Farmers & Merchants Bancshares, Inc. Financial Ratios — FMBN

Profitability (USD)

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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 (%)	- -	8.58	24.57	27.75	1	7.61	5.32	4.74	-0.48	4.37	6.34
Return on Assets (%)	- -	0.47	1.19	1.15	0.05	0.55	0.36	0.32	-0.03	0.33	0.52
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	5.11	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	8.13	19.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Margin (%)	8.13	19.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	- -	79.43	-21.1	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	8.13	19.09	35.37	34.88	1.48	13.13	10.89	10.69	-2.19	9.52	14.15
Profit Margin (%)	9.4	13.45	23.14	28.25	1.91	11.56	9.26	8.56	-0.94	8.05	11.25
Net Income to Common Margin (%)	9.4	13.45	23.14	28.25	1.91	11.56	9.26	8.56	-0.94	8.05	11.25
Effective Tax Rate (%)	- -	29.56	34.57	19.01	- -	12.02	14.97	19.91	- -	15.51	20.49
Dvd Payout Ratio (%)	- -	- -	25.16	19.82	157.02	22.42	30.73	33.52	-331.71	36.52	24.65
Sustainable Growth Rate (%)	- -	8.58	18.39	22.25	-0.57	5.9	3.69	3.15	-2.08	2.77	4.78

Credit (USD)

API ChatGPT

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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	2	1	17	3	4	4	4	4	17	22	18
ST Debt	2	1	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	- -	- -	17	3	4	4	4	4	17	22	18
Total Debt/EBITDA	3.89	0.8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBITDA	-17.01	-4.53	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Debt/EBIT	3.89	0.8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	-17.01	-4.53	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	4.44	6.57	3.8	4.47	7.58	7.01	6.66	6.73	7.17	7.96	8.49
Long-Term Debt/Equity (%)	- -	- -	40.67	6.61	29.66	26.6	27.48	70.87	218.21	232.26	131.79
Long-Term Debt/Capital (%)	- -	- -	52.59	13.86	21.38	20.4	19.81	19.32	50.2	55.5	49.33
Long-Term Debt/Total Assets (%)	- -	- -	4.22	0.72	2.06	1.8	1.65	1.61	7.23	9.93	8.26
Total Debt/Equity (%)	11.04	6.32	40.67	6.61	29.66	26.6	27.48	70.87	218.21	232.26	131.79
Total Debt/Capital (%)	12.98	6.31	52.59	13.86	21.38	20.4	19.81	19.32	50.2	55.5	49.33
Total Debt/Total Assets (%)	0.89	0.56	4.22	0.72	2.06	1.8	1.65	1.61	7.23	9.93	8.26
Net Debt to Equity	-48.25	-35.72	-15.16	-25.51	-153.05	-141.9	-91.25	-236.44	-67.03	-45.12	-39.52
Net Debt/Capital (%)	-187.24	-61.46	-24.38	-115.14	1,067.6	1,227.96	-192.21	-181.28	-18.23	-12.08	-17.36
EBITDA	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx	1	2	- -	- -	-1	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

API ChatGPT

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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	4.44	6.57	3.8	4.47	7.58	7.01	6.66	6.73	7.17	7.96	8.49
Long-Term Debt/Equity (%)	- -	- -	40.67	6.61	29.66	26.6	27.48	70.87	218.21	232.26	131.79
Long-Term Debt/Capital (%)	- -	- -	52.59	13.86	21.38	20.4	19.81	19.32	50.2	55.5	49.33
Long-Term Debt/Total Assets (%)	- -	- -	4.22	0.72	2.06	1.8	1.65	1.61	7.23	9.93	8.26
Total Debt/Equity (%)	11.04	6.32	40.67	6.61	29.66	26.6	27.48	70.87	218.21	232.26	131.79
Total Debt/Capital (%)	12.98	6.31	52.59	13.86	21.38	20.4	19.81	19.32	50.2	55.5	49.33
Total Debt/Total Assets (%)	0.89	0.56	4.22	0.72	2.06	1.8	1.65	1.61	7.23	9.93	8.26
CFO/Total Liabilities	- -	- -	2.13	1.44	0.59	0.78	0.85	0.47	0.3	0.58	0.93
CFO/CapEx	- -	- -	67.27	27.97	1.94	8.01	7.32	2.89	1.57	8.4	13.11
Altman's Z-Score	0.1	0.15	0.21	0.29	0.45	0.38	0.37	0.33	0.31	0.36	0.16

