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

Farmers & Merchants Bk Md (FMFG) reported diluted earnings per share of $1.81 for fiscal year 2025. This represents a 32.1% 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.

Farmers & Merchants Bk Md Financials

FMFG

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Farmers & Merchants Bk Md (FMFG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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 FMFG FY2025 2026-05-15

Balance-sheet expansion kept lifting revenue, but costlier funding kept returns on that larger asset base thin.

By FY2025, assets had expanded to $872.0M from $718.2M three years earlier, enlarging the earning base. Yet ROA was only 0.7% after interest expense reached $18.0M, implying the bigger balance sheet was being funded at a much higher cost than before.

The reported debt ratio looks tame because long-term debt was only $12.0M in FY2025, while total liabilities still funded about 92.6% of assets. That combination says this company depends far more on its broader liability base than on term borrowing, so simple debt metrics understate how balance-sheet-funded the model really is.

The cash conversion rebound in FY2025 was real: operating cash flow recovered to $6.1M and capex stayed just $370K. That means the prior year's squeeze was not caused by heavy physical reinvestment; this business is constrained more by funding and spread conditions than by the need to keep pouring cash into hard assets.

Financial Health Signals

Financial Profile 40/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Farmers & Merchants Bk Md'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.

Growth

Farmers & Merchants Bk Md's revenue grew 10.4% year-over-year to $42.4M, a solid pace of expansion. This earns a growth score of 60/100.

Leverage

Farmers & Merchants Bk Md carries a low D/E ratio of 0.19, meaning only $0.19 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Cash Flow

Farmers & Merchants Bk Md has a free cash flow margin of 13.4%, earning a moderate score of 52/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Farmers & Merchants Bk Md's ROE of 8.9% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 7.6% the prior year.

Piotroski F-Score Neutral

5/9

Farmers & Merchants Bk Md 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

1.05x

For every $1 of reported earnings, Farmers & Merchants Bk Md generates $1.05 in operating cash flow ($6.0M OCF vs $5.8M 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

$42.4M

YoY+10.4%

5Y CAGR+15.3%

Farmers & Merchants Bk Md generated $42.4M in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.

EBITDA

N/A

Net Income

$5.8M

YoY+34.8%

5Y CAGR+16.5%

Farmers & Merchants Bk Md reported $5.8M in net income in fiscal year 2025. This represents an increase of 34.8% from the prior year.

EPS (Diluted)

$1.81

YoY+32.1%

Farmers & Merchants Bk Md earned $1.81 per diluted share (EPS) in fiscal year 2025. This represents an increase of 32.1% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$5.7M

YoY+486.8%

5Y CAGR+6.9%

Farmers & Merchants Bk Md generated $5.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 486.8% from the prior year.

Cash & Debt

N/A

Dividends Per Share

N/A

Shares Outstanding

YoY+2.0%

5Y CAGR+1.4%

Farmers & Merchants Bk Md had 3M shares outstanding in fiscal year 2025. This represents an increase of 2.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

13.6%

YoY+2.5pp

5Y CAGR+0.7pp

Farmers & Merchants Bk Md's net profit margin was 13.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.5 percentage points from the prior year.

Return on Equity

8.9%

YoY+1.3pp

5Y CAGR+3.7pp

Farmers & Merchants Bk Md's ROE was 8.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.3 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$370K

YoY-72.4%

5Y CAGR-0.9%

Farmers & Merchants Bk Md invested $370K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 72.4% from the prior year.

