Stock fact sheet · data as of
Bank of Marin Bancorp (BMRC): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Defensive
Is BMRC undervalued?
At 26.39 (close of 16 Oct 2026), BMRC trades 49% below the GLS average fair value of 51.78. That average comes from 9 models run on the latest filings, and 6 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Bank of Marin Bancorp the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The 9 models disagree widely: GLS Growth gives 0.9222 while DCF gives 143.72. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files BMRC under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for BMRC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 143.72 | +445% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 47.68 | +81% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 73.47 | +178% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 20.30 | -23% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.9222 | -97% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 81.17 | +208% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 38.88 | +47% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 14.71 | -44% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 45.15 | +71% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -73.73 | -379% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 31.00 | +17% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
On financial health BMRC scores 7/9 (Piotroski): most of the nine tests - positive earnings and cash flow, falling debt, rising margins and turnover - are passed, which is the kind of balance sheet a wheel trader is happy to be assigned. The GLS Moat score is low at 3.2 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are moderate - ROIC 9.4%, ROE 11.0%, ROA 1.1% - with debt at 0.18 times equity and a free-cash-flow yield of 8.9%.
The dividend yield is 3.79% at a payout ratio of 25%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Deposit Account 34%, Fiduciary and Trust 33%, Debit Card 24% (quarter Q2 FY2026).
Institutional ownership scores 9/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 9.4% |
|---|---|---|---|
| GLS Moat | 3.2 / 10 | ROE | 11.0% |
| Debt / equity | 0.18 | ROA | 1.1% |
| Free-cash-flow yield | 8.9% | Payout ratio | 25% |
| Institutions | 9 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 72: Good
BMRC scores 72 out of 100 on the Wheel Score (Good band, 65-79). The score blends the margin of safety (Value, 25/25), Piotroski health (16/20), the GLS moat (5/15), the option premium on offer (20/20) and how easily the stock trades (7/20). Moat (5/15) is the part holding the score back.
Implied volatility is 46% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is thin - 30 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 107k shares a day on a market cap of $427M, with a beta of 0.80 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 7 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 49% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 5 / 15 | moat 3.2/10 | |
| Premium | 20 / 20 | implied volatility 46% | |
| Stability | 7 / 20 | 107k shares/day, $427M cap, beta 0.80 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
Bank of Marin Bancorp reports earnings on 26 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Banks - Regional
The 12 companies below are the closest to Bank of Marin Bancorp by market cap within the Banks - Regional industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| PLBC Plumas Bancorp | 61.59 | 72.05 | +15% | 39No options | $429M |
| CBAN Colony Bankcorp, Inc. | 20.03 | 26.80 | +25% | 65Good | $425M |
| RBB RBB Bancorp | 25.49 | 30.43 | +16% | 68Good | $431M |
| CBK Commercial Bancgroup, Inc. Common Stock | 31.49 | 33.66 | +6% | 39No options | $431M |
| AVBC Avidia Bancorp, Inc. | 21.83 | 23.04 | +5% | 64Fair | $436M |
| PBFS Pioneer Bancorp, Inc. | 17.61 | 12.50 | -41% | 27No options | $437M |
| FRBA First Bank | 17.73 | 33.32 | +47% | 79Good | $439M |
| USCB USCB Financial Holdings, Inc. | 21.95 | 37.31 | +41% | 39No options | $406M |
| CZNC Citizens & Northern Corporation | 25.36 | 35.25 | +28% | 69Good | $455M |
| ISTR Investar Holding Corporation | 28.69 | 24.19 | -19% | 31No options | $395M |
| PCB PCB Bancorp | 27.60 | 32.30 | +15% | 67Good | $388M |
| CHMG Chemung Financial Corporation | 79.60 | 101.86 | +22% | 39No options | $384M |
⚖ Compare BMRC with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BMRC
Is BMRC undervalued right now?
By the GLS models, yes: at 26.39 the stock is 49% below the average fair value of 51.78 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of BMRC and what does it mean?
BMRC scores 72 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for BMRC?
51.78 per share as of 16 Oct 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Bank of Marin Bancorp report earnings next?
The next earnings report is due on 26 Oct 2026 (before the open), 10 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does BMRC have listed options, and how liquid are they?
Yes. The nightly snapshot found 80 listed contracts with 30 open interest across all expiries and implied volatility of 46% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.