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Financials · FMAO

Farmers & Merchants Bancorp Inc. (FMAO) financials

For the twelve months ended Sep 30, 2026, Farmers & Merchants Bancorp Inc. reported $146.17M of revenue and $42.71M of net income.

Revenue, TTM
$146.17M
Revenue growth, YoY
+11.7%
Net income, TTM
$42.71M
Net income growth, YoY
+33.9%
Net margin
29.2%
Free cash flow, TTM
$45.40M
EPS, diluted, TTM
$3.11
EPS growth, YoY
+34.1%
P/E
11.89
P/S
3.47
Market cap
$507.8M
Annual revenue$121.43M
FY2016FY2025
Annual net income$33.31M
FY2016FY2025
Annual free cash flow$34.97M
FY2016FY2025

FMAO revenue and earnings growth

FMAO revenueQ3 2026$34.81M

Quarter YoY
+11.4%
QoQ
+1.3%
FY YoY
+19.6%
5Y CAGR
+9.7%
10Y CAGR
+11.5%

FMAO revenue was $34.81M in fiscal Q3 2026 (ended Sep 30, 2026), up 11.4% from a year earlier and up 1.3% from the prior quarter. For the full fiscal 2025 it was $121.43M, up 19.6% from fiscal 2024. Compound annual growth was +9.7% over 5 years and +11.5% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FMAO net incomeQ3 2026$11.54M

Quarter YoY
+30.3%
QoQ
-2.2%
FY YoY
+28.4%
5Y CAGR
+10.6%
10Y CAGR
+12.4%

FMAO net income was $11.54M in fiscal Q3 2026 (ended Sep 30, 2026), up 30.3% from a year earlier and down 2.2% from the prior quarter. For the full fiscal 2025 it was $33.31M, up 28.4% from fiscal 2024. Compound annual growth was +10.6% over 5 years and +12.4% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

FMAO EPSQ3 2026$0.84

Quarter YoY
+31.3%
QoQ
-2.3%
FY YoY
+27.9%
5Y CAGR
+6.2%
10Y CAGR
+8.1%

FMAO diluted EPS was $0.84 in fiscal Q3 2026 (ended Sep 30, 2026), up 31.3% from a year earlier and down 2.3% from the prior quarter. For the full fiscal 2025 it was $2.43, up 27.9% from fiscal 2024. Compound annual growth was +6.2% over 5 years and +8.1% over 10 years.

FMAO free cash flowQ3 2026$14.58M

Quarter YoY
+35.9%
QoQ
+37.6%
FY YoY
+14.3%
5Y CAGR
+7.7%
10Y CAGR
+10.3%

FMAO free cash flow was $14.58M in fiscal Q3 2026 (ended Sep 30, 2026), up 35.9% from a year earlier and up 37.6% from the prior quarter. For the full fiscal 2025 it was $34.97M, up 14.3% from fiscal 2024. Compound annual growth was +7.7% over 5 years and +10.3% over 10 years. It rose in 7 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$121.43M$101.53M$97.30M$102.58M$87.11M$76.56M$65.37M$50.72M$46.86M$44.87M
Selling, general and admin$5.94M$5.42M$6.37M$5.88M$8.18M$6.10M$6.25M$4.24M$4.00M$3.84M
Interest expense--$58.41M$14.36M$7.34M$10.39M$14.76M$6.57M$5.13M$4.22M
Pre-tax income$42.52M$32.57M$28.35M$40.48M$29.50M$25.21M$22.76M$18.25M$17.90M$16.32M
Income tax$9.22M$6.63M$5.57M$7.96M$6.00M$5.11M$4.36M$3.30M$5.18M$4.66M
Net income$33.31M$25.94M$22.79M$32.52M$23.50M$20.09M$18.40M$14.95M$12.72M$11.66M
EPS, basic$2.43$1.90$1.67$2.46$2.01$1.80$1.66$1.61$1.38$1.27
EPS, diluted$2.43$1.90$1.67$2.46$2.01$1.80$1.66$1.61$1.38$1.27

