Farmers & Merchants Bancorp, Inc. (FMAO) Stock

Farmers & Merchants Bancorp, Inc. (FMAO) is a Financials stock trading at $34.64 (as of 2026-09-02), with a market capitalization of $477.10M and a trailing P/E of 11.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Farmers & Merchants Bancorp, Inc. is a bank holding company for The Farmers & Merchants State Bank, providing commercial banking, lending, and deposit services to individuals and small businesses. Its offerings include deposit and time accounts, various lending products (including commercial, agricultural, residential mortgage, and consumer/credit card), and electronic banking and payment services across northwest Ohio and northeast Indiana.

Understand Farmers & Merchants Bancorp, Inc.: how it makes money

Farmers & Merchants Bancorp is the holding company for a community bank in northwest Ohio and northeast Indiana, earning income from commercial, agricultural, and consumer lending funded by local deposits. Its loan book skews to small businesses and farms in a tight two-state footprint, so local economic health drives the entire P&L.

Profit is the net interest spread on a small local loan book, funded by community deposits across two rural states.

Business quality (Solid): A profitable, steady microcap community bank; trades below the sector multiple with a solid 32% operating margin and 10% ROE.

Valuation: At 12× earnings, FMAO trades 9% below the Banking average (13×).

Bull case

  • Efficient Cost Structure: The bank runs a 32% operating margin, indicating disciplined cost management that supports earnings even in a slow-growth, two-state rural market.

Bear case

  • Discount May Signal a Ceiling: At 11.8x earnings versus the 13x banking average (9% below), the market may be correctly pricing in the limited growth runway of a microcap that serves only northwest Ohio and northeast Indiana.
Valuation — source: SEC EDGAR (first-party)
Price$34.64
Market Cap$477.10M
P/E Ratio11.9
EV / EBITDA8.7
Price / Book1.24
Price / Sales2.68
FCF Yield7.3%
DCF Value (model)$43.97
DCF Upside vs Price26.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$173.54M
Net Margin19.2%
Revenue Growth (YoY)5.0%
EPS Growth (YoY)53.6%
FCF Growth (YoY)59.7%
Valuation vs Sector & Industry
Stock P/E11.9
Sector P/E (Financials)14.9
Industry P/E (Banking)12.7
vs Sector-20.1%
vs Industry-6.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($23.70M)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorFinancials
IndustryBanking
CEOLars Eller
Employees482
CountryUS
IPO Date2006-01-30

Related Companies (Banking; 8 comparable banks)

  • BCB Bancorp, Inc. (BCBP)
  • Ponce Financial Group, Inc. (PDLB)
  • First Guaranty Bancshares, Inc. (FGBI)
  • Eastern Bankshares, Inc. (EBC)
  • Western New England Bancorp, Inc. (WNEB)
  • Northrim BanCorp, Inc. (NRIM)
  • HomeTrust Bancshares, Inc. (HTB)
  • Waterstone Financial, Inc. (WSBF)
FMAO earnings history · FMAO institutional & insider holders · FMAO KPIs & operating metrics · FMAO financials · FMAO investor presentations & press releases · FMAO SEC filings · FMAO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-02.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.