Farmers & Merchants Bancorp, Inc. Financial Ratios — FMAO

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	8.54	9.09	8.23	8.65	8.82	9.5	9.8	10.78	9.85	8.38	8.6	10.92	7.41	7.96	9.44
Return on Assets (%)	0.93	1.05	0.94	1.01	1.07	1.14	1.18	1.34	1.35	1.14	1.03	1.15	0.72	0.78	0.98
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	5.5	5.88	5.14	5.32	5.05	5.06	4.71	4.54	5.54	5.74	5.88	4.05	6.17	6.44	5.94
Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	32.27	36.05	33.59	33.99	34.7	37.45	39.21	36.99	35.81	33.67	34.77	40.76	30.28	32.93	36.15
Profit Margin (%)	24.09	25.77	24.01	24.26	25.34	26.76	27.86	30.3	28.95	26.84	27.7	32.75	24.34	26.23	28.32
Net Income to Common Margin (%)	24.09	25.77	24.01	24.26	25.34	26.76	27.86	30.3	28.95	26.84	27.7	32.75	24.34	26.23	28.32
Effective Tax Rate (%)	25.36	28.51	28.53	28.64	26.97	28.53	28.95	18.09	19.15	20.28	20.35	19.67	19.63	20.37	21.67
Dvd Payout Ratio (%)	41.9	36.75	41.29	40.06	38.13	35.28	34.93	33.15	34.48	35.76	32.65	31.6	49.74	45.96	36.28
Sustainable Growth Rate (%)	4.96	5.75	4.83	5.18	5.45	6.15	6.37	7.2	6.46	5.39	5.79	7.47	3.73	4.3	6.01

Credit (USD)

Credit Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	17	12	4	- -	10	10	5	- -	25	18	99	172	300	281	262
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	17	12	4	- -	10	10	5	- -	25	18	99	172	300	281	262
Total Debt/EBITDA	8.57	5.19	2.33	- -	4.85	4.53	2.33	- -	7.05	4.16	19.75	42.83	52.04	44.08	37.54
Net Debt/EBITDA	-7.68	-11.62	-7.14	-10.51	-5.5	-8.73	-15.12	-18.52	-8.42	-19.79	-9.59	21.04	27.16	16.25	23.41
Total Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.39	11.65	11.24	12.16	12.14	11.89	12.12	12.84	14.33	13.05	11.26	9.89	9.64	9.96	10.8
Long-Term Debt/Equity (%)	15.85	10.52	4.14	- -	8.33	7.96	3.73	- -	10.77	7.17	33.16	57.71	94.92	83.79	70.73
Long-Term Debt/Capital (%)	13.69	9.52	3.98	- -	7.69	7.38	3.59	- -	9.73	6.69	24.9	36.59	48.7	45.59	41.43
Long-Term Debt/Total Assets (%)	1.81	1.23	0.47	- -	1.01	0.95	0.45	- -	1.54	0.94	3.73	5.71	9.15	8.35	7.64
Total Debt/Equity (%)	15.85	10.52	4.14	- -	8.33	7.96	3.73	- -	10.77	7.17	33.16	57.71	94.92	83.79	70.73
Total Debt/Capital (%)	13.69	9.52	3.98	- -	7.69	7.38	3.59	- -	9.73	6.69	24.9	36.59	48.7	45.59	41.43
Total Debt/Total Assets (%)	1.81	1.23	0.47	- -	1.01	0.95	0.45	- -	1.54	0.94	3.73	5.71	9.15	8.35	7.64
Net Debt to Equity	-14.22	-23.55	-12.67	-19.43	-9.44	-15.34	-24.23	-28.97	-12.87	-34.14	-16.11	28.36	49.53	30.89	44.1
Net Debt/Capital (%)	-16.58	-30.8	-14.51	-24.12	-10.42	-18.12	-31.97	-40.79	-14.77	-51.84	-19.2	22.09	33.13	23.6	30.61
EBITDA	2	2	2	2	2	2	2	2	4	4	5	4	6	6	7
EBITDA-CapEx	1	- -	- -	-1	- -	- -	- -	- -	- -	1	3	1	-5	5	5
Operating Income (Loss)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

