Farmers & Merchants Bancorp Financial Ratios — FMCB Stock

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 (%)	21.65	20.12	18.48	17.51	16.97	16.54	14.32	20.32	21.26	18.97	18.42	17.94	18.11	15.83	14.84
Return on Assets (%)	1.18	1.2	1.19	1.15	1.1	1.07	0.95	1.4	1.57	1.42	1.36	1.43	1.66	1.66	1.69
Return on Capital (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Invested Capital (%)	- -	11.24	11.05	10.96	10.83	10.76	- -	- -	- -	- -	- -	- -	- -	- -	- -
Gross Margin (%)	100	100	100	100	100	100	100	100	100	100	100	100	100	100	100
EBITDA Margin (%)	2.08	45.51	46.15	46	45.89	42.45	1.87	1.9	1.78	1.7	1.47	1.22	1.1	1.31	1.29
Operating Margin (%)	- -	43.53	44.41	44.55	44.21	40.75	- -	- -	- -	- -	- -	- -	- -	- -	- -
Incremental Operating Margin (%)	805.98	-5,482.23	216.93	47.14	40.89	12.34	-436.42	- -	- -	- -	- -	- -	- -	- -	- -
Pretax Margin (%)	40.31	43.53	44.41	44.55	44.21	40.75	44.32	42.78	48.55	47.8	49.24	50.05	51.27	54.55	54.07
Profit Margin (%)	25.69	27.22	27.91	27.94	27.32	26.44	23.08	32.6	36.12	36.02	36.98	37.68	38.85	39.47	39.3
Net Income to Common Margin (%)	25.69	27.22	27.91	27.94	27.32	26.44	23.08	32.6	36.12	36.02	36.98	37.68	38.85	39.47	39.3
Effective Tax Rate (%)	36.27	37.46	37.15	37.27	38.19	35.13	47.93	23.78	25.6	24.65	24.89	24.72	24.23	27.64	27.31
Dvd Payout Ratio (%)	41.24	40.34	40.41	39.05	37.08	35.25	38.71	24.49	20.02	19.92	18.2	16.63	14.59	14.72	14.79
Sustainable Growth Rate (%)	12.72	12	11.01	10.67	10.67	10.71	8.78	15.34	17	15.19	15.06	14.95	15.47	13.5	12.64

Credit (USD)

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	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	11	10	10	10	10	10	10	10	10	10	10	10	10	10	10
ST Debt	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
LT Debt	11	10	10	10	10	10	10	10	10	10	10	10	10	10	10
Total Debt/EBITDA	6.02	0.26	0.26	0.25	0.22	0.22	4.49	3.89	3.74	3.72	3.92	4.25	4.14	3.51	3.37
Net Debt/EBITDA	-50.43	-3.05	-1.84	-1.6	-1.07	-1.86	-77.02	-51.06	-103.21	-134.9	-267.91	-238.03	-160.71	-68.86	-43.93
Total Debt/EBIT	- -	0.28	0.27	0.25	0.23	0.23	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt/EBIT	- -	-3.19	-1.92	-1.65	-1.11	-1.93	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	5.68	6.23	6.62	6.47	6.5	6.48	6.73	7.02	7.69	7.32	7.48	8.45	9.9	11.03	11.76
Long-Term Debt/Equity (%)	5.72	5.03	4.91	4.42	4.09	3.68	3.44	3.31	2.79	2.43	2.23	2.12	1.88	1.8	1.6
Long-Term Debt/Capital (%)	9.04	7.73	6.98	6.32	5.72	5.16	4.75	4.1	3.48	3	2.59	2.24	1.92	1.71	1.52
Long-Term Debt/Total Assets (%)	0.56	0.52	0.5	0.44	0.39	0.35	0.34	0.3	0.28	0.23	0.2	0.19	0.19	0.19	0.18
Total Debt/Equity (%)	5.72	5.03	4.91	4.42	4.09	3.68	3.44	3.31	2.79	2.43	2.23	2.12	1.88	1.8	1.6
Total Debt/Capital (%)	9.04	7.73	6.98	6.32	5.72	5.16	4.75	4.1	3.48	3	2.59	2.24	1.92	1.71	1.52
Total Debt/Total Assets (%)	0.56	0.52	0.5	0.44	0.39	0.35	0.34	0.3	0.28	0.23	0.2	0.19	0.19	0.19	0.18
Net Debt to Equity	-47.97	-58.1	-34.95	-28.65	-19.51	-31.63	-59.01	-43.46	-77.02	-88.17	-152.26	-119.09	-72.82	-35.29	-20.84
Net Debt/Capital (%)	-497.13	-3,051.13	-114.65	-77.67	-40.63	-87.87	-589.19	-127.63	-17,822.56	923.45	221.88	451.5	-320.18	-51.84	-25.16
EBITDA	2	39	40	42	46	48	2	3	3	3	3	2	2	3	3
EBITDA-CapEx	- -	38	38	38	43	46	-2	-2	-13	-5	1	-2	-2	1	-5
Operating Income (Loss)	- -	37	38	40	44	46	- -	- -	- -	- -	- -	- -	- -	- -	- -

