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Farmers & Merchants Bancorp FMCB | OTC

$1,435.00 -$0.60 | -0.04%

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|2026-10-14

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Company Overview:

Market Cap: $992.94M

Trailing PE: 10.3x

FWD PE: —

Payout Ratio (TTM): 15.2%

52-Week Range: $985.25 - $1,540.00

10 Year FMCB Performance Metrics:

Total Return (with DRIP): 155.6% (9.84% CAGR)

Total Return (no DRIP): 141.9% (9.24% CAGR)

Share Price: 120.8% (8.24% CAGR)

Yield on Cost (with DRIP): 3.99%

Total Invested: $10,000

Total Value (with DRIP): $25,563

Total Return $ (with DRIP): $15,563

Dividend Increase: 52.9% (5.27% CAGR)

Dividend Yield (FWD): 1.56% ($22.40)

FMCB 10-yr Total Return ($10K invested)

1M 3M 6M YTD 1Y 3Y 5Y 10Y

FMCB Share Price

1M 3M 6M YTD 1Y 3Y 5Y 10Y All

FMCB Price CAGR:1Y: 41.94%2Y: 21.63%5Y: 9.71%10Y: 8.24%

FMCB Dividend Charts

FMCB - Dividends

FMCB Dividend CAGR:1Y: 5.27%2Y: -21.78%5Y: 6.20%10Y: 5.27%

FMCB - Dividend Payout Ratio

FMCB Dividend Payout Ratio CAGR:1Y: -48.23%2Y: -30.23%5Y: 0.00%10Y: -14.63%

FMCB - Dividend to Free Cash Flow Ratio

FMCB Dividend to FCF Ratio CAGR:1Y: -64.49%2Y: -38.96%5Y: 0.00%10Y: -21.80%

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FMCB Financials: Earnings, Revenue, Cash Flow, Ebitda, Cash/Debt, Shares Float, etc:

FMCB - Revenue

FMCB Revenue CAGR:1Y: 3.61%2Y: 1.94%5Y: 11.74%10Y: 11.35%

FMCB - Earnings Per Share (EPS)

FMCB EPS CAGR:1Y: 10.47%2Y: 11.50%5Y: 12.22%10Y: 14.68%

FMCB - Net Income

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FMCB Net Income CAGR:1Y: 7.27%2Y: 6.59%5Y: 8.89%10Y: 12.93%

FMCB - EBITDA

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FMCB EBITDA CAGR:1Y: 5.12%2Y: 0.00%5Y: 7.67%10Y: 10.07%

FMCB - Free Cash Flow

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FMCB Free Cash Flow CAGR:1Y: 56.40%2Y: 21.83%5Y: 0.00%10Y: 23.28%

FMCB - Free Cash Flow / Share

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FMCB Free Cash Flow / Share CAGR:1Y: 62.14%2Y: 28.03%5Y: 0.00%10Y: 25.31%

FMCB - Operating Income

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FMCB Operating Income CAGR:1Y: 7.69%2Y: -32.74%5Y: 8.44%10Y: 11.36%

FMCB - Gross Profit

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FMCB Gross Profit CAGR:1Y: 8.15%2Y: -8.92%5Y: 6.82%10Y: 10.23%

FMCB - Shares Outstanding

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FMCB Shares Outstanding CAGR:1Y: -2.90%2Y: -4.40%5Y: -2.96%10Y: -1.52%

FMCB - Share Buybacks

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FMCB Share Buybacks CAGR:1Y: -98.33%2Y: -85.10%5Y: 0.00%10Y: 0.00%

FMCB - Stock-Based Comp

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FMCB Stock-Based Comp CAGR:1Y: -1.87%2Y: 173.24%5Y: 0.00%10Y: 0.00%

FMCB - Expenses

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FMCB Expenses CAGR:1Y: 35.02%2Y: 184.02%5Y: 66.09%10Y: 34.04%

FMCB - Revenue vs Net Income

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FMCB - EPS vs FCF / Share

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FMCB - EPS vs PE Ratio

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FMCB - FCF vs FCF / Share

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FMCB - FCF vs Stock Based Comp

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FMCB - Cash & Debt

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

FMCB - REVENUE: Actual + Estimates

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FMCB Actual Revenue CAGR:1Y: 3.61%2Y: 1.94%5Y: 11.74%10Y: 11.35%

FMCB - EPS: Actual + Estimates

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FMCB Actual EPS CAGR:1Y: 10.47%2Y: 11.50%5Y: 12.22%10Y: 14.68%

FMCB - NET INCOME: Actual + Estimates

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FMCB Actual Net Income CAGR:1Y: 7.27%2Y: 6.59%5Y: 8.89%10Y: 12.93%

FMCB - EBITDA: Actual + Estimates

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FMCB Actual EBITDA CAGR:1Y: 5.12%2Y: 0.00%5Y: 7.67%10Y: 10.07%

Ratios, Profit Margins & Return on Capital:

FMCB - Net Profit Margin

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FMCB Net Profit Margin CAGR:1Y: 3.54%2Y: 4.57%5Y: -2.55%10Y: 1.42%

FMCB - Gross Profit Margin

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FMCB Gross Profit Margin CAGR:1Y: 4.39%2Y: -10.65%5Y: -4.40%10Y: -1.01%

