# Farmers & Merchants Bancorp Inc. (FMAO) fundamentals

Data as of 2026-09-08. NASDAQ, United States. Sector: Financial Services / Banks. Price $35.27, market value $486 million.

## Valuation
- **P/E (trailing): 12.1×** (5-yr avg 12.4×, 3-yr avg 12.8×). Farmers & Merchants Bancorp Inc. trades at 12.1× trailing earnings, close to its own five-year average of 12.4×. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 10.8×, lower than trailing, so analysts expect earnings to grow.
- **PEG: 0.39**. A PEG of 0.39 means the P/E is low relative to expected earnings growth: the market is not paying much for that growth.
- **Price / book: 1.2×**. The shares trade at 1.2× book value; book value is a meaningful part of the valuation.
- **Free-cash-flow yield: 8.6%** (5-yr avg 8.9%). Free cash flow equals 8.6% of the market value, in line with its five-year average of 8.9%. Above 5% is generally attractive.
- **Earnings yield: 8.3%**. The inverse of the P/E: 8.3% of the price is earned each year.

## Profitability
- **Return on equity: 9.0%**. 9.0% on shareholders' equity is weak; the business earns little on the capital its owners have in it.

## Growth
- **EPS growth (1 yr): 27.9%** (3-yr -0.4%/yr, 5-yr 6.2%/yr). Earnings per share rose 27.9%.
- **Free-cash-flow growth (3 yr): -2.8%/yr**. Free cash flow has compounded at -2.8% a year over three years, keeping pace with earnings: the growth is real cash.

## Dividends
- **Dividend yield: 2.61%** ($0.92 per share, trailing). Farmers & Merchants Bancorp Inc. yields 2.61%, a modest yield more typical of a growth-oriented payer.
- **Payout ratio: 36%** (30% of free cash flow). 36% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 10**. 10 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 6.4%/yr** (1-yr 2.0%). The dividend has grown 6.4% a year over five years.

## Price and momentum
- **Total return (1 yr): 38.0%** (YTD 45.1%, 3-mo 26.5%). The shares are up 38.0% over twelve months including dividends.
- **From 52-week high: -1.9%** (54.9% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 64**. An RSI of 64 is neutral.
- **Beta (1 yr): 0.55** (volatility 34%). Beta of 0.55 against the S&P 500: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=FMAO · Page: https://foliofundamentals.com/stocks/fmao

Not investment advice.