Farmers & Merchants - Public Comps and Valuation Multiples

Farmers & Merchants Overview

About Farmers & Merchants

Farmers & Merchants Bancorp Inc is a holding company based in Ohio. The company is engaged in general commercial banking business. The activities of the company include commercial, agricultural and residential mortgages as well as consumer and credit card lending activities.

Founded

1985

HQ

Employees

473

Website

fm.bank

Sectors

Commercial Banking

Financials

LTM Revenue $115M

Last FY EBITDA n/a

EV

$580M

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Farmers & Merchants Financials

As of September 2025, Farmers & Merchants reported last 12-month revenue of $115M.

In the same period, Farmers & Merchants achieved $29.8M in LTM net income.

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Farmers & Merchants P&L

In the most recent fiscal year, Farmers & Merchants reported revenue of $98.9M.

Farmers & Merchants expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$115M	XXX	$98.9M	XXX	XXX	XXX
Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
Gross Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBIT	$39.7M	XXX	n/a	XXX	XXX	XXX
EBIT Margin	35%	XXX	n/a	XXX	XXX	XXX
Net Profit	$29.8M	XXX	$25.9M	XXX	XXX	XXX
Net Margin	26%	XXX	26%	XXX	XXX	XXX
Net Debt	XXX	XXX	$104M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Farmers & Merchants including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $115M.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$115M	Analyst estimates available to subscribers	$98.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	NaN% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	n/a	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	NaN% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$39.7M	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	34.6% EBIT margin	Analyst estimates available to subscribers	n/a	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$29.8M	Analyst estimates available to subscribers	$25.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	26.0% net profit margin	Analyst estimates available to subscribers	26.2% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$104M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Farmers & Merchants

This financial data table provides comprehensive performance metrics for Farmers & Merchants, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Farmers & Merchants generated $115M in revenue over the last twelve months.
Net income over the last twelve months reached $29.8M.

Fiscal Year Performance

In the most recent fiscal year, Farmers & Merchants reported $98.9M in total revenue.
The company maintained a gross profit margin of NaN% in the most recent fiscal year.
EBITDA margin for the fiscal year was NaN%.
Net profit margin reached 26.2% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Farmers & Merchants. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Farmers & Merchants Stock Performance

Farmers & Merchants has current market cap of $357M, and EV of $580M.

Market Cap Evolution

Farmers & Merchants Stock Data

As of October 1, 2025, Farmers & Merchants's stock price is $26.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$580M	$357M	XXX	XXX	XXX	XXX	$2.18

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Farmers & Merchants Valuation Multiples

Farmers & Merchants's trades at 5.9x EV/Revenue multiple, and n/a EV/EBITDA.

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Farmers & Merchants Financial Valuation Multiples

As of October 1, 2025, Farmers & Merchants has market cap of $357M and EV of $580M.

Equity research analysts estimate Farmers & Merchants's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Farmers & Merchants has a P/E ratio of 12.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$357M	XXX	$357M	XXX	XXX	XXX
EV (current)	$580M	XXX	$580M	XXX	XXX	XXX
EV/Revenue	5.1x	XXX	5.9x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	n/a	XXX	XXX	XXX
EV/EBIT	14.6x	XXX	n/a	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	12.0x	XXX	13.8x	XXX	XXX	XXX
EV/FCF	n/a	XXX	19.0x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Farmers & Merchants Margins & Growth Rates

Farmers & Merchants's last 12 month revenue growth is 9%

Farmers & Merchants's revenue per employee in the last FY averaged $0.2M, while opex per employee averaged n/a for the same period.

Farmers & Merchants's rule of 40 is unknown (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Farmers & Merchants's rule of X is unknown (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Farmers & Merchants Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	9%	XXX	13%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	n/a	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	n/a	XXX	n/a	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.2M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	n/a	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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