Stocks · Financial Services · Banks - Regional
Farmers & Merchants Bancorp, Inc. FMAO
$35.37 -0.34% Close, Oct 5, 2026 · NASDAQ · Market cap $488.6M
Strong trend
Next earnings report: Oct 26, 2026
Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.
Three things to know
- Earnings beat analyst estimates in each of the last 11 quarters (average surprise over the last four: +11.9%).
- The stock is in an uptrend: above its 200-day average for 131 trading days, with the 50-day average above the 200-day.
- Diluted EPS over the last four quarters was $2.91, up 34.7% year over year.
PromtFinance scores
Each score is a percentile within the Financial Services sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 6, 2026.
How fast revenue, earnings and cash flow are growing.
- Revenue growth (TTM, YoY)Top 48%
- EPS growth (TTM, YoY)Top 32%
- FCF growth (TTM, YoY)Top 36%
- Revenue growth, 3-year CAGRTop 37%
- Revenue growth accelerationTop 40%
Returns on capital, margins, earnings quality and balance-sheet strength.
- Return on invested capitalBottom 47%
- Gross marginBottom 50%
- Operating marginTop 38%
- Cash conversion (OCF / net income)Bottom 45%
- Accruals (lower is better)Bottom 40%
- Net debt / EBITDA (lower is better)Top 48%
- Interest coverBottom 41%
How cheap the shares are relative to earnings, cash flow and their own history.
- Earnings yieldTop 35%
- Free-cash-flow yieldTop 44%
- EBITDA / enterprise valueTop 28%
- Sales / enterprise valueTop 42%
- P/E vs own 5-year history (lower is better)Bottom 49%
Strength and persistence of the price trend, including versus the S&P 500.
- 12-month return excluding last monthTop 12%
- 6-month returnTop 6%
- 1-year return vs S&P 500Top 10%
- Distance from 52-week highTop 11%
- Trend checklist (0–4)Top 10%
Earnings surprises and analyst sentiment (estimate-revision history is being collected).
- Average EPS surprise, last 4 quartersTop 22%
- Consecutive EPS beatsTop 8%
- Upside to consensus price targetBottom 14%
Low volatility, shallow drawdowns, low market sensitivity and modest leverage.
- Volatility, 60 days (lower is better)Bottom 26%
- Maximum drawdown, 3 yearsBottom 32%
- Beta vs S&P 500 (lower is better)Bottom 34%
- Net debt / EBITDA (lower is better)Top 48%
What changed
Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).
| Measure | Before | Now | |
|---|---|---|---|
| Revenue growth (YoY) | 6.6% | 7.1% | ↑ |
| EPS growth (YoY) | 29.2% | 34.7% | ↑ |
| Gross margin | 58.4% | 64.9% | ↑ |
| Operating margin | 20.4% | 26.2% | ↑ |
| FCF margin | 17.1% | 22.1% | ↑ |
Fundamental momentum
| Measure | Now (TTM) | Year / quarter before | Sector rank | |
|---|---|---|---|---|
| Revenue growth (TTM, YoY) | 7.1% | 6.6% | ↑ | Top 48% |
| EPS growth (TTM, YoY) | 34.7% | 29.2% | ↑ | Top 32% |
| Gross margin | 64.9% | 58.4% | ↑ | Bottom 50% |
| Operating margin | 26.2% | 20.4% | ↑ | Top 38% |
| Net margin | 20.5% | 16.2% | ↑ | — |
| Free-cash-flow margin | 22.1% | 17.1% | ↑ | — |
| Return on invested capital | 1.1% | — | Bottom 47% | |
| Revenue growth, 3-year CAGR | 18.5% | — | Top 37% |
Quality of earnings and balance sheet
- Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
- 1.09×
- Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
- -0.1%
- Stock-based compensation / revenueA cost to shareholders through dilution.
- 0.5%
- Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
- 1.10×
- Interest cover (operating income / interest)How many times operating profit covers interest.
