All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
2 warning events since 2017; the latest 2024-08-02.
From the record
Farmers & Merchants Bancorp, Inc.'s filings since 2017 show 2 warning events of 2 kinds: a notice about its exchange listing (8-K item 3.01, the latest 2017-05-05); an auditor change (8-K item 4.01, the latest 2024-08-02) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
+18.5% a year over 10 filed years; profitable in 10 of 10.
From the record
Farmers & Merchants Bancorp, Inc.'s 10 filed years say what it did: revenue went from $38 million in fiscal 2016 to $174 million in fiscal 2025, up 18.5% a year; it rose in 9 of 9 years; it never fell from a peak; net income was positive in 10 of 10 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
Share count grew 1.2% a year. 40% of cash flow returned. Insiders: 72 sales, 4 purchases.
From the record
Over the 3 fiscal years to 2025-12-31, Farmers & Merchants Bancorp, Inc.'s diluted share count grew about 1.2% a year, and dividends and buybacks returned about 40% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 72 sales (68 under scheduled 10b5-1 plans) and 4 purchases of their own stock on the open market in the year to 2026-09-30, buying about $78 thousand (their Form 4 filings).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they doing right now?
Is it financially healthy right now?
ROE 9%: 9¢ of profit per shareholder dollar. Leverage 89%: owes 89¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-12-31, Farmers & Merchants Bancorp, Inc. earned about 9 cents of profit for every dollar of shareholders' money. Leverage: it owed about 89 cents per dollar of assets, and net share issuance: its share count grew 1.1% over the year (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
top 32% of 31 in its family; net margin 19.2%.
From the record
Farmers & Merchants Bancorp, Inc.'s standing among 31 graded names in its industry family: revenue of $174 million in fiscal 2025 ranks in the top 34% by size; a net margin of 19.2% ranks in the top 34%; revenue growth of 19.7% a year over the last 3 filed years ranks in the top 27% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
bottom 36% of 25 in its family for leadership; chief executive since 2018.
From the record
Farmers & Merchants Bancorp, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Eller, Lars B (President & CEO, as filed), filing under that title since 2018-09-18, 8.2 years (top 43% of its family); the 17 officers and directors filing in the last fifteen months have been on the record a median of 5.1 years (bottom 27%); 9 officer or director changes were reported on Form 8-K since 2023-11-13, against the 17 people in charge now (bottom 24%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
SI estimate 6.2/10, confidence 35 of 100 (one part).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: Farmers & Merchants Bancorp, Inc.'s room to expand is put at 6.2 of 10 with a confidence of 35 of 100, because read from one part only, cash from operations less capital spending against revenue, which ranks in the top 38% of 33 in its family; the record does not carry two of the four parts: cash less debt against assets, cash from operations less capital spending against revenue, gross margin, research against revenue. A filing that carries the missing parts replaces this estimate with the filed reading.
What could actually drive growth from here?
bottom 45% of 30 in its family for growth drivers.
From the record
Farmers & Merchants Bancorp, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 19.7% a year over the last three filed years against 18.5% over all 10, speeding up (bottom 42% of its family); the newest year grew 6.1% (top 38%); capital spending grew -12.1% a year (bottom 33%) (its annual reports). Farmers & Merchants Bancorp, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
bottom 41% of 29 in its family for expectations against reality.
From the record
Farmers & Merchants Bancorp, Inc.'s newest year against its own record: revenue of $174 million in fiscal 2025 came in 16.6% below the $208 million its prior three years' pace pointed to (bottom 36% of its family); net income of $33 million against a prior three-year average of $27 million (bottom 47%); a net margin of 19.2% against 21.4% before (bottom 40%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made