Valuation, from the filing
| Public float | $634.21M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $916.56 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 6.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
6.8× earnings today, against a median of 9.3× across 10 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $634.21M | 6.8× | |
| 2024-06-30 | $632.38M | 7.1× | |
| 2023-06-30 | $648.70M | 7.3× | |
| 2022-06-30 | $648.16M | 8.6× | |
| 2021-06-30 | $605.18M | 9.1× | |
| 2020-06-30 | $560.25M | 9.5× | |
| 2019-06-30 | $625.91M | 11.2× | |
| 2018-06-30 | $584.60M | 12.8× | |
| 2017-06-30 | $501.40M | 17.7× | |
| 2016-06-30 | $463.55M | 15.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the National Commercial Banks filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Effective tax rate | 27.3% | 96th |
FARMERS & MERCHANTS BANCORP (FMCB) reported net income of $24.73M for the fiscal year ended 2026-06-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from FARMERS & MERCHANTS BANCORP’s SEC filings, each linked to the filing it came from. It is classified by the SEC under National Commercial Banks.
Banks, brokers and insurers present a top line that is not comparable with an operating company’s revenue: it is reported net of interest expense, or as premiums earned, depending on the filer. The figures are the filer’s own and are traceable to the filing; the comparison across classes is what does not hold.
Income
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $24.73M | $24.07M | $23.82M | $23.72M | $23.06M | $23.01M | $21.85M | $22.12M | $21.77M | $22.72M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Pretax income | $33.75M | $32.38M | $32.45M | $32.64M | $31.34M | $32.35M | $30.33M | $30.52M | $30.13M | $31.27M |
| Income tax expense | $9.01M | $8.31M | $8.63M | $8.92M | $8.28M | $9.34M | $8.49M | $8.40M | $8.36M | $8.54M |
| Diluted EPS | $36.39 | $35.34 | Unavailable | $33.92 | $32.94 | $32.86 | Unavailable | $29.96 | $29.39 | $30.56 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $278.64M | $384.22M | $144.86M | $172.57M | $291.75M | $607.25M | $212.56M | $293.25M | $295.94M | $738.40M |
| Total assets | $5.84B | $5.84B | $5.69B | $5.63B | $5.48B | $5.68B | $5.37B | $5.42B | $5.27B | $5.71B |
| Current assets | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total liabilities | $5.16B | $5.18B | $5.04B | $4.98B | $4.86B | $5.08B | $4.80B | $4.82B | $4.69B | $5.15B |
| Current liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Total equity incl. NCI | $679.02M | $656.06M | $645.51M | $645.25M | $618.53M | $602.31M | $573.07M | $602.70M | $576.22M | $565.22M |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Goodwill | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M | $11.18M |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Cash flow
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $33.01M | $40.72M | $13.69M | $29.49M | $21.46M | $39.55M | $13.20M | $35.44M | $20.31M | $34.78M |
| Capital expenditures | $3.50M | $9.54M | $2.23M | $2.08M | $2.59M | $673.00K | $986.00K | $569.00K | $434.00K | $410.00K |
| Investing cash flow | -$111.61M | $70.37M | -$103.87M | -$266.89M | -$108.28M | $77.02M | -$42.78M | -$148.47M | $9.74M | -$93.07M |
| Financing cash flow | -$26.99M | $128.28M | $62.47M | $118.22M | -$228.69M | $278.12M | -$51.11M | $110.34M | -$472.51M | $386.04M |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Stock-based compensation | $3.09M | $3.52M | $3.35M | $3.01M | $3.15M | $2.04M | $0 | $0 | $0 | $0 |
| Common dividends paid | $3.60M | $3.66M | $3.48M | $3.88M | $6.48M | $0 | $6.51M | $0 | Unavailable | Unavailable |
| Common share repurchases | $0 | $0 | $0 | -$1.00K | $2.22M | $711.00K | $35.05M | $1.29M | $3.47M | $5.45M |
| Depreciation & amortization | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Derived
| Metric | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $29.51M | $31.18M | $11.46M | $27.41M | $18.87M | $38.88M | $12.21M | $34.87M | $19.88M | $34.37M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Revenue YoY growth | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 26.7% | 25.7% | 26.6% | 27.3% | 26.4% | 28.9% | 28.0% | 27.5% | 27.7% | 27.3% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open FMCB in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.