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FARMERS & MERCHANTS BANCO/OH (FMAO) Stock Fundamental Analysis

NASDAQ:FMAO - Nasdaq - US30779N1054 - Common Stock - Currency: USD

23.81  -0.25 (-1.04%)

After market: 23.81 0 (0%)

Fundamental Rating

4

Overall FMAO gets a fundamental rating of 4 out of 10. We evaluated FMAO against 395 industry peers in the Banks industry. FMAO may be in some trouble as it scores bad on both profitability and health. FMAO has a decent growth rate and is not valued too expensively. Finally FMAO also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

In the past year FMAO was profitable.
FMAO had a positive operating cash flow in the past year.
In the past 5 years FMAO has always been profitable.
In the past 5 years FMAO always reported a positive cash flow from operatings.
FMAO Yearly Net Income VS EBIT VS OCF VS FCFFMAO Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M

1.2 Ratios

Looking at the Return On Assets, with a value of 0.80%, FMAO is in line with its industry, outperforming 46.58% of the companies in the same industry.
FMAO's Return On Equity of 7.84% is in line compared to the rest of the industry. FMAO outperforms 46.33% of its industry peers.
Industry RankSector Rank
ROA 0.8%
ROE 7.84%
ROIC N/A
ROA(3y)0.84%
ROA(5y)0.89%
ROE(3y)8.5%
ROE(5y)8.27%
ROIC(3y)N/A
ROIC(5y)N/A
FMAO Yearly ROA, ROE, ROICFMAO Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2 4 6 8 10

1.3 Margins

The Profit Margin of FMAO (25.59%) is better than 63.29% of its industry peers.
In the last couple of years the Profit Margin of FMAO has declined.
The Operating Margin and Gross Margin are not available for FMAO so they could not be analyzed.
Industry RankSector Rank
OM N/A
PM (TTM) 25.59%
GM N/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-2.17%
PM growth 5Y-2.22%
GM growth 3YN/A
GM growth 5YN/A
FMAO Yearly Profit, Operating, Gross MarginsFMAO Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

2

2. Health

2.1 Basic Checks

FMAO does not have a ROIC to compare to the WACC, probably because it is not profitable.
FMAO has more shares outstanding than it did 1 year ago.
The number of shares outstanding for FMAO has been increased compared to 5 years ago.
Compared to 1 year ago, FMAO has an improved debt to assets ratio.
FMAO Yearly Shares OutstandingFMAO Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2M 4M 6M 8M 10M
FMAO Yearly Total Debt VS Total AssetsFMAO Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

The Debt to FCF ratio of FMAO is 1.55, which is an excellent value as it means it would take FMAO, only 1.55 years of fcf income to pay off all of its debts.
FMAO's Debt to FCF ratio of 1.55 is in line compared to the rest of the industry. FMAO outperforms 60.00% of its industry peers.
FMAO has a Debt/Equity ratio of 0.18. This is a healthy value indicating a solid balance between debt and equity.
The Debt to Equity ratio of FMAO (0.18) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 1.55
Altman-Z N/A
ROIC/WACCN/A
WACC14.76%
FMAO Yearly LT Debt VS Equity VS FCFFMAO Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
FMAO Yearly Current Assets VS Current LiabilitesFMAO Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M

6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 27.04% over the past year.
The Earnings Per Share has been growing slightly by 3.37% on average over the past years.
The Revenue has grown by 10.36% in the past year. This is quite good.
Measured over the past years, FMAO shows a quite strong growth in Revenue. The Revenue has been growing by 9.23% on average per year.
EPS 1Y (TTM)27.04%
EPS 3Y-1.37%
EPS 5Y3.37%
EPS Q2Q%30.77%
Revenue 1Y (TTM)10.36%
Revenue growth 3Y5.24%
Revenue growth 5Y9.23%
Sales Q2Q%18.84%

3.2 Future

Based on estimates for the next years, FMAO will show a quite strong growth in Earnings Per Share. The EPS will grow by 10.07% on average per year.
Based on estimates for the next years, FMAO will show a small growth in Revenue. The Revenue will grow by 6.01% on average per year.
EPS Next Y13.09%
EPS Next 2Y10.07%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year5.86%
Revenue Next 2Y6.01%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
FMAO Yearly Revenue VS EstimatesFMAO Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20M 40M 60M 80M 100M
FMAO Yearly EPS VS EstimatesFMAO Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2 2.5

5

4. Valuation

4.1 Price/Earnings Ratio

With a Price/Earnings ratio of 11.79, the valuation of FMAO can be described as very reasonable.
FMAO's Price/Earnings ratio is in line with the industry average.
FMAO's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 26.25.
FMAO is valuated reasonably with a Price/Forward Earnings ratio of 10.34.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FMAO is on the same level as its industry peers.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.15, FMAO is valued rather cheaply.
Industry RankSector Rank
PE 11.79
Fwd PE 10.34
FMAO Price Earnings VS Forward Price EarningsFMAO Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, FMAO is valued a bit cheaper than 75.70% of the companies in the same industry.
Industry RankSector Rank
P/FCF 8.17
EV/EBITDA N/A
FMAO Per share dataFMAO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

FMAO's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
PEG (NY)0.9
PEG (5Y)3.5
EPS Next 2Y10.07%
EPS Next 3YN/A

