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Farmers & Merchants Bancorp Inc(FMAO)
Advisory History & Simulated Performance *
*as per simulation (see disclosures)- ALL
- 1Y
- 1M
- 1W
- BUY Advisory
- SELL Advisory (Profit)
- SELL Advisory (Loss)
- Profit
- Loss
- PASS (Skip)
Stock price based on last close Advisory Performance History (Simulated)
Upturn Advisory & Investor View for FMAO
09/17/2026: FMAO (2-star) has a low Upturn Star Rating. Not recommended to BUY.
Farmers & Merchants Bancorp Inc is a well-established regional bank holding company centered in Ohio and Indiana. The firm derives its strength from a deep-rooted community banking model and a loyal, stable deposit base, which support its lending operations. Its primary growth story involves balancing organic expansion with strategic local acquisitions to maintain market relevance. However, the company faces risks related to geographic concentration, intensified competition from larger national banks, and sensitivity to interest rate environments. This stock is best suited for income-focused investors who value dividend stability, though they should monitor ongoing efforts to modernize digital banking capabilities to remain competitive.
How to Read the Upturn Advisory
The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.
Company fundamentals, valuation, risks, and news provide supporting context about the business.
Investor Fit
| Investor style | Fit | Why |
|---|---|---|
| Growth investor | Weak fit | The company is a mature, slow-growing regional bank rather than a high-growth company. |
| Momentum investor | Weak fit | This stock typically lacks the high-volatility price action momentum investors seek, unless a positive banking sector upturn occurs. |
| Value investor | Mixed fit | The stock may offer value if trading below book value, but sector-wide valuation risks remain relevant. |
| Dividend investor | Strong fit | Consistent dividend payments make this an attractive option for income-focused investors. |
| Low-risk investor | Mixed fit | While more stable than growth stocks, regional banking carries inherent interest rate and local economic risks. |
Risk Profile
| Risk factor | Level | Why it matters |
|---|---|---|
| Price volatility | Medium | The stock is subject to broader sector movements and interest rate sentiment. |
| Valuation risk | Medium | Bank stocks are often valued based on book value and P/E, which can fluctuate with market conditions. |
| Competition risk (National/Regional Banking) | Medium / high | The company faces constant pressure from larger institutions with more robust technology and capital. |
| Business quality | Medium | The business model is stable but highly sensitive to regional economic cycles. |
| Dividend income | Low | Dividend payouts are generally well-covered by earnings, though not immune to financial stress. |
| Execution risk | Medium | Integrating acquisitions and managing loan quality requires effective management execution. |
Price Behavior
Strong Uptrend
The stock has maintained a strong upward price trend across the last three quarters.
Smooth
The stock has moved along a generally orderly path with only modest fluctuations.
Analysis of Past Performance
Type Stock | Historic Profit 20.43% | Avg. Invested days 38 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Advisory Rating  | Upturn Advisory Performance  2.0 | Stock Returns Performance  3.0 |
| Profits based on simulation | Last Close 09/17/2026 |
Upturn Scorecard
Upturn Star Rating 
Company Fundamentals
Financial Health Rating
Growth Momentum Score
Ownership
Top 5 Institutional Investors
Unit Economics (Per $1K Revenue)
Economic Dimensions
Quantitative Style Profile
Style Classification
Quality Focused
Key Highlights
Company Size Small-Cap Stock | Market Capitalization 491.29M USD | Price to earnings Ratio 12.26 | 1Y Target Price 36 |
Price to earnings Ratio 12.26 | 1Y Target Price 36 | ||
Volume (30-day avg) 60.4K shares | Beta 0.8 | 52 Weeks Range 22.20 - 36.12 | Updated Date 09/17/2026 |
52 Weeks Range 22.20 - 36.12 | Updated Date 09/17/2026 | ||
Dividends yield (FY) 2.57% | Basic EPS (TTM) 2.91 |
How Company Makes Money
| Business area | What it includes | Retail investor read |
|---|---|---|
| Net Interest Income | Interest earned on loans and securities minus interest paid on deposits and borrowings. | The bank makes money by paying low interest on deposits and charging higher interest on loans. |
| Non-Interest Income | Service charges, wealth management fees, and mortgage banking income. | The bank earns fee-based revenue from customer services and financial products. |
Analyzing Revenue: Products, Geography and Growth
Revenue by Products
Product revenue - Year on Year
Valuation
Trailing PE 12.26 | Forward PE 15.92 | Enterprise Value 547.13M | Price to Sales(TTM) 3.81 |
Enterprise Value 547.13M | Price to Sales(TTM) 3.81 | ||
Enterprise Value to Revenue 5.51 | Enterprise Value to EBITDA - | Shares Outstanding 13.77M | Shares Floating 13.16M |
Shares Outstanding 13.77M | Shares Floating 13.16M | ||
Percent Insiders 2.76 | Percent Institutions 37.46 |
Upturn AI Summary
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
Financial Metrics
🧭 Investment Snapshot
Total Revenue (Scale)
Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.
Net Income (Profit)
Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.
Free Cash Flow (Cash Strength)
Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.
📈 Growth & Strength
Operating Income (Core Profit)
Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.
EBITDA (Cash Earnings)
Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.
Gross Profit (Unit Profitability)
Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.
🛡️ Financial Safety
Cash (Liquidity Buffer)
Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.
Total Debt (Leverage Risk)
Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.
Net Working Capital (Short-Term Health)
Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.
🧱 Balance Sheet Strength
Stockholder Equity (Net Worth)
Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.
Total Assets (Asset Base)
The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.
Income Before Tax (Pre-Tax Earnings)
Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.
⚙️ Cost & Drag Factors
Cost of Revenue (Production Cost)
Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.
Total Operating Expenses (Operating Cost)
Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.
Income Tax Expense (Tax Drag)
Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.
About Farmers & Merchants Bancorp Inc
Exchange NASDAQ | Headquarters Archbold, OH, United States | ||
IPO Launch date 2004-11-23 | President, CEO & Director Mr. Lars B. Eller | ||
Sector Financial Services | Industry Banks - Regional | Full time employees 477 | Website https://www.fm.bank |
Full time employees 477 | Website https://www.fm.bank | ||
Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, bill-pay, on-line statement opportunities, and remote deposit capture or electronic deposit processing. Additionally, the company offers electronic transaction origination, such as wire and automated clearing house file transmittal services. Farmers & Merchants Bancorp, Inc. was founded in 1897 and is headquartered in Archbold, Ohio.
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