企業概要
Farmers & Merchants Bancorp, Inc. operates as a bank holding company overseeing The Farmers & Merchants State Bank, which delivers commercial banking services to individuals and small businesses across Northwest Ohio, Northeast Indiana, and Southeast Michigan. The entity functions within the Financial Services sector, specifically categorized under the Banks - Regional industry, indicating its focus on localized banking operations rather than national or global scope. As of the latest data, the company possesses a market capitalization of $375.10M, generates annual revenue of $119.38M, and employs 474 staff members. These financial figures suggest the company holds a mid-sized regional position, balancing the need for significant capital reserves against the operational constraints typical of regional banking institutions serving specific geographic communities.
財務健全性
The company reported revenue of $119.38M over the trailing twelve months, with net income of $32.90M, while EBITDA data is not available for this specific reporting period. The substantial difference between the reported revenue and net income highlights the cost structure inherent in banking, where operating expenses, loan loss provisions, and interest expense significantly reduce the bottom line before arriving at the final profit figure. Regarding liquidity and cash generation, free cash flow metrics are not disclosed for this entity, which limits the immediate assessment of operational cash conversion efficiency but does not preclude the use of other financial ratios. Profitability is evidenced by a gross margin of 0.0%, an operating margin of 44.8%, and a profit margin of 27.9%, reflecting the industry-standard characteristic where banking services are often cost-plus or fee-based with minimal traditional gross margins on deposits and loans. The balance sheet displays $99.22M in cash against $307.32M in total debt, and since the debt-to-equity ratio is not provided, a precise leverage calculation cannot be made from the available data points. The current ratio is also not disclosed, preventing a direct quantitative assessment of short-term liquidity relative to current liabilities. Return on Equity stands at 9.4% and Return on Assets is 1.0%, metrics that indicate management is generating a moderate return on shareholder capital while maintaining a conservative asset base typical for regional banks.
バリュエーション評価
The trailing twelve-month P/E ratio is 11.23, while the forward P/E is 9.22, implying that the market expects earnings growth in the future that would lower the valuation multiple compared to historical performance. The price-to-book ratio is exactly 1.00, suggesting that the market is currently valuing the company at its book value without applying a significant premium or discount. Alternative valuation metrics such as the price-to-sales ratio of 3.14 and the unavailable EV/EBITDA ratio provide additional context, with the P/S ratio indicating the market is willing to pay roughly three times the annual sales revenue for the firm. The 52-week price range spans from a low of $20.88 to a high of $29.83, and without the exact current share price, the precise percentage distance from these bounds cannot be calculated, though the forward P/E suggests a potential re-rating relative to current levels. The stock exhibits a beta of 0.82, which signifies that the share price is less volatile than the broader market, moving with lower sensitivity to general market fluctuations.
Growth & Income
Revenue growth over the last year was 20.0%, while earnings growth reached 19.3%, indicating that profitability is expanding at a pace nearly identical to top-line growth rather than outpacing it significantly. The company offers a dividend yield of 3.3% with a payout ratio of 37.0%, a level that appears sustainable given the strong earnings growth and the fact that only about a third of net income is distributed to shareholders. This retention of the remaining earnings allows the institution to reinvest capital into loan portfolios and operational efficiency without relying on external equity issuance. Overall, the firm presents a profile of steady double-digit growth in both revenue and earnings, supported by a consistent dividend policy that rewards income-focused investors while maintaining a robust internal capital generation stream.