Estados financieros detallados de Farmers & Merchants Bancorp, Inc. (FMAO): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Farmers & Merchants Bancorp, Inc. registró ingresos de $189.1M en el último ejercicio fiscal, con un CAGR de 5 años del 17.3%. El beneficio neto alcanzó $33.3M, con un CAGR a 5 años del 10.6%.
Márgenes de los últimos 12 meses: margen bruto 64.9%, margen operativo 26.2%, margen neto 20.5%. El flujo de caja libre creció a un CAGR del 7.5% en 5 años.
Al precio actual de $35.78, FMAO cotiza a un P/E de 12.30 y un ROE del 10.72%. La capitalización bursátil es de $493M.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ingresos | $47.8M | $50.8M | $55.9M | $78.3M | $85.3M | $92.2M | $113.7M | $152.0M | $176.6M | $189.1M |
| Coste de Ventas | $5.3M | $5.3M | $6.9M | $15.9M | $17.4M | $10.8M | $19.0M | $60.2M | $77.9M | $71.3M |
| Beneficio Bruto | $42.5M | $45.4M | $49.0M | $62.4M | $67.9M | $81.4M | $94.7M | $91.9M | $98.6M | $117.8M |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $19.9M | $21.3M | $23.3M | $29.9M | $32.2M | $38.2M | $38.0M | $45.4M | $48.4M | $10.1M |
| Gastos Operativos | $26.1M | $27.5M | $30.8M | $39.7M | $42.7M | $51.9M | $54.2M | $63.5M | $66.1M | $75.2M |
| Beneficio Operativo | $16.3M | $17.9M | $18.2M | $22.8M | $25.2M | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| EBITDA | $18.5M | $20.1M | $20.5M | $26.3M | $29.5M | $34.5M | $44.5M | $34.1M | $38.9M | $49.5M |
| Gastos por Intereses | $4.2M | $5.1M | $6.6M | $14.8M | $10.4M | $7.3M | $14.4M | $58.4M | $77.7M | $69.3M |
| Beneficio Antes de Impuestos | $16.3M | $17.9M | $18.2M | $22.8M | $25.2M | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| Impuestos | $4.7M | $5.2M | $3.3M | $4.4M | $5.1M | $6.0M | $8.0M | $5.6M | $6.6M | $9.2M |
| Beneficio Neto | $11.7M | $12.7M | $14.9M | $18.4M | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| BPA | $1.26 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $3.41 |
| BPA Diluido | $1.26 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $3.41 |
| Acciones en Circulación (Diluidas) | $9.2M | $9.2M | $9.3M | $11.0M | $11.1M | $11.6M | $13.1M | $13.6M | $13.4M | $13.7M |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $29.3M | $37.5M | $41.5M | $54.4M | $102.9M | $146.4M | $87.5M | $143.7M | $177.3M | $98.7M |
| Inversiones a Corto | $218.5M | $196.4M | $168.4M | $222.3M | $307.8M | $429.9M | $390.8M | $358.5M | $426.6M | $210.7M |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Corrientes | $245.9M | $233.9M | $210.0M | $276.7M | $410.7M | $576.3M | $478.3M | $502.1M | $605.4M | $309.5M |
| Inmovilizado Material | $21.5M | $21.7M | $22.6M | $26.4M | $27.1M | $26.9M | $28.7M | $35.8M | $33.8M | $31.9M |
| Fondo de Comercio | $4.1M | $4.1M | $4.1M | $47.3M | $47.3M | $80.4M | $86.4M | $86.4M | $86.4M | $86.4M |
