US · FMAO
Farmers & Merchants Bancorp, Inc.
- Sector
- Financial Services · Banks - Regional
- Headquarters
- Archbold, OH 43502
- Website
- fm.bank
Price · as of 2025-12-31
$27.25
Market cap 355.57M
Valuation summary
Four models, one snapshot. Upside is target ÷ current − 1.
| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial Intelligence(AI) | $99.65 | +265.69% |
| Intrinsic Value(DCF) | $29.80 | +9.36% |
| Graham-Dodd Method(GD) | $32.86 | +20.58% |
| Graham Formula(GF) | $35.98 | +32.02% |
Valuation history
Annual price (USD per share) overlaid with each model's fair value. Y-axis is log scale.
| Year | Price | AI | DCF | Graham-Dodd | Graham Formula |
|---|---|---|---|---|---|
| 2011 | $6.79 | $22.82 | $4.63 | $9.55 | $0.00 |
| 2012 | $7.47 | $32.51 | $33.02 | $10.84 | $10.13 |
| 2013 | $8.22 | $21.85 | $31.90 | $10.08 | $3.44 |
| 2014 | $9.43 | $23.27 | $34.28 | $10.95 | $11.74 |
| 2015 | $10.52 | $33.25 | $36.09 | $11.85 | $11.33 |
| 2016 | $17.25 | $32.23 | $40.44 | $12.91 | $19.64 |
| 2017 | $30.64 | $42.38 | $42.67 | $13.86 | $19.52 |
| 2018 | $23.81 | $67.37 | $53.36 | $15.04 | $28.49 |
| 2019 | $20.86 | $51.61 | $58.05 | $16.30 | $77.72 |
| 2020 | $23.39 | $46.60 | $43.83 | $17.59 | $30.06 |
| 2021 | $29.72 | $34.66 | $42.16 | $18.94 | $32.44 |
| 2022 | $20.33 | $42.94 | $31.89 | $16.82 | $75.79 |
| 2023 | $19.69 | $50.80 | $22.20 | $12.76 | $67.59 |
| 2024 | $23.64 | $31.40 | $24.90 | $14.60 | $44.80 |
| 2025 | $26.90 | $99.65 | $68.18 | $32.86 | $35.98 |
AI valuation
Our deep-learning model estimates Farmers & Merchants Bancorp, Inc.'s (FMAO) per-share fair value from quarterly fundamentals, sector trend, and historical valuation patterns.
- AI fair value
- $99.65
- Current price
- $27.25
- AI upside
- +265.69%
Methodology and confidence bands appear in the dedicated valuation theory section. The AI score is an estimate, not a recommendation.
Intrinsic value (DCF)
Open DCF calculatorThree textbook valuation models, recomputed daily from the latest financial statements. The DCF uses our Chepakovich model. Graham-Dodd and Graham Formula are conservative reference points.
DCF
$29.80
+9.36% upside
Graham-Dodd
$32.86
+20.58% upside
Graham Formula
$35.98
+32.02% upside
Peer comparison
Same-industry comparables, ranked by market cap.
| Basic Info | Model Valuation | Core Valuation | Profitability | Leverage & Liquidity | Growth | Cash Flow | Dividends | Enterprise Value | Risk | ||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | Company Name | Price | Market Cap | AI Upside | DCF Upside | GD Upside | GF Upside | P/E | P/B | P/S | EV/EBITDA | PEG | P/TBV | Gross Margin | Operating Margin | Net Margin | ROE | ROIC | ROA | Debt/Equity | Interest Coverage | Current Ratio | Quick Ratio | Net Debt/EBITDA | EPS Growth | Sales Growth | FCF Growth | FCF Yield | Op Cash Flow Ratio | Cash ROIC | Dividend Yield | Dividend Payout | Shareholder Yield | EV/EBIT | EV/FCF | EV/Sales | Altman Z-Score |
| FMAO | Farmers & Merchants Banco… | $27.25 | 355.57M | +266% | +9% | +21% | +32% | 11.09 | 1.00 | 1.95 | 3.53 | 13.95 | 1.32 | 62.27% | 22.49% | 17.61% | 9.44% | 34.43% | 0.98% | 0.81 | 0.61 | — | — | 4.76 | 7947.00% | 710.00% | -10000.00% | 0.00% | — | 0.00% | 0.00% | 0.00% | 0.00% | 3.53 | — | 0.79 | 0.45 |
| BCML | BayCom Corp | $29.40 | 320.39M | +75% | -14% | +7% | -17% | 12.10 | 0.88 | 2.08 | 9.81 | — | 1.01 | 69.62% | 23.33% | 17.15% | 7.41% | 6.21% | 0.91% | 0.27 | 0.79 | 0.03 | 0.02 | 1.79 | -749.00% | 361.00% | -8.00% | 10.03% | 0.01 | 7.54% | 1.18% | 14.30% | 6.05% | 10.81 | 12.11 | 2.52 | -0.73 |
