Farmers & Merchants Bancorp
FMCBFinancial Services · Stock · quarterly payer
Forward Yield
1.56%
Annual Dividend
$22.40
Payout Ratio
15%
5-Yr Growth
-7.4%
Ex-Date
Sep 11, 2026
Frequency
Quarterly
Summary
As of September 2026, Farmers & Merchants Bancorp (FMCB) yields 1.56% ($22.40 per share annually), with a blended fair-value estimate of $2,066.84 — +43% upside, so it screens as undervalued. Dividend safety grade: C (61/100).
Is FMCB a good dividend stock?
Yes, with caveatsFarmers & Merchants Bancorp (FMCB) pays a quarterly dividend yielding 1.56% ($22.40/yr), with 0 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.
Advantages
- Comfortable payout ratio (15%)
- 57% total price return over 5 years
Risks
- Cut its dividend in 2025
- Dividend has been shrinking, not growing
Key Data
- Dividend Yield
- 1.56%
- Payout Ratio
- 15%
- Annual Dividend
- $22.40
- 5-Yr Avg Growth
- -7.4%
- Ex-Dividend Date
- Sep 11, 2026
- Years of Growth
- 0
- Frequency
- quarterly
- Beta
- 0.15
- Market Cap
- $998.0M
- P/E Ratio
- 10.3
- 5-Yr Total Return
- 57%
- 52-Week Range
- $985.25 – $1,540.00
- Dividend Safety
- C · 61/100
- Ever Cut?
- Yes (2025)
Frequently Asked Questions
FMCB Price — Last 12 Months
Daily close
Price Return
1 Year
+43%
3 Years
+49%
5 Years
+57%
52-Week Range
$985.25 – $1,540.00
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is FMCB worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Farmers & Merchants Bancorp is $2,066.84 per share, versus a market price of $1,442.32. That implies 43% of upside — a margin of safety of about 30%.
Fair Value
$2,066.84
Current Price
$1,442.32
Upside
+43%
Margin of Safety
30%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model -5.0% — below our estimate, leaving room for upside if the business executes.
Assumptions: 7.0% discount rate (CAPM), -5.0% stage-1 growth, 2.5% terminal growth, $139.63 EPS, $22.40 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
FMCB Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 11, 2026 | — | $5.6000 | regular |
| Jun 12, 2026 | — | $5.3500 | regular |
| Mar 11, 2026 | — | $5.1000 | regular |
| Dec 4, 2025 | — | $5.0500 | regular |
| Sep 11, 2025 | — | $5.0000 | regular |
| Jun 10, 2025 | — | $9.3000 | regular |
| Dec 4, 2024 | — | $9.3000 | regular |
| Jun 11, 2024 | — | $8.8000 | regular |
| Dec 5, 2023 | — | $8.8000 | regular |
| Jun 8, 2023 | — | $8.3000 | regular |
| Dec 6, 2022 | — | $8.3000 | regular |
| Jun 9, 2022 | — | $7.8500 | regular |
| Dec 8, 2021 | — | $7.8000 | regular |
| Jun 10, 2021 | — | $7.5000 | regular |
Income Calculator
At $22.40 / yr per share
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