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NASDAQ · Banks - Regional · USD

Farmers & Merchants Bancorp, Inc. (FMAO) Stock Analysis

Farmers & Merchants Bancorp, Inc. (FMAO) is a Banks - Regional stock listed on NASDAQ and quoted in US Dollar.

Last Updated: October 21, 2026

FMAO

$35.20

−$0.35 (−0.98%)

Oct 21, 2026 · Market close

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Price History

Hover for the daily close. The dotted line marks the period open.

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FMAO Key Statistics

As of Oct 21, 2026
Trading
Open
$35.70
Previous Close
$35.55
Day's Range
34.79–35.70
52-Week Range
22.91–36.12
Volume
58.58K
BetaHow much the share price moves relative to the wider market. 1.0 moves in line with it; above 1.0 swings more, below 1.0 less.
0.81
Valuation
Market Cap
$484.82M
P/E Ratio
12.18
Forward P/EShare price divided by forecast earnings for the year ahead, rather than the year just past.
10.76
P/S ratioMarket value divided by annual revenue. Useful for companies that are not yet profitable, where a P/E cannot be calculated.
3.76
EPS (ttm)Profit attributable to each share over the last twelve months.
2.89
Financials (FY)
Revenue (FY)
$117.62M+18.93%
Net Income (FY)
$33.31M+28.42%
Profit marginThe share of revenue left as profit after all costs and taxes.
31.03%
Shares OutstandingThe total number of shares held by all investors. Market value is this figure multiplied by the share price.
13.77M
1-Year Return
+47.50%
Dividend and dates
Dividend
$0.96+2.70%
Ex-Dividend Date
October 9, 2026
Earnings Date
October 26, 2026estimated
Avg Volume
60.20K

Only metrics the company reports are shown. Data provided by Yahoo Finance via yfinance. Updated daily.

Key facts

As of October 21, 2026, FMAO closed at $35.20, +47.50% over 1 year.

Farmers & Merchants Bancorp, Inc. (FMAO) has a market capitalization of $484.82M.

In fiscal 2025, FMAO reported revenue of $117.62M.

FMAO Stock Return by Calendar Year

Farmers & Merchants Bancorp, Inc. (FMAO) 10-year return: what $10,000 became

1 year
$10,000 $14,750
+47.50%
5 years
$10,000 $16,980
+69.80%
10 years
$10,000 $27,954
+179.54%

If you had invested $10,000 in Farmers & Merchants Bancorp, Inc. (FMAO) 10 years ago, at the close on October 21, 2016, it would have been worth $27,954 at the close on October 21, 2026: +179.54% in total, +10.83% a year, with dividends reinvested. A historical calculation from closing prices adjusted for splits and dividends, before fees and taxes.

Calendar-year returns computed from daily closing prices. Partial years are shown muted and marked with an asterisk.

YearReturn
2026 (partial year)+44.78%
2025−12.98%
2024+23.06%
2023−5.27%
2022−14.95%
2021+46.86%
2020−21.38%
2019−19.94%
2018−4.39%
2017+137.14%
2016 (partial year)+10.24%

As of October 21, 2026.

FMAO Revenue and Earnings by Fiscal Year

FY ends December
Fiscal yearRevenueNet incomeNet margin
2025$117.62M$33.31M28.3%
2024$98.90M$25.94M26.2%
2023$93.64M$22.79M24.3%
2022$99.30M$32.52M32.7%
Fiscal yearRevenueGross profitOperating incomeNet incomeNet margin
2025$117.62M——$33.31M28.3%
2024$98.90M——$25.94M26.2%
2023$93.64M——$22.79M24.3%
2022$99.30M——$32.52M32.7%

Annual figures as reported, in the company's reporting currency. As of December 31, 2025.

