Farmers Merchant Financials
This page shows Farmers Merchant (FMCB) 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 Merchant's revenue grew 7.2% year-over-year to $272.0M, a solid pace of expansion. This earns a growth score of 49/100.
Farmers Merchant has elevated debt relative to equity (D/E of 8.37), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Farmers Merchant converts 37.3% of revenue into free cash flow ($101.3M). This strong cash generation earns a score of 100/100.
Farmers Merchant's ROE of 15.4% shows moderate profitability relative to equity, earning a score of 62/100. This is down from 16.1% the prior year.
Farmers Merchant passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Farmers Merchant generates $1.17 in operating cash flow ($103.7M OCF vs $88.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Farmers Merchant generated $272.0M in revenue in fiscal year 2024. This represents an increase of 7.2% from the prior year.
Farmers Merchant generated $101.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 14.7% from the prior year.
Farmers Merchant reported $88.5M in net income in fiscal year 2024. This represents an increase of 0.2% from the prior year.
Farmers Merchant earned $121.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 3.8% from the prior year.
Farmers Merchant held $212.6M in cash against $0 in long-term debt as of fiscal year 2024.
Farmers Merchant paid $18.10 per share in dividends in fiscal year 2024. This represents an increase of 5.8% from the prior year.
Farmers Merchant had 699,798 shares outstanding in fiscal year 2024. This represents a decrease of 6.4% from the prior year.
Farmers Merchant's net profit margin was 32.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 2.3 percentage points from the prior year.
Farmers Merchant's ROE was 15.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.6 percentage points from the prior year.
Farmers Merchant spent $45.3M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents an increase of 122.4% from the prior year.
Farmers Merchant invested $2.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 51.7% from the prior year.
FMCB Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $70.6M+0.8% | $70.1M+4.4% | $67.1M+0.4% | $66.9M-2.6% | $68.6M-1.7% | $69.8M+4.8% | $66.6M-1.1% | $67.4M |
| 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 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $15.2M-6.3% | $16.2M+15.7% | $14.0M-4.7% | $14.7M-11.8% | $16.6M-12.6% | $19.1M+27.6% | $14.9M+9.8% | $13.6M |
| Income Tax | $8.9M+7.7% | $8.3M-11.4% | $9.3M+10.1% | $8.5M+1.1% | $8.4M+0.5% | $8.4M-2.2% | $8.5M+13.0% | $7.6M |
| Net Income | $23.7M+2.9% | $23.1M+0.2% | $23.0M+5.3% | $21.8M-1.2% | $22.1M+1.6% | $21.8M-4.2% | $22.7M+6.1% | $21.4M |
| EPS (Diluted) | $33.92+3.0% | $32.94+0.2% | $32.86+5.6% | $31.11+3.8% | $29.96+1.9% | $29.39-3.8% | $30.56+7.0% | $28.55 |
FMCB Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.6B+2.8% | $5.5B-3.5% | $5.7B+5.8% | $5.4B-0.9% | $5.4B+2.9% | $5.3B-7.8% | $5.7B+7.6% | $5.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $172.6M-40.9% | $291.8M-52.0% | $607.3M+185.7% | $212.6M-27.5% | $293.3M-0.9% | $295.9M-59.9% | $738.4M+79.8% | $410.6M |
| 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 | $11.2M0.0% | $11.2M0.0% | $11.2M0.0% | $11.2M0.0% | $11.2M0.0% | $11.2M0.0% | $11.2M0.0% | $11.2M |
| Total Liabilities | $5.0B+2.6% | $4.9B-4.3% | $5.1B+5.8% | $4.8B-0.4% | $4.8B+2.6% | $4.7B-8.9% | $5.1B+8.2% | $4.8B |
| 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 | $645.3M+4.3% | $618.5M+2.7% | $602.3M+5.1% | $573.1M-4.9% | $602.7M+4.6% | $576.2M+1.9% | $565.2M+2.8% | $549.8M |
| Retained Earnings | $648.9M+3.2% | $628.8M+2.3% | $614.7M+3.8% | $592.4M+1.2% | $585.5M+3.9% | $563.4M+2.8% | $548.1M+4.3% | $525.4M |
FMCB Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.5M+37.4% | $21.5M-45.7% | $39.5M+199.6% | $13.2M-62.8% | $35.4M+74.5% | $20.3M-41.6% | $34.8M+3609.7% | -$991K |
| Capital Expenditures | $2.1M-19.7% | $2.6M+285.3% | $673K-31.7% | $986K+73.3% | $569K+31.1% | $434K+5.9% | $410K-14.4% | $479K |
