Farmers & Merchants Bancorp (FMAO) Financials

$22.74 +0.97 (+4.46%)

Closing price 04/17/2025 04:00 PM Eastern

Extended Trading

$22.64 -0.10 (-0.46%)

As of 04/17/2025 04:09 PM Eastern

Annual Income Statements for Farmers & Merchants Bancorp

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	33	23	26
Consolidated Net Income / (Loss)	33	23	26
Net Income / (Loss) Continuing Operations	33	23	26
Total Pre-Tax Income	40	28	33
Total Revenue	103	97	102
Net Interest Income / (Expense)	87	81	86
Total Interest Income	101	140	164
Loans and Leases Interest Income	94	129	145
Investment Securities Interest Income	5.96	6.57	8.46
Federal Funds Sold and Securities Borrowed Interest Income	0.02	0.04	0.05
Other Interest Income	0.91	3.85	9.74
Total Interest Expense	14	58	78
Deposits Interest Expense	9.88	47	64
Long-Term Debt Interest Expense	3.28	10	12
Federal Funds Purchased and Securities Sold Interest Expense	1.20	1.47	1.11
Total Non-Interest Income	16	16	16
Other Service Charges	8.50	4.41	2.53
Net Realized & Unrealized Capital Gains on Investments	1.61	-0.19	0.86
Other Non-Interest Income	5.69	12	12
Provision for Credit Losses	4.60	1.74	0.27
Total Non-Interest Expense	58	67	69
Salaries and Employee Benefits	30	34	39
Net Occupancy & Equipment Expense	11	12	11
Marketing Expense	1.65	2.61	2.14
Property & Liability Insurance Claims	0.91	1.98	2.11
Other Operating Expenses	13	14	12
Amortization Expense	1.28	2.39	2.60
Other Special Charges	-	0.14	-0.07
Income Tax Expense	7.96	5.57	6.64
Basic Earnings per Share	$2.46	$1.67	$1.90
Weighted Average Basic Shares Outstanding	13.61M	13.66M	13.70M
Diluted Earnings per Share	$2.46	$1.67	$1.90
Weighted Average Diluted Shares Outstanding	13.61M	13.66M	13.70M
Weighted Average Basic & Diluted Shares Outstanding	13.61M	13.66M	13.70M
Cash Dividends to Common per Share	$0.81	$0.85	$0.88

This table shows Farmers & Merchants Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
Consolidated Net Income / (Loss)	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
Net Income / (Loss) Continuing Operations	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
Total Pre-Tax Income	11	8.89	8.05	7.53	5.90	6.88	6.78	7.16	8.11	11
Total Revenue	26	27	26	24	23	24	24	25	26	27
Net Interest Income / (Expense)	23	23	22	20	20	20	20	21	22	23
Total Interest Income	26	29	32	33	36	38	39	41	42	42
Loans and Leases Interest Income	24	27	30	31	34	34	35	37	37	37
Investment Securities Interest Income	1.52	1.66	1.60	1.58	1.64	1.75	1.77	1.86	2.19	2.63
Federal Funds Sold and Securities Borrowed Interest Income	0.00	0.00	0.02	0.01	0.01	0.01	0.01	0.01	0.01	0.02
Other Interest Income	0.21	0.52	0.48	0.42	0.93	2.02	1.68	2.70	2.83	2.53
Total Interest Expense	3.26	6.94	10	13	17	18	19	20	20	19
Deposits Interest Expense	2.17	4.98	8.15	10	13	15	15	16	17	16
Long-Term Debt Interest Expense	0.68	1.49	1.56	2.40	3.03	3.03	2.97	3.03	3.09	3.00
Federal Funds Purchased and Securities Sold Interest Expense	0.42	0.46	0.41	0.43	0.35	0.29	0.28	0.28	0.28	0.27
Total Non-Interest Income	3.73	4.40	4.18	4.27	3.66	3.79	3.95	3.67	3.96	4.05
Net Realized & Unrealized Capital Gains on Investments	0.33	0.42	-0.82	0.11	0.29	0.23	0.11	0.31	0.22	0.22
Other Non-Interest Income	3.41	-	-	2.99	2.87	-	3.84	1.57	3.04	3.72
Provision for Credit Losses	1.64	0.76	0.88	0.01	0.38	0.47	-0.56	0.59	0.02	0.23
Total Non-Interest Expense	13	17	17	17	17	16	18	17	17	16
Salaries and Employee Benefits	6.87	8.26	8.82	8.57	8.84	8.20	10	9.70	9.83	9.17
Net Occupancy & Equipment Expense	2.52	3.77	2.83	2.85	2.98	3.34	2.88	2.85	2.87	2.26
Marketing Expense	0.58	0.53	0.51	0.83	0.87	0.40	0.53	0.52	0.60	0.50
Property & Liability Insurance Claims	0.27	0.25	0.31	0.50	0.59	0.59	0.58	0.51	0.52	0.51
Other Operating Expenses	3.28	2.99	4.30	3.49	3.17	2.83	3.67	3.13	2.96	2.51
Amortization Expense	-0.05	1.24	0.16	0.61	0.55	1.07	0.17	0.63	0.66	1.14
Other Special Charges	0.00	-	0.00	0.00	0.05	0.09	0.00	-0.05	0.00	-0.02
Income Tax Expense	2.25	1.71	1.58	1.53	1.12	1.33	1.42	1.48	1.59	2.15
Basic Earnings per Share	$0.68	$0.53	$0.47	$0.44	$0.35	$0.41	$0.39	$0.42	$0.48	$0.61
Weighted Average Basic Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Diluted Earnings per Share	$0.68	$0.53	$0.47	$0.44	$0.35	$0.41	$0.39	$0.42	$0.48	$0.61
Weighted Average Diluted Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Weighted Average Basic & Diluted Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Cash Dividends to Common per Share	$0.21	$0.21	$0.21	$0.21	$0.21	$0.22	$0.22	$0.22	$0.22	$0.22

