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Farmers & Merchants Bancorp
(OTC:FMCB)
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Rating:84Outperform
Price Target:
$1,639.00
â–˛(18.94% Upside)
Action:Reiterated
Date:08/17/26
The score is driven primarily by strong financial performance (high, consistent profitability; very low leverage; solid ROE) and a favorable valuation (low P/E with a dividend). Technicals are supportive with price above key moving averages and positive MACD, but near-overbought signals moderate the outlook. Corporate events add incremental positives via continued capital returns and governance/strategy updates.
Positive Factors
Sustained Profitability
Consistently high margins and steady multi-year revenue expansion indicate durable earnings power. Although profitability has normalized from earlier peaks, the remaining margin profile supports resilience and continued internal capital generation.
Negative Factors
Volatile Cash Conversion
Positive cash generation is a strength, but uneven annual changes and an inconsistent coverage datapoint reduce confidence in the timing and repeatability of cash conversion. This warrants monitoring as lending and funding conditions change.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Profitability
Consistently high margins and steady multi-year revenue expansion indicate durable earnings power. Although profitability has normalized from earlier peaks, the remaining margin profile supports resilience and continued internal capital generation.
Read all positive factors
Farmers & Merchants Bancorp (FMCB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.01B
Dividend Yield1.41%
Average Volume (3M)148.00
Price to Earnings (P/E)10.3
Beta (1Y)0.16
Revenue Growth5.48%
EPS Growth11.56%
CountryUS
Employees383
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)141.70
Shares Outstanding691,944
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
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 functions as the holding company for Farmers & Merchants Bank of Central California, offering a broad spectrum of banking and financial services to both business and individual customers. Its array of deposit products e...
How the Company Makes Money
FMCB primarily makes money through its banking subsidiary by earning (1) net interest income and (2) noninterest income. Net interest income is generated from interest earned on loans (such as commercial, agricultural, real estate, and consumer lo...
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 | 311.37M | 303.13M | 289.41M | 265.69M | 204.14M | 183.71M |
| Gross Profit | 248.49M | 239.29M | 224.11M | 217.92M | 192.85M | 177.47M |
| EBITDA | 133.51M | 131.84M | 125.18M | 119.04M | 102.17M | 90.95M |
| Net Income | 96.34M | 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 | 1.03B | 152.45M | 676.98M | 593.15M | 741.12M | 986.22M |
| Total Debt | 10.31M | 10.31M | 10.31M | 10.31M | 10.31M | 10.31M |
| Total Liabilities | 5.16B | 5.04B | 4.80B | 4.76B | 4.84B | 4.71B |
| Stockholders Equity | 679.02M | 645.51M | 573.07M | 549.75M | 485.31M | 463.14M |
Cash Flow | ||||||
| Free Cash Flow | 99.56M | 96.62M | 101.34M | 88.38M | 97.59M | 57.89M |
| Operating Cash Flow | 116.91M | 104.19M | 103.73M | 93.35M | 101.78M | 59.96M |
| Investing Cash Flow | -412.00M | -402.01M | -274.58M | -146.55M | -315.30M | -296.15M |
| Financing Cash Flow | 281.98M | 230.12M | -27.23M | -124.42M | 86.32M | 567.81M |
Farmers & Merchants Bancorp Technical Analysis
Positive
1378.00
Price Trends
1345.91
Positive
1298.76
Positive
1200.25
Positive
Market Momentum
20.12
Negative
79.19
Negative
85.80
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 1378 is below the 20-day moving average (MA) of 1384.42, above the 50-day MA of 1345.91, and above the 200-day MA of 1200.25, indicating a bullish trend. The MACD of 20.12 indicates Negative momentum. The RSI at 79.19 is Negative, neither overbought nor oversold. The STOCH value of 85.80 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 36 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 |
|---|---|---|---|---|---|---|---|
84 Outperform | $1.01B | 10.33 | 14.68% | 1.49% | 5.48% | 11.56% | |
78 Outperform | $1.06B | 10.76 | 13.25% | 2.63% | 4.47% | 12.98% | |
75 Outperform | $889.38M | 14.44 | 11.11% | 2.05% | 1.47% | 5.67% | |
75 Outperform | $954.71M | 10.77 | 11.20% | 3.47% | 4.08% | 38.09% | |
75 Outperform | $967.18M | 15.78 | 9.62% | 2.65% | 6.50% | 28.40% | |
68 Neutral | $1.04B | 12.38 | 15.15% | 2.84% | 17.81% | 11.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
FMCB
Farmers & Merchants Bancorp
1,455.00
433.46
42.43%
CCBG
Capital City Bank
51.97
12.49
31.63%
HAFC
Hanmi Financial
32.06
9.13
39.79%
MBWM
Mercantile Bank
60.87
15.31
33.62%
TRST
TrustCo Bank
57.34
23.16
67.77%
MCBS
MetroCity Bankshares
36.01
8.58
31.27%
Farmers & Merchants Bancorp Corporate Events
Dividends
Farmers & Merchants Bancorp Declares Quarterly Cash Dividend
Positive
Aug 13, 2026
On August 12, 2026, Farmers Merchants Bancorp announced that its Board of Directors declared a quarterly cash dividend for shareholders, underscoring the bank’s continued practice of returning capital to investors. The move reflected the co...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Farmers & Merchants Bancorp Highlights Strong Mid‑Year Performance
Positive
Jul 23, 2026
On July 23, 2026, Farmers Merchants Bancorp released a mid‑year investor presentation outlining its financial position, operations and market footprint, highlighting assets of $5.8 billion, robust profitability metrics, and strong capital r...
Executive/Board Changes
Farmers & Merchants Bancorp Adds Experienced Director to Board
Positive
Jun 11, 2026
On June 8, 2026, Farmers Merchants Bancorp appointed Jehna Silva, a former Vice President of Shareholder Relations with more than 15 years of commercial banking experience, to its Board of Directors. She will serve on the CRA, Budget and Finance,...
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.