# Farmers & Merchants Bancorp, Inc. (FMAO)

- Sector: Financials · Industry: Banks Regional
- SEC CIK: 0000792966 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000792966))
- Full page: https://inspectstocks.com/stocks/fmao
- Data as of: price 2026-09-28; newest filing used 2026-07-29; latest fiscal period ended 2026-06-30

## Grade

**A+** on the balance-sheet rubric used for lenders, 4 of 4 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | $40M |  |
| Earnings growing overall | passed | $40M | $28.6M |
| Earnings growing recently | passed | $40M | $33.3M |
| Earns well on its assets | passed | 1.1% |  |
| Book value per share growing | not answerable |  |  |

Business quality (the + / − mark): 7 of 8 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 30.7% |  |
| Healthy profit margin | passed | 30.7% |  |
| Good return on equity | failed | 10.8% |  |
| Debt under control | passed | 0.02 |  |
| Turns sales into cash | passed | 31.8% |  |
| Earns a wide spread on lending | passed | 3.2% |  |
| Runs the bank efficiently | passed | 59.7% |  |
| Credit losses well covered | passed | 1.2% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $130.5M |
| Net income, trailing twelve months | $40M |
| Free cash flow, trailing twelve months | $41.5M |
| Net margin | 30.7% |
| Return on equity | 10.8% |
| Debt to equity | 0.02 |
| Diluted EPS, trailing twelve months | $2.91 |
| Share price | $34.98 |
| Market value | $481.7M |
| Price / earnings | 12.0x |
| Price / sales | 3.7x |

## More on this company

- [Overview](https://inspectstocks.com/stocks/fmao)
- [Financial statements](https://inspectstocks.com/stocks/fmao/financials)
- [Competitors](https://inspectstocks.com/stocks/fmao/peers)
- [Earnings](https://inspectstocks.com/stocks/fmao/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.