FMCB - Price to Earnings

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FMCB Price to Earnings CAGR:1Y: 16.70%2Y: 3.61%5Y: -3.67%10Y: -5.76%

FMCB - Price To Sales Ratio

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FMCB Price To Sales Ratio CAGR:1Y: 20.85%2Y: 8.34%5Y: -6.12%10Y: -4.42%

FMCB - Return on Capital Employed

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FMCB Return on Capital Employed CAGR:1Y: 4.20%2Y: 35.94%5Y: 57.90%10Y: 26.62%

FMCB - Return on Invested Capital

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FMCB Return on Invested Capital CAGR:1Y: 3.79%2Y: 36.91%5Y: -2.54%10Y: 2.27%

FMCB Dividends Info:

Annual Dividend: $22.4

Forward Yield: 1.56%

Ex-Dividend Date: 2026-09-11

Lifetime Dividends / Share: $149.95

FMCB Dividend History: Dates, Payments & Yield list

Below is a schedule of all FMCB 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
09/11/2026	10/01/2026	$5.600	1.57%	1.5%	$1,490.00
06/12/2026	07/01/2026	$5.350	1.62%	1.65%	$1,300.00
03/11/2026	04/01/2026	$5.100	1.77%	1.77%	$1,150.00
12/04/2025	01/02/2026	$5.050	1.88%	1.77%	$1,140.00
12/15/2025	01/02/2026	$5.050	0.96%	0%	$0.00
09/11/2025	10/01/2025	$5.000	1.9%	1.9%	$1,049.99
06/10/2025	07/01/2025	$9.300	3.72%	3.75%	$992.25
12/04/2024	01/02/2025	$9.300	3.51%	3.51%	$1,059.00
06/11/2024	07/01/2024	$8.800	3.57%	3.69%	$954.00
12/05/2023	01/02/2024	$8.800	3.71%	3.35%	$1,050.00
06/08/2023	07/03/2023	$8.300	3.37%	3.41%	$975.00
12/06/2022	01/03/2023	$8.300	1.69%	1.58%	$1,050.00
06/09/2022	07/01/2022	$7.850	1.69%	1.69%	$926.60
12/08/2021	01/03/2022	$7.800	1.61%	1.63%	$955.00
06/10/2021	07/01/2021	$7.500	1.71%	1.74%	$863.01
12/08/2020	01/02/2021	$7.500	2.06%	1.94%	$775.00
06/11/2020	07/01/2020	$7.250	2.03%	2.06%	$705.00
12/05/2019	01/02/2020	$7.150	1.83%	1.85%	$771.00
06/13/2019	07/01/2019	$7.050	1.67%	1.78%	$790.00
11/30/2018	01/02/2019	$7.000	1.97%	2.01%	$698.00
06/07/2018	07/02/2018	$6.900	1.99%	1.94%	$712.00

Projected Future Returns & Dividends for FMCB

Based on past 10-year performance, here are FMCB growth metrics:

Share price CAGR of +8.24%
Dividend CAGR of +5.27%

Using FMCB CAGR metrics, we can estimate that your initial $10000 investment, over the next 10 years, should grow as follows:

	FMCB (DRIP)	FMCB - No DRIP
Current Price	$1,435.00	$1,435.00
Start Shares	6.97	6.97
Start Value	$10,000	$10,000

After 10 years:
Final Share Count	8.00	6.97
Dividends Payment	$9.36	$9.36
Annual Dividends	$299	$261
Yield on cost	2.99%	2.61%
Share Price	$3,168.04	$3,168.04
Total Dividends	$2,147	$1,988
Final Value	$25,342	$24,065

Estimated Future Value + Dividends - FMCB

NOTE: Above numbers are our estimate based on FMCB'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 (FMCB) had its IPO on 1999-08-20, and is traded on OTC stock exchange.

Farmers & Merchants Bancorp functions as the holding company for Farmers & Merchants Bank of Central California, offering a broad spectrum of banking and financial services to both business and individual customers. Its array of deposit products encompasses checking, savings, and money market accounts, along with time certificates of deposit and individual retirement accounts. The institution's lending capabilities are extensive, covering commercial, residential, and construction real estate financing, agribusiness loans, and various consumer credit options. It also provides equipment leasing and credit card services. For corporate clients, specialized offerings include term loans, lines of credit, working capital financing, and letters of credit. Personal financing solutions extend to automobile loans, home improvement loans, and home equity lines of credit. Furthermore, the company delivers a suite of specialized services, such as credit card programs for merchants, secure lockbox and collection services, account reconciliation, investment sweep capabilities, online account access, and electronic funds transfers via domestic and international wire or automated clearinghouse (ACH). Comprehensive online banking facilities are also available. Investment opportunities, including mutual funds and annuities, are also provided. The company reaches its clientele through a network of 29 full-service branch locations and 3 stand-alone automated teller machines. This geographical footprint spans California's mid-Central Valley, specifically Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties, as well as the eastern part of the San Francisco Bay Area, covering Napa, Alameda, and Contra Costa counties. Founded in 1916, Farmers & Merchants Bancorp maintains its principal office in Lodi, California.

FMCB website: https://www.fmbonline.com

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DCF Model — FMCB

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 $1,435.00

—

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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