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

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

24.66  -0.44 (-1.75%)

Fundamental Rating

3

FMAO gets a fundamental rating of 3 out of 10. The analysis compared the fundamentals against 397 industry peers in the Banks industry. FMAO has a bad profitability rating. Also its financial health evaluation is rather negative. While showing a medium growth rate, FMAO is valued expensive at the moment.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

FMAO had positive earnings in the past year.
In the past year FMAO had a positive cash flow from operations.
Each year in the past 5 years FMAO has been profitable.
Each year in the past 5 years FMAO had a positive operating cash flow.
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

FMAO has a Return On Assets (0.76%) which is in line with its industry peers.
FMAO's Return On Equity of 7.59% is in line compared to the rest of the industry. FMAO outperforms 44.33% of its industry peers.
Industry RankSector Rank
ROA 0.76%
ROE 7.59%
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

FMAO's Profit Margin of 25.05% is fine compared to the rest of the industry. FMAO outperforms 60.20% of its industry peers.
In the last couple of years the Profit Margin of FMAO has declined.
FMAO does not have Operating Margin and Gross Margin available, so we won't be analyzing them here.
Industry RankSector Rank
OM N/A
PM (TTM) 25.05%
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.
The number of shares outstanding for FMAO has been increased compared to 1 year ago.
Compared to 5 years ago, FMAO has more shares outstanding
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 2.03, which is a good value as it means it would take FMAO, 2.03 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of FMAO (2.03) is comparable to the rest of the industry.
FMAO has a Debt/Equity ratio of 0.19. This is a healthy value indicating a solid balance between debt and equity.
FMAO has a Debt to Equity ratio (0.19) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.19
Debt/FCF 2.03
Altman-Z N/A
ROIC/WACCN/A
WACC14.54%
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

5

3. Growth

3.1 Past

FMAO shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.77%, which is quite good.
The Earnings Per Share has been growing slightly by 3.37% on average over the past years.
Looking at the last year, FMAO shows a small growth in Revenue. The Revenue has grown by 4.21% in the last year.
FMAO shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 9.23% yearly.
EPS 1Y (TTM)13.77%
EPS 3Y-1.37%
EPS 5Y3.37%
EPS Q2Q%48.78%
Revenue 1Y (TTM)4.21%
Revenue growth 3Y5.24%
Revenue growth 5Y9.23%
Sales Q2Q%14.52%

3.2 Future

FMAO is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.20% yearly.
Based on estimates for the next years, FMAO will show a small growth in Revenue. The Revenue will grow by 4.43% on average per year.
EPS Next Y-0.68%
EPS Next 2Y4.2%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year2.55%
Revenue Next 2Y4.43%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
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

3

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 12.98, which indicates a correct valuation of FMAO.
FMAO's Price/Earnings ratio is in line with the industry average.
FMAO is valuated cheaply when we compare the Price/Earnings ratio to 28.10, which is the current average of the S&P500 Index.
A Price/Forward Earnings ratio of 13.07 indicates a correct valuation of FMAO.
69.52% of the companies in the same industry are cheaper than FMAO, based on the Price/Forward Earnings ratio.
Compared to an average S&P500 Price/Forward Earnings ratio of 20.74, FMAO is valued a bit cheaper.
Industry RankSector Rank
PE 12.98
Fwd PE 13.07
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

FMAO's Price/Free Cash Flow ratio is in line with the industry average.
Industry RankSector Rank
P/FCF 11.06
EV/EBITDA N/A
FMAO Per share dataFMAO EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)3.85
EPS Next 2Y4.2%
EPS Next 3YN/A

6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 3.45%, FMAO has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 3.49, FMAO has a dividend in line with its industry peers.
FMAO's Dividend Yield is a higher than the S&P500 average which is at 2.43.
Industry RankSector Rank
Dividend Yield 3.45%

5.2 History

The dividend of FMAO is nicely growing with an annual growth rate of 6.96%!
FMAO has been paying a dividend for at least 10 years, so it has a reliable track record.
FMAO has not decreased their dividend for at least 10 years, which is a reliable track record.
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 46.88% of its income as dividend. This is a bit on the high side, but may be sustainable.
FMAO's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP46.88%
EPS Next 2Y4.2%
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 (5/6/2025, 10:14:04 AM)

24.66

-0.44 (-1.75%)

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 Change0.73%
Ins Owners6.58%
Ins Owner Change1.26%
Market Cap338.34M
Analysts47.5
Price Target27.92 (13.22%)
Short Float %0.59%
Short Ratio4.24
Dividend
Industry RankSector Rank
Dividend Yield 3.45%
Yearly Dividend0.87
Dividend Growth(5Y)6.96%
DP46.88%
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)19.71%
Min EPS beat(2)15.48%
Max EPS beat(2)23.95%
EPS beat(4)4
Avg EPS beat(4)16.22%
Min EPS beat(4)10.29%
Max EPS beat(4)23.95%
EPS beat(8)5
Avg EPS beat(8)8.39%
EPS beat(12)7
Avg EPS beat(12)3.66%
EPS beat(16)8
Avg EPS beat(16)1.72%
Revenue beat(2)1
Avg Revenue beat(2)5.39%
Min Revenue beat(2)-7.16%
Max Revenue beat(2)17.93%
Revenue beat(4)3
Avg Revenue beat(4)3.52%
Min Revenue beat(4)-7.16%
Max Revenue beat(4)17.93%
Revenue beat(8)5
Avg Revenue beat(8)3.38%
Revenue beat(12)9
Avg Revenue beat(12)7.38%
Revenue beat(16)13
Avg Revenue beat(16)12.76%
PT rev (1m)-4.78%
PT rev (3m)-9.5%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-1.73%
EPS NY rev (1m)0%
EPS NY rev (3m)-1.07%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)-5.29%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-5.14%
Valuation
Industry RankSector Rank
PE 12.98
Fwd PE 13.07
P/S 3.33
P/FCF 11.06
P/OCF 10.42
P/B 1.01
P/tB 1.39
EV/EBITDA N/A
EPS(TTM)1.9
EY7.7%
EPS(NY)1.89
Fwd EY7.65%
FCF(TTM)2.23
FCFY9.05%
OCF(TTM)2.37
OCFY9.6%
SpS7.4
BVpS24.43
TBVpS17.73
PEG (NY)N/A
PEG (5Y)3.85
Profitability
Industry RankSector Rank
ROA 0.76%
ROE 7.59%
ROCE N/A
ROIC N/A
ROICexc N/A
ROICexgc N/A
OM N/A
PM (TTM) 25.05%
GM N/A
FCFM 30.14%
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 0.19
Debt/FCF 2.03
Debt/EBITDA N/A
Cap/Depr 29.36%
Cap/Sales 1.84%
Interest Coverage N/A
Cash Conversion N/A
Profit Quality 120.33%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score9
WACC14.54%
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)13.77%
EPS 3Y-1.37%
EPS 5Y3.37%
EPS Q2Q%48.78%
EPS Next Y-0.68%
EPS Next 2Y4.2%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.21%
Revenue growth 3Y5.24%
Revenue growth 5Y9.23%
Sales Q2Q%14.52%
Revenue Next Year2.55%
Revenue Next 2Y4.43%
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 1Y172.83%
FCF growth 3Y-2.25%
FCF growth 5Y8.43%
OCF growth 1Y46.64%
OCF growth 3Y-2.22%
OCF growth 5Y6.3%