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Data-driven stock valuation

Farmers & Merchants Bancorp (FMCB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Farmers & Merchants Bancorp stock $1,101, price $1,452, that is 24.2% below the price, quality 60 out of 100. Rating: overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US

FM Farmers & Merchants Bancorp logo Some data Nov 3, 2026

Farmers & Merchants Bancorp

FMCB · US
Solid, but expensive

Our calculation puts a fair price 24% below what the stock costs today.

Quality 60/100
Healthy Growth (revenue 5y +7.9 %/yr in USD)
Highly profitable · 40.1% net margin (TTM)
0.3% dividend yield · Low payout
Ranks above peers (8/13)
Wide moat 68/100
Positive coverage
Some data
Fair value $1,101 · Overvalued (−24.2%)
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$1,500 $693.37 Fair Value $1,101 Mar 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 3, 2026.

How to read this chart

60‑month range $693.37 – $1,500 · fair‑value band $900.23 – $1,555 · the $1,452 price screens above the $1,101 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 3, 2026.

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Company profile

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services to businesses and individuals in the United States.

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The company provides deposit products, including checking, savings, money market, time certificates of deposit, and individual retirement accounts.

It also offers a range of lending products, such as commercial, commercial and residential real estate, real estate construction, agribusiness, and consumer loans, as well as equipment leases and credit card services; commercial products, including term loans, lines of credit and other working capital financing, and letters of credit; and financing products, such as automobile financing, home improvement, and home equity lines of credit.

In addition, the company provides specialized services that include credit card programs for merchants, lockbox and other collection services, account reconciliation, investment sweep, online account access, and electronic funds transfers through domestic and international wire and automated clearinghouse; online banking services; and investment products, such as mutual funds and annuities.

Farmers & Merchants Bancorp was founded in 1916 and is headquartered in Lodi, California.

Stock analysis

Farmers & Merchants Bancorp (FMCB) currently trades at $1,452, while our model-based Fair Value estimate is $1,101, 24% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $1,520 per share, and 1 of the 6 models we run sit above the $1,452 price.

Bear case: the Dividend Discount group reads lowest at $303.88, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: $900.23 (bear) to $1,555 (bull), the price of $1,452 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 60/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Farmers & Merchants Bancorp reported revenue of $238M in FY2025 versus $180M in FY2021, a compound +7.2%/yr. Reported net income was $93.6M in FY2025, compounding +9.0%/yr from FY2021.

Key figures

Market cap $1.0B Small · P/E ratio 10.3 · P/S ratio 4.16 · EPS (TTM) $141.59 · Dividend yield 0.3% · Net margin 40.1% · Return on equity 14.9% · Return on assets (EBIT) 1.9% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (medium confidence).

What moves the price

The share trades about 3% below its 52-week high and 47% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −24%, FMCB screens cheaper than that median.

Fair Value models

Bear $900.23 Fair Value $1,101 Bull $1,555
Price $1,452 · Downside -24.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($116.71 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $900.23 $1,101 $1,555 75
Gordon GGM $170.83 $332.00 $490.11 67
DDM Multi-Stage $170.83 $275.76 $351.57 67
All 6 models by family
Dividend Discount
Gordon GGM $170.83 $332.00 $490.11 67
DDM Multi-Stage $170.83 $275.76 $351.57 67
Multiples
P/E Multiple $1,319 $1,759 $2,198 63
P/B Multiple $960.81 $1,281 $1,601 55
Asset-Based
NCAV (Graham) $457.53 $613.09 $915.05 54
Economic Profit
Residual Income $900.23 $1,101 $1,555 75

Open the full fair value analysis →

Quality Score breakdown

Overall quality 60/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 49
Are margins and returns getting better?
Cashflow 84
Do the profits arrive as real cash?
Financial strength 9
Debt, balance sheet and risk of trouble
Investment 78
Does it invest with discipline instead of growing at any price?
Low Volatility 94
How calm the share price moves, does not count
Price momentum 65
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 88
Distance to the 52-week high, does not count
New shares 91
Buys back shares or issues new ones?