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-96	58	34
Net Cash From Operating Activities	41	22	32
Net Cash From Continuing Operating Activities	41	22	32
Net Income / (Loss) Continuing Operations	33	23	26
Consolidated Net Income / (Loss)	33	23	26
Provision For Loan Losses	4.60	1.74	0.27
Depreciation Expense	2.74	3.38	3.77
Amortization Expense	3.48	4.01	3.80
Non-Cash Adjustments to Reconcile Net Income	2.06	-3.19	-5.09
Changes in Operating Assets and Liabilities, net	-4.73	-6.59	3.78
Net Cash From Investing Activities	-390	-194	-44
Net Cash From Continuing Investing Activities	-390	-194	-44
Purchase of Property, Leasehold Improvements and Equipment	-2.60	-11	-1.87
Purchase of Investment Securities	-420	-231	-79
Sale and/or Maturity of Investments	33	48	37
Net Cash From Financing Activities	253	230	46
Net Cash From Continuing Financing Activities	253	230	46
Net Change in Deposits	166	139	79
Issuance of Debt	110	314	15
Repayment of Debt	-37	-186	-35
Repurchase of Common Equity	-0.31	-0.22	-0.66
Payment of Dividends	-10	-11	-12
Other Financing Activities, Net	25	-26	-1.00
Cash Interest Paid	14	55	76
Cash Income Taxes Paid	7.70	5.42	3.10

This table details how cash moves in and out of Farmers & Merchants Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-0.77	14	-20	6.87	82	-11	46	5.29	52	-69
Net Cash From Operating Activities	-0.47	19	3.08	3.69	4.80	11	1.48	9.72	19	2.61
Net Cash From Continuing Operating Activities	-0.47	19	3.08	3.69	4.80	11	1.48	9.72	19	2.61
Net Income / (Loss) Continuing Operations	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
Consolidated Net Income / (Loss)	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
Provision For Loan Losses	1.64	0.76	0.88	0.01	0.38	0.47	-0.56	0.59	0.02	0.23
Depreciation Expense	0.73	0.59	0.83	0.83	0.92	0.80	0.99	0.99	1.07	0.72
Amortization Expense	0.73	1.04	1.03	1.02	0.95	1.01	0.96	0.97	0.97	0.90
Non-Cash Adjustments to Reconcile Net Income	0.65	0.38	-1.85	-1.81	-0.58	1.05	-1.36	0.18	-1.15	-2.75
Changes in Operating Assets and Liabilities, net	-13	8.74	-4.28	-2.37	-1.66	1.72	-3.92	1.32	11	-4.87
Net Cash From Investing Activities	-110	-100	-68	-73	-4.62	-48	42	-29	-3.69	-54
Net Cash From Continuing Investing Activities	-110	-100	-68	-73	-4.62	-48	42	-29	-3.69	-54
Purchase of Property, Leasehold Improvements and Equipment	-0.72	-0.89	-2.43	-3.29	-3.28	-1.93	-0.22	-0.57	-0.36	-0.73
Purchase of Investment Securities	-115	-106	-92	-73	-13	-53	38	-39	-11	-67
Sale and/or Maturity of Investments	5.58	7.26	26	3.37	11	7.18	4.46	11	7.68	14
Net Cash From Financing Activities	110	95	45	76	82	26	1.75	25	37	-18
Net Cash From Continuing Financing Activities	110	95	45	76	82	26	1.75	25	37	-18
Net Change in Deposits	60	74	45	-44	106	32	14	20	44	1.95
Repayment of Debt	-10	14	-102	-113	-0.51	30	-9.11	-5.52	-3.03	-17
Payment of Dividends	-2.63	-2.73	-2.83	-2.83	-2.83	-2.84	-2.97	-2.98	-2.98	-3.00
Other Financing Activities, Net	-16	-1.60	-24	21	-21	-2.31	0.00	-1.00	0.07	-0.07
Cash Interest Paid	2.12	5.98	9.27	-9.27	37	18	19	-19	58	19
Cash Income Taxes Paid	2.64	2.00	0.04	-0.04	5.00	0.42	0.00	-	1.90	1.20

