FMAOFARMERS & MERCHANTS BANCORP INC
Savings Institution, Federally Chartered
- Revenue
- —
- Operating margin
- —
- EBITDA
- —
- Market cap
- $501M
- Employees
- 474
- Net debt / EBITDA
- —
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo110% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo34% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentYes70% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 29th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$501M market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$6M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Net income | $23M | $33M | $23M | $26M | $33M | 28% |
| Operating cash flow | $35M | $41M | $22M | $32M | $37M | 13% |
| Capex | $2M | $3M | $11M | $2M | $2M | 5.6% |
| Stock-based comp | $822K | $899K | $1M | $1M | $1M | 2.4% |
| Buybacks | $338K | $308K | $218K | $664K | $362K | 45% |
| Dividends | $8M | $10M | $11M | $12M | $12M | 1.4% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $20K · 2
- Open-market sells, 12 mo
- $6M · 72
- Net
- −$6M
Pay vs performance
No pay-versus-performance disclosure yet.