FMFG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$42.4M+10.4%	$38.4M+22.5%	$31.3M+19.2%	$26.3M+2.3%	$25.7M+23.7%	$20.8M
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	$8.7M+11.0%	$7.9M+4.1%	$7.5M-4.1%	$7.9M+9.0%	$7.2M+17.6%	$6.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$18.0M+2.5%	$17.5M+76.9%	$9.9M+361.6%	$2.1M-23.5%	$2.8M-18.9%	$3.5M
Income Tax	$1.6M+30.5%	$1.2M-39.0%	$2.0M-18.8%	$2.5M+2.1%	$2.4M+399.3%	$487K
Net Income	$5.8M+34.8%	$4.3M-33.3%	$6.4M-20.7%	$8.1M-0.7%	$8.1M+203.9%	$2.7M
EPS (Diluted)	$1.81+32.1%	$1.37-34.1%	$2.08-21.8%	$2.66	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$11.2M-0.6%	$11.2M+2.4%	$11.0M+6.5%	$10.3M+4.1%	$9.9M-3.7%	$10.3M+4.3%	$9.8M+7.3%	$9.2M
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	$2.1M-3.0%	$2.1M-1.7%	$2.2M-0.6%	$2.2M-0.7%	$2.2M+10.0%	$2.0M+6.9%	$1.9M-5.8%	$2.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$4.4M-6.2%	$4.7M+1.3%	$4.6M+7.1%	$4.3M-2.0%	$4.4M-9.0%	$4.8M+1.3%	$4.8M+17.7%	$4.0M
Income Tax	$636K+15.8%	$549K+18.8%	$462K+65.0%	$280K-11.4%	$316K+32.8%	$238K-30.4%	$342K+12.1%	$305K
Net Income	$1.8M+7.6%	$1.7M-0.6%	$1.7M+42.3%	$1.2M+2.9%	$1.2M+36.0%	$857K-23.7%	$1.1M+4.1%	$1.1M
EPS (Diluted)	$0.56	N/A	$0.53+39.5%	$0.38+2.7%	$0.37	N/A	$0.36+2.9%	$0.35

FMFG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$872.0M+3.2%	$844.6M+5.6%	$799.9M+11.4%	$718.2M+0.2%	$716.7M+5.8%	$677.3M
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%	$7.0M0.0%	$7.0M
Total Liabilities	$807.3M+2.4%	$788.4M+5.4%	$747.8M+11.5%	$670.4M+1.6%	$660.1M+5.5%	$625.6M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.0M+6.2%	$11.3M-14.3%	$13.2M-12.5%	$15.1M-11.1%	$17.0M0.0%	$17.0M
Total Equity	$64.7M+14.9%	$56.3M+7.8%	$52.2M+9.2%	$47.8M-15.6%	$56.6M+9.5%	$51.7M
Retained Earnings	$45.2M+8.6%	$41.6M+5.5%	$39.4M+11.7%	$35.3M+21.2%	$29.1M+28.3%	$22.7M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$862.9M-1.0%	$872.0M+0.3%	$869.6M+3.3%	$842.2M+3.0%	$817.6M-3.2%	$844.6M+3.3%	$817.5M+2.4%	$798.6M
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	$796.8M-1.3%	$807.3M+0.1%	$806.5M+3.1%	$782.0M+3.0%	$759.0M-3.7%	$788.4M+4.0%	$758.4M+1.9%	$744.0M
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$12.0M+0.1%	$12.0M+0.1%	$12.0M+15.7%	$10.4M-4.3%	$10.9M-4.2%	$11.3M-4.0%	$11.8M-3.8%	$12.3M
Total Equity	$66.1M+2.2%	$64.7M+2.4%	$63.2M+4.8%	$60.2M+2.9%	$58.5M+4.0%	$56.3M-4.9%	$59.2M+8.5%	$54.5M
Retained Earnings	$47.0M+4.0%	$45.2M+1.4%	$44.6M+1.4%	$44.0M+2.8%	$42.8M+2.8%	$41.6M-0.5%	$41.8M+2.8%	$40.7M