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	3,015	3,283	3,365
Cash and Due from Banks	83	141	175
Federal Funds Sold	1.32	1.28	1.50
Interest Bearing Deposits at Other Banks	4.44	2.74	2.48
Trading Account Securities	401	377	444
Loans and Leases, Net of Allowance	0.00	0.00	0.00
Premises and Equipment, Net	28	36	34
Goodwill	86	86	86
Other Assets	74	2,639	2,628
Total Liabilities & Shareholders' Equity	3,015	3,283	3,365
Total Liabilities	2,717	2,967	3,030
Non-Interest Bearing Deposits	533	528	517
Interest Bearing Deposits	1,936	2,079	2,170
Federal Funds Purchased and Securities Sold	54	28	27
Other Short-Term Payables	2.83	2.97	3.00
Long-Term Debt	172	300	281
Other Long-Term Liabilities	19	28	32
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	298	317	335
Total Preferred & Common Equity	298	317	335
Total Common Equity	298	317	335
Common Stock	135	136	136
Retained Earnings	212	221	236
Treasury Stock	-12	-11	-11
Accumulated Other Comprehensive Income / (Loss)	-38	-29	-25

This table presents Farmers & Merchants Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	2,784	3,070	3,147	3,235	3,288	3,323	3,389
Cash and Due from Banks	70	63	70	152	187	192	245
Federal Funds Sold	0.99	1.55	1.43	1.47	1.24	1.28	0.93
Interest Bearing Deposits at Other Banks	5.19	4.44	3.49	2.99	2.74	3.22	2.73
Trading Account Securities	406	385	382	366	365	382	422
Loans and Leases, Net of Allowance	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Premises and Equipment, Net	26	29	30	32	35	35	34
Goodwill	80	86	86	86	86	86	86
Other Assets	72	79	83	90	94	2,624	2,599
Total Liabilities & Shareholders' Equity	2,784	3,070	3,147	3,235	3,288	3,323	3,389
Total Liabilities	2,503	2,764	2,843	2,931	2,970	3,000	3,054
Non-Interest Bearing Deposits	507	520	489	505	511	479	481
Interest Bearing Deposits	1,776	1,993	1,980	2,070	2,111	2,162	2,203
Short-Term Debt	-	-	-	-	28	27	27
Other Short-Term Payables	2.73	2.83	2.83	2.84	2.98	2.98	3.00
Long-Term Debt	147	199	301	301	291	301	298
Other Long-Term Liabilities	15	19	18	22	26	28	41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	281	306	305	303	318	323	335
Total Preferred & Common Equity	281	306	305	303	318	323	335
Total Common Equity	281	306	305	303	318	323	335
Common Stock	122	135	136	135	135	136	135
Retained Earnings	208	213	216	219	224	226	230
Treasury Stock	-12	-11	-11	-11	-11	-11	-11
Accumulated Other Comprehensive Income / (Loss)	-38	-31	-36	-39	-31	-29	-19