Liquidity Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Current Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Quick Ratio	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
CFO/Avg Current Liab	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	11.39	11.65	11.24	12.16	12.14	11.89	12.12	12.84	14.33	13.05	11.26	9.89	9.64	9.96	10.8
Long-Term Debt/Equity (%)	15.85	10.52	4.14	- -	8.33	7.96	3.73	- -	10.77	7.17	33.16	57.71	94.92	83.79	70.73
Long-Term Debt/Capital (%)	13.69	9.52	3.98	- -	7.69	7.38	3.59	- -	9.73	6.69	24.9	36.59	48.7	45.59	41.43
Long-Term Debt/Total Assets (%)	1.81	1.23	0.47	- -	1.01	0.95	0.45	- -	1.54	0.94	3.73	5.71	9.15	8.35	7.64
Total Debt/Equity (%)	15.85	10.52	4.14	- -	8.33	7.96	3.73	- -	10.77	7.17	33.16	57.71	94.92	83.79	70.73
Total Debt/Capital (%)	13.69	9.52	3.98	- -	7.69	7.38	3.59	- -	9.73	6.69	24.9	36.59	48.7	45.59	41.43
Total Debt/Total Assets (%)	1.81	1.23	0.47	- -	1.01	0.95	0.45	- -	1.54	0.94	3.73	5.71	9.15	8.35	7.64
CFO/Total Liabilities	1.86	1.7	1.98	2.32	1.7	1.34	1.81	1.1	1.74	1.65	1.48	1.5	0.75	1.07	1.2
CFO/CapEx	16.05	8.01	8.24	6.59	8.63	5.17	9.35	4.09	6.82	8.5	17.68	15.64	2.03	17.36	20.79
Altman's Z-Score	0.25	0.26	0.27	0.3	0.3	0.32	0.45	0.45	0.33	0.26	0.25	0.22	0.19	0.21	0.21

Working Capital (USD)

Working Capital Ratios API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover

- -

Days Sales Outstanding

- -

Inventory Turnover

- -

Days Inventory Outstanding

- -

Accounts Payable Turnover

- -

Accounts Payable Turnover Days

- -

Cash Conversion Cycle

- -

Inventory to Cash Days

- -

Inventories

- -

Raw Materials

- -

Work In Process

- -

Finished Goods

- -

Other Inventory

- -

Enterprise Value (USD)

Enterprise Value API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	83	94	102	124	124	162	378	357	336	258	429	370	339	403	340
- Cash & Cash Equivalents	32	38	18	22	21	29	37	42	54	103	146	88	144	177	99
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	17	12	4	- -	10	10	5	- -	25	18	99	172	300	281	262
Enterprise Value	-260	-288	-236	-147	-122	-76	149	147	84	-135	-49	64	137	80	293
Total Capital	122	122	113	114	130	136	139	143	255	267	396	470	617	616	633
Total Debt/Capital (%)	13.69	9.52	3.98	- -	7.69	7.38	3.59	- -	9.73	6.69	24.9	36.59	48.7	45.59	41.43
Total Debt / EV	-0.06	-0.04	-0.02	- -	-0.08	-0.13	0.03	- -	0.3	-0.13	-2.02	2.7	2.19	3.49	0.9
EV/Sales	- -	- -	- -	- -	- -	- -	3.27	2.99	1.32	- -	- -	0.64	1.47	0.81	2.49
EV/EBITDA	- -	- -	- -	- -	- -	- -	69.41	65.76	23.81	- -	- -	15.84	23.76	12.62	41.89
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	- -	- -	8.45	13.73	3.5	- -	- -	1.56	6.2	2.48	7.97
EV/Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	7.63	11.03	3.06	- -	- -	1.47	4.15	2.34	7.6
Diluted Market Cap	83	94	102	123	124	161	376	357	334	256	383	359	338	403	339
Diluted Enterprise Value	68	68	89	101	113	142	344	316	305	171	335	444	495	506	503
EV per Share	- -	- -	- -	- -	- -	- -	16.1	15.88	7.53	- -	- -	4.68	10.04	5.87	21.29
TTM Sales	35	38	38	40	41	44	46	49	64	75	85	99	94	99	118
TTM EBITDA	2	2	2	2	2	2	2	2	4	4	5	4	6	6	7
TTM Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	15	14	17	19	15	12	18	11	24	27	35	41	22	32	37
TTM Free Cash Flow to Firm	16	16	19	22	17	15	20	13	27	31	37	43	33	34	39

Multiples (USD)