| Free Cash Flow | $27.4M+45.3% | $18.9M-51.5% | $38.9M+218.3% | $12.2M-65.0% | $34.9M+75.4% | $19.9M-42.2% | $34.4M+2438.2% | -$1.5M |
| Investing Cash Flow | -$266.9M-146.5% | -$108.3M-240.6% | $77.0M+280.0% | -$42.8M+71.2% | -$148.5M-1624.9% | $9.7M+110.5% | -$93.1M+43.8% | -$165.5M |
| Financing Cash Flow | $118.2M+151.7% | -$228.7M-182.2% | $278.1M+644.2% | -$51.1M-146.3% | $110.3M+123.4% | -$472.5M-222.4% | $386.0M+523.1% | -$91.2M |
| Dividends Paid | $3.9M | N/A | N/A | $6.5M | $0 | N/A | N/A | $6.6M |
| Share Buybacks | -$1K-100.0% | $2.2M+212.7% | $711K-98.0% | $35.1M+2625.8% | $1.3M-62.9% | $3.5M-36.3% | $5.5M+37.6% | $4.0M |
FMCB Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | 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 | 33.6%+0.7pp | 32.9%-1.4pp | 34.3%+1.6pp | 32.7%+0.4pp | 32.2%+1.1pp | 31.2%-2.9pp | 34.1%+2.3pp | 31.8% |
| Return on Equity | 3.7%-0.1pp | 3.7%-0.1pp | 3.8%0.0pp | 3.8%+0.1pp | 3.7%-0.1pp | 3.8%-0.2pp | 4.0%+0.1pp | 3.9% |
| Return on Assets | 0.4%0.0pp | 0.4%0.0pp | 0.4%0.0pp | 0.4%0.0pp | 0.4%0.0pp | 0.4%+0.0pp | 0.4%0.0pp | 0.4% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 7.73-0.1 | 7.86-0.6 | 8.43+0.1 | 8.37+0.4 | 7.99-0.2 | 8.14-1.0 | 9.11+0.5 | 8.66 |
| FCF Margin | 38.8%+11.9pp | 26.9%-31.0pp | 57.9%+39.6pp | 18.3%-32.5pp | 50.8%+22.3pp | 28.5%-23.1pp | 51.6%+53.8pp | -2.2% |
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Frequently Asked Questions
What is Farmers Merchant's annual revenue?
Farmers Merchant (FMCB) reported $272.0M in total revenue for fiscal year 2024. This represents a 7.2% 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 Merchant's revenue growing?
Farmers Merchant (FMCB) revenue grew by 7.2% year-over-year, from $253.8M to $272.0M in fiscal year 2024.
Is Farmers Merchant profitable?
Yes, Farmers Merchant (FMCB) reported a net income of $88.5M in fiscal year 2024, with a net profit margin of 32.5%.
What is Farmers Merchant's earnings per share (EPS)?
Farmers Merchant (FMCB) reported diluted earnings per share of $121.02 for fiscal year 2024. This represents a 3.8% 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 Merchant's net profit margin?
Farmers Merchant (FMCB) had a net profit margin of 32.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Farmers Merchant pay dividends?
Yes, Farmers Merchant (FMCB) paid $18.10 per share in dividends during fiscal year 2024.
What is Farmers Merchant's return on equity (ROE)?
Farmers Merchant (FMCB) has a return on equity of 15.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Farmers Merchant's free cash flow?
Farmers Merchant (FMCB) generated $101.3M in free cash flow during fiscal year 2024. This represents a 14.7% 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 Merchant's operating cash flow?
Farmers Merchant (FMCB) generated $103.7M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Farmers Merchant's total assets?
Farmers Merchant (FMCB) had $5.4B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Farmers Merchant's capital expenditures?
Farmers Merchant (FMCB) invested $2.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Farmers Merchant buy back shares?
Yes, Farmers Merchant (FMCB) spent $45.3M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Farmers Merchant have outstanding?
Farmers Merchant (FMCB) had 699,798 shares outstanding as of fiscal year 2024.
What is Farmers Merchant's debt-to-equity ratio?
Farmers Merchant (FMCB) had a debt-to-equity ratio of 8.37 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Farmers Merchant's return on assets (ROA)?
Farmers Merchant (FMCB) had a return on assets of 1.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Farmers Merchant's Piotroski F-Score?
Farmers Merchant (FMCB) 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 Merchant's earnings high quality?
Farmers Merchant (FMCB) has an earnings quality ratio of 1.17x, 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 Merchant?
Farmers Merchant (FMCB) scores 53 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.