Farmers & Merchants Bancorp, Inc. FMAO | NASDAQ
$34.62
-$0.09 | -0.26%
SIGNAL:
|2026-09-24
|F&G 52
|RSI 47.5
|2026-09-24
|F&G 52
|RSI 47.5
Company Overview:
Market Cap:
$476.83M
Trailing PE:
11.9x
FWD PE *:
10.8x
Payout Ratio (TTM):
30.8%
52-Week Range:
$22.77 - $36.12
* Forward PE is based on street estimates.
10 Year FMAO Performance Metrics:
Total Return (with DRIP):
184.4% (11.02% CAGR)
Total Return (no DRIP):
163.3% (10.16% CAGR)
Share Price:
124.8% (8.44% CAGR)
Yield on Cost (with DRIP):
7.56%
Total Invested:
$10,000
Total Value (with DRIP):
$28,440
Total Return $ (with DRIP):
$18,440
Dividend Increase:
100.0% (7.33% CAGR)
Dividend Yield (FWD):
2.66% ($0.92)
FMAO 10-yr Total Return ($10K invested)
1M
3M
6M
YTD
1Y
3Y
5Y
10Y
FMAO Share Price
1M
3M
6M
YTD
1Y
3Y
5Y
10Y
All
FMAO Price CAGR:1Y: 38.42%2Y: 11.90%5Y: 9.10%10Y: 8.44%
FMAO Dividend Charts
FMAO Dividend CAGR:1Y: 9.89%2Y: 6.30%5Y: 6.79%10Y: 8.07%
FMAO Dividend Payout Ratio CAGR:1Y: -31.85%2Y: -28.87%5Y: -7.06%10Y: -2.41%
FMAO Dividend to FCF Ratio CAGR:1Y: -96.50%2Y: -8.43%5Y: -3.07%10Y: -13.64%
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FMAO Fundamentals: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:
FMAO Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%
FMAO EPS CAGR:1Y: 53.57%2Y: 43.10%5Y: 14.34%10Y: 10.05%
FMAO Net Income CAGR:1Y: 53.01%2Y: 44.09%5Y: 18.99%10Y: 14.77%
FMAO EBITDA CAGR:1Y: 29.96%2Y: 29.69%5Y: 13.91%10Y: 0.00%
FMAO Free Cash Flow CAGR:1Y: 2,877.66%2Y: 11.92%5Y: 14.09%10Y: 29.70%
FMAO Free Cash Flow / Share CAGR:1Y: 2,871.37%2Y: 11.64%5Y: 9.32%10Y: 24.50%
FMAO Operating Income CAGR:1Y: 52.25%2Y: 43.61%5Y: 11.08%10Y: 9.94%
FMAO Gross Profit CAGR:1Y: 17.71%2Y: 17.88%5Y: 11.77%10Y: 11.62%
FMAO Shares Outstanding CAGR:1Y: 1.85%2Y: 0.41%5Y: 4.43%10Y: 4.19%
FMAO Share Buybacks CAGR:1Y: 0.00%2Y: -58.08%5Y: -26.88%10Y: 0.00%
FMAO Stock-Based Comp CAGR:1Y: -32.81%2Y: -12.77%5Y: 9.73%10Y: 13.14%
FMAO Expenses CAGR:1Y: -7.79%2Y: 8.23%5Y: 0.15%10Y: -1.81%
FMAO Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%
Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:
FMAO Actual Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%
FMAO Actual EPS CAGR:1Y: 53.57%2Y: 43.10%5Y: 14.34%10Y: 10.05%
FMAO Actual Net Income CAGR:1Y: 53.01%2Y: 44.09%5Y: 18.99%10Y: 14.77%
FMAO Actual EBITDA CAGR:1Y: 29.96%2Y: 29.69%5Y: 13.91%10Y: 0.00%
Ratios, Profit Margins & Return on Capital:
FMAO Net Profit Margin CAGR:1Y: 41.97%2Y: 35.12%5Y: -1.92%10Y: -1.30%
FMAO Gross Profit Margin CAGR:1Y: 9.23%2Y: 10.54%5Y: -7.86%10Y: -4.01%
FMAO Price to Earnings CAGR:1Y: -21.23%2Y: -18.82%5Y: -6.21%10Y: -2.04%
FMAO Price To Sales Ratio CAGR:1Y: 12.50%2Y: 9.82%5Y: -7.96%10Y: -3.29%
FMAO Return on Capital Employed CAGR:1Y: -73.46%2Y: -37.93%5Y: -12.81%10Y: -2.82%
FMAO Return on Invested Capital CAGR:1Y: -72.30%2Y: -36.64%5Y: -5.59%10Y: 0.47%
FMAO Dividends Info:
Annual Dividend:
$1
Forward Yield:
2.89%
Ex-Dividend Date:
2026-10-09