| Activos Intangibles | $2.2M | $2.3M | $2.4M | $2.6M | $3.3M | $3.2M | $3.5M | $5.6M | $5.7M | $5.2M |
| Activos Totales | $1.06B | $1.11B | $1.12B | $1.61B | $1.91B | $2.64B | $3.02B | $3.28B | $3.36B | $3.43B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | $70.3M | $39.5M | $32.2M | $48.1M | $30.2M | $29.3M | $54.2M | $28.2M | $27.2M | $37.7M |
| Pasivos Corrientes | $920.3M | $967.9M | $972.9M | $1.35B | $1.64B | $2.24B | $2.54B | $2.64B | $2.72B | $2.77B |
| Deuda a Largo | $10.0M | $5.0M | 0 | $24.8M | $17.9M | $98.5M | $172.1M | $300.5M | $280.9M | $262.3M |
| Pasivos Totales | $930.3M | $972.9M | $972.9M | $1.38B | $1.66B | $2.34B | $2.72B | $2.97B | $3.03B | $3.06B |
| Reservas | $127.9M | $136.6M | $147.9M | $160.1M | $173.6M | $189.4M | $212.4M | $221.1M | $235.9M | $257.9M |
| Patrimonio Neto | $125.6M | $134.1M | $143.3M | $230.3M | $249.2M | $297.2M | $298.1M | $316.5M | $335.2M | $370.9M |
| Deuda Total | $80.3M | $44.5M | $32.2M | $72.9M | $48.1M | $127.8M | $226.3M | $328.7M | $308.1M | $300.0M |
| Deuda Neta | -$167.5M | -$189.4M | -$177.8M | -$203.9M | -$362.6M | -$448.5M | -$252.0M | -$173.5M | -$293.3M | -$9.4M |
| Capital Circulante | -$674.4M | -$734.0M | -$762.9M | -$1.08B | -$1.23B | -$1.67B | -$2.06B | -$2.13B | -$2.11B | -$2.46B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | $11.7M | $12.7M | $14.9M | $18.4M | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| Amortizaciones | $2.2M | $2.1M | $2.2M | $3.5M | $4.3M | $5.0M | $4.0M | $5.8M | $6.4M | 0 |
| Compensación en Acciones | $402000 | $507000 | $745000 | $1.1M | $1.1M | $895000 | $1.0M | $1.5M | $1.5M | 0 |
| Cambio en Capital Circulante | -$743000 | -$436000 | -$7.8M | $5.6M | -$932000 | $4.0M | -$5.4M | -$7.4M | $3.8M | -$1.4M |
| Flujo de Caja Operativo | $12.4M | $17.6M | $10.7M | $23.9M | $27.4M | $34.7M | $40.7M | $22.1M | $32.5M | $36.4M |
| Inversiones (CapEx) | -$2.4M | -$1.9M | -$2.6M | -$3.5M | -$3.2M | -$2.0M | -$2.6M | -$10.9M | -$1.9M | -$1.8M |
| Adquisiciones | 0 | 0 | 0 | -$2.1M | 0 | -$12.4M | $9.1M | 0 | 0 | 0 |
| Recompra de Acciones | -$194000 | -$196000 | -$490000 | -$381000 | -$383000 | -$338000 | -$308000 | -$218000 | -$664000 | -$362000 |
| Dividendos Pagados | -$4.1M | -$4.4M | -$5.0M | -$6.3M | -$7.2M | -$7.7M | -$10.3M | -$11.3M | -$11.9M | -$12.1M |
| Flujo de Caja Libre | $10.0M | $15.8M | $8.1M | $20.4M | $24.2M | $32.8M | $38.1M | $11.2M | $30.6M | $34.6M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | +6.2% | +10.1% | +40.1% | +8.8% | +8.1% | +23.3% | +33.8% | +16.1% | +7.1% | |
| Crecimiento Beneficio Neto (anual) | +9.1% | +17.5% | +23.1% | +9.2% | +16.9% | +38.4% | -29.9% | +13.8% | +28.4% | |
| Crecimiento BPA (anual) | +9.5% | +16.7% | +3.1% | +8.4% | +11.7% | +22.4% | -32.1% | +13.8% | +79.5% | |