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	17.77%	-5.15%	4.35%
EBITDA Growth	27.10%	-23.46%	12.32%
EBIT Growth	37.22%	-29.95%	14.88%
NOPAT Growth	38.39%	-29.92%	13.83%
Net Income Growth	38.39%	-29.92%	13.83%
EPS Growth	22.39%	-32.11%	13.77%
Operating Cash Flow Growth	17.06%	-45.55%	46.64%
Free Cash Flow Firm Growth	60.08%	-195.28%	121.65%
Invested Capital Growth	18.83%	31.22%	-0.15%
Revenue Q/Q Growth	2.40%	-2.96%	3.06%
EBITDA Q/Q Growth	-2.08%	-4.55%	9.47%
EBIT Q/Q Growth	-1.91%	-6.65%	12.63%
NOPAT Q/Q Growth	-1.50%	-6.73%	12.29%
Net Income Q/Q Growth	-1.50%	-6.73%	12.29%
EPS Q/Q Growth	-2.77%	-6.70%	11.76%
Operating Cash Flow Q/Q Growth	38.17%	-26.82%	-19.71%
Free Cash Flow Firm Q/Q Growth	51.85%	18.65%	180.63%
Invested Capital Q/Q Growth	10.05%	2.13%	-6.73%
Profitability Metrics	-	-	-
EBITDA Margin	45.52%	36.74%	39.54%
EBIT Margin	39.46%	29.14%	32.08%
Profit (Net Income) Margin	31.70%	23.42%	25.55%
Tax Burden Percent	80.33%	80.37%	79.63%
Interest Burden Percent	100.00%	100.00%	100.00%
Effective Tax Rate	19.67%	19.63%	20.37%
Return on Invested Capital (ROIC)	7.51%	4.19%	4.21%
ROIC Less NNEP Spread (ROIC-NNEP)	7.51%	4.19%	4.21%
Return on Net Nonoperating Assets (RNNOA)	3.41%	3.22%	3.75%
Return on Equity (ROE)	10.92%	7.41%	7.96%
Cash Return on Invested Capital (CROIC)	-9.70%	-22.81%	4.35%
Operating Return on Assets (OROA)	1.43%	0.90%	0.98%
Return on Assets (ROA)	1.15%	0.72%	0.78%
Return on Common Equity (ROCE)	10.92%	7.41%	7.96%
Return on Equity Simple (ROE_SIMPLE)	10.91%	7.20%	7.74%
Net Operating Profit after Tax (NOPAT)	33	23	26
NOPAT Margin	31.70%	23.42%	25.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	40.92%	50.40%	50.94%
Operating Expenses to Revenue	56.06%	69.07%	67.65%
Earnings before Interest and Taxes (EBIT)	40	28	33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	47	36	40
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.15	1.03	1.20
Price to Tangible Book Value (P/TBV)	1.62	1.42	1.62
Price to Revenue (P/Rev)	3.35	3.36	3.97
Price to Earnings (P/E)	10.57	14.35	15.55
Dividend Yield	3.17%	3.55%	3.00%
Earnings Yield	9.46%	6.97%	6.43%
Enterprise Value to Invested Capital (EV/IC)	0.91	0.78	0.82
Enterprise Value to Revenue (EV/Rev)	4.16	4.96	4.98
Enterprise Value to EBITDA (EV/EBITDA)	9.14	13.50	12.59
Enterprise Value to EBIT (EV/EBIT)	10.55	17.02	15.52
Enterprise Value to NOPAT (EV/NOPAT)	13.13	21.18	19.49
Enterprise Value to Operating Cash Flow (EV/OCF)	10.50	21.79	15.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	18.83
Leverage & Solvency	-	-	-
Debt to Equity	0.58	0.95	0.84
Long-Term Debt to Equity	0.58	0.95	0.84
Financial Leverage	0.45	0.77	0.89
Leverage Ratio	9.50	10.25	10.20
Compound Leverage Factor	9.50	10.25	10.20
Debt to Total Capital	36.59%	48.70%	45.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	36.59%	48.70%	45.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.41%	51.30%	54.41%
Debt to EBITDA	3.68	8.41	7.00
Net Debt to EBITDA	1.78	4.35	2.54
Long-Term Debt to EBITDA	3.68	8.41	7.00
Debt to NOPAT	5.29	13.19	10.83
Net Debt to NOPAT	2.56	6.82	3.93
Long-Term Debt to NOPAT	5.29	13.19	10.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-42	-124	27
Operating Cash Flow to CapEx	1,564.19%	202.64%	1,735.65%
Free Cash Flow to Firm to Interest Expense	-2.92	-2.12	0.35
Operating Cash Flow to Interest Expense	2.83	0.38	0.42
Operating Cash Flow Less CapEx to Interest Expense	2.65	0.19	0.39
Efficiency Ratios	-	-	-
Asset Turnover	0.04	0.03	0.03
Fixed Asset Turnover	3.71	3.03	2.92
Capital & Investment Metrics	-	-	-
Invested Capital	470	617	616
Invested Capital Turnover	0.24	0.18	0.16
Increase / (Decrease) in Invested Capital	75	147	-0.91
Enterprise Value (EV)	427	483	505
Market Capitalization	344	327	403
Book Value per Share	$21.91	$23.16	$24.47
Tangible Book Value per Share	$15.56	$16.84	$18.17
Total Capital	470	617	616
Total Debt	172	300	281
Total Long-Term Debt	172	300	281
Net Debt	83	156	102
Capital Expenditures (CapEx)	2.60	11	1.87
Net Nonoperating Expense (NNE)	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	172	300	281
Total Depreciation and Amortization (D&A)	6.22	7.39	7.58
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$2.46	$1.67	$1.90
Adjusted Weighted Average Basic Shares Outstanding	13.61M	13.66M	13.70M
Adjusted Diluted Earnings per Share	$2.46	$1.67	$1.90
Adjusted Weighted Average Diluted Shares Outstanding	13.61M	13.66M	13.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.61M	13.66M	13.70M
Normalized Net Operating Profit after Tax (NOPAT)	33	23	26
Normalized NOPAT Margin	31.70%	23.53%	25.49%
Pre Tax Income Margin	39.46%	29.14%	32.08%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.82	0.49	0.42
NOPAT to Interest Expense	2.26	0.39	0.33
EBIT Less CapEx to Interest Expense	2.64	0.30	0.40
NOPAT Less CapEx to Interest Expense	2.08	0.20	0.31
Payout Ratios	-	-	-
Dividend Payout Ratio	31.60%	49.74%	45.96%
Augmented Payout Ratio	32.55%	50.70%	48.52%