FMFG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$6.0M+162.2%	$2.3M-60.9%	$5.9M-17.5%	$7.2M-38.9%	$11.7M+162.9%	$4.5M
Capital Expenditures	$370K-72.4%	$1.3M+55.2%	$863K+110.1%	$411K+36.8%	$300K-22.4%	$387K
Free Cash Flow	$5.7M+486.8%	$968K-80.8%	$5.0M-25.3%	$6.7M-40.9%	$11.4M+180.5%	$4.1M
Investing Cash Flow	-$41.5M-82.6%	-$22.7M+46.4%	-$42.4M-19.8%	-$35.4M+40.1%	-$59.0M-29.1%	-$45.7M
Financing Cash Flow	$17.5M-56.7%	$40.4M-45.3%	$73.9M+720.5%	$9.0M-72.5%	$32.8M-55.2%	$73.1M
Dividends Paid	$1.3M-3.5%	$1.4M+11.4%	$1.2M+0.8%	$1.2M+6.0%	$1.2M+8.1%	$1.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	$2.0M+48.4%	$1.3M-53.6%	$2.8M+117.0%	$1.3M+121.5%	$590K+518.4%	-$141K-127.1%	$521K-63.9%	$1.4M
Capital Expenditures	$44K-32.3%	$65K-34.3%	$99K-1.0%	$100K-5.7%	$106K+76.7%	$60K-59.2%	$147K-53.3%	$315K
Free Cash Flow	$1.9M+52.6%	$1.3M-54.3%	$2.7M+126.8%	$1.2M+149.4%	$484K+340.8%	-$201K-153.7%	$374K-66.8%	$1.1M
Investing Cash Flow	$10.1M+247.1%	-$6.9M-15.0%	-$6.0M+59.7%	-$14.8M-7.6%	-$13.8M-189.2%	$15.5M+175.9%	-$20.4M-425.2%	-$3.9M
Financing Cash Flow	-$10.0M-17096.6%	$59K-99.8%	$24.1M+8.8%	$22.1M+176.9%	-$28.8M-188.5%	$32.5M+166.5%	$12.2M+827.2%	$1.3M
Dividends Paid	N/A	$664K-0.2%	$665K	N/A	N/A	$774K	$0-100.0%	$603K
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FMFG 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	13.6%+2.5pp	11.2%-9.3pp	20.5%-10.3pp	30.8%-0.9pp	31.7%+18.8pp	12.9%
Return on Equity	8.9%+1.3pp	7.6%-4.7pp	12.3%-4.6pp	16.9%+2.5pp	14.4%+9.2pp	5.2%
Return on Assets	0.7%+0.1pp	0.5%-0.3pp	0.8%-0.3pp	1.1%-0.0pp	1.1%+0.7pp	0.4%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.19-0.0	0.20-0.1	0.25-0.1	0.32+0.0	0.30-0.0	0.33
FCF Margin	13.4%+10.9pp	2.5%-13.6pp	16.1%-9.6pp	25.7%-18.7pp	44.4%+24.8pp	19.6%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
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	16.4%+1.3pp	15.1%-0.5pp	15.6%+3.9pp	11.7%-0.1pp	11.8%+3.4pp	8.3%-3.1pp	11.4%-0.3pp	11.8%
Return on Equity	2.8%+0.1pp	2.6%-0.1pp	2.7%+0.7pp	2.0%0.0pp	2.0%+0.5pp	1.5%-0.4pp	1.9%-0.1pp	2.0%
Return on Assets	0.2%+0.0pp	0.2%-0.0pp	0.2%+0.1pp	0.1%0.0pp	0.1%+0.0pp	0.1%-0.0pp	0.1%0.0pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	0.180.0	0.190.0	0.19+0.0	0.17-0.0	0.19-0.0	0.200.0	0.20-0.0	0.23
FCF Margin	17.1%+6.0pp	11.2%-13.8pp	25.0%+13.2pp	11.7%+6.8pp	4.9%+6.9pp	-2.0%-5.8pp	3.8%-8.5pp	12.3%

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Frequently Asked Questions

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

Farmers & Merchants Bk Md (FMFG) reported $42.4M in total revenue for fiscal year 2025. This represents a 10.4% 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 10.4% year-over-year, from $38.4M to $42.4M in fiscal year 2025.

Is Farmers & Merchants Bk Md profitable?

Yes, Farmers & Merchants Bk Md (FMFG) reported a net income of $5.8M in fiscal year 2025, with a net profit margin of 13.6%.

What is Farmers & Merchants Bk Md's net profit margin?

Farmers & Merchants Bk Md (FMFG) had a net profit margin of 13.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

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

Farmers & Merchants Bk Md (FMFG) has a return on equity of 8.9% for fiscal year 2025, 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 $5.7M in free cash flow during fiscal year 2025. This represents a 486.8% 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 $6.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

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

Farmers & Merchants Bk Md (FMFG) had $872.0M in total assets as of fiscal year 2025, including both current and long-term assets.

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

Farmers & Merchants Bk Md (FMFG) invested $370K in capital expenditures during fiscal year 2025, 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 2025.

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

Farmers & Merchants Bk Md (FMFG) had a debt-to-equity ratio of 0.19 as of fiscal year 2025, 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 0.7% for fiscal year 2025, 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 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 to 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 1.05x, 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 Bk Md?

Farmers & Merchants Bk Md (FMFG) scores 40 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.