Valuation Multiples API ChatGPT

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	5.13	5.86	5.37	5.57	7.52	10.88	19.25	26.74	12.18	8.38	10.43	8.3	10.23	11.73	8.81
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-260	-288	-236	-147	-122	-76	149	147	84	-135	-49	64	137	80	293
Low Price	8.56	8.78	9.85	11.05	12.63	12.94	17.38	34.62	24.3	17.4	21.06	25.17	16.9	18.99	20.88
EV/Sales	- -	- -	- -	- -	- -	- -	3.27	2.99	1.32	- -	- -	0.64	1.47	0.81	2.49
EV/EBITDA	- -	- -	- -	- -	- -	- -	69.41	65.76	23.81	- -	- -	15.84	23.76	12.62	41.89
Price/Earnings	9.73	9.57	11.36	12.74	12.01	13.83	29.57	23.91	18.16	12.76	16.3	11.04	14.85	15.53	10.19
Price/Earnings Average	10.03	9.69	11.04	11.82	11.7	11.86	21.11	25.89	17.19	12.85	12.02	13.04	13.21	13.06	10.35
Price/Earnings High	10.53	10.53	11.84	12.86	12.62	19.76	31.88	31.05	23.77	17.11	16.37	17.12	18.23	18.01	12.31
Price/Earnings Low	9.48	8.4	10.15	10.53	11.28	10.23	12.59	21.5	14.64	9.65	10.46	10.22	10.12	10.02	8.61
Price/Book Value	0.79	0.85	0.94	1.08	1.03	1.29	2.82	2.49	1.46	1.03	1.44	1.24	1.07	1.2	0.92
Price/Book Value Average	0.81	0.86	0.92	1	1.01	1.1	2.01	2.7	1.38	1.04	1.06	1.47	0.95	1.01	0.93
Price/Book Value High	0.85	0.93	0.98	1.09	1.09	1.84	3.04	3.24	1.91	1.39	1.45	1.92	1.31	1.4	1.11
Price/Book Value Low	0.77	0.75	0.84	0.89	0.97	0.95	1.2	2.24	1.18	0.78	0.93	1.15	0.73	0.78	0.77
Price/Tangible Book Value	0.84	0.9	1	1.14	1.09	1.36	2.96	2.61	1.86	1.3	2.01	1.78	1.51	1.66	1.22
Price/Tangible Book Value Average	0.86	0.91	0.97	1.06	1.06	1.16	2.11	2.83	1.76	1.31	1.48	2.1	1.34	1.39	1.24
Price/Tangible Book Value High	0.91	0.99	1.04	1.15	1.14	1.94	3.19	3.39	2.44	1.74	2.02	2.75	1.85	1.92	1.47
Price/Tangible Book Value Low	0.82	0.79	0.89	0.94	1.02	1	1.26	2.35	1.5	0.98	1.29	1.64	1.03	1.07	1.03
Price/Sales	2.34	2.47	2.73	3.09	3.04	3.7	8.24	7.24	5.26	3.42	4.51	3.62	3.61	4.07	2.88
Price/Sales Average	2.42	2.5	2.65	2.87	2.97	3.18	5.88	7.84	4.98	3.45	3.33	4.27	3.21	3.42	2.93
Price/Sales High	2.54	2.71	2.84	3.12	3.2	5.29	8.88	9.41	6.88	4.59	4.53	5.6	4.44	4.72	3.48
Price/Sales Low	2.28	2.17	2.44	2.55	2.86	2.74	3.51	6.52	4.24	2.59	2.9	3.35	2.46	2.63	2.44
Price/Cash Flow	5.45	6.59	6.02	6.41	8.39	12.98	21.31	33.29	13.97	9.36	11.02	8.83	15.28	12.41	9.24
Price/Cash Flow Average	5.62	6.67	5.85	5.95	8.17	11.13	15.22	36.05	13.22	9.43	8.13	10.43	13.59	10.43	9.38
Price/Cash Flow High	5.89	7.25	6.28	6.48	8.81	18.54	22.98	43.23	18.27	12.56	11.07	13.68	18.76	14.39	11.16
Price/Cash Flow Low	5.31	5.79	5.38	5.3	7.88	9.6	9.08	29.94	11.26	7.08	7.07	8.17	10.41	8	7.8
Price/Free Cash Flow Average	5.29	5.93	5.22	5.16	7.32	9.33	13.75	28.96	11.53	8.44	7.69	9.8	9.1	9.86	8.95
Price/Free Cash Flow High	5.55	6.45	5.6	5.62	7.9	15.54	20.76	34.73	15.94	11.24	10.48	12.86	12.56	13.6	10.65
Price/Free Cash Flow Low	5	5.14	4.8	4.6	7.06	8.04	8.2	24.05	9.82	6.34	6.69	7.68	6.97	7.56	7.44
EV/Sales Average	1.99	1.81	2.28	2.33	2.68	2.74	5.2	7	4.53	2.33	3.17	5.25	4.89	4.48	4.32
EV/Sales High	2.11	2.03	2.48	2.58	2.92	4.86	8.22	8.57	6.44	3.48	4.51	6.63	6.12	5.78	4.88
EV/Sales Low	1.86	1.48	2.07	2.01	2.58	2.3	2.82	5.67	3.79	1.47	2.68	4.3	4.14	3.68	3.83
EV/EBITDA Average	36.23	30.84	44.41	43.7	53.13	54.15	110.51	154.11	81.86	40.56	53.81	129.8	79.38	69.48	72.79
EV/EBITDA High	38.39	34.51	48.17	48.51	57.72	96	174.59	188.52	116.36	60.58	76.74	163.76	99.22	89.67	82.15
EV/EBITDA Low	33.83	25.2	40.23	37.8	51.01	45.48	59.82	124.86	68.44	25.54	45.55	106.29	67.15	57.08	64.49
EV/EBIT Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	8.78	10	11.03	13.37	13.45	17.5	40.8	38.49	30.15	23	32.83	27.18	24.8	29.45	24.72
High Price	9.5	11	11.5	13.5	14.13	25	44	49.99	39.45	30.85	32.97	42.14	30.45	34.15	29.86
Enterprise Value Average	70	69	86	93	110	119	237	346	288	174	269	522	458	443	509
Enterprise Value High	75	77	93	103	119	212	375	423	410	260	383	658	573	571	574
Enterprise Value Low	66	56	78	80	105	100	129	280	241	110	227	427	388	364	451

