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Farmers & Merchants Valuation Multiples
Discover revenue and EBITDA valuation multiples for Farmers & Merchants and similar public comparables like Plumas, Isabella Bank, Bank of Greece, Rogaland Sparebank and more.
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
Sectors
Financials (LTM)
EV
$620M
Farmers & Merchants Financials
Farmers & Merchants reported last 12-month revenue of $124M.
In the same LTM period, Farmers & Merchants generated $34M in net income.
Revenue (LTM)
Farmers & Merchants P&L
In the most recent fiscal year, Farmers & Merchants reported revenue of $121M and net income of $33M.
Farmers & Merchants expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $124M | XXX | $121M | XXX | XXX | XXX |
| EBIT Margin | 37% | XXX | 37% | XXX | XXX | XXX |
| Net Profit | $34M | XXX | $33M | XXX | XXX | XXX |
| Net Margin | 28% | XXX | 27% | XXX | XXX | XXX |
| Net Debt | — | — | $164M | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Farmers & Merchants Stock Performance
Farmers & Merchants has current market cap of $358M, and enterprise value of $620M.
Market Cap Evolution
Farmers & Merchants' stock price is $26.01.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $620M | $358M | 0.0% | XXX | XXX | XXX | $2.42 |
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Start Free TrialFarmers & Merchants Valuation Multiples
Farmers & Merchants trades at 5.0x EV/Revenue multiple.
EV / Revenue (LTM)
Farmers & Merchants Financial Valuation Multiples
As of March 7, 2026, Farmers & Merchants has market cap of $358M and EV of $620M.
Equity research analysts estimate Farmers & Merchants' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Farmers & Merchants has a P/E ratio of 10.4x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $358M | XXX | $358M | XXX | XXX | XXX |
| EV (current) | $620M | XXX | $620M | XXX | XXX | XXX |
| EV/Revenue | 5.0x | XXX | 5.1x | XXX | XXX | XXX |
| EV/EBIT | 13.5x | XXX | 13.9x | XXX | XXX | XXX |
| P/E | 10.4x | XXX | 10.7x | XXX | XXX | XXX |
| EV/FCF | — | XXX | 17.7x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Farmers & Merchants Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Farmers & Merchants Margins & Growth Rates
Farmers & Merchants' revenue in the last 12 month grew by 9%.
Farmers & Merchants' revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $0.2M for the same period.
Farmers & Merchants Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 9% | XXX | 10% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.2M | XXX | XXX | XXX |
| S&M Expenses to Revenue | — | XXX | 2% | XXX | XXX | XXX |
| G&A Expenses to Revenue | — | XXX | 40% | XXX | XXX | XXX |
| Opex to Revenue | 63% | XXX | — | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Farmers & Merchants Public Comps
See public comps and valuation multiples for other Commercial Banking comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Plumas | XXX | XXX | XXX | XXX | XXX | XXX |
| Isabella Bank | XXX | XXX | XXX | XXX | XXX | XXX |
| Bank of Greece | XXX | XXX | XXX | XXX | XXX | XXX |
| Rogaland Sparebank | XXX | XXX | XXX | XXX | XXX | XXX |
| NewtekOne | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Farmers & Merchants M&A Activity
Farmers & Merchants acquired XXX companies to date.
Last acquisition by Farmers & Merchants was on XXXXXXXX, XXXXX. Farmers & Merchants acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Farmers & Merchants
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialFarmers & Merchants Investment Activity
Farmers & Merchants invested in XXX companies to date.
Farmers & Merchants made its latest investment on XXXXXXXX, XXXXX. Farmers & Merchants invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Farmers & Merchants
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Farmers & Merchants
| When was Farmers & Merchants founded? | Farmers & Merchants was founded in 1985. |
| Where is Farmers & Merchants headquartered? | Farmers & Merchants is headquartered in United States. |
| How many employees does Farmers & Merchants have? | As of today, Farmers & Merchants has over 473 employees. |
| Who is the CEO of Farmers & Merchants? | Farmers & Merchants' CEO is Lars B. Eller. |
| Is Farmers & Merchants publicly listed? | Yes, Farmers & Merchants is a public company listed on Nasdaq. |
| What is the stock symbol of Farmers & Merchants? | Farmers & Merchants trades under FMAO ticker. |
| When did Farmers & Merchants go public? | Farmers & Merchants went public in 2004. |
| Who are competitors of Farmers & Merchants? | Farmers & Merchants main competitors are Plumas, Isabella Bank, Bank of Greece, Rogaland Sparebank. |
| What is the current market cap of Farmers & Merchants? | Farmers & Merchants' current market cap is $358M. |
| What is the current revenue of Farmers & Merchants? | Farmers & Merchants' last 12 months revenue is $124M. |
| What is the current revenue growth of Farmers & Merchants? | Farmers & Merchants revenue growth (NTM/LTM) is 9%. |
| What is the current EV/Revenue multiple of Farmers & Merchants? | Current revenue multiple of Farmers & Merchants is 5.0x. |
| Is Farmers & Merchants profitable? | Yes, Farmers & Merchants is net-income-positive (as of the last 12 months). |
| What is the current net income of Farmers & Merchants? | Farmers & Merchants' last 12 months net income is $34M. |
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