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Farmers & Merchants Bancorp, Inc (FMAO) Fair Value & Analysis

Financial Services · US · Market cap $397M

Price$29.93
Fair Value$31.45
Upside+5.1%
Quality95/100
Evidence: High Range $23.59 – $39.31

Fair value as of: Jun 26, 2026

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Analysis

Farmers & Merchants Bancorp, Inc (FMAO) currently trades at $29.93, while our model-based Fair Value estimate is $31.45 — implying the stock looks roughly 5.1% undervalued today. We read business quality at 95/100 (high quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

About the company

Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan. The company offers checking, savings, and time deposit accounts; certificates of deposit; and custodial services for individual retirement and health savings accounts. It also provides commercial, agricultural, and residential mortgage, as well as consumer lending products; loans for farmland, farm equipment, and livestock; operating loans for seeds, fertilizers, and feeds; home improvement loans; and loans for autos, trucks, recreational vehicles, and motorcycles. In addition, the company offers commercial real estate loans, such as lines of credit and machinery purchase loans. Further, it provides automated teller machine or interactive teller machine services; and online and mobile banking, bill-pay, on-line statement opportunities, a…

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Frequently asked questions

Is Farmers & Merchants Bancorp, Inc (FMAO) undervalued?
As of Jun 26, 2026, our model estimates a fair value of $31.45 versus a price of $29.93 — about +5% (undervalued). Model-based estimate, not financial advice.
What is the fair value of FMAO?
Our 21-model fair value for Farmers & Merchants Bancorp, Inc is $31.45 (as of Jun 26, 2026), built from audited fundamentals. The current price is $29.93.
What is the quality score of FMAO?
Farmers & Merchants Bancorp, Inc has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data — nothing guessed.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.