Working Capital (USD)

API ChatGPT

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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)

API ChatGPT

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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	- -	- -	68	115	93	84	96	83	67	73	- -
- Cash & Cash Equivalents	12	9	6	12	21	22	14	14	5	4	5
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	4	4	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	2	1	17	3	4	4	4	4	17	22	18
Enterprise Value	-6	-3	79	106	76	66	87	73	79	90	12
Total Capital	18	21	32	22	19	20	21	21	34	39	36
Total Debt/Capital (%)	12.98	6.31	52.59	13.86	21.38	20.4	19.81	19.32	50.2	55.5	49.33
Total Debt / EV	-0.38	-0.38	0.22	0.03	0.05	0.06	0.05	0.06	0.21	0.24	1.43
EV/Sales	- -	- -	4.8	6.38	8.59	6.46	9.22	7.82	9.05	9.72	1.24
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	10.24	19.84	69.67	39.97	43.43	61.92	115.11	74.55	6.67
EV/Free Cash Flow to Firm	- -	- -	10.09	19.15	46.01	35.53	38.22	46.01	70.32	66.62	6.2
Diluted Market Cap	- -	- -	68	115	93	84	96	83	67	73	- -
Diluted Enterprise Value	-6	-3	79	106	76	66	87	73	79	90	12
EV per Share	- -	- -	47.43	36.37	25.58	22.06	28.6	23.86	25.36	28.38	- -
TTM Sales	7	9	16	17	9	10	9	9	9	9	10
TTM EBITDA	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Operating Income	1	2	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	- -	- -	8	5	1	2	2	1	1	1	2
TTM Free Cash Flow to Firm	- -	- -	8	6	2	2	2	2	1	1	2

Multiples (USD)

