Farmers & Merchants Bank of Long Beach

FMBL

Banks - Regional · Financial Services

Price

$9339.50

-0.50 (-0.01%)

Market Cap

$1.13B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−3.9% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 128K (2021) → 123K (2025)

Farmers & Merchants Bank of Long Beach is a community bank based in Southern California that has been operating since 1907. It offers everyday banking services like checking and savings accounts, loans, and business banking to individuals and small businesses in the Los Angeles area. The bank is one of the oldest and most established independent community banks in California and is known for being privately controlled by the Van Vleck family for generations.

The bank makes money the traditional way — it takes in deposits and lends that money out at higher interest rates, earning the difference. It operates a relatively small branch network concentrated in Southern California, giving it a focused but geographically limited footprint. Its main competitive advantage is its long history, conservative lending culture, and loyal local customer base, though its small size and regional concentration also represent its biggest risk if the Southern California economy weakens or larger banks compete more aggressively for the same customers.

Winston Score History

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

+6.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+31.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.0%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$84M cash & investments

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

Growth context

Farmers & Merchants Bank of Long Beach 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

69.9%

Premium pricing power — 69.9% gross margin

Operating Margin

24.8%

Excellent — 24.8% operating margin

ROCE

1.0%

Weak — 1.0% 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

+13.3%

Fast-growing sales (13.3% YoY)

EPS YoY

+51.7%

Earnings growing fast (51.7% 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

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.78

Moderate — manageable debt (0.78)

Interest Cover

0.89x

Dangerous — barely covers interest (0.9x)

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

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Valuation

P/E Ratio (TTM)

15.5x

Fair value — P/E 15.5

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

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.38%

Small dividend — 1.38% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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