Shares Outstanding	9	9	9	9	9	9	9	9	11	11	13	14	14	14	14
Diluted Weighted Avg Shares	9	9	9	9	9	9	9	9	11	11	12	13	14	14	14
Basic Weighted Avg Shares	9	9	9	9	9	9	9	9	11	11	12	13	14	14	14
Revenue per Share	3.75	4.05	4.04	4.33	4.42	4.73	4.95	5.31	5.73	6.72	7.27	7.52	6.86	7.23	8.57
EBITDA per Share	0.21	0.24	0.21	0.23	0.22	0.24	0.23	0.24	0.32	0.39	0.43	0.3	0.42	0.47	0.51
Operating Income per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	0.9	1.04	0.97	1.05	1.12	1.27	1.38	1.61	1.66	1.8	2.01	2.46	1.67	1.9	2.43
Basic EPS from Cont Ops	0.9	1.04	0.97	1.05	1.12	1.27	1.38	1.61	1.66	1.8	2.01	2.46	1.67	1.9	2.43
Diluted EPS, GAAP	0.9	1.04	0.97	1.05	1.12	1.27	1.38	1.61	1.66	1.8	2.01	2.46	1.67	1.9	2.43
Diluted EPS from Cont Ops	0.9	1.04	0.97	1.05	1.12	1.27	1.38	1.61	1.66	1.8	2.01	2.46	1.67	1.9	2.43
Dividend per Share	0.38	0.38	0.4	0.42	0.43	0.45	0.48	0.53	0.57	0.64	0.66	0.78	0.83	0.87	0.88
Cash Flow per Share	1.61	1.52	1.83	2.08	1.6	1.35	1.91	1.16	2.16	2.46	2.98	3.08	1.62	2.37	2.68
Free Cash Flow per Basic Share	1.51	1.33	1.61	1.77	1.42	1.09	1.71	0.87	1.84	2.17	2.81	2.88	0.82	2.24	2.55
Cash & Equivalents per Share	38.07	42	36.95	29.25	27.8	26.81	25.24	22.61	24.85	36.68	44.11	35.15	36.75	44.08	22.51
Book Value per Share	11.14	11.77	11.71	12.37	13.02	13.59	14.48	15.43	20.68	22.25	22.74	21.91	23.17	24.47	26.98
Tangible Book Value per Share	10.49	11.11	11.05	11.71	12.35	12.91	13.79	14.74	16.19	17.73	16.35	15.3	16.43	17.75	20.32

Farmers & Merchants Bancorp, Inc.