- 0.8×
Shareholder returns
- Dividend yield (dividends paid, TTM)
- 2.53%
- Net buyback yield (TTM)
- 0.09%
- Shareholder yield
- 2.62%
- Share count change, 1 year
- +1.9%
- Share count change, 3-year CAGR
- +0.4%
Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.
Based on the four quarters through Jun 30, 2026 (filed Jul 29, 2026).
Earnings and expectations
Earnings momentum
- Consecutive EPS beats
- 11
- Beats in the last 8 reports
- 8 of 8
- Average EPS surprise, last 4
- +11.9%
- Average 2-day reaction, last 8
- -0.9%
- Positive 20 days after report
- 6 of 8
Analysts
- Consensus price target
- $36.00
- Target vs current price
- +1.8%
How the stock reacted to recent reports
| Report date | EPS surprise | 2 days | 5 days | 20 days | 60 days |
|---|---|---|---|---|---|
| Jul 27, 2026 | +27.8% | +0.8% | +7.8% | +10.0% | — |
| Apr 22, 2026 | +2.9% | -0.3% | +3.1% | +1.3% | +13.9% |
| Feb 12, 2026 | +8.4% | -1.0% | -0.7% | -10.6% | +0.4% |
| Oct 27, 2025 | +8.5% | -2.5% | -2.7% | +1.7% | +8.5% |
| Jul 28, 2025 | +9.8% | +0.2% | -7.7% | +3.8% | -3.6% |
| Apr 28, 2025 | +21.4% | -0.5% | +10.3% | +1.4% | +15.1% |
| Feb 12, 2025 | +27.1% | -4.3% | -4.9% | -13.1% | -7.3% |
| Oct 30, 2024 | +17.1% | +0.7% | +5.9% | +21.3% | +0.1% |
Returns from the close before each report. Past reactions do not determine future ones.
Earnings history
| Report date | EPS | Estimate | Surprise | Revenue |
|---|---|---|---|---|
| Jul 27, 2026 | $0.86 | $0.67 | +27.8% | $34.4M |
| Apr 22, 2026 | $0.70 | $0.68 | +2.9% | $32.4M |
| Feb 12, 2026 | $0.71 | $0.66 | +8.4% | $32.5M |
| Oct 27, 2025 | $0.64 | $0.59 | +8.5% | $30.2M |
| Jul 28, 2025 | $0.56 | $0.51 | +9.8% | $29.3M |
| Apr 28, 2025 | $0.51 | $0.42 | +21.4% | $27.4M |
| Feb 12, 2025 | $0.61 | $0.48 | +27.1% | $26.3M |
| Oct 30, 2024 | $0.48 | $0.41 | +17.1% | $24.8M |
Valuation in context
| Multiple | Now | 5-year median | 5-year percentile | Sector rank (cheapness) |
|---|---|---|---|---|
| P/E (trailing) | 12.2× | 12.1× | 57th | Top 35% |
| P/E (forward) | 11.1× | — | — | — |
| EV / EBITDA | 9.7× | — | — | Top 28% |
| EV / Sales | 2.83× | — | — | Top 42% |
| Free-cash-flow yield | 8.81% | — | — | Top 44% |
| Earnings yield | 8.23% | — | — | Top 35% |
P/E over the past five years
Range 8.6× – 18.9× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.
What moved the stock over the past year
- Price return, 1 year
- +44.0%
- Earnings per share growth (TTM)
- +34.7%
- Change in P/E multiple
- +5.6%
Most of the move came from earnings growth.