Open the full quality analysis →

Insider trades

In the last 6 months, no officer or director bought or sold shares on the open market.

Plus 24 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.

Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.

Source: SEC Form 4, as of Nov 6, 2026. All filings at the SEC ↗

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 86/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+6.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.9%
Start year 2020 (pandemic). Over 10 years: +9.0% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.1%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+12.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.5%
Dividend (yield on the price)0.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.12.5% vs 14.5%, steady
Pace: the 5-year rate starts in 2020 (pandemic)

FMCB screens overvalued: fair value 24% below the price. Compare with China Merchants Bank Co →

Earlier news

News mood ⓘNews mood, the average tone of recent news (78 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Positive
Recent news coverage is more positive than average.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Banks - Regional · 998 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 60 · Top 25%
Fair Value upside −24.2% · Below median
Profitability
Return on equity (12 months) 14.9% · Top 25%
Return on assets 1.7% · Top 25%
Net margin (12 months) 40.1% · Top 25%
Operating margin (12 months) 43.2% · Above median
Growth and dividend
Revenue growth (quarter YoY) 2.4% · Below median
Dividend yield (12 months) 0.3% · Bottom 25%
Balance sheet
Debt / equity 0.02× · Lowest 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 10.3× · Cheaper than median
P/B 1.57× · Priciest 25%
P/S (12 months) 4.16× · Pricier than median
Price / free cash flow (fiscal year) 10.5× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)1 · sector 8
FUTURE (revenue growth)12 · sector 47
PAST (return on equity)60 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)7 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs FMCB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs FMCB
BNP Paribas SA BNP €91.93 €106.01 +15% vs FMCB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs FMCB
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs FMCB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs FMCB
Mizuho Financial Group MFG $9.40 $5.90 −37% vs FMCB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs FMCB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs FMCB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs FMCB

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Farmers & Merchants Bancorp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Farmers & Merchants Bancorp Fair Value". https://www.fairvalue-calculator.com/stock/FMCB

