Farmers & Merchants Bk Md Financials

FMFG

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 59/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Farmers & Merchants Bk Md's revenue surged 22.5% year-over-year to $38.4M, reflecting rapid business expansion. This strong growth earns a score of 93/100.

Leverage

100

Farmers & Merchants Bk Md carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

Farmers & Merchants Bk Md's free cash flow margin of 2.5% results in a low score of 12/100. Capital expenditures of $1.3M absorb a large share of operating cash flow.

Returns

Farmers & Merchants Bk Md's ROE of 7.6% shows moderate profitability relative to equity, earning a score of 30/100. This is down from 12.3% the prior year.

Piotroski F-Score Neutral

4/9

Farmers & Merchants Bk Md passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

0.54x

For every $1 of reported earnings, Farmers & Merchants Bk Md generates $0.54 in operating cash flow ($2.3M OCF vs $4.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

This page shows Farmers & Merchants Bk Md (FMFG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).

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Key Financial Metrics

Revenue

$38.4M

YoY+22.5%

5Y CAGR+15.5%

Farmers & Merchants Bk Md generated $38.4M in revenue in fiscal year 2024. This represents an increase of 22.5% from the prior year.

EBITDA

N/A

Free Cash Flow

$953K

YoY-81.1%

5Y CAGR-29.5%

Farmers & Merchants Bk Md generated $953K in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 81.1% from the prior year.

Net Income

$4.3M

YoY-33.3%

5Y CAGR-1.3%

Farmers & Merchants Bk Md reported $4.3M in net income in fiscal year 2024. This represents a decrease of 33.3% from the prior year.

EPS (Diluted)

$1.37

YoY-34.1%

Farmers & Merchants Bk Md earned $1.37 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 34.1% from the prior year.

Cash & Debt

N/A

Dividends Per Share

$0.67

YoY+1.5%

5Y CAGR+5.6%

Farmers & Merchants Bk Md paid $0.67 per share in dividends in fiscal year 2024. This represents an increase of 1.5% from the prior year.

Shares Outstanding

YoY+1.6%

5Y CAGR+1.3%

Farmers & Merchants Bk Md had 3M shares outstanding in fiscal year 2024. This represents an increase of 1.6% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

11.2%

YoY-9.3pp

5Y CAGR-13.2pp

Farmers & Merchants Bk Md's net profit margin was 11.2% in fiscal year 2024, showing the share of revenue converted to profit. This is down 9.3 percentage points from the prior year.

Return on Equity

7.6%

YoY-4.7pp

5Y CAGR-1.6pp

Farmers & Merchants Bk Md's ROE was 7.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$1.3M

YoY+55.2%

5Y CAGR+39.2%

Farmers & Merchants Bk Md invested $1.3M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 55.2% from the prior year.

FMFG Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$38.4M+22.5%	$31.3M+19.2%	$26.3M+2.3%	$25.7M+23.7%	$20.8M+11.0%	$18.7M
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	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
Interest Expense	$17.5M+76.9%	$9.9M+361.6%	$2.1M-23.5%	$2.8M-18.9%	$3.5M-6.0%	$3.7M
Income Tax	$1.2M-39.0%	$2.0M-18.8%	$2.5M+2.1%	$2.4M+399.3%	$487K-53.1%	$1.0M
Net Income	$4.3M-33.3%	$6.4M-20.7%	$8.1M-0.7%	$8.1M+203.9%	$2.7M-41.2%	$4.6M
EPS (Diluted)	$1.37-34.1%	$2.08-21.8%	$2.66	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$11.0M+6.5%	$10.3M+4.1%	$9.9M-3.7%	$10.3M+11.9%	$9.2M+1.3%	$9.1M+2.0%	$8.9M+11.0%	$8.0M
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	$4.6M+7.1%	$4.3M-2.0%	$4.4M-9.0%	$4.8M+19.3%	$4.0M+4.0%	$3.9M+8.6%	$3.6M+27.3%	$2.8M
Income Tax	$462K+65.0%	$280K-11.4%	$316K+32.8%	$238K-22.0%	$305K-11.8%	$346K-2.6%	$355K-23.9%	$467K
Net Income	$1.7M+42.3%	$1.2M+2.9%	$1.2M+36.0%	$857K-20.6%	$1.1M-11.6%	$1.2M-13.8%	$1.4M-1.2%	$1.4M
EPS (Diluted)	$0.53+39.5%	$0.38+2.7%	$0.37+37.0%	$0.27-22.9%	$0.35-10.3%	$0.39-15.2%	$0.460.0%	$0.46

