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Farmers & Merchants Bancorp(NASDAQ) FMAO

Market Cap$426.13MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.
Since IPO (2004)+342%
5 Year+68%
1 Year+25%
1 Month+3%
$31.23
+0.91%
+0.28Today
Farmers & Merchants Bancorp last closing stock price
MetricPriceDate
Last closeUSD 31.202026-07-27
Farmers & Merchants Bancorp stock price return by period
PeriodPrice returnPrice at period startPeriod start date
1 week+1.36%USD 30.782026-07-20
1 month+3.19%USD 30.242026-06-26
3 month+13.63%USD 27.462026-04-28
Year to date+28.33%USD 24.312025-12-31
1 year+25.36%USD 24.892025-07-25
3 year+54%USD 20.262023-07-28
5 year+68.1%USD 18.562021-07-28
Since inception+341.71%USD 7.012004-11-23

Farmers & Merchants Bancorp Financials at a Glance

Market Cap

$426.13MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Revenue (TTM)

$191.30M

Net Income (TTM)

$35.94M

EPS (TTM)

$2.61

P/E Ratio

11.87

Dividend

$0.92

Beta (Volatility)

0.77 (Low)

Price

$31.23

Volume

2,611

Open

$31.10

Previous Close

$31.23

Daily Range

$30.84 - $31.25

52-Week Range

$22.77 - $32.00

Estimated Earnings Date

Jul 27, 2026

FMAO News

No articles available.

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About Farmers & Merchants Bancorp

Farmers & Merchants helps people and small businesses in Ohio and Indiana manage their money. It provides local residents with accounts for their savings and loans to buy homes or cars. The bank also supports farmers and local companies by funding their equipment and daily operations.

A Look at the Services

  • Commercial Real Estate: Financing for building or buying business properties; this is the largest loan category with $1.31 billion in balances at March 31, 2026.
  • Agricultural Lending: Loans for farm real estate, livestock, and equipment; supports the specialized needs of the regional farming industry.
  • Consumer Banking: Checking accounts, savings accounts, and mortgages for individuals; includes online and mobile banking tools for daily money management.
  • Commercial and Industrial: Working capital and long-term loans for business operations; helps companies pay for equipment and daily expenses.

Expanding the Midwest Footprint

  • Acquired Peoples Federal Savings and Loan in 2022 to expand its reach in local communities.
  • Purchased Perpetual Federal Savings Bank in 2021 to grow its customer base.
  • Completed the acquisition of Ossian State Bank in 2021.
  • Bought Adams County Financial Resources in 2020 to add to its financial services.

The Local Advantage

The bank uses interest rate swaps—contracts that trade one type of interest for another—to protect $100 million of its loans from changing market rates. Its focus on regional agriculture allows it to provide specific loans for farm supplies and livestock that larger national banks may not offer.

The Latest Financial Numbers

  • Total revenue rose to $47.8 million in Q1 2026, up 7.5% from $44.4 million in Q1 2025.
  • Net income reached $9.6 million in Q1 2026, a 37.8% increase compared to $7 million in Q1 2025.
  • Operating income grew to $12.3 million in Q1 2026, up 40.8% year-over-year.
  • Free cash flow was $7.7 million in Q1 2026, down 28% from $10.6 million in Q1 2025.

The Bank's Evolution

Farmers & Merchants has transformed through several regional acquisitions to strengthen its footprint in the Midwest. Its focus on specialized agricultural and business lending provides a stable base for its regional banking operations.

AI Generated • May 7, 2026

Industry

Banks

Sector

Financials

Employees

473

CEO

Lars B. Eller, MBA

Website

www.fm.bank

Headquarters

Archbold, OH 43502, US

FMAO Financials

Key Financial Metrics (TTM)

Gross Margin

63.48%

Operating Margin

24.10%

Net Income Margin

18.78%

Return on Equity

9.85%

Return on Capital

6.34%

Return on Assets

1.03%

Earnings Yield

8.42%

Dividend Yield

2.96%

Payout Ratio

33.99%

Stock Overview

Market Cap

$426.13MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

Shares Outstanding

13.77M

Volume

2.61K

Avg. Volume

94.89K

Financials (TTM)

Gross Profit

$121.44M

Operating Income

$46.10M

EBITDA

$53.34M

Operating Cash Flow

$34.01M

Capital Expenditure

-$2.04M

Free Cash Flow

$31.96M

Cash & ST Invst.

$357.22M

Total Debt

$268.71M

Farmers & Merchants Bancorp Performance Analysis

Farmers & Merchants Bancorp annual revenue and year-over-year revenue growth by fiscal year
Fiscal yearPeriod endRevenueYoY growth
20222022-12-31USD 116,800,00026.4%
20232023-12-31USD 155,102,00032.8%
20242024-12-31USD 178,375,00015.0%
20252025-12-31USD 189,095,0006.0%
Farmers & Merchants Bancorp sequential (quarter-over-quarter) revenue growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-306.0%
Q32025-09-301.5%
Q42025-12-311.7%
Q12026-03-31-1.7%
Farmers & Merchants Bancorp annual diluted earnings per share and year-over-year EPS growth by fiscal year
Fiscal yearPeriod endDiluted EPSYoY growth
20222022-12-31USD 2.4622.2%
20232023-12-31USD 1.67-32.2%
20242024-12-31USD 1.9013.5%
20252025-12-31USD 2.4328.0%
Farmers & Merchants Bancorp sequential (quarter-over-quarter) diluted earnings per share growth by fiscal quarter
Fiscal quarterPeriod endQoQ growth
Q22025-06-309.8%
Q32025-09-3014.3%
Q42025-12-3110.9%
Q12026-03-31-1.4%

Revenue Growth Rate

Annual and quarterly growth comparison

Earnings Per Share Growth Rate

Annual and quarterly EPS growth comparison

Quarterly Performance

Name
Q1 2026YOY CHG

Revenue

$47.78M

+7.5%

Gross Profit

$31.61M

+18.0%

Gross Margin

66.17%

N/A

Market Cap

$426.13MMarket cap calculated using publicly traded shares outstanding only. Does not include unlisted, private, or dual-class non-traded shares. Implied market cap may vary.

N/A

Market Cap/Employee

$899.00K

N/A

Employees

474

N/A

Net Income

$9.58M

+37.8%

EBITDA

$14.15M

+37.1%

Quarterly Fundamentals

Name
Q1 2026YOY CHG

Total Cash

$357.22M

-2.3%

Total Debt

$268.71M

-12.6%

Accounts Receivable

$0.00

N/A

Inventory

$0.00

N/A

Long Term Debt

$253.95M

-9.4%

Short Term Debt

$14.76M

-45.8%

Return on Assets

1.03%

N/A

Return on Invested Capital

7.01%

N/A

Free Cash Flow

$6.99M

-34.2%

Operating Cash Flow

$7.65M

-30.5%

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Questions About FMAO

What is the current price of Farmers & Merchants Bancorp?

Farmers & Merchants Bancorp is trading at $31.23 per share.

What is the 52-week range for Farmers & Merchants Bancorp?

Over the past 52 weeks, Farmers & Merchants Bancorp has traded between $22.77 and $32.00.

How much debt does Farmers & Merchants Bancorp have?

As of the most recent reporting period, Farmers & Merchants Bancorp reported total debt of $268.71M.

How much cash does Farmers & Merchants Bancorp have on hand?

Farmers & Merchants Bancorp does not have cash on hand data available.

What is Farmers & Merchants Bancorp’s dividend yield?

Farmers & Merchants Bancorp currently has a dividend yield of 2.96%.

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