NASDAQ · Financial Statements

Farmers & Merchants Bancorp, Inc. (FMAO) Financial Statements

$36.54 NASDAQ: FMAO Market Cap $503.27M

Farmers & Merchants Bancorp, Inc. most recently reported annual revenue of $189.0M, net profit of $33.0M. Revenue grew at an average annual rate of 17.3% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Farmers & Merchants Bancorp, Inc.: Revenue rose from $48.0M in 2016 to $189.0M in 2025, a change of +293.8% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 34.1% to 22.5%, a shift of -11.7 percentage points; the most recent year shows net profit of $33.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$48.0M$51.0M$56.0M$78.0M$85.0M$92.0M$114.0M$152.0M$177.0M$189.0M
Operating Expenses$31.0M$33.0M$38.0M$56.0M$60.0M$63.0M$73.0M$124.0M$144.0M$147.0M
Operating Profit$16.0M$18.0M$18.0M$23.0M$25.0M$29.0M$40.0M$28.0M$33.0M$43.0M
Operating Margin34.1%35.3%32.6%29.1%29.6%32.0%35.6%18.6%18.4%22.5%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$4.0M$5.0M$7.0M$15.0M$10.0M$7.0M$14.0M$58.0M$78.0M$69.0M
Depreciation$2.0M$2.0M$2.0M$4.0M$4.0M$5.0M$4.0M$6.0M$6.0M$7.0M
Profit Before Tax$16.0M$18.0M$18.0M$23.0M$25.0M$29.0M$40.0M$28.0M$33.0M$43.0M
Tax$28.5M$28.9M$18.1M$19.1M$20.3M$20.4M$19.7M$19.6M$20.4M$21.7M
Net Profit$12.0M$13.0M$15.0M$18.0M$20.0M$23.0M$33.0M$23.0M$26.0M$33.0M
EPS$1.26$1.38$1.61$1.66$1.80$2.01$2.46$1.67$1.90$3.41
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$39.0M$41.0M$42.0M$45.0M$45.0M$45.0M$44.0M$47.0M$48.0M$49.0M$48.0M$51.0M
Operating Expenses$33.0M$35.0M$35.0M$37.0M$37.0M$35.0M$36.0M$37.0M$37.0M$36.0M$35.0M$36.0M
Operating Profit$6.0M$7.0M$7.0M$7.0M$8.0M$11.0M$9.0M$10.0M$11.0M$13.0M$12.0M$15.0M
Operating Margin15.1%16.6%16.2%16.0%18.0%23.3%19.7%20.6%23.5%26.4%25.8%29.1%
Interest$17.0M$18.0M$19.0M$20.0M$20.0M$19.0M$17.0M$18.0M$18.0M$17.0M$16.0M$17.0M
Profit Before Tax$6.0M$7.0M$7.0M$7.0M$8.0M$11.0M$9.0M$10.0M$11.0M$13.0M$12.0M$15.0M
Tax$19.0M$19.4M$20.9M$20.6M$19.6M$20.4M$20.6M$20.5M$21.2M$23.7M$22.4M$20.1M
Net Profit$5.0M$6.0M$5.0M$6.0M$7.0M$8.0M$7.0M$8.0M$9.0M$10.0M$10.0M$12.0M
EPS$0.35$0.41$0.39$0.42$0.48$0.61$0.51$0.56$0.64$0.71$0.70$0.86

Over the 10 years reported for Farmers & Merchants Bancorp, Inc., borrowings increased from $80.0M in 2016 to $300.0M in 2025, cash stood at $99.0M in the latest year, shareholders' equity was $136.0M, current assets covered current liabilities 0.11 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.1B$1.1B$1.1B$1.6B$1.9B$2.6B$3.0B$3.3B$3.4B$3.4B
Current Assets$246.0M$234.0M$210.0M$277.0M$411.0M$576.0M$478.0M$502.0M$605.0M$309.0M
Cash$29.0M$37.0M$42.0M$54.0M$103.0M$146.0M$88.0M$144.0M$177.0M$99.0M
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$0$0$0$0$0$0$0$0$0$0
Fixed Assets$21.0M$22.0M$23.0M$26.0M$27.0M$27.0M$29.0M$36.0M$34.0M$32.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$976.0M$1.0B$1.0B$1.4B$1.6B$2.3B$2.7B$2.9B$3.0B$435.0M
Other Assets$4.0M$4.0M$4.0M$47.0M$47.0M$80.0M$86.0M$86.0M$86.0M$86.0M
Total Liabilities$930.0M$973.0M$973.0M$1.4B$1.7B$2.3B$2.7B$3.0B$3.0B$3.1B
Current Liabilities$920.0M$968.0M$973.0M$1.4B$1.6B$2.2B$2.5B$2.6B$2.7B$2.8B
Borrowings$80.0M$44.0M$32.0M$73.0M$48.0M$128.0M$226.0M$329.0M$308.0M$300.0M
Other Liabilities$850.0M$928.0M$941.0M$1.3B$1.6B$2.2B$2.5B$2.6B$2.7B$2.8B
Equity$12.0M$12.0M$11.0M$82.0M$82.0M$123.0M$135.0M$136.0M$136.0M$136.0M
Reserves$126.0M$134.0M$143.0M$230.0M$249.0M$297.0M$298.0M$317.0M$335.0M$371.0M

For Farmers & Merchants Bancorp, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $35.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$12.0M$18.0M$11.0M$24.0M$27.0M$35.0M$41.0M$22.0M$32.0M$36.0M
Investing Cash Flow$-67.0M$-50.0M$-1.0M$-153.0M$-181.0M$-268.0M$-393.0M$-205.0M$-46.0M$-140.0M
Financing Cash Flow$62.0M$46.0M$2.0M$169.0M$289.0M$169.0M$190.0M$113.0M$78.0M$44.0M
Net Cash Flow$6.0M$6.0M$4.0M$13.0M$124.0M$5.0M$-96.0M$58.0M$34.0M$-79.0M
Free Cash Flow$10.0M$16.0M$8.0M$20.0M$24.0M$33.0M$38.0M$11.0M$31.0M$35.0M

Valuation & Return Ratios

MetricValue
PEG Ratio0.35
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y17.51%
Return 3Y40.15%
Return 5Y63.65%

Farmers & Merchants Bancorp, Inc. (FMAO) financials — frequently asked questions

What is Farmers & Merchants Bancorp, Inc.'s annual revenue?

Farmers & Merchants Bancorp, Inc. (FMAO) reported annual revenue of $189.0M in its most recent fiscal year.

What is Farmers & Merchants Bancorp, Inc.'s net profit?

Farmers & Merchants Bancorp, Inc. (FMAO) reported net profit of $33.0M in its most recent fiscal year.

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