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Farmers & Merchants Bancorp (FMCB) AI Stock Analysis
Farmers & Merchants Bancorp
(Other OTC:FMCB)
FMCB earns a strong score driven primarily by its exceptional financial fundamentals — a fortress balance sheet with near-zero debt, consistent revenue and earnings growth, and high-quality cash flows that validate reported profits. The attractive P/E of 9.9x and positive corporate developments (branch expansion, dividend continuity, governance strengthening) further support the score. Technical indicators confirm a healthy uptrend, though near-term overbought signals temper enthusiasm slightly. The main limitations are modest margin compression, a low dividend yield, and the stock's inherent illiquidity as a thinly traded community bank. Overall, FMCB represents a high-quality, conservatively managed regional bank trading at a reasonable valuation.
Farmers & Merchants Bancorp (FMCB) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $996.40M
- Dividend Yield
- 1.47%
- Average Volume (3M)
- 153
- Price to Earnings (P/E)
- 10.0
- Beta (1Y)
- 0.19
- Revenue Growth
- 5.77%
- EPS Growth
- 10.19%
- Country
- US
- Employees
- 383
- Sector
- Financial
- Sector Strength
- 68
- Industry
- Banks - Regional
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 enco...
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 loans...
Farmers & Merchants Bancorp Financial Statement Overview
Summary
FMCB exhibits excellent financial health across all three statements. The balance sheet is a standout with virtually no debt, a debt-to-equity ratio of ~0.015, and steadily growing equity to $679M. Revenue has grown consistently to $311M TTM with net margins around 31%. ROE remains healthy at ~14.7%. Cash flows strongly validate earnings quality with FCF/NI consistently near or above 0.9x. The only watchpoints are modest margin compression and occasional FCF volatility, preventing a higher score.
Income Statement
78PositiveBalance Sheet
88Very PositiveCash Flow
75Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 314.99M | 303.13M | 289.41M | 265.69M | 204.14M | 183.71M |
| Gross Profit | 251.18M | 239.29M | 224.11M | 217.92M | 192.85M | 177.47M |
| EBITDA | 128.11M | 131.84M | 125.18M | 119.04M | 102.17M | 90.95M |
| Net Income | 97.71M | 93.61M | 88.46M | 88.31M | 75.09M | 66.34M |
Balance Sheet | ||||||
| Total Assets | 5.70B | 5.69B | 5.37B | 5.31B | 5.33B | 5.18B |
| Cash, Cash Equivalents and Short-Term Investments | 0 | 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 | 5.04B | 5.04B | 4.80B | 4.76B | 4.84B | 4.71B |
| Stockholders Equity | 663.10M | 645.51M | 573.07M | 549.75M | 485.31M | 463.14M |
Cash Flow | ||||||
| Free Cash Flow | 72.15M | 96.62M | 101.34M | 88.38M | 97.59M | 57.89M |
| Operating Cash Flow | 87.42M | 104.19M | 103.73M | 93.35M | 101.78M | 59.96M |
| Investing Cash Flow | -145.11M | -402.01M | -274.58M | -146.55M | -315.30M | -296.15M |
| Financing Cash Flow | 163.76M | 230.12M | -27.23M | -124.42M | 86.32M | 567.81M |
Farmers & Merchants Bancorp Technical Analysis
Price Trends
Market Momentum
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 1440.00 is below the 20-day moving average (MA) of 1451.38, below the 50-day MA of 1440.81, and above the 200-day MA of 1297.39, indicating a neutral trend. The MACD of 1.57 indicates Positive momentum. The RSI at 47.66 is Neutral, neither overbought nor oversold. The STOCH value of 9.62 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 36 risk factors in its most recent earnings report. Farmers & Merchants Bancorp reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksFarmers & Merchants Bancorp Peers Comparison
Overall Rating
RCBC86Outperform
BSRR82Outperform- FMCB77Outperform
BMRC76Outperform
WABC76Outperform
OVLY61Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| RCBC | 86Outperform | $823.44M | 9.32 | 15.71% | 0.33% | ― | ― |
| BSRR | 82Outperform | $543.29M | 10.74 | 13.89% | 2.48% | -1.49% | 34.62% |
| FMCB | 77Outperform | $1.01B | 9.95 | 14.78% | 1.47% | 5.77% | 10.19% |
| BMRC | 76Outperform | $460.53M | 6.72 | 17.18% | 3.52% | -18.89% | -221.07% |
| WABC | 76Outperform | $1.40B | 13.06 | 12.80% | 3.10% | -4.35% | 1.06% |
| Sector * | 68Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
| OVLY | 61Neutral | $289.90M | 12.25 | 10.94% | 2.18% | 1.39% | -1.91% |
* Financial Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| FMCB | Farmers & Merchants Bancorp | 1440.00 | 451.98 | 45.75% | |
| BMRC | Bank Of Marin | 28.37 | 3.62 | 14.62% | |
| OVLY | Oak Valley Bancorp [ca] | 34.43 | 7.39 | 27.32% | |
| BSRR | Sierra Bancorp | 41.90 | 14.02 | 50.30% | |
| WABC | Westamerica Bancorp | 60.73 | 14.78 | 32.18% | |
| RCBC | River City Bank | 57.99 | 18.75 | 47.78% |
Farmers & Merchants Bancorp Corporate Events
Farmers & Merchants Bancorp Declares Quarterly Cash Dividend
PositiveOn 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...
Farmers & Merchants Bancorp Highlights Strong Mid‑Year Performance
PositiveOn 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...
Farmers & Merchants Bancorp Adds Experienced Director to Board
PositiveOn 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 Financ...
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.
Date of analysis: Aug 17, 2026