Fact based stock research
Farmers & Merchants Bancorp (NasdaqCM:FMAO)

US30779N1054

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

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Farmers & Merchants Bancorp stock research in summary

ir.fm.bank

ANALYSIS: With an Obermatt Combined Rank of 43 (worse than 57% compared with investment alternatives), Farmers & Merchants Bancorp (Regional Banks, USA) shares have somewhat below-average financial characteristics compared with similar stocks. Shares of Farmers & Merchants Bancorp are low in value (priced high) with a consolidated Value Rank of 45 (worse than 55% of alternatives) and show below-average growth (Growth Rank of 15) but are safely financed (Safety Rank of 87), which means low debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 43, is a hold recommendation based on Farmers & Merchants Bancorp's financial characteristics. As the company Farmers & Merchants Bancorp's critical financial metrics exhibit below-average performance, such as low value (Obermatt Value Rank of 45) and low growth (Obermatt Growth Rank of 15), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. In this case, good financing practices (Obermatt Safety Rank of 87) are a positive sign, because it may allow the company to weather challenging times until the hoped-for cash flows materialize. This may be true for high-tech or biotechnology companies with enough cash to sustain prolonged business development. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and unattractive today. In such cases, the Obermatt Method has limited value, as it is based on facts we can observe today. If the facts lie all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that account for a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	45
Growth Rank	15
Safety Rank	87
Combined Rank	43

Country	USA
Industry	Regional Banks
Index	Sound Pay USA, NASDAQ
Size class	X-Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Farmers & Merchants Bancorp

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	7	14	27	45
GROWTH
GROWTH	71	37	11	15
SAFETY
SAFETY	15	28	72	87
SENTIMENT
SENTIMENT	43	16	3	^new
360° VIEW
360° VIEW	9	4	4	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Farmers & Merchants Bancorp is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	7	14	27	45
GROWTH
GROWTH	71	37	11	15
SAFETY
SAFETY	15	28	72	87
COMBINED
COMBINED	3	6	16	43

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Farmers & Merchants Bancorp the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 45 (worse than 55% compared with alternatives), Farmers & Merchants Bancorp shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Farmers & Merchants Bancorp. Expected dividend yields are higher than for 73% of comparable companies (a Dividend Yield rank of 73), making the stock attractive. The same is valid for Price-to-Book Capital (also referred to as market-to-book ratio) with a Price-to-Book Rank of 61, which means that the stock price is lower compared with invested capital than for 61% of comparable investments. But in respect to sales and profits, the picture is reversed. Price-to-Sales is 31 which means that the stock price compared with what market professionals expect for future profits is higher than for 69% of comparable companies, indicating a low value concerning Farmers & Merchants Bancorp's sales levels. The Price-to-Profit ratio (also referred to as price-earnings (P/E) ratio) is also unfavorable for Farmers & Merchants Bancorp with a rank of 31. This means that the stock price, compared with what market professionals expect for future profits, is higher than for 69% of comparable companies, indicating a low value concerning Farmers & Merchants Bancorp's profit levels. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 45, is a hold recommendation based on Farmers & Merchants Bancorp's stock price compared with the company's operational size and dividend yields. The company seems confident that it can generate a reasonable return on invested capital, because it pays an above-average dividend while profits are below what you would expect for a company with this stock price. If you agree with this practice and believe that profits will return to higher levels, as the current dividend policy suggests, Farmers & Merchants Bancorp may be an attractive investment. If this is not the case, you may want to be careful with this stock as it is also expensive compared with its expected revenue levels. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	5	7	31	31
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	13	7	7	31
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	29	48	54	61
DIVIDEND YIELD
DIVIDEND YIELD	63	59	71	73
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	7	14	27	45

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Farmers & Merchants Bancorp; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 15 (better than 15% compared with alternatives), Farmers & Merchants Bancorp shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with all four metrics below average for Farmers & Merchants Bancorp. Sales Growth has a rank of 37, which means that currently professionals expect the company to grow less than 63% of its competitors. The same is valid for Profit Growth, with a rank of 39, and Capital Growth with 40. In addition, Stock Returns have a below market rank of 35, which means that the stock returns have recently been below 65% of alternative investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 15, is a sell recommendation for growth and momentum investors. These are all bad growth momentum indicators. These are negative signals for investors interested in growth companies. Value is likely good for this company, as investors may have left this stock in the cold. If that is the case, investors should look at the company's outlook, especially Sentiment performance, because it may be a turnaround situation that could entail above-average stock returns in the future. But it remains a risky bet, as no growth signals are in the green zone yet. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is low here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	78	61	46	37
PROFIT GROWTH
PROFIT GROWTH	29	13	9	39
CAPITAL GROWTH
CAPITAL GROWTH	58	68	43	40
STOCK RETURNS
STOCK RETURNS	67	31	37	35
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	71	37	11	15

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Farmers & Merchants Bancorp.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 87 (better than 87% compared with alternatives) for 2025, the company Farmers & Merchants Bancorp has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of Farmers & Merchants Bancorp is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators where two out of three are above average for Farmers & Merchants Bancorp.Leverage is at 88, meaning the company has a below-average debt-to-equity ratio. It has less debt than 88% of its competitors.Refinancing is at a rank of 76, meaning that the portion of the debt that is about to be refinanced is below average. It has less debt in the refinancing stage than 76% of its competitors. Liquidity is at 35, meaning that the company generates less profit to service its debt than 65% of its competitors. This indicates that the company is on the riskier side regarding debt service. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 87 (better than 87% compared with alternatives), Farmers & Merchants Bancorp has a financing structure that is significantly safer than that of its competitors. Low leverage and low refinancing risk mean a safer financing situation. However, low liquidity means that current company cash flows are low in relation to the level of debt. This is a sign of caution in case it is expected for profits to remain low. Investors should compare Obermatt’s Value, Growth, and Sentiment Ranks before deciding. They may also want to investigate why cash flows are expected to be low, making debt service for Farmers & Merchants Bancorp more challenging. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	76	89	88	88
REFINANCING
REFINANCING	6	12	91	76
LIQUIDITY
LIQUIDITY	18	26	1	35
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	15	28	72	87

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Farmers & Merchants Bancorp and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	29	1	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	15	^new
PRO HOLDINGS
PRO HOLDINGS	62	22	13	^new
MARKET PULSE
MARKET PULSE	78	58	54	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	43	16	3	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Farmers & Merchants Bancorp.
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