Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Farmers & Merchants Bancorp stock PB Ratio (=1.45) is close to 3-year high of 1.5.
The historical rank and industry rank for Farmers & Merchants Bancorp's PB Ratio or its related term are showing as below:
FMCB'
s PB Ratio Range Over the Past 10 Years
Min: 1.13 Med: 1.58 Max: 2.01
Current: 1.45
During the past 13 years, Farmers & Merchants Bancorp's highest PB Ratio was 2.01. The lowest was 1.13. And the median was 1.58.
FMCB's PB Ratio is ranked worse than 73.36% of 1505
companies
in the Banks industry
Industry Median: 1.12
vs FMCB: 1.45
During the past 12 months, Farmers & Merchants Bancorp's average Book Value Per Share Growth Rate was 15.00% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was 13.50% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was 11.70% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 11.50% per year.
During the past 13 years, the highest 3-Year average Book Value Per Share Growth Rate of Farmers & Merchants Bancorp was 13.90% per year. The lowest was 6.10% per year. And the median was 7.70% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Farmers & Merchants Bancorp PB Ratio Related Terms
Farmers & Merchants Bancorp PB Ratio Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Banks - Regional subindustry, Farmers & Merchants Bancorp's PB Ratio, along with its competitors' market caps and PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Farmers & Merchants Bancorp PB Ratio vs Banks Industry
For the Banks industry and Financial Services sector, Farmers & Merchants Bancorp's PB Ratio distribution charts can be found below:
* The bar in red indicates where Farmers & Merchants Bancorp's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Farmers & Merchants Bancorp (FMCB) has a PB Ratio of 1.45 as of Sep. 13, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Farmers & Merchants Bancorp and its competitors. This is near median its historical median of 1.58. Over the past decade, Farmers & Merchants Bancorp's PB Ratio has ranged from 1.13 to 2.01. According to the industry distribution chart, Farmers & Merchants Bancorp ranks #1104 out of 1505 companies in the Banks industry, placing it in the top 73.4%.
Is Farmers & Merchants Bancorp's PB Ratio too high?
Farmers & Merchants Bancorp's current PB Ratio of 1.45 is near median its 10-year median of 1.58. Over the past 10 years, this metric has ranged from a low of 1.13 to a high of 2.01. The Banks industry median PB Ratio is 1.12. Farmers & Merchants Bancorp's value of 1.45 is 29.5% above this industry median. Based on the distribution chart, Farmers & Merchants Bancorp ranks #1104 out of 1505 companies in the Banks industry, which is below the industry midpoint. Overall, Farmers & Merchants Bancorp has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Farmers & Merchants Bancorp's PB Ratio compare to TRST and CPF?
According to the Banks industry distribution chart, Farmers & Merchants Bancorp ranks #1104 out of 1505 companies for PB Ratio. This places Farmers & Merchants Bancorp in the lower half of its industry. The industry median PB Ratio is 1.12. Farmers & Merchants Bancorp's value of 1.45 is 29.5% above this benchmark. Historically, Farmers & Merchants Bancorp's own PB Ratio has ranged from 1.13 to 2.01 over the past decade. While the company's 10-year median is 1.58 vs. the industry median of 1.12, Farmers & Merchants Bancorp has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good PB Ratio for a Banks company?
The median PB Ratio among Banks companies is 1.12, based on 1,505 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Farmers & Merchants Bancorp's current PB Ratio of 1.45 is 29.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Farmers & Merchants Bancorp and its competitors. For the Banks industry, the median PB Ratio is 1.12 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Farmers & Merchants Bancorp's current PB Ratio is 1.45, which is near median its own 10-year median of 1.58. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Farmers & Merchants Bancorp stock overvalued right now?
Based on GuruFocus' analysis, Farmers & Merchants Bancorp (FMCB) is currently considered Modestly Overvalued. The stock's GF Value™ is $1,206.50, compared to a current price of $1,424.50 — trading 18.1% above its estimated fair value. The current PB Ratio is 1.45, which is near median its 10-year median of 1.58 and 29.5% above the Banks industry median of 1.12. Farmers & Merchants Bancorp's overall GF Score™ is 77/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Farmers & Merchants Bancorp (FMCB), the current PB Ratio is 1.45 as of Sep. 13, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Farmers & Merchants Bancorp (FMCB) Overvalued in 2026?
Based on GuruFocus' analysis, Farmers & Merchants Bancorp stock appears to be overvalued.
The current stock price of $1,424.50 is trading 18.1% above its estimated GF Value™ of $1,206.50.
GuruFocus considers Farmers & Merchants Bancorp to be Modestly Overvalued.
Key valuation signals for FMCB:
PB Ratio: 1.45 (near median its 10-year median of 1.58)
GF Value™: $1,206.50 vs. price of $1,424.50 (18.1% above fair value)
Industry Position: 29.5% above the Banks median (#1104 of 1505)
No single metric tells the full story. See the FMCB stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Farmers & Merchants Bancorp is a bank holding company that provides a broad range of lending products, including commercial, commercial real estate, construction, agribusiness, consumer, credit card, residential real estate loans, and equipment leases. Its offerings include term loans, lines of credit, working capital financing, and letters of credit, along with automobile, home improvement, and home equity financing for individuals. It also offers deposit products such as checking, savings, money market accounts, certificates of deposit, individual retirement accounts, and online banking services. In addition, it provides specialized services for commercial clients, including merchant credit card programs, collection services, account reconciliation, and electronic funds transfers.
77GF Score
Get the complete analysis for FMCB
PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
FMCB has been successfully added to your 
