FMAO
Farmers & Merchants Bancorp, Inc.
FMAO's fundamentals are strong: its operating margin rose 6 points to 40% and revenue grew 16%. At 12x earnings, it's trading in line with its usual 12x. Analysts expect earnings growth.
FMAO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
FMAO's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for financial services companies like FMAO.
FMAO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 11x | $33.51 | -9.1% |
| Forward | 11x | $36.88 | — |
| Fair | 12x | $38.45 | +4.3% |
| Current | 12x | $36.88 | — |
| Expensive | 16x | $49.12 | +33% |
Historical ranges are pointers, not guarantees.
FMAO's PE is in its fair range at 12x. If earnings grow as analysts expect, today's price would be 11x next year's earnings, in its cheap range.
FMAO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for FMAO, with profitability improving.
FMAO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $3.35 | +7.8% |
| Q3 2026 | $3.11 | +34% |
| Q2 2026 | $2.91 | +35% |
| Q1 2026 | $2.61 | +29% |
| Q4 2025 | $2.42 | +27% |
| Q3 2025 | $2.32 | +36% |
| Q2 2025 | $2.16 | +38% |
| Q1 2025 | $2.02 | +27% |
| Q4 2024 | $1.90 | +14% |
FMAO's earnings per share have climbed steadily: $3.11 over the past year, up 34% from the year before, and higher year over year for eight quarters in a row.
FMAO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $34.8M | +11% |
| Q2 2026 | $34.4M | +16% |
| Q1 2026 | $32.4M | +16% |
| Q4 2025 | $32.5M | +21% |
| Q3 2025 | $31.3M | +22% |
| Q2 2025 | $29.6M | +18% |
| Q1 2025 | $28.1M | +17% |
| Q4 2024 | $26.9M | +13% |
FMAO's revenue has grown year over year for 10 quarters in a row: $35M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 41% | +4.9 points |
| Q2 2026 | 43% | +10 points |
| Q1 2026 | 38% | +6.8 points |
| Q4 2025 | 40% | +0.4 points |
| Q3 2025 | 36% | +4.2 points |
| Q2 2025 | 33% | +4.1 points |
| Q1 2025 | 31% | +3 points |
| Q4 2024 | 39% | +10 points |
FMAO's operating margin was 41% last quarter, up 4.9 points from the same quarter a year ago.
FMAO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $14.6M | +36% |
| Q2 2026 | $10.6M | +2651% |
| Q1 2026 | $7M | -34% |
| Q4 2025 | $13.2M | +604% |
| Q3 2025 | $10.7M | -41% |
| Q2 2025 | $385K | -96% |
| Q1 2025 | $10.6M | +740% |
| Q4 2024 | $1.9M | -78% |
FMAO's free cash flow was $45M over the past year, up 92% from the year before. Free cash flow isn't a meaningful measure for financial services companies like FMAO.
FMAO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +7.8K shares |
| 1 year | +0.3% | +41.6K shares |
| 3 years | +0.8% | +109K shares |
| 5 years | +22% | +2.5M shares |
| Available history | +22% | +2.5M shares |
FMAO has 14M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.6M |
| Q2 2026 | $42,000 |
| Q1 2026 | $57,000 |
| Q4 2025 | $1,000 |
| Q3 2025 | $338,000 |
| Q2 2025 | — |
| Q1 2025 | $23,000 |
| Q4 2024 | — |
FMAO spent $2M buying back its own shares over the past year, about five times what it spent the year before.
FMAO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.0x | Net Cash |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 1.6x | Healthy |
| Q4 2025 | 4.5x | High |
| Q3 2025 | 2.3x | Moderate |
| Q2 2025 | 3.2x | Elevated |
| Q1 2025 | 2.7x | Moderate |
| Q4 2024 | 3.1x | Elevated |
FMAO has more cash than debt. Net leverage isn't a meaningful measure for financial services companies like FMAO.
FMAO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 71.0 | Overbought |
| Stochastic | 74.3 | Neutral |
FMAO's weekly RSI is 71 (overbought) and its Stochastic is 74 (neutral).
FMAO PE vs Financial Services Sector
| Metric | FMAO | Sector median | Relative |
|---|---|---|---|
| PE | 12x | 13x | 8.9% below |
| PE % | 39 | 63 | 24 pts below |
FMAO is trading at 12x earnings, in line with the Financial Services sector's median of 13x.
FMAO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $35.8 | 3% above |
| 20 week MA | $34.3 | 7.5% above |
| 50 week MA | $29.8 | 24% above |
| 100 week MA | $27.5 | 34% above |
| 200 week MA | $25.4 | 45% above |
FMAO is in an uptrend: it's above all five of its weekly moving averages, and 45% above its 200-week average.
FMAO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $30.7 | $23.0 | -25% |
| 2021 | $23.0 | $31.7 | +38% |
| 2022 | $31.7 | $27.8 | -12% |
| 2023 | $27.8 | $24.8 | -11% |
| 2024 | $24.8 | $28.6 | +15% |
| 2025 | $28.6 | $26.1 | -8.6% |
| 2026 YTD | $26.1 | $36.9 | +41% |
FMAO is up 41% so far in 2026, after finishing lower in four of the previous six years.