What is Farmers & Merchants Bancorp, Inc.'s earnings per share (EPS)?

Farmers & Merchants Bancorp, Inc. (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, Inc. (FMAO) Financials

FMAO

Trailing 12 months to June 30, 2026

Revenue $142.6M +14.0% YoY

Net Income $40.0M +35.4% YoY

EPS (Diluted) $2.91 +34.7% YoY

Free Cash Flow $41.5M +33.2% YoY

Market Cap $487.2M as of Oct 5, 2026

Price / Sales 3.4x on $142.6M revenue, trailing 12 months to June 30, 2026

Price / Earnings 12.2x on $40.0M net income, trailing 12 months to June 30, 2026

Price / Book 1.3x on $384.7M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 29, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the FMAO SEC filings page.

Farmers & Merchants Bancorp, Inc. (FMAO) reported $142.6M in revenue over the twelve months to Jun 30, 2026, up 14.0% from the prior twelve months. 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).

Rhea AI FMAO FY2025 2026-10-04

Profitability recovered in FY2025, but the bank remains heavily liability-funded and converts its large asset base into modest returns.

In FY2025, net income reached $33.3M while operating cash flow reached $36.7M, indicating that reported earnings were broadly supported by cash generation rather than merely accounting accruals. Yet return on assets improved only from 0.7% in FY2023 to 1.0% in FY2025, so the expanding balance sheet still produces relatively little profit per asset dollar.

Balance-sheet leverage eased: debt-to-equity declined from 9.4x in FY2023 to 8.3x in FY2025, even as the bank continued financing most assets with liabilities. That combination points to a modest strengthening of the capital cushion, not a shift to an equity-funded model.

Interest expense was $69.3M against revenue of $121.4M in FY2025, making funding costs a central operating constraint rather than a minor expense. The net profit margin nevertheless recovered from 23.4% in FY2023 to 27.4% in FY2025, showing that improved earnings reflected more than simple balance-sheet expansion.

Financial Health Signals

Financial Health Score 44/100

Scored as: Banks peer group

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, Inc.'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.

Earnings

Farmers & Merchants Bancorp, Inc. earned a return on assets of 1.0% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 0.8% the prior year. Earnings ranks banks on that return over three years, and Farmers & Merchants Bancorp, Inc. scores 48/100 among other banks.

Growth

Farmers & Merchants Bancorp, Inc. reported revenue of $121.4M in fiscal year 2025, against $101.5M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Farmers & Merchants Bancorp, Inc. scores 64/100 among other banks.

Capital

Farmers & Merchants Bancorp, Inc. funded 10.8% of its assets with shareholders' equity at the end of fiscal year 2025, holding $370.9M of equity against $3.4B of assets. Capital ranks banks on that cushion, and Farmers & Merchants Bancorp, Inc. scores 41/100 among other banks.

Efficiency

Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Farmers & Merchants Bancorp, Inc. scores 44/100 on it among other banks.

Credit Quality

Not available for Farmers & Merchants Bancorp, Inc., and counted as zero in the overall score.

Stability

Farmers & Merchants Bancorp, Inc. reported net income of $33.3M in fiscal year 2025, against $25.9M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Farmers & Merchants Bancorp, Inc. scores 69/100 among other banks.

Piotroski F-Score Partial

5/6

Farmers & Merchants Bancorp, Inc. 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.

Earnings Quality Cash-Backed

1.10x

For every $1 of reported earnings, Farmers & Merchants Bancorp, Inc. 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

$34.4M

YoY+15.9%

QoQ+5.9%

5Y CAGR+11.4%

10Y CAGR+11.8%

Farmers & Merchants Bancorp, Inc. generated $34.4M in revenue in Q2 2026. This represents an increase of 15.9% from the same quarter a year earlier. Against the prior quarter it is up 5.9%.

Net Income

$11.8M

YoY+53.0%

QoQ+23.2%

5Y CAGR+18.8%

10Y CAGR+14.8%

Farmers & Merchants Bancorp, Inc. reported $11.8M in net income in Q2 2026. This represents an increase of 53.0% from the same quarter a year earlier. Against the prior quarter it is up 23.2%.

EPS (Diluted)

$0.86

YoY+53.6%

QoQ+22.9%

5Y CAGR+14.3%

Farmers & Merchants Bancorp, Inc. earned $0.86 per diluted share (EPS) in Q2 2026. This represents an increase of 53.6% from the same quarter a year earlier. Against the prior quarter it is up 22.9%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$10.6M

YoY+2651.2%

QoQ+51.6%

5Y CAGR+12.3%

10Y CAGR+28.7%

Farmers & Merchants Bancorp, Inc. generated $10.6M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 2651.2% from the same quarter a year earlier. Against the prior quarter it is up 51.6%.

