Farmers & Merchants Bancorp (FMAO) financial statements
Farmers & Merchants Bancorp reported revenue of $121M in fiscal 2025, up 11.7% a year over 9 years.
Net income was $33M.
Free cash flow was $35M, and the company returned $12M in dividends and $362,000 in net buybacks.
The diluted share count rose 48% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Farmers & Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $45M | $47M | $51M | $65M | $77M | $87M | $103M | $97M | $102M | $121M |
| Selling, general and admin | $4M | $4M | $4M | $6M | $6M | $8M | $6M | $6M | $5M | $6M |
| Interest expense | $4M | $5M | $7M | $15M | $10M | $7M | $14M | $58M | — | — |
| Pre-tax income | $16M | $18M | $18M | $23M | $25M | $29M | $40M | $28M | $33M | $43M |
| Income tax | $5M | $5M | $3M | $4M | $5M | $6M | $8M | $6M | $7M | $9M |
| Net income | $12M | $13M | $15M | $18M | $20M | $23M | $33M | $23M | $26M | $33M |
| EPS (diluted) | $1.27 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $2.43 |
| Diluted shares | 9M | 9M | 9M | 11M | 11M | 12M | 13M | 13M | 13M | 14M |
| Net margin | 26.0% | 27.1% | 29.5% | 28.2% | 26.2% | 27.0% | 31.7% | 23.4% | 25.5% | 27.4% |
Balance sheet
Fiscal years, from Farmers & Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Property, plant and equipment | $21M | $22M | $23M | $26M | $27M | $27M | $28M | $36M | $34M | $32M |
| Goodwill | $4M | $4M | $4M | $47M | $47M | $80M | $86M | $86M | $86M | $86M |
| Total assets | $1.1B | $1.1B | $1.1B | $1.6B | $1.9B | $2.6B | $3.0B | $3.3B | $3.4B | $3.4B |
| Long-term debt | — | — | — | — | — | — | — | $10M | $10M | $50M |
| Total liabilities | $930M | $973M | $973M | $1.4B | $1.7B | $2.3B | $2.7B | $3.0B | $3.0B | $3.1B |
| Shareholders' equity | $126M | $134M | $143M | $230M | $249M | $297M | $298M | $317M | $335M | $371M |
Cash flow
Fiscal years, from Farmers & Merchants Bancorp's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $12M | $18M | $11M | $24M | $27M | $35M | $41M | $22M | $32M | $37M |
| Capital spending | $2M | $2M | $3M | $4M | $3M | $2M | $3M | $11M | $2M | $2M |
| Free cash flow | $10M | $16M | $8M | $20M | $24M | $33M | $38M | $11M | $31M | $35M |
| Stock-based compensation | $402,000 | $507,000 | $745,000 | $1M | $1M | $822,000 | $899,000 | $1M | $1M | $1M |
| Dividends paid | $4M | $4M | $5M | $6M | $7M | $8M | $10M | $11M | $12M | $12M |
| Share buybacks (net) | -$194,000 | -$196,000 | -$490,000 | -$381,000 | -$383,000 | -$338,000 | -$308,000 | -$218,000 | -$664,000 | -$362,000 |
| Free cash flow margin | 22.3% | 33.6% | 16.0% | 31.2% | 31.6% | 37.6% | 37.1% | 11.5% | 30.1% | 28.8% |
| Dividends per share | $0.45 | $0.48 | $0.54 | $0.58 | $0.65 | $0.66 | $0.78 | $0.84 | $0.89 | $0.89 |
Questions
What was Farmers & Merchants Bancorp's revenue in 2025?
$121M in fiscal 2025, from its 10-K filing.
How much free cash flow does Farmers & Merchants Bancorp generate?
$35M in fiscal 2025 (operating cash flow minus capital spending).
From Farmers & Merchants Bancorp's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.