Liquidity (USD)

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	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	5.68	6.23	6.62	6.47	6.5	6.48	6.73	7.02	7.69	7.32	7.48	8.45	9.9	11.03	11.76
Long-Term Debt/Equity (%)	5.72	5.03	4.91	4.42	4.09	3.68	3.44	3.31	2.79	2.43	2.23	2.12	1.88	1.8	1.6
Long-Term Debt/Capital (%)	9.04	7.73	6.98	6.32	5.72	5.16	4.75	4.1	3.48	3	2.59	2.24	1.92	1.71	1.52
Long-Term Debt/Total Assets (%)	0.56	0.52	0.5	0.44	0.39	0.35	0.34	0.3	0.28	0.23	0.2	0.19	0.19	0.19	0.18
Total Debt/Equity (%)	5.72	5.03	4.91	4.42	4.09	3.68	3.44	3.31	2.79	2.43	2.23	2.12	1.88	1.8	1.6
Total Debt/Capital (%)	9.04	7.73	6.98	6.32	5.72	5.16	4.75	4.1	3.48	3	2.59	2.24	1.92	1.71	1.52
Total Debt/Total Assets (%)	0.56	0.52	0.5	0.44	0.39	0.35	0.34	0.3	0.28	0.23	0.2	0.19	0.19	0.19	0.18
CFO/Total Liabilities	1.75	1.79	1.46	1.24	1.58	1.32	1.44	1.85	2.41	1.41	1.27	2.1	1.96	2.16	2.07
CFO/CapEx	18.29	57.99	16.85	6.18	13.69	23.15	9.39	12.62	5.2	7.54	28.98	24.29	18.77	43.24	13.75
Altman's Z-Score	0.22	0.3	0.3	0.29	0.29	0.3	0.25	0.25	0.26	0.23	0.24	0.26	0.28	0.29	0.3

Working Capital (USD)

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	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	1.17	1.17	1.06	0.97	1.09	1.19	1.23	1.24	1.22	2.18	9.34	10.04	9.07	7.64	7.92
Days Sales Outstanding	310.91	311.95	345.76	374.73	335.74	305.59	295.79	294.12	300.02	167.14	39.1	36.35	40.24	47.78	46.09
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)

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	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	281	315	324	360	425	508	547	561	605	603	758	817	801	742	771
- Cash & Cash Equivalents	102	129	84	77	59	99	187	146	295	384	715	588	411	213	145
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	11	10	10	10	10	10	10	10	10	10	10	10	10	10	10
Enterprise Value	-290	-222	-154	-73	6	-29	-111	-70	-187	-587	-218	86	218	538	629
Total Capital	120	133	148	163	180	200	217	252	296	343	398	460	536	603	680
Total Debt/Capital (%)	9.04	7.73	6.98	6.32	5.72	5.16	4.75	4.1	3.48	3	2.59	2.24	1.92	1.71	1.52
Total Debt / EV	-0.04	-0.05	-0.07	-0.14	1.59	-0.36	-0.09	-0.15	-0.06	-0.02	-0.05	0.12	0.05	0.02	0.02
EV/Sales	- -	- -	- -	- -	0.06	- -	- -	- -	- -	- -	- -	0.43	0.96	2.4	2.64
EV/EBITDA	- -	- -	- -	- -	0.14	- -	- -	- -	- -	- -	- -	35.34	87.53	183.16	205.23
EV/EBIT	- -	- -	- -	- -	0.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/Cash Flow to Firm	- -	- -	- -	- -	0.17	- -	- -	- -	- -	- -	- -	0.84	2.34	5.19	6.03
EV/Free Cash Flow to Firm	- -	- -	- -	- -	0.16	- -	- -	- -	- -	- -	- -	0.81	2.22	5.07	5.62
Diluted Market Cap	281	315	324	360	425	508	547	561	605	603	758	817	801	775	777
Diluted Enterprise Value	190	196	251	294	376	420	371	426	320	229	53	239	401	573	642
EV per Share	- -	- -	- -	- -	8.24	- -	- -	- -	- -	- -	- -	110.34	287.9	768.69	906.31
TTM Sales	86	86	86	91	100	112	123	140	155	163	179	199	227	224	238
TTM EBITDA	2	39	40	42	46	48	2	3	3	3	3	2	2	3	3
TTM Operating Income	- -	37	38	40	44	46	- -	- -	- -	- -	- -	- -	- -	- -	- -
TTM Cash Flow to Firm	30	32	27	26	37	35	40	58	81	58	60	102	93	104	104
TTM Free Cash Flow to Firm	32	32	29	31	40	36	44	62	96	66	62	106	98	106	112

