Demonstrações financeiras detalhadas de Farmers & Merchants Bancorp, Inc. (FMAO): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Farmers & Merchants Bancorp, Inc. registou receitas de $189.1M no último exercício, com um CAGR de 5 anos de 17.3%. O lucro líquido atingiu $33.3M, com CAGR de 5 anos de 10.6%.
Margens dos últimos 12 meses: margem bruta 64.9%, margem operacional 26.2%, margem líquida 20.5%. O fluxo de caixa livre cresceu a CAGR de 7.5% em 5 anos.
Ao preço atual de $35.78, FMAO negocia a um P/L de 12.30 e um ROE de 10.72%. A capitalização de mercado é de $493M.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $47.8M | $50.8M | $55.9M | $78.3M | $85.3M | $92.2M | $113.7M | $152.0M | $176.6M | $189.1M |
| Custo da Receita | $5.3M | $5.3M | $6.9M | $15.9M | $17.4M | $10.8M | $19.0M | $60.2M | $77.9M | $71.3M |
| Lucro Bruto | $42.5M | $45.4M | $49.0M | $62.4M | $67.9M | $81.4M | $94.7M | $91.9M | $98.6M | $117.8M |
| P&D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Despesas Gerais e Administrativas | $19.9M | $21.3M | $23.3M | $29.9M | $32.2M | $38.2M | $38.0M | $45.4M | $48.4M | $10.1M |
| Despesas Operacionais | $26.1M | $27.5M | $30.8M | $39.7M | $42.7M | $51.9M | $54.2M | $63.5M | $66.1M | $75.2M |
| Lucro Operacional | $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 |
| Despesas com Juros | $4.2M | $5.1M | $6.6M | $14.8M | $10.4M | $7.3M | $14.4M | $58.4M | $77.7M | $69.3M |
| Lucro Antes de Impostos | $16.3M | $17.9M | $18.2M | $22.8M | $25.2M | $29.5M | $40.5M | $28.4M | $32.6M | $42.5M |
| Imposto | $4.7M | $5.2M | $3.3M | $4.4M | $5.1M | $6.0M | $8.0M | $5.6M | $6.6M | $9.2M |
| Lucro Líquido | $11.7M | $12.7M | $14.9M | $18.4M | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| LPA | $1.26 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $3.41 |
| LPA Diluído | $1.26 | $1.38 | $1.61 | $1.66 | $1.80 | $2.01 | $2.46 | $1.67 | $1.90 | $3.41 |
| Ações em Circulação (Diluídas) | $9.2M | $9.2M | $9.3M | $11.0M | $11.1M | $11.6M | $13.1M | $13.6M | $13.4M | $13.7M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $47.8M | $48.6M | $47.8M | $50.8M |
| Lucro Bruto | $29.9M | $31.2M | $31.6M | $33.7M |
| Lucro Operacional | $11.2M | $12.8M | $12.3M | $14.8M |
| EBITDA | $13.3M | $14.5M | $14.1M | $14.8M |
| Lucro Líquido | $8.9M | $9.8M | $9.6M | $11.8M |
| LPA | $0.64 | $0.71 | $0.70 | $0.86 |
| LPA Diluído | $0.64 | $0.71 | $0.70 | $0.86 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $29.3M | $37.5M | $41.5M | $54.4M | $102.9M | $146.4M | $87.5M | $143.7M | $177.3M | $98.7M |
| Investimentos de Curto Prazo | $218.5M | $196.4M | $168.4M | $222.3M | $307.8M | $429.9M | $390.8M | $358.5M | $426.6M | $210.7M |
| Contas a Receber | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Estoque | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ativos Circulantes | $245.9M | $233.9M | $210.0M | $276.7M | $410.7M | $576.3M | $478.3M | $502.1M | $605.4M | $309.5M |
| Imobilizado | $21.5M | $21.7M | $22.6M | $26.4M | $27.1M | $26.9M | $28.7M | $35.8M | $33.8M | $31.9M |