Lifetime Dividends / Share:
$11.24
FMAO Dividend History: Dates, Payments & Yield list
Below is a schedule of all FMAO dividend payments, ex-dates, share price on the day of the payment as well as the annualized yield & forward yield
| Ex-Date | Payment Date | Amount | Yield | Forward Yield | Price on Ex-Date |
|---|---|---|---|---|---|
| 10/09/2026 | 10/20/2026 | $0.250 | 2.89% | 0% | $0.00 |
| 07/10/2026 | 07/20/2026 | $0.230 | 3.09% | 2.99% | $30.78 |
| 04/02/2026 | 04/20/2026 | $0.230 | 3.55% | 3.38% | $27.20 |
| 12/29/2025 | 01/20/2026 | $0.230 | 3.68% | 3.63% | $25.31 |
| 10/10/2025 | 10/20/2025 | $0.228 | 3.9% | 3.66% | $24.84 |
| 07/07/2025 | 07/21/2025 | $0.221 | 3.38% | 3.32% | $26.64 |
| 04/04/2025 | 04/21/2025 | $0.221 | 3.93% | 3.91% | $22.61 |
| 12/27/2024 | 01/20/2025 | $0.221 | 3.1% | 3.1% | $28.52 |
| 10/04/2024 | 10/21/2024 | $0.221 | 3.39% | 3.23% | $27.39 |
| 07/05/2024 | 07/22/2024 | $0.220 | 4.14% | 3.38% | $26.05 |
| 03/27/2024 | 04/22/2024 | $0.220 | 3.91% | 4.17% | $21.08 |
| 12/28/2023 | 01/22/2024 | $0.220 | 3.31% | 3.78% | $23.26 |
| 10/05/2023 | 10/20/2023 | $0.210 | 4.75% | 4.74% | $17.72 |
| 07/06/2023 | 07/20/2023 | $0.210 | 3.94% | 3.39% | $24.75 |
| 03/30/2023 | 04/20/2023 | $0.210 | 3.45% | 3.55% | $23.67 |
| 12/29/2022 | 01/20/2023 | $0.210 | 3.04% | 2.99% | $28.09 |
| 09/23/2022 | 10/20/2022 | $0.210 | 3.15% | 3.32% | $25.33 |
| 07/07/2022 | 07/20/2022 | $0.203 | 2.45% | 2.59% | $31.28 |
| 03/31/2022 | 04/20/2022 | $0.190 | 2.1% | 1.89% | $40.15 |
| 12/27/2021 | 01/20/2022 | $0.190 | 2.37% | 2.34% | $32.43 |
| 09/27/2021 | 10/20/2021 | $0.180 | 3.19% | 2.98% | $24.20 |
| 06/25/2021 | 07/20/2021 | $0.170 | 3.13% | 3.15% | $21.61 |
| 03/30/2021 | 04/20/2021 | $0.170 | 2.7% | 2.91% | $23.35 |
| 12/28/2020 | 01/20/2021 | $0.170 | 2.94% | 2.82% | $24.11 |
| 09/28/2020 | 10/20/2020 | $0.170 | 3.36% | 3.24% | $20.99 |
| 06/26/2020 | 07/20/2020 | $0.160 | 3.23% | 3.14% | $20.40 |
| 03/30/2020 | 04/20/2020 | $0.160 | 2.57% | 3.08% | $20.81 |
| 12/30/2019 | 01/20/2020 | $0.160 | 2.13% | 0% | $0.00 |
| 09/30/2019 | 10/20/2019 | $0.150 | 2.31% | 2.32% | $25.89 |
| 06/14/2019 | 07/20/2019 | $0.150 | 2.14% | 2.12% | $28.27 |
| 03/25/2019 | 04/20/2019 | $0.150 | 2.12% | 1.97% | $30.42 |
| 12/28/2018 | 01/20/2019 | $0.150 | 1.58% | 0% | $0.00 |
| 10/01/2018 | 10/20/2018 | $0.140 | 1.33% | 1.33% | $42.00 |
| 06/25/2018 | 07/20/2018 | $0.140 | 1.19% | 1.18% | $47.61 |
| 03/26/2018 | 04/20/2018 | $0.130 | 1.29% | 1.28% | $40.67 |
| 12/22/2017 | 01/20/2018 | $0.130 | 1.2% | 1.31% | $39.61 |
| 09/25/2017 | 10/20/2017 | $0.130 | 1.47% | 1.29% | $40.18 |
| 06/22/2017 | 07/20/2017 | $0.125 | 1.97% | 1.69% | $29.61 |
| 03/24/2017 | 04/20/2017 | $0.115 | 2.14% | 2.1% | $21.87 |
| 12/22/2016 | 01/20/2017 | $0.115 | 2.64% | 2.51% | $18.30 |
| 09/23/2016 | 10/20/2016 | $0.115 | 2.94% | 2.79% | $16.50 |
| 06/24/2016 | 07/20/2016 | $0.115 | 3.23% | 2.9% | $15.88 |
