Cash & Balance Sheet
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.
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.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
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.
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.
Not reported for fiscal year 2025.
FMAO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $178.0M | $173.5M+6.1% | $163.6M+17.0% | $139.8M+38.2% | $101.1M+31.6% | $76.8M+9.5% | $70.2M+2.7% | $68.3M+47.1% | $46.4M+12.6% | $41.2M+9.3% | $37.7M+12.1% | $33.6M+0.6% | $33.5M+6.4% | $31.4M-5.5% | $33.3M-9.2% | $36.7M |
| SG&A Expenses | N/A | $5.9M+9.5% | $5.4M-14.9% | $6.4M+8.4% | $5.9M-28.1% | $8.2M+34.1% | $6.1M-2.4% | $6.3M+47.3% | $4.2M+6.0% | $4.0M+4.3% | $3.8M-32.3% | $5.7M-5.8% | $6.0M+8.3% | $5.6M+8.8% | $5.1M+22.7% | $4.2M |
| Interest Expense | $67.0M | $69.3M-10.8% | $77.7M+33.0% | $58.4M+306.7% | $14.4M+95.6% | $7.3M-29.4% | $10.4M-29.6% | $14.8M+124.6% | $6.6M+28.2% | $5.1M+21.4% | $4.2M+17.7% | $3.6M-3.5% | $3.7M-19.3% | $4.6M-26.3% | $6.3M-23.4% | $8.2M |
| Income Tax | $11.1M | $9.2M+38.9% | $6.6M+19.2% | $5.6M-30.1% | $8.0M+32.6% | $6.0M+17.4% | $5.1M+17.2% | $4.4M+32.1% | $3.3M-36.3% | $5.2M+11.3% | $4.7M+21.9% | $3.8M-1.3% | $3.9M+7.6% | $3.6M-7.9% | $3.9M+34.9% | $2.9M |
| Net Income | $40.0M | $33.3M+28.4% | $25.9M+13.8% | $22.8M-29.9% | $32.5M+38.4% | $23.5M+16.9% | $20.1M+9.2% | $18.4M+23.1% | $14.9M+17.5% | $12.7M+9.1% | $11.7M+12.8% | $10.3M+7.2% | $9.6M+7.1% | $9.0M-8.0% | $9.8M+15.0% | $8.5M |
| EPS (Diluted) | $2.91 | $2.43+27.9% | $1.90+13.8% | $1.67-32.1% | $2.46+22.4% | $2.01+11.7% | $1.80 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FMAO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $3.4B+2.1% | $3.4B+2.5% | $3.3B+8.9% | $3.0B+14.3% | $2.6B+38.2% | $1.9B+18.8% | $1.6B+44.0% | $1.1B+0.8% | $1.1B+4.8% | $1.1B+6.8% | $989.1M+5.1% | $941.2M-2.6% | $965.9M+2.0% | $946.7M+2.6% | $923.0M |
| Cash & Equivalents | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $24.3M+26.1% | $19.3M-56.3% | $44.1M+2.2% | $43.1M |
| Goodwill | $86.4M0.0% | $86.4M0.0% | $86.4M0.0% | $86.4M+7.4% | $80.4M+69.9% | $47.3M0.0% | $47.3M+1062.0% | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M0.0% | $4.1M |
| Total Liabilities | $3.1B+1.1% | $3.0B+2.1% | $3.0B+9.2% | $2.7B+16.1% | $2.3B+41.0% | $1.7B+20.6% | $1.4B+41.5% | $972.9M0.0% | $972.9M+4.6% | $930.3M+7.1% | $869.0M+5.1% | $826.7M-3.6% | $857.3M+2.5% | $836.4M+2.3% | $817.9M |
| Total Equity | $370.9M+10.6% | $335.2M+5.9% | $316.5M+6.2% | $298.1M+0.3% | $297.2M+19.3% | $249.2M+8.2% | $230.3M+60.7% | $143.3M+6.8% | $134.1M+6.8% | $125.6M+4.6% | $120.1M+4.9% | $114.5M+5.4% | $108.6M-1.7% | $110.5M+4.9% | $105.3M |
| Retained Earnings | $257.9M+9.3% | $235.9M+6.7% | $221.1M+4.1% | $212.4M+12.2% | $189.4M+9.1% | $173.6M+8.4% | $160.1M+8.2% | $147.9M+8.3% | $136.6M+6.8% | $127.9M+6.4% | $120.2M+5.7% | $113.8M+5.4% | $107.9M+5.1% | $102.6M+6.4% | $96.5M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.
