Farmers and Merchants Bancshares

FMFG

Banks - Regional · Financial Services

Price

$18.50

+0.05 (+0.27%)

Market Cap

$59.9M

Exchange

Other OTC

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 26, 2026 · filings through Jun 30, 2026

How the score breaks down

Growth

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+4.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.0M (2021) → 3.1M (2025)

Winston Score History

The full picture

Farmers and Merchants Bancshares is a small community banking company based in Maryland. Through its subsidiary, Farmers and Merchants Bank, it offers traditional banking services like checking and savings accounts, loans, and mortgages to individuals, small businesses, and farmers in north-central Maryland.

The company makes money primarily from the interest it earns on loans minus the interest it pays on deposits, along with fees for banking services. With a market cap around $100 million, it operates a handful of branches serving rural and suburban communities. Its local relationships and deep community ties give it a competitive edge in its markets, but its small size and geographic concentration mean it faces risks from local economic downturns and increasing competition from larger banks and digital lenders.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+9.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+55.3% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

19.6%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$938M cash & investments at current burn rate

Growth context

Farmers and Merchants Bancshares is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Bank Quality

Not applicable for this business.

Growth

Sales growth

Sales YoY

+11.9%

Steady sales growth (+11.9% YoY)

Profit growth

EPS YoY

+62.3%

Earnings growing fast (+62.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Capital Strength

Not applicable for this business.

Asset Quality

Not applicable for this business.

Valuation

Price vs profit

P/E Ratio (TTM)

8.3x

Attractive valuation — P/E 8.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

3.89%

Moderate income — 3.89% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+5.3%

Dividend growing modestly (5.3% YoY)

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