Farmers & Merchants Bancorp (FMCB)
OTHER OTC:FMCB
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Farmers & Merchants Bancorp
(OTC:FMCB)
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Rating:85Outperform
Price Target:
$1,545.00
â–²(47.14% Upside)
Action:ReiteratedDate:05/09/26
The score is driven primarily by strong financial performance (high profitability, very low leverage, and solid cash generation) and a notably attractive valuation (low P/E). Technicals are supportive but tempered by overbought signals, while recent corporate updates and dividend actions are constructive.
Positive Factors
Consistent revenue growth and strong profitability
Sustained top-line expansion and high net margins demonstrate durable earnings power driven by core lending and fee businesses. Strong profitability provides internal capital for growth, cushions against cyclical shocks, and supports continued dividends and repurchases without reliance on external funding.
Negative Factors
Concentration in agriculture and commercial real estate lending
High exposure to agriculture and CRE concentrates credit risk in sectors sensitive to commodity cycles, interest rates, and regional economic shifts. A downturn in either sector could disproportionately impact asset quality and capital, requiring elevated provisioning and tighter underwriting to preserve solvency.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent revenue growth and strong profitability
Sustained top-line expansion and high net margins demonstrate durable earnings power driven by core lending and fee businesses. Strong profitability provides internal capital for growth, cushions against cyclical shocks, and supports continued dividends and repurchases without reliance on external funding.
Read all positive factors
Farmers & Merchants Bancorp (FMCB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$911.35M
Dividend Yield1.72%
Average Volume (3M)148.00
Price to Earnings (P/E)7.9
Beta (1Y)0.20
Revenue Growth4.78%
EPS Growth11.88%
CountryUS
Employees373
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)137.99
Shares Outstanding693,043
10 Day Avg. Volume81
30 Day Avg. Volume148
Financial Highlights & Ratios
PEG Ratio0.71
Price to Book (P/B)1.19
Price to Sales (P/S)2.54
P/FCF Ratio7.98
Enterprise Value/Market Cap0.93
Enterprise Value/Revenue2.74
Enterprise Value/Gross Profit3.47
Enterprise Value/Ebitda6.45
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Farmers & Merchants Bancorp Business Overview & Revenue Model
Company Description
Farmers & Merchants Bancorp (FMCB) is a financial services holding company headquartered in the United States, primarily engaged in providing a broad range of banking and financial solutions. The company operates through its subsidiary, Farmers & ...
How the Company Makes Money
FMCB primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is generated by earning interest on loans and other interest-earning assets (such as investment securities and interest-bearing deposits wit...
Farmers & Merchants Bancorp Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 308.67M | 303.13M | 289.41M | 265.69M | 204.14M | 183.71M |
| Gross Profit | 243.83M | 239.29M | 224.11M | 217.92M | 192.85M | 177.47M |
| EBITDA | 131.11M | 131.84M | 125.18M | 119.04M | 102.17M | 90.95M |
| Net Income | 94.67M | 93.61M | 88.46M | 88.31M | 75.09M | 66.34M |
Balance Sheet | ||||||
| Total Assets | 5.84B | 5.69B | 5.37B | 5.31B | 5.33B | 5.18B |
| Cash, Cash Equivalents and Short-Term Investments | 968.01M | 1.01B | 676.98M | 593.15M | 741.12M | 986.22M |
| Total Debt | 0.00 | 11.96M | 10.31M | 10.31M | 10.31M | 10.31M |
| Total Liabilities | 5.18B | 5.04B | 4.80B | 4.76B | 4.84B | 4.71B |
| Stockholders Equity | 656.05M | 645.51M | 573.07M | 549.75M | 485.31M | 463.14M |
Cash Flow | ||||||
| Free Cash Flow | 98.45M | 96.62M | 101.34M | 88.38M | 97.59M | 57.89M |
| Operating Cash Flow | 105.36M | 104.19M | 103.73M | 93.35M | 101.78M | 59.96M |
| Investing Cash Flow | -408.67M | -402.01M | -274.58M | -146.55M | -315.30M | -296.15M |
| Financing Cash Flow | 80.28M | 230.12M | -27.23M | -124.42M | 86.32M | 567.81M |
Farmers & Merchants Bancorp Technical Analysis
Positive
1050.00
Price Trends
1159.77
Positive
1130.84
Positive
1071.56
Positive
Market Momentum
13.06
Negative
70.98
Negative
96.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FMCB, the sentiment is Positive. The current price of 1050 is below the 20-day moving average (MA) of 1150.51, below the 50-day MA of 1159.77, and below the 200-day MA of 1071.56, indicating a bullish trend. The MACD of 13.06 indicates Negative momentum. The RSI at 70.98 is Negative, neither overbought nor oversold. The STOCH value of 96.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FMCB.
Farmers & Merchants Bancorp Risk Analysis
Farmers & Merchants Bancorp disclosed 41 risk factors in its most recent earnings report. Farmers & Merchants Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Farmers & Merchants Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $911.35M | 7.87 | 15.08% | 1.72% | 4.78% | 11.88% | |
77 Outperform | $800.69M | 11.77 | 11.10% | 2.33% | 2.56% | 5.05% | |
77 Outperform | $903.60M | 8.66 | 10.31% | 3.82% | 4.27% | 26.39% | |
77 Outperform | $937.76M | 9.19 | 15.09% | 3.55% | 10.12% | 7.50% | |
75 Outperform | $858.89M | 11.97 | 9.21% | 3.48% | 7.06% | 27.79% | |
70 Outperform | $900.17M | 9.77 | 13.36% | 3.05% | 4.55% | 16.09% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FMCB
Farmers & Merchants Bancorp
1,315.00
337.86
34.58%
CCBG
Capital City Bank
46.82
10.15
27.69%
HAFC
Hanmi Financial
30.37
7.97
35.59%
MBWM
Mercantile Bank
52.11
9.72
22.94%
TRST
TrustCo Bank
49.06
18.88
62.56%
MCBS
MetroCity Bankshares
32.72
5.13
18.58%
Farmers & Merchants Bancorp Corporate Events
Business Operations and StrategyFinancial Disclosures
Farmers & Merchants Bancorp Highlights Strong Q1 2026 Performance
Positive
Apr 23, 2026
On April 22, 2026, Farmers Merchants Bancorp released an investor presentation giving a first-quarter 2026 update on its financial position, business and operations, highlighting its role as a Central California and Bay Area community and commerc...
Dividends
Farmers & Merchants Bancorp Declares Quarterly Cash Dividend
Positive
Feb 12, 2026
Farmers Merchants Bancorp operates in the banking and financial services industry, providing traditional deposit and lending products to retail and commercial customers, and focusing on community-based banking services tied to its regional market...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.