This table displays calculated financial ratios and metrics derived from Farmers & Merchants Bancorp's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.83%	9.80%	7.18%	-3.15%	-11.36%	-11.99%	-6.94%	2.67%	9.53%	13.28%
EBITDA Growth	38.49%	-8.62%	-14.72%	-21.00%	-38.67%	-17.56%	-11.92%	-2.87%	30.67%	40.01%
EBIT Growth	48.56%	-8.14%	-19.93%	-27.02%	-47.37%	-22.70%	-15.79%	-4.95%	37.49%	53.12%
NOPAT Growth	51.25%	-6.44%	-20.19%	-27.45%	-46.65%	-22.89%	-17.12%	-5.32%	36.40%	51.20%
Net Income Growth	51.25%	-6.44%	-20.19%	-27.45%	-46.65%	-22.89%	-17.12%	-5.32%	36.40%	51.20%
EPS Growth	28.30%	-11.67%	-24.19%	-30.16%	-48.53%	-22.64%	-17.02%	-4.55%	37.14%	48.78%
Operating Cash Flow Growth	-103.27%	150.54%	-61.06%	-74.62%	1,129.83%	-43.41%	-51.77%	163.36%	288.89%	-75.34%
Free Cash Flow Firm Growth	-178.25%	44.36%	-3.37%	-197.73%	-54.65%	-109.81%	-11.00%	83.92%	71.01%	106.58%
Invested Capital Growth	39.15%	18.83%	31.56%	69.29%	41.39%	31.22%	26.27%	7.36%	9.34%	-0.15%
Revenue Q/Q Growth	4.49%	2.44%	-3.15%	-5.68%	-4.36%	1.72%	0.85%	4.06%	2.02%	5.20%
EBITDA Q/Q Growth	6.68%	-16.91%	-4.52%	-5.35%	-17.19%	11.69%	0.61%	4.39%	11.40%	19.67%
EBIT Q/Q Growth	8.58%	-20.64%	-9.50%	-6.42%	-21.69%	16.56%	-1.41%	5.62%	13.27%	29.82%
NOPAT Q/Q Growth	8.26%	-19.72%	-10.04%	-7.19%	-20.40%	16.04%	-3.32%	6.03%	14.68%	28.62%
Net Income Q/Q Growth	8.26%	-19.72%	-10.04%	-7.19%	-20.40%	16.04%	-3.32%	6.03%	14.68%	28.62%
EPS Q/Q Growth	7.94%	-22.06%	-11.32%	-6.38%	-20.45%	17.14%	-4.88%	7.69%	14.29%	27.08%
Operating Cash Flow Q/Q Growth	-103.21%	4,112.88%	-83.56%	20.00%	30.05%	120.50%	-85.99%	555.29%	92.05%	-86.02%
Free Cash Flow Firm Q/Q Growth	-36.85%	39.50%	-70.23%	-111.25%	28.92%	17.92%	24.93%	69.39%	-28.12%	118.63%
Invested Capital Q/Q Growth	19.34%	10.05%	7.33%	20.10%	-0.33%	2.13%	-1.23%	2.11%	1.51%	-6.73%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	48.15%	39.05%	38.33%	38.47%	33.31%	36.57%	36.28%	36.39%	39.74%	45.20%
EBIT Margin	42.59%	32.99%	31.13%	30.88%	25.29%	28.98%	28.17%	28.59%	31.74%	39.17%
Profit (Net Income) Margin	34.03%	26.66%	25.00%	24.60%	20.48%	23.36%	22.27%	22.69%	25.50%	31.18%
Tax Burden Percent	79.90%	80.82%	80.33%	79.67%	80.99%	80.63%	79.06%	79.37%	80.36%	79.61%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	20.10%	19.18%	19.67%	20.33%	19.01%	19.37%	20.94%	20.63%	19.64%	20.39%
Return on Invested Capital (ROIC)	9.28%	6.32%	5.86%	5.27%	3.98%	4.18%	3.73%	3.48%	3.97%	5.14%
ROIC Less NNEP Spread (ROIC-NNEP)	9.28%	6.32%	5.86%	5.27%	3.98%	4.18%	3.73%	3.48%	3.97%	5.14%
Return on Net Nonoperating Assets (RNNOA)	3.45%	2.87%	2.93%	3.41%	3.05%	3.21%	3.10%	3.49%	3.90%	4.58%
Return on Equity (ROE)	12.73%	9.19%	8.79%	8.68%	7.04%	7.40%	6.83%	6.97%	7.87%	9.72%
Cash Return on Invested Capital (CROIC)	-23.75%	-9.70%	-20.30%	-45.53%	-29.56%	-22.81%	-19.42%	-3.70%	-5.27%	4.35%
Operating Return on Assets (OROA)	1.71%	1.20%	1.13%	1.10%	0.84%	0.90%	0.85%	0.85%	0.94%	1.20%
Return on Assets (ROA)	1.36%	0.97%	0.90%	0.87%	0.68%	0.72%	0.67%	0.68%	0.76%	0.95%
