FARMERS & MERCHANTS BANCORP INC
FMAOdata completeness 75%17 fiscal years on fileData notes: no data for concept 'totalDebt'
FARMERS & MERCHANTS BANCORP INC earns about 21% on invested capital, far above its ~9% cost of capital, but has diluted owners by 17% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $19.82 and $32.25 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $76.8M1 | $101.1M2 | $139.8M3 | $163.6M3 | $173.5M3 |
| Net income | $23.5M4 | $32.5M5 | $22.8M6 | $25.9M6 | $33.3M6 |
| Operating cash flow | $34.7M7 | $40.7M8 | $22.1M9 | $32.5M9 | $36.7M9 |
| Capital expenditure | $1.97M10 | $2.6M11 | $10.9M12 | $1.87M12 | $1.77M12 |
| Free cash flow (derived) | $32.8M7 | $38.1M8 | $11.2M9 | $30.6M9 | $35M9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | — | — | — | — |
| Diluted shares | 11.6M | 13.1M | 13.5M | 13.4M | 13.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $273.5 of net worth that earned you $24.56 and generated $25.79 of cash last year.
It earned about 21% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 17% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $19.82 and $32.25 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$30.6M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$30.6M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$25.9M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $32.25 |
| Base | 0.0% | $32.25 |
| Bull | 5.0% | $40.05 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021373 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-027602 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-081475 (InterestAndDividendIncomeOperating)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021373 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-027602 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-081475 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021373 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-027602 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-081475 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000950170-24-021373 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0000950170-25-027602 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-12-31 · accession 0001193125-26-081475 (PaymentsToAcquirePropertyPlantAndEquipment)