| BWFG | Bankwell Financial Group,… | $46.70 | 367.88M | -50% | -25% | -38% | -75% | 23.27 | 0.84 | 1.16 | 3.60 | — | 0.85 | 32.90% | 6.81% | 4.99% | 3.64% | 7.74% | 0.30% | 0.59 | 0.12 | 0.12 | 0.12 | -7.84 | -7366.00% | 125.00% | -187.00% | 12.90% | 0.01 | 23.24% | 2.76% | 64.30% | 15.05% | 4.61 | 2.10 | 0.31 | -0.71 |
| FSBW | FS Bancorp, Inc. | $39.51 | 297.05M | +43% | -11% | +13% | +104% | 8.07 | 0.96 | 1.39 | 8.38 | — | 1.05 | 66.99% | 20.41% | 17.19% | 12.50% | 12.07% | 1.17% | 1.20 | 0.67 | 0.09 | 0.09 | 6.17 | -439.00% | 996.00% | -3528.00% | 17.41% | 0.02 | 16.95% | 2.92% | 23.60% | 3.95% | 10.50 | 8.88 | 2.14 | -0.55 |
| MVBF | MVB Financial Corp. | $27.00 | 343.49M | +393% | -7% | +36% | +105% | 12.72 | 1.03 | 1.27 | -6.45 | 36.73 | 1.03 | 71.66% | 13.63% | 9.96% | 8.42% | -9.07% | 0.84% | 0.22 | 0.54 | — | — | -4.62 | 3464.00% | 1896.00% | -10000.00% | 0.00% | — | 0.00% | 0.00% | 0.00% | 0.00% | -6.45 | — | -0.88 | 1.27 |
| OBT | Orange County Bancorp, In… | $33.21 | 443.91M | +54% | +73% | -36% | +26% | 9.48 | 1.42 | 1.85 | -5.08 | — | 1.47 | 69.83% | 24.33% | 19.49% | 15.89% | -11.54% | 1.12% | 0.77 | 0.98 | 0.27 | 0.27 | -0.20 | -573.00% | 917.00% | -1975.00% | 12.44% | 0.02 | -13.60% | 2.02% | 19.10% | 45.32% | -5.37 | -5.68 | -1.31 | -0.55 |
| PBFS | Pioneer Bancorp, Inc. | $14.11 | 353.89M | +218% | +67% | +2% | -0% | 18.21 | 0.94 | 2.82 | -5.96 | — | 0.98 | 75.17% | 19.67% | 15.46% | 5.42% | -7.17% | 0.81% | 0.00 | 0.89 | 0.27 | 0.27 | -6.89 | -2989.00% | 1587.00% | -1088.00% | 8.28% | 0.02 | -10.81% | 0.00% | 0.00% | 1.55% | -6.75 | -5.70 | -1.33 | -0.40 |
| PCB | PCB Bancorp | $22.36 | 318.87M | +325% | +123% | +82% | +97% | 8.50 | 0.82 | 1.52 | 3.91 | 17.61 | 0.83 | 53.34% | 25.07% | 17.89% | 9.94% | 22.77% | 1.18% | 0.18 | 0.56 | 0.16 | 0.16 | 0.89 | 4828.00% | 910.00% | -10000.00% | 0.00% | 0.00 | 0.00% | 0.00% | 0.00% | 0.00% | 3.91 | — | 0.98 | -0.11 |
| PDLB | Ponce Financial Group, In… | $16.25 | 390.02M | +46% | +41% | +51% | -5% | 26.30 | 0.57 | 1.72 | 32.82 | 12.72 | 0.57 | 47.70% | 9.38% | 6.56% | 2.20% | 1.19% | 0.38% | 1.24 | 0.18 | 0.14 | 0.14 | 23.83 | 20667.00% | 2441.00% | -2611.00% | 1.56% | 0.00 | 0.49% | 0.20% | 5.40% | 31.73% | 42.73 | 149.14 | 4.01 | -0.45 |
| RBB | RBB Bancorp | $21.50 | 366.51M | +61% | -0% | +1% | -56% | 11.51 | 0.60 | 1.32 | 7.25 | — | 0.71 | 45.19% | 15.38% | 11.49% | 5.23% | 6.31% | 0.67% | 0.72 | 0.30 | 0.12 | 0.12 | 2.36 | -3438.00% | -175.00% | 1396.00% | 18.81% | 0.02 | 13.66% | 3.82% | 44.00% | 10.56% | 9.13 | 5.64 | 1.40 | -0.59 |
| USCB | USCB Financial Holdings, … | $18.93 | 343.35M | +101% | -27% | -25% | +162% | 14.27 | 1.63 | 2.45 | 6.94 | 29.97 | 1.63 | 55.23% | 22.56% | 17.14% | 12.11% | 23.66% | 1.00% | 0.80 | 0.53 | 0.14 | 0.14 | 2.86 | 4762.00% | 3279.00% | 5090.00% | 9.59% | 0.02 | 32.38% | 1.12% | 16.00% | 18.00% | 7.06 | 6.79 | 1.59 | -0.74 |
About Farmers & Merchants Bancorp, Inc.
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in northwest Ohio and northeast Indiana. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer and credit card lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, remote deposit capture or electronic deposit processing, and merchant credit card services. It also offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.
- CEO
- Lars Eller
- Employees
- 482
- Beta
- 0.85
Disclaimer: Information on this page is provided for educational purposes only and does not constitute investment advice. Upside computed as ($29.80 ÷ $27.25) − 1 = +9.36% (DCF, example).