Return on Common Equity (ROCE)	12.73%	9.19%	8.79%	8.68%	7.04%	7.40%	6.83%	6.97%	7.87%	9.72%
Return on Equity Simple (ROE_SIMPLE)	11.77%	0.00%	10.10%	9.39%	8.06%	0.00%	6.82%	6.62%	6.89%	0.00%
Net Operating Profit after Tax (NOPAT)	8.95	7.19	6.47	6.00	4.78	5.54	5.36	5.68	6.52	8.38
NOPAT Margin	34.03%	26.66%	25.00%	24.60%	20.48%	23.36%	22.27%	22.69%	25.50%	31.18%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	37.89%	46.59%	47.06%	50.22%	54.39%	50.31%	55.80%	52.21%	52.01%	44.39%
Operating Expenses to Revenue	51.19%	64.21%	65.47%	69.06%	73.07%	69.06%	74.14%	69.07%	68.20%	59.99%
Earnings before Interest and Taxes (EBIT)	11	8.89	8.05	7.53	5.90	6.88	6.78	7.16	8.11	11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13	11	9.91	9.38	7.77	8.68	8.73	9.11	10	12
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.17	1.15	1.03	0.96	0.75	1.03	0.00	0.97	1.12	1.20
Price to Tangible Book Value (P/TBV)	1.64	1.62	1.44	1.34	1.05	1.42	0.00	1.33	1.51	1.62
Price to Revenue (P/Rev)	3.28	3.35	3.03	2.83	2.27	3.36	0.00	3.27	3.81	3.97
Price to Earnings (P/E)	9.97	10.57	10.20	10.21	9.32	14.35	0.00	14.73	16.24	15.55
Dividend Yield	3.10%	3.17%	3.54%	3.83%	5.03%	3.55%	3.90%	3.74%	3.17%	3.00%
Earnings Yield	10.03%	9.46%	9.80%	9.79%	10.73%	6.97%	0.00%	6.79%	6.16%	6.43%
Enterprise Value to Invested Capital (EV/IC)	0.94	0.91	0.88	0.86	0.62	0.78	0.00	0.69	0.68	0.82
Enterprise Value to Revenue (EV/Rev)	3.99	4.16	4.28	5.02	3.72	4.96	0.00	4.64	4.59	4.98
Enterprise Value to EBITDA (EV/EBITDA)	8.38	9.14	9.93	12.25	9.95	13.50	0.00	13.02	12.32	12.59
Enterprise Value to EBIT (EV/EBIT)	9.69	10.55	11.57	14.54	12.27	17.02	0.00	16.71	15.63	15.52
Enterprise Value to NOPAT (EV/NOPAT)	12.11	13.13	14.42	18.14	15.25	21.18	0.00	20.90	19.57	19.49
Enterprise Value to Operating Cash Flow (EV/OCF)	13.58	10.50	12.42	20.76	12.31	21.79	0.00	16.79	11.18	15.57
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.52	0.58	0.65	0.99	0.99	0.95	1.01	1.02	0.97	0.84
Long-Term Debt to Equity	0.52	0.58	0.65	0.99	0.99	0.95	0.92	0.93	0.89	0.84
Financial Leverage	0.37	0.45	0.50	0.65	0.77	0.77	0.83	1.00	0.98	0.89
Leverage Ratio	9.35	9.50	9.72	9.94	10.31	10.25	10.20	10.31	10.37	10.20
Compound Leverage Factor	9.35	9.50	9.72	9.94	10.31	10.25	10.20	10.31	10.37	10.20
Debt to Total Capital	34.33%	36.59%	39.42%	49.74%	49.82%	48.70%	50.15%	50.42%	49.23%	45.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.43%	4.18%	4.13%	0.00%
Long-Term Debt to Total Capital	34.33%	36.59%	39.42%	49.74%	49.82%	48.70%	45.72%	46.23%	45.09%	45.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	65.67%	63.41%	60.58%	50.26%	50.18%	51.30%	49.85%	49.58%	50.77%	54.41%
Debt to EBITDA	3.08	3.68	4.44	7.12	8.04	8.41	9.25	9.57	8.87	7.00
Net Debt to EBITDA	1.49	1.78	2.90	5.36	3.87	4.35	3.73	3.84	2.10	2.54
Long-Term Debt to EBITDA	3.08	3.68	4.44	7.12	8.04	8.41	8.43	8.77	8.12	7.00
Debt to NOPAT	4.44	5.29	6.44	10.54	12.32	13.19	14.74	15.36	14.08	10.83
Net Debt to NOPAT	2.15	2.56	4.22	7.93	5.93	6.82	5.95	6.17	3.33	3.93
Long-Term Debt to NOPAT	4.44	5.29	6.44	10.54	12.32	13.19	13.44	14.08	12.89	10.83
