FMAO
Farmers & Merchants Bancorp Inc
NASDAQ: FMAO · FINANCIAL SERVICES · BANKS - REGIONAL
$26.78
+0.41% today
Updated 2026-04-30
Market cap
$366.80M
P/E ratio
10.17
P/S ratio
2.96x
EPS (TTM)
$2.62
Dividend yield
3.43%
52W range
$22 – $30
Volume
0.0M
Farmers & Merchants Bancorp Inc (FMAO) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $48.70M | $51.81M | $50.30M | $48.94M | $48.09M | $43.50M | $44.23M | $42.12M | $43.48M | $44.39M | $47.80M | $50.78M | $55.91M | $78.33M | $85.26M | $92.17M | $113.66M | $152.05M | $176.56M | $189.09M |
| Revenue growth (YoY) | — | +6.4% | -2.9% | -2.7% | -1.7% | -9.5% | +1.7% | -4.8% | +3.2% | +2.1% | +7.7% | +6.2% | +10.1% | +40.1% | +8.8% | +8.1% | +23.3% | +33.8% | +16.1% | +7.1% |
| Cost of revenue | $19.06M | $22.59M | $19.89M | $16.78M | $16.19M | $9.87M | $6.99M | $5.46M | $4.91M | $4.21M | $5.34M | $5.35M | $6.90M | $15.90M | $17.37M | $10.79M | $18.96M | $60.16M | $77.93M | $71.34M |
| Gross profit | $29.64M | $29.22M | $30.42M | $32.16M | $31.90M | $33.63M | $37.25M | $36.66M | $38.57M | $40.18M | $42.46M | $45.43M | $49.01M | $62.43M | $67.89M | $81.38M | $94.70M | $91.89M | $98.63M | $117.75M |
| Gross margin | 60.9% | 56.4% | 60.5% | 65.7% | 66.3% | 77.3% | 84.2% | 87.0% | 88.7% | 90.5% | 88.8% | 89.5% | 87.7% | 79.7% | 79.6% | 88.3% | 83.3% | 60.4% | 55.9% | 62.3% |
| R&D | — | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $10.76M | $10.89M | $17.39M | $17.31M | $17.98M | $16.97M | $17.90M | $18.87M | $20.03M | $20.62M | $19.19M | $20.58M | $22.45M | $28.32M | $30.82M | $36.75M | $36.39M | $42.79M | $46.24M | $7.87M |
| Operating income | $11.24M | $10.56M | $9.17M | $9.08M | $9.36M | $11.41M | $13.69M | $12.60M | $13.52M | $14.16M | $16.32M | $17.90M | $18.25M | $22.76M | $25.21M | $29.50M | $40.48M | $28.35M | $32.57M | $42.52M |
| Operating margin | 23.1% | 20.4% | 18.2% | 18.6% | 19.5% | 26.2% | 31.0% | 29.9% | 31.1% | 31.9% | 34.1% | 35.3% | 32.6% | 29.1% | 29.6% | 32.0% | 35.6% | 18.6% | 18.4% | 22.5% |
| EBITDA | $12.61M | $11.88M | $10.83M | $11.34M | $11.43M | $13.35M | $15.93M | $14.53M | $15.63M | $16.22M | $18.53M | $20.05M | $20.49M | $26.28M | $29.50M | $34.49M | $44.49M | $34.13M | $38.95M | $42.52M |
| EBITDA margin | 25.9% | 22.9% | 21.5% | 23.2% | 23.8% | 30.7% | 36.0% | 34.5% | 36.0% | 36.5% | 38.8% | 39.5% | 36.7% | 33.6% | 34.6% | 37.4% | 39.1% | 22.4% | 22.1% | 22.5% |
| EBIT | $11.24M | $10.56M | $9.17M | $9.08M | $9.36M | $11.41M | $13.69M | $12.60M | $13.52M | $14.16M | $16.32M | $17.90M | $18.25M | $22.76M | $25.21M | $29.50M | $40.48M | $28.35M | $32.57M | — |
| Interest expense | $18.54M | $21.72M | $18.10M | $13.22M | $10.86M | $8.16M | $6.25M | $4.60M | $3.72M | $3.59M | $4.22M | $5.13M | $6.57M | $14.76M | $10.39M | $7.34M | $14.36M | $58.41M | $77.66M | $69.25M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $8.14M | $7.73M | $6.72M | $6.61M | $6.98M | $8.51M | $9.79M | $9.01M | $9.65M | $10.34M | $11.66M | $12.72M | $14.95M | $18.40M | $20.09M | $23.50M | $32.52M | $22.79M | $25.94M | $33.31M |
| Net income growth (YoY) | — | -4.9% | -13.1% | -1.8% | +5.7% | +22.0% | +15.0% | -8.0% | +7.1% | +7.2% | +12.8% | +9.1% | +17.5% | +23.1% | +9.2% | +16.9% | +38.4% | -29.9% | +13.8% | +28.4% |
| Profit margin | 16.7% | 14.9% | 13.4% | 13.5% | 14.5% | 19.6% | 22.1% | 21.4% | 22.2% | 23.3% | 24.4% | 25.0% | 26.7% | 23.5% | 23.6% | 25.5% | 28.6% | 15.0% | 14.7% | 17.6% |