FARMERS & MERCHANTS BANCORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FARMERS & MERCHANTS BANCORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	4.2	6.29	7.95	13.2	9.49	4.33	4.84	38.4
Pre-tax income	45.8	54.5	59.7	75.3	78	88.3	99.7	117	122	129
Income tax	16.1	26.1	14.2	19.3	19.2	22	24.7	28.2	33.8	35.2
Net income	29.7	28.4	45.5	56	58.7	66.3	75.1	88.3	88.5	93.6
EPS, basic	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	121.02	134.96
EPS, diluted	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	121.02	133.96
Shares, basic (weighted)	0.79	0.81	0.8	0.79	0.79	0.79	0.78	0.76	0.73	0.69
Shares, diluted (weighted)	0.79	0.81	0.8	0.79	0.79	0.79	0.78	0.76	0.73	0.7
Dividend per share	13.10	13.55	13.90	14.20	14.75	15.30	16.15	17.10	18.10	19.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	98.9	187	146	295	384	715	588	411	213	145
Property, plant and equipment	29.2	28.7	32.6	45.3	50.1	47.7	49.5	51.9	51.4	55.8
Lease right-of-use assets				4.98	4.8	4.05	3.4	2.7	2.2	1.6
Goodwill					11.2	11.2	11.2	11.2	11.2	11.2
Intangible assets					4.01	3.4	2.81	2.24	1.69	1.17
Total assets	2,922	3,075	3,434	3,722	4,550	5,178	5,327	5,309	5,370	5,690
Total liabilities	2,642	2,776	3,123	3,353	4,127	4,715	4,842	4,759	4,797	5,045
Paid-in capital	90.7	93.6	73	79.9	77.5	77.5	57.2	36.9	0	11.6
Retained earnings	189	207	241	286	333	387	450	525	592	669
Treasury stock									0	-31.8
Other comprehensive income	-0.01	-0.82	-2.99	3.31	13.1	-1.72	-21.8	-12.5	-19.4	-3.51
Shareholders' equity	280	300	311	369	424	463	485	550	573	646
Total equity	280	300	311	369	424	463	485	550	573	646
Total liabilities and equity	2,922	3,075	3,434	3,722	4,550	5,178	5,327	5,309	5,370	5,690
Shares outstanding	0.81	0.81	0.78	0.79	0.79	0.79	0.77	0.75	0.7	0.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	29.7	28.4	45.5	56	58.7	66.3	75.1	88.3	88.5	93.6
Depreciation and amortization	1.9	2.19	2.42	2.76	2.77	2.63	2.43	2.49	2.94	3.06
Stock-based compensation								0	0	11.6
Deferred income tax	-1.84	12.6	5.46	-3.25	-1.96	-0.88	4.33	-5.6	11	22.3
Cash from operations	34.8	39.9	57.8	80.9	58.1	60	102	93.3	104	104
Capital expenditures	-1.5	-4.25	-4.58	-15.5	-7.71	-2.07	-4.19	-4.97	-2.4	-7.58
Acquisitions	31.8	0	-5.99	0	0
Purchases of investments				-652	-671	-257	-10.2	-84.1	-389	-565
Sales and maturities of investments										24.8
Cash from investing	-185	-82.2	-205	-136	-737	-296	-315	-147	-275	-402
Share buybacks	0	0	-31.2	0	-2.83	0	-20.3	-20.4	-45.3	-2.93
Dividends paid	-10.5	-11	-11.2	-11.2	-11.7	-12.1	-12.5	-12.9	-13	-13.8
Cash from financing	190	131	106	204	768	568	86.3	-124	-27.2	230
Net change in cash	39.4	88.3	-41.6	149	89.1	332	-127	-178	-198	-67.7
Free cash flow	33.3	35.7	53.2	65.3	50.4	57.9	97.6	88.4	101	96.6
Interest paid	3.86	6.01	7.73	11.8	10.9	4.37	5.79	29.3	65.1	62.8
Income taxes paid	12.9	13.9	7.97	7.34	9.58	29.9	12.5	12.7	12.9	14.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $1,449.99 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	26.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	5.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	10.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	11.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	0.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	0.8%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-4.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-0.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	13.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	12.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	4.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.4%	Total liabilities / total assets.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$666.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	103.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	14.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$141.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$146.51	Free cash flow / diluted weighted shares.
Operating cash flow per share	$172.04	Cash from operations / diluted weighted shares.
Book value per share	$981.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$963.82	Tangible book value / shares outstanding.
Cash per share	$402.69	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.2%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.00B	Share price x shares outstanding.
Enterprise value	$724.7M	Market cap + total debt - cash - short-term investments.
P/E	10.4x	Market cap / net income. Only when net income is positive.
P/B	1.48x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.50x	Market cap / tangible book value, when positive.
P/FCF	10.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.58x	Market cap / cash from operations, when positive.
EV/FCF	7.28x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.9%	Free cash flow / market cap.
Earnings yield	9.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.5%	Dividends paid over the period / market cap.
Shareholder yield	1.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.90x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was FARMERS & MERCHANTS BANCORP profitable in fiscal 2025?

Yes. Net income was $93.6M, a net margin of -.

How much free cash flow did FARMERS & MERCHANTS BANCORP generate in fiscal 2025?

Cash from operations of $104.2M minus capital expenditures of $7.6M left free cash flow of $96.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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