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-111	-67	-115	-242	-172	-141	-127	-39	-50	9.29
Operating Cash Flow to CapEx	-64.54%	2,091.72%	126.49%	112.23%	146.49%	547.16%	677.17%	1,716.96%	5,227.73%	358.02%
Free Cash Flow to Firm to Interest Expense	-34.09	-9.71	-11.32	-18.26	-10.31	-7.70	-6.86	-1.97	-2.46	0.49
Operating Cash Flow to Interest Expense	-0.14	2.70	0.30	0.28	0.29	0.58	0.08	0.49	0.92	0.14
Operating Cash Flow Less CapEx to Interest Expense	-0.36	2.57	0.06	0.03	0.09	0.47	0.07	0.46	0.90	0.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.03	0.03	0.03
Fixed Asset Turnover	3.78	3.71	3.76	3.63	3.45	3.03	3.00	2.97	3.01	2.92
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	427	470	505	606	604	617	637	651	661	616
Invested Capital Turnover	0.27	0.24	0.23	0.21	0.19	0.18	0.17	0.15	0.16	0.16
Increase / (Decrease) in Invested Capital	120	75	121	248	177	147	133	45	56	-0.91
Enterprise Value (EV)	400	427	445	519	373	483	0.00	446	452	505
Market Capitalization	329	344	315	292	228	327	0.00	315	375	403
Book Value per Share	$21.47	$21.91	$22.47	$22.35	$22.24	$23.16	$23.22	$23.58	$24.52	$24.47
Tangible Book Value per Share	$15.32	$15.56	$16.12	$16.02	$15.90	$16.84	$16.91	$17.27	$18.20	$18.17
Total Capital	427	470	505	606	604	617	637	651	661	616
Total Debt	147	172	199	301	301	300	320	328	325	281
Total Long-Term Debt	147	172	199	301	301	300	291	301	298	281
Net Debt	71	83	130	227	145	156	129	132	77	102
Capital Expenditures (CapEx)	0.72	0.89	2.43	3.29	3.28	1.93	0.22	0.57	0.36	0.73
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	147	172	199	301	301	300	320	328	325	281
Total Depreciation and Amortization (D&A)	1.46	1.63	1.86	1.85	1.87	1.80	1.95	1.96	2.04	1.62
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.68	$0.53	$0.47	$0.44	$0.35	$0.41	$0.39	$0.42	$0.48	$0.61
Adjusted Weighted Average Basic Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Adjusted Diluted Earnings per Share	$0.68	$0.53	$0.47	$0.44	$0.35	$0.41	$0.39	$0.42	$0.48	$0.61
Adjusted Weighted Average Diluted Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	13.61M	13.61M	13.63M	13.63M	13.67M	13.66M	13.68M	13.68M	13.70M	13.70M
Normalized Net Operating Profit after Tax (NOPAT)	8.95	7.19	6.47	6.00	4.82	5.61	5.36	5.64	6.52	8.36
Normalized NOPAT Margin	34.03%	26.66%	25.00%	24.60%	20.65%	23.65%	22.27%	22.53%	25.50%	31.12%
Pre Tax Income Margin	42.59%	32.99%	31.13%	30.88%	25.29%	28.98%	28.17%	28.59%	31.74%	39.17%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.43	1.28	0.80	0.57	0.35	0.38	0.37	0.36	0.40	0.55
NOPAT to Interest Expense	2.74	1.04	0.64	0.45	0.29	0.30	0.29	0.29	0.32	0.44
EBIT Less CapEx to Interest Expense	3.21	1.15	0.56	0.32	0.16	0.27	0.35	0.33	0.38	0.52
NOPAT Less CapEx to Interest Expense	2.52	0.91	0.40	0.20	0.09	0.20	0.28	0.26	0.30	0.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.94%	31.60%	34.47%	38.50%	45.94%	49.74%	52.94%	54.40%	50.92%	45.96%
Augmented Payout Ratio	29.89%	32.55%	34.47%	39.41%	46.75%	50.70%	54.38%	56.96%	53.87%	48.52%