FMFG Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$844.6M+5.6%	$799.9M+11.4%	$718.2M+0.2%	$716.7M+5.8%	$677.3M+53.2%	$442.2M
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	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M	$0
Total Liabilities	$788.4M+5.4%	$747.8M+11.5%	$670.4M+1.6%	$660.1M+5.5%	$625.6M+59.3%	$392.8M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$11.3M-14.3%	$13.2M-12.5%	$15.1M-11.1%	$17.0M0.0%	$17.0M	N/A
Total Equity	$56.3M+7.8%	$52.2M+9.2%	$47.8M-15.6%	$56.6M+9.5%	$51.7M+4.6%	$49.5M
Retained Earnings	$41.6M+5.5%	$39.4M+11.7%	$35.3M+21.2%	$29.1M+28.3%	$22.7M+5.2%	$21.6M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$869.6M+3.3%	$842.2M+3.0%	$817.6M-3.2%	$844.6M+5.8%	$798.6M+0.5%	$794.6M-0.7%	$799.9M+5.7%	$756.6M
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	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M0.0%	$7.0M
Total Liabilities	$806.5M+3.1%	$782.0M+3.0%	$759.0M-3.7%	$788.4M+6.0%	$744.0M+0.3%	$741.5M-0.8%	$747.8M+5.6%	$708.4M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.0M+15.7%	$10.4M-4.3%	$10.9M-4.2%	$11.3M-7.7%	$12.3M-3.7%	$12.7M-3.6%	$13.2M-3.4%	$13.7M
Total Equity	$63.2M+4.8%	$60.2M+2.9%	$58.5M+4.0%	$56.3M+3.2%	$54.5M+2.8%	$53.1M+1.7%	$52.2M+8.1%	$48.3M
Retained Earnings	$44.6M+1.4%	$44.0M+2.8%	$42.8M+2.8%	$41.6M+2.2%	$40.7M+0.1%	$40.7M+3.1%	$39.4M+1.3%	$38.9M

FMFG Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$2.3M-61.2%	$5.9M-17.5%	$7.2M-38.9%	$11.7M+162.9%	$4.5M-22.1%	$5.7M
Capital Expenditures	$1.3M+55.2%	$863K+110.1%	$411K+36.8%	$300K-22.4%	$387K+50.9%	$257K
Free Cash Flow	$953K-81.1%	$5.0M-25.3%	$6.7M-40.9%	$11.4M+180.5%	$4.1M-25.5%	$5.5M
Investing Cash Flow	-$22.7M+46.4%	-$42.4M-19.8%	-$35.4M+40.1%	-$59.0M-29.1%	-$45.7M-57.4%	-$29.0M
Financing Cash Flow	$40.4M-45.3%	$73.9M+720.5%	$9.0M-72.5%	$32.8M-55.2%	$73.1M+310.1%	$17.8M
Dividends Paid	$1.4M+11.4%	$1.2M+0.8%	$1.2M+6.0%	$1.2M+8.1%	$1.1M+4.7%	$1.0M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$2.8M+117.0%	$1.3M+121.5%	$590K+478.2%	-$156K-110.8%	$1.4M+198.1%	$484K-41.0%	$820K-53.9%	$1.8M
Capital Expenditures	$99K-1.0%	$100K-5.7%	$106K+76.7%	$60K-81.0%	$315K-61.4%	$817K+34.8%	$606K+292.9%	$154K
Free Cash Flow	$2.7M+126.8%	$1.2M+149.4%	$484K+324.1%	-$216K-119.1%	$1.1M+438.7%	-$333K-255.5%	$214K-86.8%	$1.6M
Investing Cash Flow	-$6.0M+59.7%	-$14.8M-7.6%	-$13.8M-189.1%	$15.5M+498.9%	-$3.9M+72.1%	-$13.9M+23.4%	-$18.2M-11.2%	-$16.3M
Financing Cash Flow	$24.1M+8.8%	$22.1M+176.9%	-$28.8M-188.5%	$32.5M+2371.0%	$1.3M+123.4%	-$5.6M-115.2%	$37.0M+35.7%	$27.3M
Dividends Paid	$665K	N/A	N/A	$774K+28.4%	$603K	$0-100.0%	$606K	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FMFG Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
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	11.2%-9.3pp	20.5%-10.3pp	30.8%-0.9pp	31.7%+18.8pp	12.9%-11.5pp	24.4%
Return on Equity	7.6%-4.7pp	12.3%-4.6pp	16.9%+2.5pp	14.4%+9.2pp	5.2%-4.0pp	9.2%
Return on Assets	0.5%-0.3pp	0.8%-0.3pp	1.1%-0.0pp	1.1%+0.7pp	0.4%-0.6pp	1.0%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.20-0.1	0.25-0.1	0.32+0.0	0.30-0.0	0.33-7.6	7.94
FCF Margin	2.5%-13.6pp	16.1%-9.6pp	25.7%-18.7pp	44.4%+24.8pp	19.6%-9.6pp	29.2%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
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	15.6%+3.9pp	11.7%-0.1pp	11.8%+3.4pp	8.3%-3.4pp	11.8%-1.7pp	13.5%-2.5pp	15.9%-2.0pp	17.9%
Return on Equity	2.7%+0.7pp	2.0%0.0pp	2.0%+0.5pp	1.5%-0.5pp	2.0%-0.3pp	2.3%-0.4pp	2.7%-0.3pp	3.0%
Return on Assets	0.2%+0.1pp	0.1%0.0pp	0.1%+0.0pp	0.1%-0.0pp	0.1%-0.0pp	0.1%-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	0.19+0.0	0.17-0.0	0.19-0.0	0.20-0.0	0.23-0.0	0.24-0.0	0.25-0.0	0.28
FCF Margin	25.0%+13.2pp	11.7%+6.8pp	4.9%+7.0pp	-2.1%-14.4pp	12.3%+16.0pp	-3.7%-6.1pp	2.4%-17.9pp	20.3%