API ChatGPT

	2003 Y	2004 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2003	12/31/2004	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	- -	- -	8.72	20.7	56.39	45.1	42.42	52.06	59.89	53.77	- -
EV/EBIT	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-6	-3	79	106	76	66	87	73	79	90	12
Low Price	- -	- -	35.55	39	31.35	18.5	28	25.25	17.5	18	22.9
EV/Sales	- -	- -	4.8	6.38	8.59	6.46	9.22	7.82	9.05	9.72	1.24
EV/EBITDA	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Earnings	- -	- -	17.94	24.4	550.84	70.95	110.58	103.26	- -	97.53	- -
Price/Earnings Average	- -	- -	17.06	24.63	613.11	60.29	110.01	120.09	-787.84	95	- -
Price/Earnings High	- -	- -	18.38	25.45	690.52	79.43	125.38	136.53	-1,028.1	119.21	- -
Price/Earnings Low	- -	- -	15.56	24.21	550.84	46.88	97.52	96.56	-666.36	76.66	- -
Price/Book Value	- -	- -	4.44	6.17	6.15	5.24	5.78	4.81	4.01	4.2	- -
Price/Book Value Average	- -	- -	4.22	6.23	6.84	4.45	5.75	5.6	3.84	4.09	- -
Price/Book Value High	- -	- -	4.55	6.44	7.71	5.87	6.55	6.37	5.01	5.13	- -
Price/Book Value Low	- -	- -	3.85	6.12	6.15	3.46	5.09	4.5	3.25	3.3	- -
Price/Tangible Book Value	- -	- -	1.63	2.53	6.7	5.44	6.43	14.25	8.68	7.83	- -
Price/Tangible Book Value Average	- -	- -	1.55	2.56	7.46	4.62	6.39	16.57	8.32	7.62	- -
Price/Tangible Book Value High	- -	- -	1.67	2.64	8.41	6.09	7.29	18.84	10.85	9.56	- -
Price/Tangible Book Value Low	- -	- -	1.41	2.51	6.7	3.59	5.67	13.33	7.03	6.15	- -
Price/Sales	- -	- -	4.15	6.89	10.53	8.2	10.24	8.84	7.71	7.85	- -
Price/Sales Average	- -	- -	3.95	6.96	11.72	6.97	10.19	10.28	7.39	7.64	- -
Price/Sales High	- -	- -	4.25	7.19	13.2	9.18	11.61	11.69	9.64	9.59	- -
Price/Sales Low	- -	- -	3.6	6.84	10.53	5.42	9.03	8.27	6.25	6.17	- -
Price/Cash Flow	- -	- -	8.85	21.44	85.39	50.73	48.22	70.06	98.04	60.16	- -
Price/Cash Flow Average	- -	- -	8.41	21.64	95.04	43.11	47.97	81.47	93.91	58.6	- -
Price/Cash Flow High	- -	- -	9.06	22.36	107.04	56.8	54.67	92.63	122.55	73.54	- -
Price/Cash Flow Low	- -	- -	7.67	21.27	85.39	33.52	42.52	65.51	79.43	47.29	- -
Price/Free Cash Flow Average	- -	- -	8.29	20.89	62.76	38.32	42.21	60.55	57.37	52.37	- -
Price/Free Cash Flow High	- -	- -	8.93	21.59	70.69	50.49	48.1	68.84	74.86	65.72	- -
Price/Free Cash Flow Low	- -	- -	7.56	20.54	56.39	29.8	37.41	48.69	48.52	42.26	- -
EV/Sales Average	- -	- -	4.6	6.44	9.78	5.23	9.17	9.26	8.73	9.52	1.24
EV/Sales High	- -	- -	4.91	6.68	11.26	7.44	10.6	10.66	10.98	11.47	1.24
EV/Sales Low	- -	- -	4.25	6.33	8.59	3.68	8.02	7.24	7.59	8.04	1.24
EV/EBITDA Average	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA High	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBITDA Low	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Average	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	-10.25	-2.09	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	- -	- -	41	39.3	31.35	28	31.75	27	21.6	22.9	30.75
High Price	- -	- -	42	41	39.3	31.35	36	35.7	27	27.99	31.5
Enterprise Value Average	-6	-3	75	107	87	54	86	87	76	88	12
Enterprise Value High	-6	-3	80	111	100	77	100	100	96	106	12
Enterprise Value Low	-6	-3	70	106	76	38	75	68	66	74	12

Shares Outstanding	- -	- -	- -	2	3	3	3	3	3	3	3
Diluted Weighted Avg Shares	- -	- -	2	3	3	3	3	3	3	3	- -
Basic Weighted Avg Shares	- -	- -	2	3	3	3	3	3	3	3	- -
Revenue per Share	24.24	28.65	9.87	5.7	2.98	3.42	3.1	3.05	2.8	2.92	- -
EBITDA per Share	1.97	5.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income per Share	1.97	5.47	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	2.28	3.85	2.28	1.61	0.06	0.39	0.29	0.26	-0.03	0.23	- -
Basic EPS from Cont Ops	2.28	3.85	2.28	1.61	0.06	0.39	0.29	0.26	-0.03	0.23	- -
Diluted EPS, GAAP	2.28	3.85	2.28	1.61	0.06	0.39	0.29	0.26	-0.03	0.23	- -
Diluted EPS from Cont Ops	2.28	3.85	2.28	1.61	0.06	0.39	0.29	0.26	-0.03	0.23	- -
Dividend per Share	- -	- -	0.57	0.32	0.09	0.09	0.09	0.09	0.09	0.09	- -
Cash Flow per Share	- -	- -	4.63	1.83	0.37	0.55	0.66	0.39	0.22	0.38	- -
Free Cash Flow per Basic Share	- -	- -	4.57	1.77	0.18	0.48	0.57	0.25	0.08	0.34	- -
Cash & Equivalents per Share	41.19	29.15	3.82	3.96	7.16	7.31	4.51	4.48	1.67	1.32	- -
Book Value per Share	38.08	51.73	9.24	6.37	5.1	5.34	5.5	5.61	5.39	5.45	- -
Tangible Book Value per Share	61.57	61.99	25.2	15.52	4.68	5.15	4.94	1.89	2.49	2.93	- -

Farmers & Merchants Bancshares, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)