7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.59%, FMAO has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.45, FMAO pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.40, FMAO pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.59%

5.2 History

The dividend of FMAO is nicely growing with an annual growth rate of 6.96%!
FMAO has paid a dividend for at least 10 years, which is a reliable track record.
FMAO has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)6.96%
Div Incr Years14
Div Non Decr Years14
FMAO Yearly Dividends per shareFMAO Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

FMAO pays out 44.23% of its income as dividend. This is a bit on the high side, but may be sustainable.
FMAO's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP44.23%
EPS Next 2Y10.07%
EPS Next 3YN/A
FMAO Yearly Income VS Free CF VS DividendFMAO Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M
FMAO Dividend Payout.FMAO Dividend Payout, showing the Payout Ratio.FMAO Dividend Payout.PayoutRetained Earnings

FARMERS & MERCHANTS BANCO/OH

NASDAQ:FMAO (5/30/2025, 8:00:00 PM)

After market: 23.81 0 (0%)

23.81

-0.25 (-1.04%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupBanks
GICS IndustryBanks
Earnings (Last)04-28 2025-04-28/amc
Earnings (Next)07-15 2025-07-15/amc
Inst Owners27.72%
Inst Owner Change0.25%
Ins Owners6.58%
Ins Owner Change1.26%
Market Cap326.67M
Analysts47.5
Price Target27.03 (13.52%)
Short Float %0.56%
Short Ratio3.85
Dividend
Industry RankSector Rank
Dividend Yield 3.59%
Yearly Dividend0.87
Dividend Growth(5Y)6.96%
DP44.23%
Div Incr Years14
Div Non Decr Years14
Ex-Date04-04 2025-04-04 (0.22125)
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)21.03%
Min EPS beat(2)18.11%
Max EPS beat(2)23.95%
EPS beat(4)4
Avg EPS beat(4)18.18%
Min EPS beat(4)15.18%
Max EPS beat(4)23.95%
EPS beat(8)6
Avg EPS beat(8)12.49%
EPS beat(12)7
Avg EPS beat(12)4.52%
EPS beat(16)9
Avg EPS beat(16)3.43%
Revenue beat(2)1
Avg Revenue beat(2)-2.29%
Min Revenue beat(2)-7.16%
Max Revenue beat(2)2.57%
Revenue beat(4)3
Avg Revenue beat(4)3.92%
Min Revenue beat(4)-7.16%
Max Revenue beat(4)17.93%
Revenue beat(8)5
Avg Revenue beat(8)1.6%
Revenue beat(12)9
Avg Revenue beat(12)5.86%
Revenue beat(16)13
Avg Revenue beat(16)11.17%
PT rev (1m)-3.2%
PT rev (3m)-7.83%
EPS NQ rev (1m)12.48%
EPS NQ rev (3m)10.62%
EPS NY rev (1m)13.87%
EPS NY rev (3m)13.87%
Revenue NQ rev (1m)3.42%
Revenue NQ rev (3m)-6.8%
Revenue NY rev (1m)3.22%
Revenue NY rev (3m)3.22%
Valuation
Industry RankSector Rank
PE 11.79
Fwd PE 10.34
P/S 3.1
P/FCF 8.17
P/OCF 7.78
P/B 0.95
P/tB 1.29
EV/EBITDA N/A
EPS(TTM)2.02
EY8.48%
EPS(NY)2.3
Fwd EY9.67%
FCF(TTM)2.91
FCFY12.23%
OCF(TTM)3.06
OCFY12.86%
SpS7.69
BVpS25.12
TBVpS18.4
PEG (NY)0.9
PEG (5Y)3.5
Profitability
Industry RankSector Rank
ROA 0.8%
ROE 7.84%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 25.59%
GM N/A
FCFM 37.86%
ROA(3y)0.84%
ROA(5y)0.89%
ROE(3y)8.5%
ROE(5y)8.27%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3YN/A
OM growth 5YN/A
PM growth 3Y-2.17%
PM growth 5Y-2.22%
GM growth 3YN/A
GM growth 5YN/A
F-Score9
Asset Turnover0.03
Health
Industry RankSector Rank
Debt/Equity 0.18
Debt/FCF 1.55
Debt/EBITDA N/A
Cap/Depr 32.21%
Cap/Sales 1.93%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 147.99%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC14.76%
ROIC/WACCN/A
Cap/Depr(3y)94.44%
Cap/Depr(5y)79.54%
Cap/Sales(3y)5.2%
Cap/Sales(5y)4.41%
Profit Quality(3y)96.11%
Profit Quality(5y)110.08%
High Growth Momentum
Growth
EPS 1Y (TTM)27.04%
EPS 3Y-1.37%
EPS 5Y3.37%
EPS Q2Q%30.77%
EPS Next Y13.09%
EPS Next 2Y10.07%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)10.36%
Revenue growth 3Y5.24%
Revenue growth 5Y9.23%
Sales Q2Q%18.84%
Revenue Next Year5.86%
Revenue Next 2Y6.01%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1YN/A
EBIT growth 3YN/A
EBIT growth 5YN/A
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y27.8%
FCF growth 3Y-2.25%
FCF growth 5Y8.43%
OCF growth 1Y17.15%
OCF growth 3Y-2.22%
OCF growth 5Y6.3%