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Farmers & Merchants Bancorp, Inc. FMAO | NASDAQ

$34.71 -$0.25 | -0.72%

SIGNAL:

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|2026-09-24 |F&G 53 |RSI 49.0

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Company Overview:

Market Cap: $478.07M

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): 183.1% (10.97% CAGR)

Total Return (no DRIP): 162.4% (10.13% CAGR)

Share Price: 125.4% (8.47% CAGR)

Yield on Cost (with DRIP): 7.50%

Total Invested: $10,000

Total Value (with DRIP): $28,310

Total Return $ (with DRIP): $18,310

Dividend Increase: 100.0% (7.33% CAGR)

Dividend Yield (FWD): 2.65% ($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: 33.50%2Y: 12.04%5Y: 9.15%10Y: 8.46%

FMAO Dividend Charts

FMAO - Dividends

FMAO Dividend CAGR:1Y: 3.95%2Y: 2.25%5Y: 6.23%10Y: 7.18%

FMAO - Dividend Payout Ratio

FMAO Dividend Payout Ratio CAGR:1Y: -31.85%2Y: -28.87%5Y: -7.06%10Y: -2.41%

FMAO - Dividend to Free Cash Flow Ratio

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

FMAO Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%

FMAO - Earnings Per Share (EPS)

FMAO EPS CAGR:1Y: 53.57%2Y: 43.10%5Y: 14.34%10Y: 10.05%

FMAO - Net Income

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FMAO Net Income CAGR:1Y: 53.01%2Y: 44.09%5Y: 18.99%10Y: 14.77%

FMAO - EBITDA

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FMAO EBITDA CAGR:1Y: 29.96%2Y: 29.69%5Y: 13.91%10Y: 0.00%

FMAO - Free Cash Flow

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FMAO Free Cash Flow CAGR:1Y: 2,877.66%2Y: 11.92%5Y: 14.09%10Y: 29.70%

FMAO - Free Cash Flow / Share

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FMAO Free Cash Flow / Share CAGR:1Y: 2,871.37%2Y: 11.64%5Y: 9.32%10Y: 24.50%

FMAO - Operating Income

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FMAO Operating Income CAGR:1Y: 52.25%2Y: 43.61%5Y: 11.08%10Y: 9.94%

FMAO - Gross Profit

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FMAO Gross Profit CAGR:1Y: 17.71%2Y: 17.88%5Y: 11.77%10Y: 11.62%

FMAO - Shares Outstanding

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FMAO Shares Outstanding CAGR:1Y: 1.85%2Y: 0.41%5Y: 4.43%10Y: 4.19%

FMAO - Share Buybacks

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FMAO Share Buybacks CAGR:1Y: 0.00%2Y: -58.08%5Y: -26.88%10Y: 0.00%

FMAO - Stock-Based Comp

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FMAO Stock-Based Comp CAGR:1Y: -32.81%2Y: -12.77%5Y: 9.73%10Y: 13.14%

FMAO - Expenses

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FMAO Expenses CAGR:1Y: -7.79%2Y: 8.23%5Y: 0.15%10Y: -1.81%

FMAO - Revenue vs Net Income

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FMAO - EPS vs FCF / Share

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FMAO - EPS vs PE Ratio

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FMAO - FCF vs FCF / Share

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FMAO - FCF vs Stock Based Comp

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FMAO - Cash & Debt

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FMAO - Revenue by Segment

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FMAO Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%

Revenue, EPS, Net Income & Ebitda - Estimates VS Actual:

FMAO - REVENUE: Actual + Estimates

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FMAO Actual Revenue CAGR:1Y: 7.75%2Y: 6.64%5Y: 21.31%10Y: 16.29%

FMAO - EPS: Actual + Estimates

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FMAO Actual EPS CAGR:1Y: 53.57%2Y: 43.10%5Y: 14.34%10Y: 10.05%

FMAO - NET INCOME: Actual + Estimates

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FMAO Actual Net Income CAGR:1Y: 53.01%2Y: 44.09%5Y: 18.99%10Y: 14.77%

FMAO - EBITDA: Actual + Estimates

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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