| 03/24/2016 | 04/20/2016 | $0.110 | 3.2% | 3.04% | $14.48 |
| 09/25/2015 | 10/20/2015 | $0.110 | 3.38% | 3.35% | $13.15 |
| 06/26/2015 | 07/20/2015 | $0.110 | 3.23% | 3.26% | $13.50 |
| 03/27/2015 | 04/20/2015 | $0.105 | 3.23% | 3.11% | $13.50 |
| 12/29/2014 | 01/20/2015 | $0.105 | 3.26% | 3.08% | $13.63 |
| 09/29/2014 | 10/20/2014 | $0.105 | 3.29% | 3.23% | $13.00 |
| 06/27/2014 | 07/20/2014 | $0.105 | 3.46% | 3.36% | $12.50 |
| 03/28/2014 | 04/20/2014 | $0.105 | 3.5% | 3.34% | $12.58 |
| 12/27/2013 | 01/20/2014 | $0.105 | 3.77% | 0% | $0.00 |
| 09/27/2013 | 10/20/2013 | $0.100 | 3.64% | 3.81% | $10.50 |
| 06/28/2013 | 07/20/2013 | $0.100 | 3.73% | 3.65% | $10.95 |
| 03/26/2013 | 04/20/2013 | $0.100 | 3.64% | 3.59% | $11.13 |
| 12/28/2012 | 01/20/2013 | $0.100 | 4% | 0% | $0.00 |
| 09/28/2012 | 10/20/2012 | $0.100 | 3.9% | 3.94% | $10.15 |
| 06/22/2012 | 07/20/2012 | $0.095 | 3.48% | 3.53% | $10.75 |
| 03/23/2012 | 04/20/2012 | $0.095 | 3.9% | 3.45% | $11.00 |
| 12/23/2011 | 01/20/2012 | $0.095 | 4.28% | 4.06% | $9.35 |
| 09/23/2011 | 10/20/2011 | $0.095 | 4.39% | 4.28% | $8.88 |
| 06/24/2011 | 07/20/2011 | $0.095 | 4.16% | 4.13% | $9.20 |
| 03/25/2011 | 04/20/2011 | $0.095 | 4.16% | 4.08% | $9.32 |
| 12/23/2010 | 01/20/2011 | $0.095 | 4.39% | 4.22% | $9.00 |
| 09/21/2010 | 10/20/2010 | $0.090 | 3.94% | 3.84% | $9.38 |
| 06/22/2010 | 07/20/2010 | $0.090 | 3.75% | 3.79% | $9.50 |
| 03/23/2010 | 04/20/2010 | $0.090 | 4.36% | 3.94% | $9.13 |
| 12/22/2009 | 01/20/2010 | $0.090 | 4.24% | 4.3% | $8.38 |
| 09/21/2009 | 10/20/2009 | $0.090 | 3.64% | 3.87% | $9.30 |
| 06/22/2009 | 07/20/2009 | $0.090 | 3.84% | 3.6% | $10.00 |
| 03/23/2009 | 04/20/2009 | $0.090 | 4% | 4.09% | $8.80 |
| 12/22/2008 | 01/20/2009 | $0.090 | 3.6% | 3.79% | $9.50 |
| 09/24/2008 | 10/20/2008 | $0.090 | 3.51% | 3.64% | $9.88 |
| 06/24/2008 | 07/20/2008 | $0.080 | 2.91% | 3.19% | $10.03 |
| 03/25/2008 | 04/20/2008 | $0.080 | 3.37% | 3.2% | $10.00 |
| 09/24/2007 | 10/20/2007 | $0.080 | 3.08% | 3.28% | $9.75 |
| 06/13/2007 | 07/20/2007 | $0.080 | 2.86% | 2.94% | $10.88 |
| 07/13/2007 | 07/20/2007 | $0.080 | 2.97% | 2.97% | $10.79 |
| 03/20/2007 | 04/20/2007 | $0.080 | 2.81% | 2.86% | $11.18 |
| 12/19/2006 | 01/20/2007 | $0.075 | 2.69% | 2.71% | $11.05 |
| 09/19/2006 | 10/20/2006 | $0.075 | 2.79% | 2.78% | $10.80 |
| 06/20/2006 | 07/20/2006 | $0.075 | 2.67% | 2.58% | $11.63 |
| 03/21/2006 | 04/20/2006 | $0.063 | 2.19% | 2.22% | $11.25 |
Projected Future Returns & Dividends for FMAO
Based on past 10-year performance, here are FMAO growth metrics:
Share price CAGR of +8.44%
Dividend CAGR of +8.08%
Using FMAO CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:
| FMAO (DRIP) | FMAO - No DRIP | |
|---|---|---|
| Current Price | $34.62 | $34.62 |
| Start Shares | 288.85 | 288.85 |
| Start Value | $10,000 | $10,000 |
| After 10 years: | ||
| Final Share Count | 383.54 | 288.85 |
| Dividends Payment | $0.54 | $0.54 |
| Annual Dividends | $834 | $628 |
