FMAO

MKT CAP:$367M

Farmers & Merchants Bancorp, Inc.

Market Cap

$367M

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$26.83+$2.50 (+10.28%)

Apr 21, 2026

Company Details

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. The company...

CEO

Lars Eller

IPO Date

Jan 30, 2006

Website

www.fm.bank

Key Metrics TTM

Revenue

$144M

-20.0% YoY

Net Income

$36M

EPS (Diluted)

$2.61

Free Cash Flow

$36M

Revenue / Share

$10.41

Gross Margin

62.6%

Operating Margin

23.5%

Net Margin

25.0%

FCF Margin

24.8%

P/S

2.6x

P/E

10.2x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$0-100.0%EPS $0.70

FY 2025

Feb 27, 2026

$189M+7.1%EPS $3.41

Q4 2025

Feb 27, 2026

$49M+7.3%EPS $0.71

Q3 2025

Oct 31, 2025

$48M+5.9%EPS $0.64

Q2 2025

Aug 4, 2025

$47M+5.5%EPS $0.56

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$27M	$23M	$10M
Q3 22	$29M	$24M	$11M
Q4 22	$33M	$25M	$9M
Q1 23	$35M	$24M	$8M
Q2 23	$37M	$24M	$8M
Q3 23	$39M	$22M	$6M
Q4 23	$41M	$23M	$7M
Q1 24	$42M	$24M	$7M
Q2 24	$45M	$24M	$7M
Q3 24	$45M	$25M	$8M
Q4 24	$45M	$26M	$11M
Q1 25	$44M	$27M	$9M
Q2 25	$47M	$29M	$10M
Q3 25	$48M	$30M	$11M
Q4 25	$49M	$31M	$13M
Q1 26	$0	$0	$0

Valuation

Quarter	P/S	P/E
Q2 22	3.6x	12.2x
Q3 22	3.4x	11.1x
Q4 22	3.2x	11.3x
Q1 23	2.9x	11.9x
Q2 23	2.7x	12.8x
Q3 23	2.5x	15.0x
Q4 23	2.4x	16.1x
Q1 24	2.3x	16.9x
Q2 24	2.2x	17.2x
Q3 24	2.1x	15.9x
Q4 24	2.1x	14.1x
Q1 25	2.0x	13.3x
Q2 25	2.0x	12.4x
Q3 25	2.0x	11.5x
Q4 25	2.0x	11.0x
Q1 26	2.6x	10.2x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$8M	$7M
Q2 22	$15M	$14M
Q3 22	-$466.0K	-$1M
Q4 22	$19M	$18M
Q1 23	$3M	$644.0K
Q2 23	$4M	$402.0K
Q3 23	$5M	$2M
Q4 23	$11M	$9M
Q1 24	$1M	$1M
Q2 24	$10M	$9M
Q3 24	$19M	$18M
Q4 24	$3M	$2M
Q1 25	$11M	$11M
Q2 25	$1M	$385.0K
Q3 25	$11M	$11M
Q4 25	$14M	$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$448.0K
Q2 22	$536.0K
Q3 22	$722.0K
Q4 22	$894.0K
Q1 23	$2M
Q2 23	$3M
Q3 23	$3M
Q4 23	$2M
Q1 24	$219.0K
Q2 24	$566.0K
Q3 24	$357.0K
Q4 24	$729.0K
Q1 25	$386.0K
Q2 25	$719.0K
Q3 25	$475.0K
Q4 25	$187.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+29.1%	+14.2%
Q3 22	+23.3%	+11.4%
Q4 22	+25.0%	+44.1%
Q1 23	+37.5%	+74.4%
Q2 23	+38.8%	+79.7%
Q3 23	+34.8%	+86.6%
Q4 23	+25.4%	+43.1%
Q1 24	+18.5%	+28.6%
Q2 24	+19.3%	+25.4%
Q3 24	+15.5%	+11.6%
Q4 24	+9.3%	+0.5%
Q1 25	+6.1%	+1.6%
Q2 25	+5.5%	-0.2%
Q3 25	+5.9%	-1.2%
Q4 25	+7.3%	+2.9%
Q1 26	-100.0%	-100.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$213.0K	0.8%
Q2 22	$339.0K	1.3%
Q3 22	$208.0K	0.7%
Q4 22	$259.0K	0.8%
Q1 23	$306.0K	0.9%
Q2 23	$480.0K	1.3%
Q3 23	$343.0K	0.9%
Q4 23	$332.0K	0.8%
Q1 24	$434.0K	1.0%
Q2 24	$506.0K	1.1%
Q3 24	$314.0K	0.7%
Q4 24	$295.0K	0.7%
Q1 25	$352.0K	0.8%
Q2 25	$573.0K	1.2%
Q3 25	$341.0K	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q2 22	$9M	$300.0K
Q3 22	$9M	$578.0K
Q4 22	$11M	$531.0K
Q1 23	$12M	$514.0K
Q2 23	$11M	$830.0K
Q3 23	$11M	$865.0K
Q4 23	$11M	$397.0K
Q1 24	$12M	$530.0K
Q2 24	$12M	$519.0K
Q3 24	$11M	$597.0K
Q4 24	$11M	$498.0K
Q1 25	$12M	$503.0K
Q2 25	$12M	$356.0K
Q3 25	$12M	$674.0K
Q4 25	$2M	$666.0K
Q1 26	$2M	$472.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$77M	$400M	$476M
Q3 22	$75M	$395M	$470M
Q4 22	$88M	$391M	$478M
Q1 23	$67M	$373M	$440M
Q2 23	$73M	$363M	$436M
Q3 23	$155M	$348M	$503M
Q4 23	$144M	$358M	$502M
Q1 24	$189M	$348M	$537M
Q2 24	$195M	$365M	$560M
Q3 24	$247M	$405M	$652M
Q4 24	$177M	$427M	$604M
Q1 25	$175M	$191M	$366M
Q2 25	$90M	$163M	$253M
Q3 25	$118M	$156M	$274M
Q4 25	$97M	$422M	$519M
Q1 26	$173M	$430M	$602M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	13M	+0.0%	+16.7%
Q3 22	13M	+0.2%	+16.8%
Q4 22	14M	+4.8%	+4.3%
Q1 23	14M	+0.1%	+5.1%
Q2 23	14M	+0.1%	+5.2%
Q3 23	14M	+0.1%	+5.1%
Q4 23	14M	+0.1%	+0.4%
Q1 24	14M	+0.0%	+0.4%
Q2 24	14M	+0.1%	+0.4%
Q3 24	14M	-1.1%	-0.9%
Q4 24	14M	+1.3%	+0.2%
Q1 25	14M	-1.2%	-0.9%
Q2 25	14M	0.0%	-1.0%
Q3 25	14M	0.0%	+0.1%
Q4 25	14M	+1.9%	+0.7%
Q1 26	14M	0.0%	+1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$70.0K	385
Q3 22	$75.3K	385
Q4 22	$76.7K	431
Q1 23	$82.0K	431
Q2 23	$86.8K	431
Q3 23	$90.7K	431
Q4 23	$90.9K	456
Q1 24	$91.9K	456
Q2 24	$97.9K	456
Q3 24	$99.0K	456
Q4 24	$95.7K	473
Q1 25	$94.0K	473
Q2 25	$99.6K	473
Q3 25	$101.1K	473
Q4 25	$371.1K	131
Q1 26	$0	131

Revenue / Employee