profit from every $100 of sales.
$0$100
Farmers & Merchants Bancorp
$36.81-0.19% today
+48.1% in 1 year
1-year low $23.141-year high $37.48
Trading close to its highest price of the past year.
The essentials
Four questions every investor asks, answered in one line each.
more sales each year, on average, 2022 to 2025.
0%20% a year
You pay $15.21 for every $1 of profit it makes in a year.
CheapExpensive
Not measured for banks and insurers: deposits and policy reserves count as debt, so the usual debt test says nothing about them.
Money in, money out
What Farmers & Merchants Bancorp sold, what it kept, and what it did with the cash.
Sales went from $99.3 million in 2022 to $118 million in 2025, with $33.3 million of profit last year.
SalesProfit
Farmers & Merchants Bancorp handed back 36% of the cash it generated last year.
$12M
Free cash flow 2025$35M
Bought back its own shares$362,000
Paid as dividends$12M
Cash vs. debt$99M vs. $262M
Farmers & Merchants Bancorp vs. similar companies
Farmers & Merchants Bancorp grows in the middle of these 5 and is priced in the middle for its profits.
| Company | Profit from $100 of sales | Sales growth a year | Price per $1 of profit |
|---|---|---|---|
| Farmers & Merchants Bancorp | 15.2× · Fair price | ||
 China Merchants Bank | 7.7× · Cheap | ||
 DBS Group Holdings | 18.2× · Fair price | ||
 UniCredit | 11.5× · Cheap | ||
 HDFC Bank | 18.6× · Fair price |
AI analysis
An AI analyst reads Farmers & Merchants Bancorp's last five years, its segments, earnings, insiders and peers, and writes the bull case, the bear case and what the price expects.
Run the AI analysisFull statementsIncome, balance sheet and cash flow, year by year
Income statement
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 99 | 94 | 99 | 118 | |
| – | – | – | – | |
| – | – | – | – | |
| – | – | – | – | |
| 33 | 23 | 26 | 33 | |
| 2.46 | 1.67 | 1.90 | 2.43 | |
| – | – | – | – | |
| – | – | – | – | |
| 32.7% | 24.3% | 26.2% | 28.3% |
Balance sheet
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total assets | 3,015 | 3,283 | 3,365 | 3,434 |
| Cash | 88 | 144 | 177 | 99 |
| Total debt | 172 | 300 | 281 | 262 |
| Total liabilities | 2,717 | 2,967 | 3,030 | 3,064 |
| 298 | 317 | 335 | 371 | |
| 13 | 14 | 14 | 14 | |
| – | – | – | – | |
| 10.9% | 7.2% | 7.7% | 9.0% |
Cash flow
| In millions of USD | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| 41 | 22 | 32 | 37 | |
| 3 | 11 | 2 | 2 | |
| 38 | 11 | 31 | 35 | |
| Dividends paid | 10 | 11 | 12 | 12 |
| 0 | 0 | 1 | 0 | |
| 1 | 1 | 2 | 2 |
This is a bank or insurer, so cash-flow and debt ratios are left out: borrowing and lending is the business itself. Price to book and return on equity are the measures that matter here.
Valuation
- 15.2×
- 13.0×
- –
- 1.0×
- 4.3×
- 6.6%
- 3.3%
Profitability
- 28.3%
- 5.3%
- 4.9%
- 9.8%
- 1.0%
Growth
- +5.8%
- −0.4%
- +6.4%
- +4.4%
How it ranks in Financial Services
Each dot is where the company stands among every company over $300M in the sector. Further right is better.
Top 45%of 847
Top 45%of 728
Bottom 43%of 880
Bottom 40%of 878
Top 45%of 932
What analysts expect
- Average price target
- $28.50
- Range
- $28.50 – $28.50
- 1 analysts
These targets were collected on May 20, 2026 and our analyst feed has not updated since, so we no longer compare them with today's price.
Recent earnings
Our results feed has not updated since May 21, 2026. Results reported after that are not in this table yet.
| Date | EPS | Expected | Surprise |
|---|---|---|---|
| Apr 22, 2026 | 0.70 | 0.68 | +2.9% |
| Feb 12, 2026 | 0.71 | 0.66 | +8.4% |
| Oct 27, 2025 | 0.64 | 0.59 | +8.5% |
| Jul 28, 2025 | 0.56 | 0.51 | +9.8% |
| Apr 28, 2025 | 0.51 | 0.42 | +21.4% |
| Feb 12, 2025 | 0.61 | 0.48 | +27.1% |
| Oct 30, 2024 | 0.48 | 0.41 | +17.1% |
| Aug 1, 2024 | 0.42 | 0.36 | +16.7% |
3.3%of the share price, paid each year
On $1,000 invested$33a year at today's yield, before tax
+6.4%2020 to 2025
Raised8 yearsin a row, in our data
Paid per share, each year
$0.55 in 2015 → $0.90 in 2025
How safe it looks
36.3% of its profit
Room to growStretchedMore than it earns: 34.6%
News
The world needs Ukraine’s grain. Its farmers are running out of reasons to plantCNBC · Oct 10, 2026Trump seeking ways to shield farmers from expansion of refinery biofuel waivers - reportSeeking Alpha · Aug 30, 2026How Farmers & Merchants Bancorp’s Dividend Hike Shapes FMCB’s Capital Return Strategy for InvestorsYahoo Finance · Aug 24, 2026Trump accuses Canada of charging tariffs on farmers for yearsSeeking Alpha · Aug 23, 2026Insider trades
Our insider feed has not updated since May 26, 2026. Trades filed after that are not listed yet.
No insider trades on file.
The seven classic investing rulebooks
1/7Passes 1 of 7. Each bar is how well the company fits that investor's published rules, from 0 to 100; 60 or more counts as a pass.
Warren Buffett
52No pass
Benjamin Graham
69Pass
Philip Fisher
52No pass
Peter Lynch
32No pass
Joel Greenblatt
15No pass
Charlie Munger
45No pass
Terry Smith
46No pass
Questions about Farmers & Merchants Bancorp
Is Farmers & Merchants Bancorp a good stock to buy?
A strong, very profitable business at a fair price. 1 of the 7 famous investors' published rulebooks we apply pass it. Whether it suits you depends on your goals and the price you pay; invest-like never tells anyone to buy or sell. The AI analysis lays out the case for and against. Read the Farmers & Merchants Bancorp AI analysis
What does Farmers & Merchants Bancorp do?
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in northwest Ohio and northeast Indiana. It is in Banks - Regional.
Does Farmers & Merchants Bancorp pay a dividend?
Yes. At today's price the dividend is 3.3% a year, about 36% of its yearly profit. In 2025 it paid out $12.1 million in dividends.
Is Farmers & Merchants Bancorp stock halal?
No. Farmers & Merchants Bancorp does not pass our halal screen: its main business, banking, is not permitted. How we check
How has Farmers & Merchants Bancorp stock done over the past year?
Up 48.1% over the past twelve months, to $36.81. It traded between $23.14 and $37.48, close to its high.
Who are Farmers & Merchants Bancorp's competitors?
The largest listed companies in the same industry are China Merchants Bank, DBS Group Holdings, UniCredit and HDFC Bank. The peers table on this page compares their profit, growth and price with Farmers & Merchants Bancorp's.
Prices: daily closes to Nov 13, 2026. Fundamentals: company reports via invest-like data.