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FMAO Net Profit Margin CAGR:1Y: 41.97%2Y: 35.12%5Y: -1.92%10Y: -1.30%

FMAO - Gross Profit Margin

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FMAO Gross Profit Margin CAGR:1Y: 9.23%2Y: 10.54%5Y: -7.86%10Y: -4.01%

FMAO - Price to Earnings

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FMAO Price to Earnings CAGR:1Y: -21.23%2Y: -18.82%5Y: -6.21%10Y: -2.04%

FMAO - Price To Sales Ratio

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FMAO Price To Sales Ratio CAGR:1Y: 12.50%2Y: 9.82%5Y: -7.96%10Y: -3.29%

FMAO - Return on Capital Employed

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FMAO Return on Capital Employed CAGR:1Y: -73.46%2Y: -37.93%5Y: -12.81%10Y: -2.82%

FMAO - Return on Invested Capital

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FMAO Return on Invested Capital CAGR:1Y: -72.30%2Y: -36.64%5Y: -5.59%10Y: 0.47%

FMAO Dividends Info:

Annual Dividend: $0.92

Forward Yield: 2.65%

Ex-Dividend Date: 2026-07-10

Lifetime Dividends / Share: $10.99

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
07/10/2026	07/13/2026	$0.230	3.09%	3.06%	$30.08
04/02/2026	04/06/2026	$0.230	3.55%	3.59%	$25.62
12/29/2025	12/31/2025	$0.230	3.68%	3.72%	$24.72
10/10/2025	10/13/2025	$0.228	3.9%	3.78%	$24.10
07/07/2025	07/09/2025	$0.221	3.38%	3.35%	$26.41
04/04/2025	04/07/2025	$0.221	3.93%	3.97%	$22.31
12/27/2024	12/30/2024	$0.221	3.1%	3.1%	$28.52
10/04/2024	10/07/2024	$0.221	3.39%	3.41%	$25.99
07/05/2024	07/08/2024	$0.220	4.14%	4.14%	$21.25
03/27/2024	03/29/2024	$0.220	3.91%	4.17%	$21.08
12/28/2023	01/01/2024	$0.220	3.31%	3.78%	$23.26
10/05/2023	10/09/2023	$0.210	4.75%	4.82%	$17.43
07/06/2023	07/10/2023	$0.210	3.94%	3.79%	$22.15
03/30/2023	04/03/2023	$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 +8.46%
Dividend CAGR of +7.19%

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	$34.71	$34.71
Start Shares	288.10	288.10
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	370.21	288.10
Dividends Payment	$0.46	$0.46
Annual Dividends	$682	$531
Yield on cost	6.82%	5.31%
Share Price	$78.18	$78.18
Total Dividends	$4,257	$3,696
Final Value	$28,944	$26,220

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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Loading signals…

DCF Model — FMAO

Value from:

EPS (TTM)icompany profit per share over the last 12 months

EPS Growth %ihow fast profit per share grows each of the next 5 years — prefilled with what analysts expect

EPS growth after year 5 (forever)ithe slower pace once the fast 5 years are over — only drives years 6-10 of the price path below

Exit multiple (PE in 5 yrs)iwhat buyers pay per $1 of profit in 2031 — prefilled with today’s forward PE

Desired return %/yrithe yearly return you want from buying today — the S&P has done ~14%/yr, ask for more from a single stock

FCF growth %/yr (next 5 yrs)ihow fast free cash flow grows while the company is still expanding fast

Years of fast FCF growthihow many years the fast growth lasts before the business settles down

FCF growth after year 5 (forever)ithe slow, steady pace once the company is mature — usually 2-3%, near inflation. Must stay below your target return

Risk-free rate %iwhat a 10-yr US treasury pays with zero risk — the floor any risky stock must beat

Your target return %/yrithe yearly return you want for taking this risk — rule of thumb: risk-free rate + extra for risk

FCF base ($M, TTM)ilast 12 months of free cash flow, added up from reported quarters

Include dividends in returnidividends hand you part of the return in cash, so the share price needs to climb less

Pay up to today

—

vs current price $34.71

—

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 →

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