Farmers & Merchants Bancorp - Understand $fmcb stock

$FMCB Market Cap: $709.4 Million

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Financial Snapshot

Revenue

$202.2M

TTM

Gross Margin

Net Earnings

$87.95M

TTM

Current Assets

Current Liabilities

$83.90M

Q2 2024

Current Ratio

Total Assets

$5.267B

Q2 2024

Total Liabilities

$4.691B

Q2 2024

Book Value

$576.2M

Q2 2024

Cash

$295.9M

Q2 2024

P/E

8.066

Sep 13, 2024 EST

Free Cash Flow

$102.5M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Revenue	$253.8M	$198.4M	$165.3M	$159.3M	$154.6M	$133.5M	$114.6M
YoY Change	27.89%	20.06%	3.75%	3.02%	15.86%	16.44%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017
Revenue	$253.8M	$198.4M	$165.3M	$159.3M	$154.6M	$133.5M	$114.6M
Cost Of Revenue
Gross Profit
Gross Profit Margin

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$2.500M	$2.400M	$2.632M	$2.769M	$2.756M	$2.421M	$2.186M	$1.910M	$1.690M	$1.330M	$1.510M	$1.700M	$1.800M	$1.870M	$1.890M	$1.880M	$1.930M	$1.890M	$1.610M	$1.570M	$1.550M	$1.580M	$1.590M	$1.760M	$1.770M	$1.640M
YoY Change	4.17%	-8.81%	-4.95%	0.47%	13.84%	10.75%	14.45%	13.02%	27.07%	-11.92%	-11.18%	-5.56%	-3.74%	-1.06%	0.53%	-2.59%	2.12%	17.39%	2.55%	1.29%	-1.9%	-0.63%	-9.66%	-0.56%	7.93%	4.46%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017
Interest Expense	$38.37M	$4.840M	$4.332M	$9.491M	$13.19M	$7.950M	$6.289M
YoY Change	692.75%	11.73%	-54.36%	-28.07%	65.96%	26.41%
% of Operating Profit
Other Income/Expense, Net
YoY Change

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Pretax Income	$116.6M	$99.74M	$88.32M	$77.95M	$75.31M	$59.73M	$54.48M	$45.80M	$44.30M	$40.50M	$38.30M	$37.30M	$36.60M	$34.10M	$31.30M	$36.40M	$35.60M	$32.40M	$28.70M	$26.30M	$22.80M	$20.50M	$20.10M	$17.70M	$14.10M	$12.10M
YoY Change	16.86%	12.93%	13.3%	3.5%	26.09%	9.63%	18.95%	3.39%	9.38%	5.74%	2.68%	1.91%	7.33%	8.95%	-14.01%	2.25%	9.88%	12.89%	9.13%	15.35%	11.22%	1.99%	13.56%	25.53%	16.53%	142.0%
Income Tax	$28.24M	$24.65M	$21.99M	$19.22M	$19.28M	$14.20M	$26.11M	$16.10M	$16.90M	$15.10M	$14.20M	$14.00M	$12.60M	$12.20M	$11.30M	$13.60M	$12.90M	$11.80M	$10.20M	$9.600M	$8.000M	$7.100M	$7.800M	$6.700M	$4.900M	$4.000M
% Of Pretax Income	24.23%	24.72%	24.89%	24.65%	25.6%	23.78%	47.93%	35.15%	38.15%	37.28%	37.08%	37.53%	34.43%	35.78%	36.1%	37.36%	36.24%	36.42%	35.54%	36.5%	35.09%	34.63%	38.81%	37.85%	34.75%	33.06%
Net Earnings	$88.31M	$75.09M	$66.34M	$58.73M	$56.04M	$45.53M	$28.37M	$29.70M	$27.40M	$25.40M	$24.10M	$23.30M	$24.00M	$21.90M	$20.00M	$22.80M	$22.70M	$20.60M	$18.40M	$16.50M	$14.80M	$13.40M	$12.30M	$11.00M	$9.200M	$8.100M
YoY Change	17.61%	13.2%	12.94%	4.81%	23.08%	60.48%	-4.48%	8.39%	7.87%	5.39%	3.43%	-2.92%	9.59%	9.5%	-12.28%	0.44%	10.19%	11.96%	11.52%	11.49%	10.45%	8.94%	11.82%	19.57%	13.58%	102.5%
Net Earnings / Revenue	34.8%	37.85%	40.14%	36.87%	36.24%	34.11%	24.75%
Basic Earnings Per Share	$116.60	$96.55	$84.01	$74.03	$71.18	$56.82	$35.03
Diluted Earnings Per Share	$116.60	$96.55	$84.01	$74.03	$71.18	$56.88M	$35.50M	$37.13M	$34.25M	$31.75M	$30.13M	$29.13M	$30.00M	$27.37M	$25.00M	$28.50M	$28.37M	$25.75M	$23.00M	$20.63M	$18.50M	$14.89M	$13.67M	$12.22M	$10.22M	$9.000M