Multiples (USD)

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	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	8.76	9.77	11.26	11.74	10.6	13.99	12.39	9	6.27	9.16	12.22	7.71	8.15	7.3	6.95
EV/EBIT	- -	- -	- -	- -	0.15	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Enterprise Value	-290	-222	-154	-73	6	-29	-111	-70	-187	-587	-218	86	218	538	629
Low Price	345	342	384	417	460	501	595	641	695	626.2	730.6	913	932	930.12	976
EV/Sales	- -	- -	- -	- -	0.06	- -	- -	- -	- -	- -	- -	0.43	0.96	2.4	2.64
EV/EBITDA	- -	- -	- -	- -	0.14	- -	- -	- -	- -	- -	- -	35.34	87.53	183.16	205.23
Price/Earnings	12.63	13.51	13.48	14.19	15.51	17.1	19.3	12.32	10.79	10.27	11.42	10.88	9.07	8.39	8.23
Price/Earnings Average	13.86	12.25	13.53	13.48	14.53	15.44	17.96	12.15	10.81	9.78	10.3	9.86	8.41	7.83	7.59
Price/Earnings High	14.92	13.67	16.16	14.28	16.8	17.36	19.67	12.94	13.35	10.81	13.76	11.27	9.33	8.7	8.48
Price/Earnings Low	12.11	11.41	12.41	12.78	13.21	13.38	16.98	11.28	9.76	8.46	8.7	9.46	7.99	7.36	7.23
Price/Book Value	2.57	2.56	2.36	2.36	2.5	2.68	2.65	2.33	2.11	1.81	1.96	1.81	1.52	1.25	1.15
Price/Book Value Average	2.82	2.33	2.37	2.24	2.34	2.42	2.46	2.29	2.12	1.72	1.76	1.65	1.41	1.17	1.06
Price/Book Value High	3.04	2.6	2.83	2.37	2.71	2.73	2.7	2.44	2.61	1.91	2.36	1.88	1.57	1.3	1.19
Price/Book Value Low	2.46	2.16	2.17	2.12	2.13	2.1	2.33	2.13	1.91	1.49	1.49	1.58	1.34	1.1	1.01
Price/Tangible Book Value	1.48	1.54	1.55	1.55	1.69	1.81	1.83	1.8	1.64	1.48	1.69	1.73	1.49	1.32	1.22
Price/Tangible Book Value Average	1.63	1.4	1.55	1.47	1.58	1.64	1.7	1.78	1.64	1.41	1.52	1.57	1.38	1.24	1.12
Price/Tangible Book Value High	1.75	1.56	1.85	1.56	1.83	1.84	1.86	1.89	2.03	1.55	2.04	1.8	1.54	1.37	1.25
Price/Tangible Book Value Low	1.42	1.3	1.42	1.39	1.44	1.42	1.61	1.65	1.48	1.22	1.29	1.51	1.32	1.16	1.07
Price/Sales	3.25	3.68	3.76	3.96	4.24	4.52	4.45	4.02	3.9	3.7	4.22	4.1	3.52	3.31	3.24
Price/Sales Average	3.56	3.34	3.78	3.77	3.97	4.08	4.14	3.96	3.9	3.52	3.81	3.72	3.27	3.09	2.98
Price/Sales High	3.83	3.72	4.51	3.99	4.59	4.59	4.54	4.22	4.82	3.89	5.09	4.25	3.62	3.43	3.33
Price/Sales Low	3.11	3.1	3.46	3.57	3.61	3.54	3.92	3.68	3.53	3.05	3.22	3.56	3.1	2.9	2.84
Price/Cash Flow	9.24	9.94	11.93	13.64	11.38	14.6	13.71	9.71	7.48	10.37	12.64	8.02	8.58	7.15	7.4
Price/Cash Flow Average	10.14	9.02	11.97	12.97	10.66	13.18	12.75	9.58	7.49	9.88	11.4	7.28	7.95	6.67	6.82
Price/Cash Flow High	10.91	10.06	14.3	13.73	12.33	14.82	13.97	10.19	9.25	10.92	15.22	8.31	8.83	7.42	7.62
Price/Cash Flow Low	8.86	8.39	10.98	12.29	9.69	11.43	12.06	8.89	6.77	8.55	9.62	6.98	7.56	6.27	6.5
Price/Free Cash Flow Average	9.62	8.86	11.3	11.16	9.94	12.63	11.53	8.87	6.28	8.72	11.02	6.99	7.55	6.81	6.4
Price/Free Cash Flow High	10.35	9.89	13.5	11.82	11.49	14.21	12.63	9.44	7.76	9.64	14.72	7.99	8.38	7.58	7.16
Price/Free Cash Flow Low	8.4	8.25	10.37	10.58	9.03	10.95	10.9	8.24	5.68	7.55	9.3	6.7	7.18	6.41	6.1
EV/Sales Average	2.51	1.95	2.92	3.03	3.48	3.29	2.71	2.99	2.07	1.23	- -	0.82	1.5	2.19	2.42
EV/Sales High	2.78	2.33	3.66	3.25	4.1	3.8	3.1	3.25	2.99	1.6	1.16	1.35	1.86	2.53	2.77
EV/Sales Low	2.06	1.72	2.61	2.84	3.12	2.75	2.48	2.71	1.69	0.76	- -	0.66	1.34	2	2.28
EV/EBITDA Average	120.55	4.28	6.34	6.59	7.58	7.76	144.84	157.77	116.58	72.47	-8.28	66.97	137.33	166.89	187.97
EV/EBITDA High	133.5	5.13	7.93	7.08	8.93	8.96	166.05	171.25	168.15	94.38	78.91	110.47	170.07	193.23	215.35
EV/EBITDA Low	98.88	3.77	5.66	6.16	6.8	6.48	132.85	142.82	95.31	44.51	-48.72	54.41	122.64	152.76	177.08
EV/EBIT Average	- -	4.47	6.59	6.81	7.87	8.08	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT High	- -	5.36	8.24	7.31	9.27	9.33	- -	- -	- -	- -	- -	- -	- -	- -	- -
EV/EBIT Low	- -	3.94	5.89	6.37	7.06	6.75	- -	- -	- -	- -	- -	- -	- -	- -	- -
Last Price	360	405	417	463	540	640	676	700	768.1	760	959.7	1,050.02	1,057.5	1,060	1,111.25
High Price	425	410	500	466	585	650	689.13	735	950	800.25	1,156	1,088	1,087.99	1,100	1,145
Enterprise Value Average	217	167	252	276	349	370	333	418	321	201	-22	163	342	490	576
Enterprise Value High	240	200	316	296	411	428	381	454	463	261	208	268	424	568	660
Enterprise Value Low	178	147	225	258	313	309	305	378	263	123	-128	132	306	449	542