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Goodwill$86.36M$86.36M$86.36M$86.36M$80.43M$47.34M$47.34M$4.07M$4.07M$4.07M
Total assets$3.43B$3.36B$3.28B$3.02B$2.64B$1.91B$1.61B$1.12B$1.11B$1.06B
Total liabilities$3.06B$3.03B$2.97B$2.72B$2.34B$1.66B$1.38B$972.88M$972.87M$930.32M
Shareholders' equity$370.86M$335.21M$316.54M$298.14M$297.17M$249.16M$230.26M$143.29M$134.11M$125.58M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$36.74M$32.47M$22.15M$40.67M$34.74M$27.38M$23.93M$10.74M$17.65M$12.43M
Capital expenditures$1.77M$1.87M$10.93M$2.60M$1.97M$3.22M$3.51M$2.63M$1.89M$2.41M
Free cash flow$34.97M$30.60M$11.22M$38.07M$32.78M$24.16M$20.42M$8.11M$15.76M$10.02M
Investing cash flow-$138.70M-$44.36M-$194.09M-$389.90M-$265.69M-$177.72M-$149.32M$1.47M-$48.17M-$64.19M
Financing cash flow$23.33M$46.04M$229.73M$252.82M$236.07M$274.75M$138.32M-$8.31M$36.67M$58.06M
Dividends paid$12.09M$11.92M$11.34M$10.28M$7.67M$7.19M$6.34M$4.96M$4.44M$4.12M
Share repurchases$362.0K$664.0K$218.0K$308.0K$338.0K$383.0K$381.0K$490.0K$196.0K$194.0K
Stock-based compensation$1.39M$1.36M$1.28M$899.0K$822.0K$1.02M$1.09M$745.0K$507.0K$402.0K

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY19.6%4.3%-5.1%17.8%13.8%17.1%28.9%8.2%4.4%9.8%
Net income growth, YoY28.4%13.8%-29.9%38.4%16.9%9.2%23.1%17.5%9.1%12.8%
EPS growth, YoY27.9%13.8%-32.1%22.4%11.7%8.4%3.1%16.7%8.7%13.4%
Net margin27.4%25.5%23.4%31.7%27.0%26.2%28.2%29.5%27.1%26.0%
Free cash flow margin28.8%30.1%11.5%37.1%37.6%31.6%31.2%16.0%33.6%22.3%
Return on equity9.0%7.7%7.2%10.9%7.9%8.1%8.0%10.4%9.5%9.3%
Return on assets1.0%0.8%0.7%1.1%0.9%1.1%1.1%1.3%1.1%1.1%

Source: XBRL data Farmers & Merchants Bancorp Inc. files with the SEC, latest filing dated Oct 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

Per-share figures and share counts are restated for stock splits the filings show: 2-for-1, first reported Oct 25, 2017.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FMAO peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FMAO$146.17M+11.7%$42.71M29.2%$507.8M
HSBC$68.27B+3.7%$23.13B33.9%$309.74B
EBC$1.19B+61.8%$381.02M32.1%$5.34B
AX$1.55B+23.0%$507.67M32.7%$5.33B
TFSL$343.73M+10.5%$102.06M29.7%$4.65B
PFS$924.11M+8.6%$310.15M33.6%$3.20B
BKU$1.13B+5.4%$273.97M24.3%$3.07B
CFFN$229.25M+19.4%$82.83M36.1%$1.08B

FMAO FAQ

7 questions
  • What is FMAO revenue?
    Farmers & Merchants Bancorp Inc. (FMAO) reported $146.17M of revenue for the twelve months ended Sep 30, 2026. That is up 11.7% from the year before. Revenue for fiscal 2025 was $121.43M.
  • Is FMAO profitable?
    Yes. Farmers & Merchants Bancorp Inc. earned $42.71M in net income for the twelve months ended Sep 30, 2026, a net margin of 29.2%.
  • How fast is FMAO revenue growing?
    Farmers & Merchants Bancorp Inc.'s revenue changed +19.6% in fiscal 2025, to $121.43M. Its compound annual growth rate was +9.7% over 5 years and +11.5% over 10 years.
  • What is FMAO free cash flow?
    Farmers & Merchants Bancorp Inc. generated $45.40M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $46.74M less capital expenditures.
  • What is FMAO earnings per share?
    Diluted earnings per share were $3.11 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did FMAO last report financial results?
    The latest statements here come from Farmers & Merchants Bancorp Inc.'s 10-Q filed on Oct 27, 2026, covering the period ended Sep 30, 2026.
  • Where does this FMAO financial data come from?
    Quantisnow builds these statements from the structured XBRL data Farmers & Merchants Bancorp Inc. files with the SEC. It is provided for information only and is not investment advice.