FMAO Dividend History

$0.90+2.0% vs 2024

Dividends per share, 2025 · 4 payments

YearDividends per sharePaymentsChange
2026*$0.462—
2025$0.904+2.0%
2024$0.884+3.8%
2023$0.854+4.6%
YearDividends per sharePaymentsChange
2026 (partial year)$0.462—
2025$0.904+2.0%
2024$0.884+3.8%
2023$0.854+4.6%
2022$0.814+14.5%
2021$0.714+7.6%
2020$0.664+8.2%
2019$0.614+8.9%
2018$0.564+12.0%
2017$0.504+334.8%
2016$0.121—

Most recent payment: $0.23 per share, ex-dividend July 10, 2026. Per-share amounts summed by calendar year from ex-dividend dates. Partial years are shown muted and marked with an asterisk.

FMAO Valuation vs Banks - Regional Median

Median of 326 stocks
MetricFMAOBanks - Regional medianvs median
P/E12.1812.031% above
P/S ratio3.763.585% above
Profit margin31.03%29.44%1.6 pts above

Medians across 326 Banks - Regional stocks that report the metric. Medians, not averages, so one outlier cannot move them. As of October 21, 2026.

Recent News

All 7 articles ↓

News provided by third-party sources. Not financial advice.

Analysis

Data-derived

Company Overview

Farmers & Merchants Bancorp, Inc. (FMAO) carries a market capitalisation of $484.82M. The company sits in the Financial Services sector, in the Banks - Regional industry. Headcount on file is 477.

Over the past 52 weeks the price has ranged from $22.91 to $36.12. The most recent close on file for FMAO is $35.20, dated October 21, 2026. That is −$0.35 (−0.98%) against the previous close. The latest close sits 53.64% above that 52-week low.

Financial Health

The most recent full year on file, fiscal 2025, shows revenue of $117.62M. Against the prior fiscal year total of $98.90M, that is a change of +18.93%. Net income for the same year was $33.31M. That is +28.42% against the prior fiscal year. Profit margin runs at 31.03%. That is 1.6 percentage points above the Banks - Regional median of 29.44%. Trailing earnings per share are 2.89.

Across the 4 fiscal years on file, revenue moves from $99.30M in 2022 to $117.62M in 2025. Of those 4 years, 4 report positive net income.

Valuation Assessment

On trailing earnings, the shares are priced at 12.18 times earnings. That is 1.25% above the Banks - Regional median of 12.03. On forward earnings the ratio is 10.76. Measured against sales, the shares trade at 3.76 times revenue. On price-to-sales that is 5.03% above the Banks - Regional median of 3.58. The medians here are taken across 326 Banks - Regional companies that report the metric.

The reported beta is 0.81. Annualized volatility over the trailing 10 years is 44.33%. The trailing one-year total return is +47.50%. Across 10 years the annualized return works out at +10.83%.

Growth & Income

The trailing dividend yield is 2.7%. At the indicated rate that is $0.96 a share a year. The ex-dividend date on file is October 9, 2026. Dividends are recorded for 11 calendar years; 2026 shows 2 payments totalling $0.46 a share. The year before, 2025, totalled $0.90 a share.

So far in 2026 the total return is +44.78%. Across the complete calendar years on file, 2017 returned +137.14% and 2020 returned −21.38%. Of the 9 complete calendar years on file, 3 finished higher.

Peer Comparison

Farmers & Merchants Bancorp, Inc. (FMAO) operates in the Banks - Regional industry. Here is how it compares to its closest peers by market capitalization:

Company Ticker Market Cap P/E Ratio
Farmers & Merchants Bancorp, Inc. FMAO $484.82M 12.2
Mizuho Financial Group, Inc. MFG $120.84B 13.7
HDFC Bank Limited HDB $116.51B 14.6
Itaú Unibanco Holding S.A. ITUB $106.91B 12.4

The Banks - Regional industry average P/E ratio is 12.0x. Farmers & Merchants Bancorp, Inc. trades at a P/E of 12.2.

Every figure above is read from this page's own data on each daily rebuild. Informational only, not financial advice. As of October 21, 2026.

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About Farmers & Merchants Bancorp, Inc.

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, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, bill-pay, on-line statement opportunities, and remote deposit capture or electronic deposit processing. Additionally, the company offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.

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