Shares Outstanding	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Diluted Weighted Avg Shares	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Basic Weighted Avg Shares	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Revenue per Share	110.92	110.16	110.83	116.79	127.45	141.61	151.8	174.27	197.06	205.56	227.16	256.26	300.16	320.24	343.38
EBITDA per Share	2.31	50.14	51.15	53.73	58.48	60.11	2.84	3.31	3.5	3.49	3.33	3.12	3.29	4.2	4.42
Operating Income per Share	- -	47.95	49.21	52.03	56.34	57.71	- -	- -	- -	- -	- -	- -	- -	- -	- -
Basic EPS, GAAP	28.49	29.99	30.93	32.64	34.82	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	126.4	134.96
Basic EPS from Cont Ops	28.49	29.99	30.93	32.64	34.82	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	126.4	134.96
Diluted EPS, GAAP	28.49	29.99	30.93	32.64	34.82	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	121.02	133.96
Diluted EPS from Cont Ops	28.49	29.99	30.93	32.64	34.82	37.44	35.03	56.82	71.18	74.03	84.01	96.55	116.61	121.02	133.96
Dividend per Share	11.75	12.1	12.5	12.74	12.91	13.2	13.56	13.92	14.25	14.75	15.29	16.06	17.01	18.6	19.96
Cash Flow per Share	38.95	40.74	34.97	33.94	47.45	43.85	49.32	72.11	102.71	73.26	75.94	130.87	123.26	148.24	150.22
Free Cash Flow per Basic Share	36.82	40.04	32.89	28.45	43.99	41.95	44.07	66.39	82.98	63.54	73.32	125.48	116.69	144.81	139.3
Cash & Equivalents per Share	746.04	703.04	627.75	570	544.87	689.1	825.78	799.97	1,018.95	1,512.44	1,248.94	952.93	783.21	306.04	219.8
Book Value per Share	139.96	157.99	176.58	196.36	216.22	238.45	255.43	301.07	363.36	419.84	490.52	578.53	693.7	846.58	964.94
Tangible Book Value per Share	242.93	263.32	269.84	299.58	320.16	352.63	370.03	388.42	469.11	514.87	568.04	606.02	708.19	800.52	912.88

Farmers & Merchants Bancorp

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)