| Yield on cost | 8.34% | 6.28% |
| Share Price | $77.83 | $77.83 |
| Total Dividends | $4,929 | $4,200 |
| Final Value | $29,850 | $26,680 |
Estimated Future Value + Dividends - FMAO
NOTE: Above numbers are our estimate based on FMAO's Dividend and Price CAGR over past 10 years.
These numbers should only be considered as "potential future returns"! DRIP assumes reinvesting dividends; No-DRIP assumes collecting dividends as cash.
We cannot guarantee that your actual returns will meet these estimates.
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Company Info
Farmers & Merchants Bancorp, Inc. (FMAO) had its IPO on 2006-01-30, and is traded on NASDAQ stock exchange.
Farmers & Merchants Bancorp, Inc. functions as the holding company for The Farmers & Merchants State Bank, offering a broad spectrum of commercial banking solutions. The bank serves individual customers and small businesses throughout northwest Ohio and northeast Indiana. Its offerings include various deposit accounts such as checking, savings, and time deposits, along with custodial services for Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs). The company's lending products are extensive, covering commercial, agricultural, and residential mortgages. Specifically, it provides financing for agricultural land, farm equipment, livestock, and operational expenses like seeds and fertilizers. Consumer loans are available for home improvements, vehicles (automobiles, trucks, recreational vehicles, and motorcycles), and credit cards. Additionally, it offers commercial real estate loans, including lines of credit and machinery purchase financing. For customer convenience, Farmers & Merchants Bancorp, Inc. provides Automated Teller Machine (ATM) and Interactive Teller Machine (ITM) access. It also supports digital banking through online and mobile platforms, remote deposit capture, and merchant credit card processing. Electronic transaction services, such as wire transfers and Automated Clearing House (ACH) file transmissions, are also available. The company was founded in 1897 and is headquartered in Archbold, Ohio.
FMAO website: https://www.fm.bank
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DCF Model — FMAO
Value from:
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The full DCF valuation — fair value, implied growth and the price path — is a paid feature.
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Pay up to today
—
vs current price $34.62
—
Cash flow & implied price by year
FCF is negative or missing for this company (common for banks) — the model discounts EPS instead.
EPS is negative or missing for this company — Simple mode uses free cash flow per share instead.
Free cash flow today
—
grows for the next years
Then mature
—
every future dollar counted back to today
Pile of today-dollars
—
÷ shares
Implied price path
| Year | FCF | Implied price |
|---|
Sensitivity — fair value: growth ↓ × target return →