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Frequently Asked Questions

What is Farmers & Merchants Bk Md's annual revenue?

Farmers & Merchants Bk Md (FMFG) reported $38.4M in total revenue for fiscal year 2024. This represents a 22.5% 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 Bk Md's revenue growing?

Farmers & Merchants Bk Md (FMFG) revenue grew by 22.5% year-over-year, from $31.3M to $38.4M in fiscal year 2024.

Is Farmers & Merchants Bk Md profitable?

Yes, Farmers & Merchants Bk Md (FMFG) reported a net income of $4.3M in fiscal year 2024, with a net profit margin of 11.2%.

What is Farmers & Merchants Bk Md's earnings per share (EPS)?

Farmers & Merchants Bk Md (FMFG) reported diluted earnings per share of $1.37 for fiscal year 2024. This represents a -34.1% 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 Bk Md's net profit margin?

Farmers & Merchants Bk Md (FMFG) had a net profit margin of 11.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Farmers & Merchants Bk Md pay dividends?

Yes, Farmers & Merchants Bk Md (FMFG) paid $0.67 per share in dividends during fiscal year 2024.

What is Farmers & Merchants Bk Md's return on equity (ROE)?

Farmers & Merchants Bk Md (FMFG) has a return on equity of 7.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Farmers & Merchants Bk Md's free cash flow?

Farmers & Merchants Bk Md (FMFG) generated $953K in free cash flow during fiscal year 2024. This represents a -81.1% 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 Bk Md's operating cash flow?

Farmers & Merchants Bk Md (FMFG) generated $2.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Farmers & Merchants Bk Md's total assets?

Farmers & Merchants Bk Md (FMFG) had $844.6M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Farmers & Merchants Bk Md's capital expenditures?

Farmers & Merchants Bk Md (FMFG) invested $1.3M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Farmers & Merchants Bk Md have outstanding?

Farmers & Merchants Bk Md (FMFG) had 3M shares outstanding as of fiscal year 2024.

What is Farmers & Merchants Bk Md's debt-to-equity ratio?

Farmers & Merchants Bk Md (FMFG) had a debt-to-equity ratio of 0.20 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Farmers & Merchants Bk Md's return on assets (ROA)?

Farmers & Merchants Bk Md (FMFG) had a return on assets of 0.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Farmers & Merchants Bk Md's Piotroski F-Score?

Farmers & Merchants Bk Md (FMFG) has a Piotroski F-Score of 4 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 Bk Md's earnings high quality?

Farmers & Merchants Bk Md (FMFG) has an earnings quality ratio of 0.54x, considered mixed 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 Bk Md?

Farmers & Merchants Bk Md (FMFG) scores 59 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.