Dividends Per Share

$0.23

YoY+3.9%

QoQ0.0%

5Y CAGR+6.2%

10Y CAGR0.0%

Farmers & Merchants Bancorp, Inc. paid $0.23 per share in dividends in Q2 2026. This represents an increase of 3.9% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

14M

YoY+0.4%

QoQ0.0%

5Y CAGR+4.2%

10Y CAGR+11.6%

Farmers & Merchants Bancorp, Inc. had 14M shares outstanding in Q2 2026. This represents an increase of 0.4% from the same quarter a year earlier. It is unchanged from the prior quarter.

Cash & Debt

Not reported for Q2 2026.

Margins & Returns

Net Margin

34.3%

YoY+8.3pp

QoQ+4.8pp

5Y change+9.4pp

10Y change+7.8pp

Farmers & Merchants Bancorp, Inc.'s net profit margin was 34.3% in Q2 2026, showing the share of revenue converted to profit. This is up 8.3 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.8 percentage points.

Return on Equity

3.1%

YoY+0.9pp

QoQ+0.5pp

5Y change+1.1pp

10Y change+0.7pp

Farmers & Merchants Bancorp, Inc.'s ROE was 3.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$42K

QoQ-26.3%

Farmers & Merchants Bancorp, Inc. spent $42K on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. Against the prior quarter it is down 26.3%.

Capital Expenditures

$209K

YoY-70.9%

QoQ-68.5%

5Y CAGR-20.5%

10Y CAGR-12.5%

Farmers & Merchants Bancorp, Inc. invested $209K in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 70.9% from the same quarter a year earlier. Against the prior quarter it is down 68.5%.

R&D Spending

Not reported for Q2 2026.

FMAO Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FMAO quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$142.6M	$121.4M+19.6%	$101.5M+4.3%	$97.3M-5.1%	$102.6M+17.8%	$87.1M+13.8%	$76.6M+17.1%	$65.4M+28.9%	$50.7M+8.2%	$46.9M+4.4%	$44.9M+9.8%	$40.9M+2.3%	$39.9M+6.0%	$37.7M-2.5%	$38.6M+9.3%	$35.3M
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 (Basic)	N/A	$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	$2.08+7.8%	$1.93-7.2%	$2.08+14.3%	$1.82
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Revenue	$34.4M+15.9%	$32.4M+15.6%	$44.6M+6.5%	$31.3M+22.3%	$29.6M+18.2%	$28.1M+16.7%	$41.9M+9.4%	$25.5M+9.5%
SG&A Expenses	$1.6M-17.9%	$1.7M+13.9%	N/A	$1.3M+15.1%	$1.9M+28.3%	$1.5M+11.3%	N/A	$1.1M-14.5%
Interest Expense	$16.7M-5.9%	$15.9M-7.2%	$16.8M-11.7%	$17.6M-13.4%	$17.8M-10.2%	$17.1M-7.8%	$19.0M+3.7%	$20.3M+21.7%
Income Tax	$3.0M+49.3%	$2.8M+52.5%	$3.0M+41.7%	$2.4M+49.4%	$2.0M+34.6%	$1.8M+27.4%	$2.1M+61.1%	$1.6M+42.1%
Net Income	$11.8M+53.0%	$9.6M+37.8%	$9.8M+16.8%	$8.9M+35.9%	$7.7M+35.7%	$7.0M+29.7%	$8.4M+51.2%	$6.5M+36.4%
EPS (Basic)	$0.86+53.6%	$0.70+37.3%	$0.71+16.4%	$0.64+33.3%	$0.56+33.3%	$0.51+30.8%	$0.61+48.8%	$0.48+37.1%
EPS (Diluted)	$0.86+53.6%	$0.70+37.3%	$0.71+16.4%	$0.64+33.3%	$0.56+33.3%	$0.51+30.8%	$0.61+48.8%	$0.48+37.1%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA, Diluted Shares (Avg).