| Cambio en Acciones (anual) | -0.0% | +0.7% | +18.8% | +0.3% | +4.6% | +13.1% | +4.2% | -1.6% | +1.9% | |
| Crecimiento FCF (anual) | +57.2% | -48.6% | +151.8% | +18.3% | +35.7% | +16.1% | -70.5% | +172.8% | +13.1% | |
| Margen Bruto | 88.8% | 89.5% | 87.7% | 79.7% | 79.6% | 88.3% | 83.3% | 60.4% | 55.9% | 62.3% |
| Margen Operativo | 34.1% | 35.3% | 32.6% | 29.1% | 29.6% | 32.0% | 35.6% | 18.6% | 18.4% | 22.5% |
| Margen EBITDA | 38.8% | 39.5% | 36.7% | 33.6% | 34.6% | 37.4% | 39.1% | 22.4% | 22.1% | 26.2% |
| Margen Neto | 24.4% | 25.0% | 26.7% | 23.5% | 23.6% | 25.5% | 28.6% | 15.0% | 14.7% | 17.6% |
| Margen FCF | 21.0% | 31.0% | 14.5% | 26.1% | 28.3% | 35.6% | 33.5% | 7.4% | 17.3% | 18.3% |
| Tasa Impositiva Efectiva | 28.5% | 29.0% | 18.1% | 19.2% | 20.3% | 20.3% | 19.7% | 19.6% | 20.4% | 21.7% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $1.09 | $1.71 | $0.87 | $1.85 | $2.18 | $2.83 | $2.91 | $0.82 | $2.28 | $2.53 |
| Dividendo por Acción | $0.45 | $0.48 | $0.53 | $0.58 | $0.65 | $0.66 | $0.78 | $0.83 | $0.89 | $0.88 |
| Acciones en Circulación (Básicas) | $9.1M | $9.2M | $9.3M | $11.0M | $11.1M | $11.6M | $13.1M | $13.6M | $13.4M | $13.7M |
Qué mirar en empresas de Financial Services
- Efficiency Ratio (≤55%) — Gastos operativos / ingresos. Bancos top por debajo del 55%.
- ROA (≥1%) — Cuánto ganan por cada euro de activos. En banca el ROE engaña por el apalancamiento.
- ROTCE (≥12%) — Rentabilidad sobre Capital Tangible. Descuenta goodwill e intangibles.
- Capital / Activos (proxy Tier 1) (≥8%) — Proxy del ratio de capital. FMP no expone Tier 1 regulatorio directo.
- P/B (1,0-1,5x) — Métrica clásica bancaria. <1x puede ser oportunidad o distress.
- Rentabilidad por dividendo sostenible (≥2%, <8%) — Bancos UE pagan 5-7% sin estrés. >8% es señal de distress.
Rentabilidad
| Rentabilidad sobre capital | 10.72% |
| Rentabilidad sobre capital invertido | 1.14% |
| Rentabilidad sobre activos | 1.14% |
| Margen bruto | 64.89% |
| Margen operativo | 26.25% |
| Margen neto | 20.53% |
Salud financiera
| Deuda / Patrimonio | 0.57 |
| Ratio corriente | 11.41 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.89 | 29.57 | 23.91 | 18.16 | 12.78 | 16.33 | 11.05 | 14.85 | 15.50 | 7.25 |
| P/VC | 1.27 | 2.79 | 2.49 | 1.44 | 1.02 | 1.28 | 1.19 | 1.07 | 1.18 | 0.91 |
| P/V | 3.35 | 7.36 | 6.39 | 4.25 | 2.98 | 4.12 | 3.13 | 2.22 | 2.24 | 1.79 |
| Margen Bruto | 88.8% | 89.5% | 87.7% | 79.7% | 79.6% | 88.3% | 83.3% | 60.4% | 55.9% | 62.3% |
| Margen Operativo | 34.1% | 35.3% | 32.6% | 29.1% | 29.6% | 32.0% | 35.6% | 18.6% | 18.4% | 22.5% |
| Margen Neto | 24.4% | 25.0% | 26.7% | 23.5% | 23.6% | 25.5% | 28.6% | 15.0% | 14.7% | 17.6% |
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Explorar sector: Financial Services · Banks - Regional
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