Frequently asked questions

Is Farmers & Merchants Bancorp (FMCB) overvalued or undervalued?
As of Nov 3, 2026, our model estimates a fair value of $1,101 versus a price of $1,452, about 24% lower (overvalued).
What is the fair value of FMCB?
Our model-based fair value for Farmers & Merchants Bancorp is $1,101 (as of Nov 3, 2026), built from audited fundamentals. The current price: $1,452.
What is the quality score of FMCB?
Farmers & Merchants Bancorp has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Farmers & Merchants Bancorp (FMCB)?
Our model-based price target is the fair value of $1,101 (as of Nov 3, 2026) from 6 valuation models. Cautious scenario $900.23, optimistic scenario $1,555. It is a calculation from audited fundamentals, not an analyst target.
What is the Farmers & Merchants Bancorp stock forecast for 2026?
Our models put fair value at $1,101, about 24% lower versus a price of $1,452 (overvalued). Cautious scenario $900.23, optimistic scenario $1,555. The calculation is refreshed regularly with new filings.
What is the revenue of Farmers & Merchants Bancorp (FMCB)?
Farmers & Merchants Bancorp reported trailing-twelve-month revenue of about $244M (latest available figure, as of Nov 3, 2026).
Does Farmers & Merchants Bancorp pay a dividend?
Farmers & Merchants Bancorp currently shows a dividend yield of 0.35% relative to its recent price (as of Nov 3, 2026).
How much is the dividend of Farmers & Merchants Bancorp (FMCB) and when is the ex-dividend date?
Farmers & Merchants Bancorp pays a dividend of $5.05 per share a year, a dividend yield of 0.3%. The last ex-dividend date was Sep 11, 2026. A dividend has been paid every year since at least 1999. The payout ratio is 3.6% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Farmers & Merchants Bancorp (FMCB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Farmers & Merchants Bancorp it is $1,101 per share (as of Nov 3, 2026), against a price of $1,452. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Farmers & Merchants Bancorp stock overvalued or undervalued in 2026?
As of Nov 3, 2026, FMCB trades above its calculated fair value: price $1,452, fair value $1,101, a gap of about −24% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FMCB?
No. The price is what the market pays today ($1,452); the fair value is what the company's own numbers justify ($1,101). For Farmers & Merchants Bancorp the two are $350.65 per share apart. That gap is exactly why we show both numbers side by side.
How much is Farmers & Merchants Bancorp worth?
The market values Farmers & Merchants Bancorp at about $1.0B (market capitalisation, as of Nov 3, 2026). Per share that is $1,452; our models calculate a fair value of $1,101 per share.
What do the bullish and bearish scenarios say about FMCB?
Our models span a range for Farmers & Merchants Bancorp: cautious scenario $900.23, base $1,101, optimistic $1,555 per share (as of Nov 3, 2026, price $1,452). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FMCB?
Farmers & Merchants Bancorp trades at a price-to-earnings ratio of 10.3 (as of Nov 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $1,101 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2018 ex one-offs: 10.8. Other multiples: P/B 1.6, P/S 4.2.
How solid is the balance sheet of Farmers & Merchants Bancorp (FMCB)?
Balance-sheet figures for Farmers & Merchants Bancorp (as of Nov 3, 2026): return on equity 14.9%, debt of 0.02 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FMCB from its 52-week high?
Farmers & Merchants Bancorp trades at $1,452, about 3% below its 52-week high of $1,500 and 47% above the low of $987.40 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $1,101 is for.
Which stocks are comparable to Farmers & Merchants Bancorp?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Farmers & Merchants Bancorp stock attractive at the current price?
The data as of Nov 3, 2026: price $1,452, calculated fair value $1,101 (−24%), Quality Score 60/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FMCB calculated?
We run Farmers & Merchants Bancorp through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $1,101 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Farmers & Merchants Bancorp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Farmers & Merchants Bancorp (FMCB)?
The closing price on Nov 6, 2026 was $1,452. Our model-based fair value is $1,101, about 24% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Farmers & Merchants Bancorp right now?
Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Farmers & Merchants Bancorp (FMCB) come from?
Earnings per share at Farmers & Merchants Bancorp grew +13.2 % a year from 2012 to 2022. Broken into its drivers: revenue per share +8.9 %, EBIT margin +1.8 %, tax rate +2.2 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Farmers & Merchants Bancorp

How large is the market capitalisation of Farmers & Merchants Bancorp (FMCB)?
The market capitalisation of Farmers & Merchants Bancorp is $1.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Farmers & Merchants Bancorp (FMCB)?
The price-to-sales ratio of Farmers & Merchants Bancorp is 4.16 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Farmers & Merchants Bancorp (FMCB)?
Earnings per share at Farmers & Merchants Bancorp are $141.59 (price ÷ EPS = P/E 10.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Farmers & Merchants Bancorp (FMCB)?
The dividend yield of Farmers & Merchants Bancorp is 0.3% (payout 3.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Farmers & Merchants Bancorp (FMCB)?
The net margin of Farmers & Merchants Bancorp is 40.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Farmers & Merchants Bancorp (FMCB)?
The return on equity (ROE) of Farmers & Merchants Bancorp is 14.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Farmers & Merchants Bancorp (FMCB)?
On an EBIT basis the return on assets of Farmers & Merchants Bancorp is 1.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Farmers & Merchants Bancorp (FMCB)?
The operating margin of Farmers & Merchants Bancorp is 43.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Farmers & Merchants Bancorp (FMCB)?
Revenue at Farmers & Merchants Bancorp is growing +2.4% versus a year earlier (3y avg +7.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Farmers & Merchants Bancorp (FMCB)?
Earnings per share at Farmers & Merchants Bancorp are growing +8.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Farmers & Merchants Bancorp (FMCB) generate?
The free cash flow of Farmers & Merchants Bancorp is $96.6M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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