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007	2006	2005	2004	2003	2002	2001	2000	1999	1998
Cash & Short-Term Investments
YoY Change
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
Property, Plant & Equipment	$54.61M	$52.88M	$51.80M	$54.90M	$50.30M	$32.60M	$28.70M	$29.20M	$26.60M	$25.80M	$22.90M	$22.90M	$24.10M	$24.20M	$24.90M	$21.70M	$20.20M	$20.50M	$17.50M	$15.00M	$11.20M	$11.30M	$11.40M	$11.60M	$12.70M	$11.70M
YoY Change	3.27%	2.08%	-5.65%	9.15%	54.29%	13.59%	-1.71%	9.77%	3.1%	12.66%	0.0%	-4.98%	-0.41%	-2.81%	14.75%	7.43%	-1.46%	17.14%	16.67%	33.93%	-0.88%	-0.88%	-1.72%	-8.66%	8.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$39.98M	$31.51M	$25.50M		$18.00M	$16.80M	$18.10M	$30.30M	$27.10M	$26.20M	$32.60M
YoY Change	26.89%	23.56%			7.14%	-7.18%	-40.26%	11.81%	3.44%	-19.63%
Total Long-Term Assets
YoY Change
Total Assets	$5.309B	$5.327B	$5.178B	$4.551B	$3.722B	$3.434B	$3.076B	$2.922B	$2.615B	$2.361B	$2.076B	$1.975B	$1.920B	$1.842B	$1.781B	$1.684B	$1.519B	$1.411B	$1.353B	$1.226B	$1.149B	$1.022B	$970.9M	$905.6M	$819.9M	$758.8M
YoY Change
Accounts Payable	$77.97M	$69.01M	$60.00M	$51.30M	$62.20M	$49.90M	$42.30M	$50.10M	$75.70M	$53.00M	$48.20M	$37.30M	$33.30M	$30.80M	$27.70M	$24.20M	$25.70M	$22.50M	$16.20M	$16.40M	$11.40M	$10.20M	$9.400M	$9.000M	$13.50M	$8.900M
YoY Change	12.98%	15.02%	16.96%	-17.52%	24.65%	17.97%	-15.57%	-33.82%	42.83%	9.96%	29.22%	12.01%	8.12%	11.19%	14.46%	-5.84%	14.22%	38.89%	-1.22%	43.86%	11.76%	8.51%	4.44%	-33.33%	51.69%
Accrued Expenses	$2.800M	$3.500M	$4.100M	$4.900M	$2.000M
YoY Change	-20.0%	-14.63%	-16.33%	145.0%
Deferred Revenue
YoY Change
Short-Term Debt												$0.00	$60.00M	$60.00M	$60.00M	$60.00M	$0.00	$0.00	$700.0K	$0.00	$1.000M	$17.00M	$0.00	$0.00	$0.00	$2.000M
YoY Change												-100.0%	0.0%	0.0%	0.0%			-100.0%		-100.0%	-94.12%				-100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$80.77M	$72.51M	$64.10M	$56.20M	$64.20M	$49.90M	$42.30M	$50.10M	$75.70M	$53.00M	$48.20M	$37.30M	$33.30M	$30.80M	$27.70M	$24.20M	$25.70M	$22.50M	$16.20M	$16.40M	$11.40M	$10.20M	$9.400M	$9.000M	$13.50M	$8.900M
YoY Change	11.39%	13.12%	14.06%	-12.46%	28.66%	17.97%	-15.57%	-33.82%	42.83%	9.96%	29.22%	12.01%	8.12%	11.19%	14.46%	-5.84%	14.22%	38.89%	-1.22%	43.86%	11.76%	8.51%	4.44%	-33.33%	51.69%
Long-Term Debt	$10.31M	$10.31M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities	$10.31M	$10.31M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$10.30M	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change	0.0%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Total Liabilities	$4.759B	$4.842B	$4.715B	$4.127B	$3.353B	$3.123B	$2.776B	$2.642B	$2.364B	$2.127B	$1.866B	$1.770B	$1.730B	$1.668B	$1.616B	$1.528B	$1.376B	$1.279B	$1.229B	$1.110B	$1.039B	$918.3M	$870.1M	$814.7M	$739.7M	$679.4M
YoY Change	-1.71%	2.7%	14.24%	23.1%	7.35%	12.51%	5.06%	11.79%	11.1%	14.0%	5.45%	2.28%	3.72%	3.22%	5.79%	11.06%	7.58%	4.03%	10.78%	6.8%	13.14%	5.54%	6.8%	10.14%	8.88%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017
Basic Shares Outstanding	757.3K	777.7K	789.6K	793.3K	787.2K	801.2K	809.8K
Diluted Shares Outstanding	757.3K	777.7K	789.6K	793.3K	787.2K
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Dividends

Stock Price

Market Cap: $709.39 Million

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp is a bank holding company, which engages in the provision of financial services to individuals, families, and businesses. The company is headquartered in Lodi, California and currently employs 378 full-time employees. The firm offers a range of deposit products, including checking, savings, money market, time certificates of deposit, individual retirement accounts and online banking services for both business and personal accounts. The firm provides a complement of lending products, including commercial, commercial real estate, real estate construction and others. Its commercial products include term loans, leases, lines of credit and other working capital financing and letters of credit. Its financing products for individuals include automobile financing, lines of credit, residential real estate and others. The company also offers a range of specialized services designed for the needs of its commercial accounts. These services include a credit card program for merchants, lockbox and other collection services, account reconciliation, investment sweep, on-line account access, and electronic funds.

Industry: National Commercial Banks Peers: Byline Bancorp Inc Stellar Bancorp Inc Community Trust Bancorp Inc First Bancshares Inc (Mississippi) Great Southern Bancorp Inc Hanmi Financial Corp Horizon Bancorp Inc Metropolitan Bank Holding Corp PNC Financial Services Group Inc