FMAO Balance Sheet

FMAO quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Short-Term Investments	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0	$0	$0
Long-Term Investments	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0	$0	$0
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Total Assets	$3.5B+4.7%	$3.5B+2.9%	$3.4B+2.1%	$3.4B0.0%	$3.3B+0.7%	$3.4B+3.1%	$3.4B+2.5%	$3.4B+4.8%
Goodwill	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%	$86.4M0.0%
Total Liabilities	$3.1B+4.1%	$3.1B+2.1%	$3.1B+1.1%	$3.0B-0.8%	$3.0B-0.2%	$3.0B+2.5%	$3.0B+2.1%	$3.1B+4.2%
Total Equity	$384.7M+9.7%	$375.9M+9.1%	$370.9M+10.6%	$361.8M+7.9%	$350.8M+8.7%	$344.6M+8.5%	$335.2M+5.9%	$335.4M+10.6%
Retained Earnings	$273.5M+11.7%	$264.6M+10.2%	$257.9M+9.3%	$251.2M+9.0%	$244.9M+8.1%	$240.1M+7.3%	$235.9M+6.7%	$230.5M+5.5%

Not reported in any period shown, so not listed: Current Assets, Cash & Equivalents, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

FMAO Cash Flow Statement

FMAO quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
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
Depreciation & Amortization	N/A	$5.3M-3.7%	$5.5M+7.9%	$5.1M+36.3%	$3.7M+13.2%	$3.3M+1.8%	$3.2M+6.4%	$3.0M+62.1%	$1.9M+1.2%	$1.8M+1.2%	$1.8M+5.8%	$1.7M-3.2%	$1.8M+17.2%	$1.5M+0.5%	$1.5M+7.1%	$1.4M
Stock-Based Compensation	N/A	$1.4M+2.4%	$1.4M+6.2%	$1.3M+42.5%	$899K+9.4%	$822K-19.7%	$1.0M-5.9%	$1.1M+46.0%	$745K+46.9%	$507K+26.1%	$402K+28.0%	$314K+35.3%	$232K-8.3%	$253K+16.6%	$217K+19.2%	$182K
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Operating Cash Flow	$10.8M+878.4%	$7.7M-30.5%	$13.4M+414.4%	$11.2M-40.0%	$1.1M-88.6%	$11.0M+642.3%	$2.6M-75.3%	$18.7M+288.9%
Stock-Based Compensation	N/A	$331K-6.0%	N/A	N/A	N/A	$352K-18.9%	N/A	N/A
Capital Expenditures	$209K-70.9%	$663K+71.8%	$187K-74.3%	$475K+33.1%	$719K+27.0%	$386K+76.3%	$729K-62.3%	$357K-89.1%
Free Cash Flow	$10.6M+2651.2%	$7.0M-34.2%	$13.2M+603.8%	$10.7M-41.4%	$385K-95.8%	$10.6M+740.4%	$1.9M-78.2%	$18.3M+1102.0%
Investing Cash Flow	-$33.9M+6.4%	$23.7M+197.6%	-$62.9M-17.4%	-$15.3M-313.3%	-$36.2M-23.2%	-$24.3M-157.3%	-$53.6M-11.7%	-$3.7M+20.0%
Financing Cash Flow	$6.0M+112.2%	$44.4M+346.0%	$30.2M+266.4%	$32.9M-12.3%	-$49.7M-298.9%	$10.0M+470.2%	-$18.1M-168.7%	$37.5M-54.2%
Dividends Paid	$3.1M+4.4%	$3.1M+4.3%	$3.1M+3.1%	$3.0M+0.8%	$3.0M+0.7%	$3.0M+0.7%	$3.0M+5.6%	$3.0M+5.0%
Share Buybacks	$42K	$57K+147.8%	$1K	$338K+2.1%	$0-100.0%	$23K-75.5%	$0-100.0%	$331K+70.6%

Not reported in any period shown, so not listed: Depreciation & Amortization.

FMAO Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

FMAO quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Net Margin	27.4%+1.9pp	25.6%+2.1pp	23.4%-8.3pp	31.7%+4.7pp	27.0%+0.7pp	26.3%-1.9pp	28.1%-1.3pp	29.5%+2.3pp	27.2%+1.2pp	26.0%+0.7pp	25.3%+1.1pp	24.2%+0.2pp	23.9%-1.4pp	25.4%+1.3pp	24.1%
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
Asset Turnover	0.040.0x	0.030.0x	0.030.0x	0.030.0x	0.030.0x	0.040.0x	0.040.0x	0.050.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.040.0x	0.04
FCF Margin	28.8%-1.3pp	30.1%+18.6pp	11.5%-25.6pp	37.1%-0.5pp	37.6%+6.1pp	31.6%+0.3pp	31.2%+15.3pp	16.0%-17.6pp	33.6%+11.3pp	22.3%-9.7pp	32.0%-8.7pp	40.7%+1.1pp	39.6%+7.4pp	32.2%-8.1pp	40.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-K	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-K
Net Margin	34.3%+8.3pp	29.5%+4.8pp	22.0%+1.9pp	28.3%+2.8pp	26.0%+3.4pp	24.8%+2.5pp	20.0%+5.5pp	25.5%+5.0pp
Return on Equity	3.1%+0.9pp	2.5%+0.5pp	2.6%+0.1pp	2.5%+0.5pp	2.2%+0.4pp	2.0%+0.3pp	2.5%+0.8pp	1.9%+0.4pp
Return on Assets	0.3%+0.1pp	0.3%+0.1pp	0.3%0.0pp	0.3%+0.1pp	0.2%+0.1pp	0.2%0.0pp	0.3%+0.1pp	0.2%0.0pp
Debt-to-Equity	8.10-0.4x	8.27-0.6x	8.26-0.8x	8.37-0.7x	8.54-0.8x	8.83-0.5x	9.04-0.3x	9.11-0.6x
Asset Turnover	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x
FCF Margin	30.8%+29.5pp	21.5%-16.3pp	29.7%+25.2pp	34.3%-37.3pp	1.3%-35.2pp	37.8%+32.6pp	4.5%-18.1pp	71.7%+65.1pp

