Farmers & Merchants Bancorp (FMCB)
Financials · OQX
Price as at 1 Oct 2026, 13:39 UTC. Quotes are delayed.
Fundamentals
Valuation and ratings
Farmers & Merchants Bancorp trades at $1,432.00, which is 88% below the $2,695.09 our fair value estimate puts on the business. On that measure alone it screens as undervalued, though a valuation model is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 42 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 9.7 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
FMCB dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | $16.05 | 3 |
| 2025 | $19.35 | 3 |
| 2024 | $18.10 | 2 |
| 2023 | $17.10 | 2 |
| 2022 | $16.15 | 2 |
| 2021 | $15.30 | 2 |
| 2020 | $14.75 | 2 |
| 2019 | $14.20 | 2 |
| 2018 | $13.90 | 2 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
About Farmers & Merchants Bancorp
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. 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.
Company profile, industry and headcount are as reported by our data provider and can lag a company's own filings by a reporting period. The annual report is the authority.
FMCB passes 5 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
FMCB peers
The largest companies in the same industry (Banks - Regional), then in the same sector.
- HDB HDFC Bank Limited
- IBN ICICI Bank Limited
- CIXPF CaixaBank, S.A.
- ITUB Itaú Unibanco Holding S.A.
- NWG NatWest Group plc
- DB Deutsche Bank Aktiengesellschaft
- NU Nu Holdings Ltd.
- CRARF Crédit Agricole S.A.
Every financials company we cover is on the Financials hub.
Common questions
Is Farmers & Merchants Bancorp (FMCB) undervalued?
Against our fair value estimate of $2,695.09, FMCB at $1,432.00 is 88% below fair value. That is one model's answer, not a recommendation. It is built from normalized earning power with growth capped deliberately low, which understates companies whose value is mostly future growth.
What is FMCB's P/E ratio?
FMCB trades at 9.7 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Farmers & Merchants Bancorp (FMCB) pay a dividend?
Yes. Farmers & Merchants Bancorp yields 1.54% at the current share price. It has paid $21.10 per share over the trailing twelve months. It has paid a dividend in each of the last 8 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
Where does SteadyShares get its FMCB data?
Fundamentals for FMCB come from company filings and exchange data, as listed on OQX; institutional ownership comes from SEC 13F filings. The share price shown was last refreshed on 1 Oct 2026, 13:39 UTC and is delayed. Our data quality score for this company is 88/100, which is the share of the inputs behind our scores that were actually available rather than assumed. Metrics we do not hold are left out of the page rather than estimated.
The full research page for FMCB, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.