| Ágio | $4.1M | $4.1M | $4.1M | $47.3M | $47.3M | $80.4M | $86.4M | $86.4M | $86.4M | $86.4M |
| Ativos Intangíveis | $2.2M | $2.3M | $2.4M | $2.6M | $3.3M | $3.2M | $3.5M | $5.6M | $5.7M | $5.2M |
| Ativos Totais | $1.06B | $1.11B | $1.12B | $1.61B | $1.91B | $2.64B | $3.02B | $3.28B | $3.36B | $3.43B |
| Contas a Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dívida de Curto Prazo | $70.3M | $39.5M | $32.2M | $48.1M | $30.2M | $29.3M | $54.2M | $28.2M | $27.2M | $37.7M |
| Passivos Circulantes | $920.3M | $967.9M | $972.9M | $1.35B | $1.64B | $2.24B | $2.54B | $2.64B | $2.72B | $2.77B |
| Dívida de Longo Prazo | $10.0M | $5.0M | 0 | $24.8M | $17.9M | $98.5M | $172.1M | $300.5M | $280.9M | $262.3M |
| Passivos Totais | $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 |
| Patrimônio Líquido | $125.6M | $134.1M | $143.3M | $230.3M | $249.2M | $297.2M | $298.1M | $316.5M | $335.2M | $370.9M |
| Dívida Total | $80.3M | $44.5M | $32.2M | $72.9M | $48.1M | $127.8M | $226.3M | $328.7M | $308.1M | $300.0M |
| Dívida Líquida | -$167.5M | -$189.4M | -$177.8M | -$203.9M | -$362.6M | -$448.5M | -$252.0M | -$173.5M | -$293.3M | -$9.4M |
| Capital de Giro | -$674.4M | -$734.0M | -$762.9M | -$1.08B | -$1.23B | -$1.67B | -$2.06B | -$2.13B | -$2.11B | -$2.46B |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $117.9M | $98.7M | $174.1M | $155.9M |
| Ativos Totais | $3.39B | $3.43B | $3.49B | $3.50B |
| Passivos Totais | $3.03B | $3.06B | $3.11B | $3.12B |
| Patrimônio Líquido | $361.8M | $370.9M | $375.9M | $384.7M |
| Dívida Total | $245.5M | $300.0M | $268.7M | $218.2M |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | $11.7M | $12.7M | $14.9M | $18.4M | $20.1M | $23.5M | $32.5M | $22.8M | $25.9M | $33.3M |
| Depreciação e Amortização | $2.2M | $2.1M | $2.2M | $3.5M | $4.3M | $5.0M | $4.0M | $5.8M | $6.4M | 0 |
| Compensação em Ações | $402000 | $507000 | $745000 | $1.1M | $1.1M | $895000 | $1.0M | $1.5M | $1.5M | 0 |
| Variação Capital de Giro | -$743000 | -$436000 | -$7.8M | $5.6M | -$932000 | $4.0M | -$5.4M | -$7.4M | $3.8M | -$1.4M |
| Fluxo de Caixa Operacional | $12.4M | $17.6M | $10.7M | $23.9M | $27.4M | $34.7M | $40.7M | $22.1M | $32.5M | $36.4M |
| CapEx | -$2.4M | -$1.9M | -$2.6M | -$3.5M | -$3.2M | -$2.0M | -$2.6M | -$10.9M | -$1.9M | -$1.8M |
| Aquisições | 0 | 0 | 0 | -$2.1M | 0 | -$12.4M | $9.1M | 0 | 0 | 0 |
| Recompra de Ações | -$194000 | -$196000 | -$490000 | -$381000 | -$383000 | -$338000 | -$308000 | -$218000 | -$664000 | -$362000 |
| Dividendos Pagos | -$4.1M | -$4.4M | -$5.0M | -$6.3M | -$7.2M | -$7.7M | -$10.3M | -$11.3M | -$11.9M | -$12.1M |
| Fluxo de Caixa Livre | $10.0M | $15.8M | $8.1M | $20.4M | $24.2M | $32.8M | $38.1M | $11.2M | $30.6M | $34.6M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $11.2M | $14.1M | $7.7M | $10.8M |
| CapEx | -$475000 | -$187000 | -$663000 | $663000 |
| Fluxo de Caixa Livre | $10.7M | $13.9M | $7.0M | $11.5M |
| Dividendos Pagos | -$3.0M | -$3.1M | -$3.1M | -$3.1M |