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Farmers & Merchants Bancorp, Inc. FMAO	FY2025	$121.4M	$33.3M	27.4%	$487.2M	44/100
Bankwell Financial Group Inc BWFG	FY2025	$108.3M	$35.2M	32.5%	$531.3M	37/100
Bank of Marin Bancorp BMRC	FY2025	$29.4M	$26.5M	90.0%	$448.7M	17/100
Blue Ridge Bankshares, Inc. BRBS	FY2025	$91.7M	$10.7M	11.7%	$352.5M	24/100
Greene County Bancorp Inc GCBC	FY2026	$92.6M	$41.0M	44.3%	$583.3M	65/100
Orange County Bancorp, Inc. OBT	FY2025	$127.2M	$41.6M	32.7%	$505.9M	57/100

Where Farmers & Merchants Bancorp, Inc. Ranks

Frequently Asked Questions

What is Farmers & Merchants Bancorp, Inc.'s annual revenue?

Farmers & Merchants Bancorp, Inc. (FMAO) reported $121.4M in total revenue for fiscal year 2025. This represents a 19.6% 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, Inc.'s revenue growing?

Farmers & Merchants Bancorp, Inc. (FMAO) revenue grew by 19.6% year-over-year, from $101.5M to $121.4M in fiscal year 2025.

Is Farmers & Merchants Bancorp, Inc. profitable?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) reported a net income of $33.3M in fiscal year 2025, with a net profit margin of 27.4%.

What is Farmers & Merchants Bancorp, Inc.'s net profit margin?

Farmers & Merchants Bancorp, Inc. (FMAO) had a net profit margin of 27.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Farmers & Merchants Bancorp, Inc. pay dividends?

Yes, Farmers & Merchants Bancorp, Inc. (FMAO) paid $0.90 per share in dividends during fiscal year 2025.

What is Farmers & Merchants Bancorp, Inc.'s return on equity (ROE)?

Farmers & Merchants Bancorp, Inc. (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, Inc.'s free cash flow?

Farmers & Merchants Bancorp, Inc. (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, Inc.'s operating cash flow?

Farmers & Merchants Bancorp, Inc. (FMAO) generated $36.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Farmers & Merchants Bancorp, Inc.'s total assets?

Farmers & Merchants Bancorp, Inc. (FMAO) had $3.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Farmers & Merchants Bancorp, Inc.'s capital expenditures?

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

Does Farmers & Merchants Bancorp, Inc. buy back shares?

Yes, Farmers & Merchants Bancorp, Inc. (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, Inc. have outstanding?

Farmers & Merchants Bancorp, Inc. (FMAO) had 14M shares outstanding as of fiscal year 2025.

What is Farmers & Merchants Bancorp, Inc.'s debt-to-equity ratio?

Farmers & Merchants Bancorp, Inc. (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, Inc.'s return on assets (ROA)?

Farmers & Merchants Bancorp, Inc. (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, Inc.'s P/E ratio?

Farmers & Merchants Bancorp, Inc. (FMAO) trades at 12.2x earnings, its market capitalization divided by net income of $40.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $487.2M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Farmers & Merchants Bancorp, Inc.'s price-to-sales ratio?

Farmers & Merchants Bancorp, Inc. (FMAO) trades at 3.4x sales, its market capitalization divided by revenue of $142.6M revenue, trailing 12 months to June 30, 2026. The market capitalization is $487.2M as of Oct 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Farmers & Merchants Bancorp, Inc.'s Piotroski F-Score?

Farmers & Merchants Bancorp, Inc. (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, Inc.'s earnings high quality?

Farmers & Merchants Bancorp, Inc. (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, Inc.?

Farmers & Merchants Bancorp, Inc. (FMAO) scores 44 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.