Technical state
Trend checklist
- ✓ Price above 20-day average
- ✓ Price above 50-day average
- ✓ Price above 200-day average
- ✓ 50-day average above 200-day
- ✗ MACD histogram positive
Trend quality
- Days above the 50-day average
- 125
- Days above the 200-day average
- 131
- 50-day average slope (20 days)
- +5.8%
- 200-day average slope (20 days)
- +3.5%
- Distance from 50-day average
- +2.1%
- Distance from 200-day average
- +21.6%
- RSI (14)
- 56.9
- Relative volume
- 1.33×
Risk and drawdowns
- Volatility, 60 days (annualized)
- 31.1%
- Volatility vs own 5-year history
- 17th percentile · Low for this stock
- Beta vs S&P 500 (2 years, weekly)
- 0.83
- Correlation with S&P 500
- 0.38
- Current drawdown from 1-year high
- -1.2%
- Maximum drawdown, 3 years
- -36.1%
Largest declines in the past six years
| From peak | To low | Decline | Length | Recovery |
|---|---|---|---|---|
| Jun 1, 2022 | Oct 30, 2023 | -59.3% | 355 days | Not yet recovered |
| Mar 12, 2021 | Jul 8, 2021 | -22.4% | 81 days | 98 days (Nov 24, 2021) |
| Apr 21, 2022 | May 10, 2022 | -13.0% | 13 days | 15 days (Jun 1, 2022) |
| Jan 12, 2021 | Feb 18, 2021 | -11.6% | 25 days | 13 days (Mar 9, 2021) |
Declines of 10% or more from a closing high, measured on daily closes.
Financial statements
- Market cap
- $488.6M
- P/E (TTM)
- 12.2
- EPS, diluted (TTM)
- $2.91
- Revenue (TTM)
- $194.9M
- Dividend yield
- 3.30%
- 52-week range
- $22.77 – $36.12
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $92.2M | $113.7M | $152.0M | $176.6M | $189.1M |
| Gross profit | $81.4M | $94.7M | $91.9M | $98.6M | $117.8M |
| Operating income | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| Net income | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| EPS (diluted) | $2.01 | $2.46 | $1.67 | $1.90 | $3.41 |
| Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $45.1M | $45.3M | $44.4M | $47.1M | $47.8M | $48.6M | $47.8M | $50.8M |
| Net income | $6.5M | $8.4M | $7.0M | $7.7M | $8.9M | $9.8M | $9.6M | $11.8M |
| EPS (diluted) | $0.48 | $0.61 | $0.51 | $0.56 | $0.64 | $0.71 | $0.70 | $0.86 |
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Operating cash flow | $34.7M | $40.7M | $22.1M | $32.5M | $36.4M |
| Capital expenditure | -$2.0M | -$2.6M | -$10.9M | -$1.9M | -$1.8M |
| Free cash flow | $32.8M | $38.1M | $11.2M | $30.6M | $34.6M |
| Dividends paid | -$7.7M | -$10.3M | -$11.3M | -$11.9M | -$12.1M |
| Net share buybacks | -$338,000 | -$308,000 | -$218,000 | -$664,000 | -$362,000 |
Cash outflows are shown as negative numbers.
- Cash and short-term investments
- $155.9M
- Total assets
- $3.50B
- Total liabilities
- $3.12B
- Total debt
- $218.2M
- Net debt
- $62.3M
- Shareholders’ equity
- $384.7M
As of Jun 30, 2026 (filed Jul 29, 2026).
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| Oct 9, 2026 | $0.25 | Oct 20, 2026 |
| Jul 10, 2026 | $0.23 | Jul 20, 2026 |
| Apr 2, 2026 | $0.23 | Apr 20, 2026 |
| Dec 29, 2025 | $0.23 | Jan 20, 2026 |
| Oct 10, 2025 | $0.23 | Oct 20, 2025 |
| Jul 7, 2025 | $0.22 | Jul 20, 2025 |
| Apr 4, 2025 | $0.22 | Apr 20, 2025 |
| Dec 27, 2024 | $0.22 | Jan 20, 2025 |
Short interest
- Shares sold short
- 281,125
- Days to cover
- 7.38
- Change vs previous report
- -2.7%
FINRA short interest, settlement date Sep 15, 2026.
Stock splits
- Sep 21, 2017
- 2-for-1
- May 15, 2006
- 4-for-1