Farmers & Merchants Bancorp (FMCB)
OTHER OTC:FMCB
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Farmers & Merchants Bancorp
(OTC:FMCB)
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Rating:83Outperform
Price Target:
$1,573.00
â–²(49.81% Upside)
Action:Reiterated
Date:06/12/26
The score is driven primarily by strong financial performance (high profitability, extremely low leverage, and solid cash generation). Support comes from an upward technical trend (price above key moving averages with positive MACD) and favorable valuation (low P/E plus dividend). Corporate events are a modest positive, reinforcing governance and shareholder-return signaling.
Positive Factors
Balance Sheet Strength
Extremely low leverage and steady equity growth provide durable financial flexibility. This capital buffer supports lending through cycles, funds dividends and share buybacks, and reduces insolvency risk, enabling strategic investments or branch expansion without requiring external debt.
Negative Factors
Concentrated Lending Mix
Heavy exposure to regional and agricultural cycles concentrates risk: droughts, commodity price swings, or local commercial real estate stress can simultaneously hit loan performance. Limited geographic and sector diversification raises cyclicality for credit losses and loan demand.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Extremely low leverage and steady equity growth provide durable financial flexibility. This capital buffer supports lending through cycles, funds dividends and share buybacks, and reduces insolvency risk, enabling strategic investments or branch expansion without requiring external debt.
Read all positive factors
Farmers & Merchants Bancorp (FMCB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$920.74M
Dividend Yield1.72%
Average Volume (3M)148.00
Price to Earnings (P/E)9.3
Beta (1Y)0.20
Revenue Growth4.78%
EPS Growth11.88%
CountryUS
Employees373
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)137.99
Shares Outstanding692,287
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 Cap0.57
Enterprise Value/Revenue1.71
Enterprise Value/Gross Profit2.17
Enterprise Value/Ebitda4.01
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 (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 | 131.86M | 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 | 397.00M | 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 | 5.18B | 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 | 88.92M | 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
Neutral
1050.00
Price Trends
1283.44
Positive
1215.55
Positive
1130.03
Positive
Market Momentum
10.41
Positive
50.65
Neutral
14.86
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FMCB, the sentiment is Neutral. The current price of 1050 is below the 20-day moving average (MA) of 1333.50, below the 50-day MA of 1283.44, and below the 200-day MA of 1130.03, indicating a neutral trend. The MACD of 10.41 indicates Positive momentum. The RSI at 50.65 is Neutral, neither overbought nor oversold. The STOCH value of 14.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for FMCB.
Farmers & Merchants Bancorp Risk Analysis
Farmers & Merchants Bancorp disclosed 37 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $920.74M | 9.35 | 14.76% | 1.72% | 4.78% | 11.88% | |
77 Outperform | $791.28M | 13.13 | 11.10% | 2.33% | 2.56% | 5.05% | |
76 Outperform | $925.74M | 11.44 | 10.31% | 3.82% | 4.21% | 26.10% | |
75 Outperform | $969.28M | 13.07 | 15.09% | 3.55% | 10.15% | 7.32% | |
74 Outperform | $927.04M | 14.89 | 9.21% | 3.48% | 6.30% | 27.79% | |
72 Outperform | $928.67M | 10.20 | 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
1,320.00
344.38
35.30%
CCBG
Capital City Bank
46.40
10.63
29.71%
HAFC
Hanmi Financial
31.26
9.47
43.43%
MBWM
Mercantile Bank
54.36
12.12
28.69%
TRST
TrustCo Bank
52.79
23.09
77.73%
MCBS
MetroCity Bankshares
34.15
8.21
31.64%
Farmers & Merchants Bancorp Corporate Events
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,...
Executive/Board ChangesShareholder Meetings
Farmers & Merchants Bancorp Shareholders Back Board, Pay
Positive
May 13, 2026
On May 11, 2026, Farmers Merchants Bancorp held its Annual Meeting of Stockholders, with a quorum representing 57.40% of outstanding shares, at which all seven director nominees, including Edward Corum Jr., Stephenson K. Green, and Kent A. Steinw...
Dividends
Farmers & Merchants Bancorp Declares Quarterly Cash Dividend
Positive
May 12, 2026
On May 11, 2026, Farmers Merchants Bancorp announced that its Board of Directors declared a quarterly cash dividend, continuing its practice of returning capital to shareholders. The dividend declaration underscores the bank’s ongoing commi...
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...
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.