Frequently Asked Questions About Farmers & Merchants Bancorp's Financials

When does Farmers & Merchants Bancorp's financial year end?

According to the most recent income statement we have on file, Farmers & Merchants Bancorp's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Farmers & Merchants Bancorp's net income changed over the last 2 years?

Farmers & Merchants Bancorp's net income appears to be on a downward trend, with a most recent value of $25.94 million in 2024, falling from $32.52 million in 2022. The previous period was $22.79 million in 2023.

How has Farmers & Merchants Bancorp revenue changed over the last 2 years?

Over the last 2 years, Farmers & Merchants Bancorp's total revenue changed from $102.58 million in 2022 to $101.53 million in 2024, a change of -1.0%.

How much debt does Farmers & Merchants Bancorp have?

Farmers & Merchants Bancorp's total liabilities were at $3.03 billion at the end of 2024, a 2.1% increase from 2023, and a 11.5% increase since 2022.

How much cash does Farmers & Merchants Bancorp have?

In the past 2 years, Farmers & Merchants Bancorp's cash and equivalents has ranged from $83.09 million in 2022 to $174.86 million in 2024, and is currently $174.86 million as of their latest financial filing in 2024.

How has Farmers & Merchants Bancorp's book value per share changed over the last 2 years?

Over the last 2 years, Farmers & Merchants Bancorp's book value per share changed from 21.91 in 2022 to 24.47 in 2024, a change of 11.7%.

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This page (NASDAQ:FMAO) was last updated on 4/19/2025 by MarketBeat.com Staff

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Farmers & Merchants Bancorp (FMAO) Financials

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