| Compensação em Ações | $341000 | 0 | $331000 | $385000 |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | +6.2% | +10.1% | +40.1% | +8.8% | +8.1% | +23.3% | +33.8% | +16.1% | +7.1% |
| Crescimento Lucro Líquido (anual) | | +9.1% | +17.5% | +23.1% | +9.2% | +16.9% | +38.4% | -29.9% | +13.8% | +28.4% |
| Crescimento LPA (anual) | | +9.5% | +16.7% | +3.1% | +8.4% | +11.7% | +22.4% | -32.1% | +13.8% | +79.5% |
| Variação de Ações (anual) | | -0.0% | +0.7% | +18.8% | +0.3% | +4.6% | +13.1% | +4.2% | -1.6% | +1.9% |
| Crescimento FCF (anual) | | +57.2% | -48.6% | +151.8% | +18.3% | +35.7% | +16.1% | -70.5% | +172.8% | +13.1% |
| Margem Bruta | 88.8% | 89.5% | 87.7% | 79.7% | 79.6% | 88.3% | 83.3% | 60.4% | 55.9% | 62.3% |
| Margem Operacional | 34.1% | 35.3% | 32.6% | 29.1% | 29.6% | 32.0% | 35.6% | 18.6% | 18.4% | 22.5% |
| Margem EBITDA | 38.8% | 39.5% | 36.7% | 33.6% | 34.6% | 37.4% | 39.1% | 22.4% | 22.1% | 26.2% |
| Margem Líquida | 24.4% | 25.0% | 26.7% | 23.5% | 23.6% | 25.5% | 28.6% | 15.0% | 14.7% | 17.6% |
| Margem FCF | 21.0% | 31.0% | 14.5% | 26.1% | 28.3% | 35.6% | 33.5% | 7.4% | 17.3% | 18.3% |
| Taxa Efetiva de Imposto | 28.5% | 29.0% | 18.1% | 19.2% | 20.3% | 20.3% | 19.7% | 19.6% | 20.4% | 21.7% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $1.09 | $1.71 | $0.87 | $1.85 | $2.18 | $2.83 | $2.91 | $0.82 | $2.28 | $2.53 |
| Dividendo por Ação | $0.45 | $0.48 | $0.53 | $0.58 | $0.65 | $0.66 | $0.78 | $0.83 | $0.89 | $0.88 |
| Ações em Circulação (Básicas) | $9.1M | $9.2M | $9.3M | $11.0M | $11.1M | $11.6M | $13.1M | $13.6M | $13.4M | $13.7M |
O que olhar em empresas de Financial Services
- Efficiency Ratio (≤55%) — Despesas operacionais / receita. Bancos top abaixo de 55%.
- ROA (≥1%) — Quanto ganham por cada euro de ativos. ROE engana em bancos pela alavancagem.
- ROTCE (≥12%) — Rentabilidade sobre Capital Tangível. Exclui goodwill e intangíveis.
- Capital / Ativos (proxy Tier 1) (≥8%) — Proxy do rácio de capital. FMP não expõe Tier 1 regulatório direto.
- P/B (1,0-1,5x) — Métrica clássica bancária. <1x pode ser oportunidade ou distress.
- Dividend yield sustentável (≥2%, <8%) — Bancos UE pagam 5-7% sem stress. >8% é sinal de distress.
Rentabilidade
| Retorno sobre patrimônio | 10.72% |
| Retorno sobre capital investido | 1.14% |
| Retorno sobre ativos | 1.14% |
| Margem bruta | 64.89% |
| Margem operacional | 26.25% |
| Margem líquida | 20.53% |
Saúde financeira
| Dívida / Patrimônio | 0.57 |
| Liquidez corrente | 11.41 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | 13.89 | 29.57 | 23.91 | 18.16 | 12.78 | 16.33 | 11.05 | 14.85 | 15.50 | 7.25 |
| P/VP | 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 |
| Margem Bruta | 88.8% | 89.5% | 87.7% | 79.7% | 79.6% | 88.3% | 83.3% | 60.4% | 55.9% | 62.3% |
| Margem Operacional | 34.1% | 35.3% | 32.6% | 29.1% | 29.6% | 32.0% | 35.6% | 18.6% | 18.4% | 22.5% |
| Margem Líquida | 24.4% | 25.0% | 26.7% | 23.5% | 23.6% | 25.5% | 28.6% | 15.0% | 14.7% | 17.6% |