Farmers & Merchants Bancorp

FMAO

Banks - Regional · Financial Services

Price

$30.57

-0.92 (-2.92%)

Market Cap

$420.9M

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+18.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 11.6M (2021) → 13.7M (2025)

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 and northeast Indiana. 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 and credit car

Winston Score History

Politician Trades

5 trades / 12mo

5 Congressional buys and 0 sells on FMAO in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+37.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

8.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Position

Cash flow positive

$174M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Farmers & Merchants Bancorp is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

66.2%

Premium pricing power — 66.2% gross margin

Operating Margin

25.8%

Excellent — 25.8% operating margin

ROCE

1.9%

Weak — 1.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.6%

Slow sales growth (6.6% YoY)

EPS YoY

+29.2%

Earnings growing fast (29.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

95%

Modest — 95% of profit becomes cash

FCF Margin

16.7%

Converts sales into free cash efficiently (16.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.71

Moderate — manageable debt (0.71)

Interest Cover

0.68x

Dangerous — barely covers interest (0.7x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

11.7x

Attractive valuation — P/E 11.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

2.96%

Moderate income — 2.96% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+2.8%

Dividend flat

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