FMAO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $43.1M | $36.7M+13.1% | $32.5M+46.6% | $22.1M-45.5% | $40.7M+17.1% | $34.7M+26.9% | $27.4M+14.4% | $23.9M+122.9% | $10.7M-39.2% | $17.6M+42.0% | $12.4M-16.1% | $14.8M-22.7% | $19.2M+12.8% | $17.0M+19.6% | $14.2M-6.5% | $15.2M |
| Capital Expenditures | $1.5M | $1.8M-5.6% | $1.9M-82.9% | $10.9M+320.3% | $2.6M+32.3% | $2.0M-39.0% | $3.2M-8.2% | $3.5M+33.6% | $2.6M+39.2% | $1.9M-21.5% | $2.4M+40.2% | $1.7M-41.0% | $2.9M+41.0% | $2.1M+16.3% | $1.8M+87.3% | $947K |
| Free Cash Flow | $41.5M | $35.0M+14.3% | $30.6M+172.8% | $11.2M-70.5% | $38.1M+16.1% | $32.8M+35.7% | $24.2M+18.3% | $20.4M+151.8% | $8.1M-48.6% | $15.8M+57.2% | $10.0M-23.4% | $13.1M-19.5% | $16.3M+8.9% | $14.9M+20.0% | $12.4M-12.7% | $14.3M |
| Investing Cash Flow | -$88.4M | -$138.7M-212.7% | -$44.4M+77.1% | -$194.1M+50.2% | -$389.9M-46.7% | -$265.7M-49.5% | -$177.7M-19.0% | -$149.3M-10250.6% | $1.5M+103.1% | -$48.2M+25.0% | -$64.2M | N/A | N/A | -$32.0M-20.8% | -$26.5M-83.5% | -$14.4M |
| Financing Cash Flow | $113.5M | $23.3M-49.3% | $46.0M-80.0% | $229.7M-9.1% | $252.8M+7.1% | $236.1M-14.1% | $274.8M+98.6% | $138.3M+1764.5% | -$8.3M-122.7% | $36.7M-36.8% | $58.1M | N/A | N/A | -$9.9M-174.8% | $13.2M+1391.8% | -$1.0M |
| Dividends Paid | $12.3M | $12.1M+1.4% | $11.9M+5.2% | $11.3M+10.3% | $10.3M+34.0% | $7.7M+6.7% | $7.2M+13.3% | $6.3M+28.0% | $5.0M+11.5% | $4.4M+8.0% | $4.1M+4.4% | $3.9M+2.0% | $3.9M+3.9% | $3.7M+3.4% | $3.6M+0.8% | $3.6M |
| Share Buybacks | $438K | $362K-45.5% | $664K+204.6% | $218K-29.2% | $308K-8.9% | $338K-11.7% | $383K+0.5% | $381K-22.2% | $490K+150.0% | $196K+1.0% | $194K-75.8% | $803K+39.4% | $576K-53.4% | $1.2M+38.3% | $894K+188.4% | $310K |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
FMAO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 19.2%+3.3pp | 15.9%-0.4pp | 16.3%-15.8pp | 32.1%+1.6pp | 30.6%+1.9pp | 28.6%+1.7pp | 26.9%-5.3pp | 32.2%+1.4pp | 30.8%-0.1pp | 30.9%+0.2pp | 30.7%+1.9pp | 28.8%+0.2pp | 28.7%-0.8pp | 29.4%+6.2pp | 23.2% |
| 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%+0.1pp | 8.0%-2.4pp | 10.4%+1.0pp | 9.5%+0.2pp | 9.3%+0.7pp | 8.6%+0.2pp | 8.4%+0.1pp | 8.3%-0.6pp | 8.9%+0.8pp | 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%-0.1pp | 1.1%-0.2pp | 1.3%+0.2pp | 1.1%+0.1pp | 1.1%0.0pp | 1.1%0.0pp | 1.0%+0.1pp | 0.9%-0.1pp | 1.0%+0.1pp | 0.9% |
| Debt-to-Equity | 8.26-0.8x | 9.04-0.3x | 9.37+0.3x | 9.11+1.2x | 7.88+1.2x | 6.66+0.7x | 5.98-0.8x | 6.79-0.5x | 7.25-0.2x | 7.41+0.2x | 7.240.0x | 7.22-0.7x | 7.89+0.3x | 7.57-0.2x | 7.76 |
| FCF Margin | 20.2%+1.4pp | 18.7%+10.7pp | 8.0%-29.6pp | 37.6%-5.0pp | 42.6%+8.2pp | 34.4%+4.5pp | 29.9%+12.4pp | 17.5%-20.7pp | 38.2%+11.6pp | 26.6%-12.3pp | 38.9%-9.7pp | 48.6%+1.1pp | 47.5%+10.1pp | 37.4%-1.5pp | 38.9% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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Where Farmers & Merchants Bancorp In Ranks
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.
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 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 43 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.