Stock fact sheet · data as of
Farmers and Merchants Bancshares, Inc. (FMFG): fair value, margin of safety and Wheel Score
Financial Services · Banks - Regional · United States · Defensive
Is FMFG undervalued?
At 18.60 (close of 16 Oct 2026), FMFG trades 19% under the GLS average fair value of 23.10. 6 of the 9 models that produced a value land above the price. A discount of this size counts as a positive margin of safety in every GLS screen; whether it is enough depends on the rest of the picture - the health score, the moat and the option premium below.
The 9 models disagree widely: GLS Growth gives 4.92 while 10 Cap gives 37.31. 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 FMFG under Defensive: a low beta, a dividend and positive earnings.
Nine valuation models for FMFG
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 | 30.61 | +65% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 33.06 | +78% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 36.50 | +96% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 9.05 | -51% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 4.92 | -74% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 37.31 | +101% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 21.05 | +13% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 10.30 | -45% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 25.14 | +35% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -196.12 | -1154% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - FMFG passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 4.3 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 thin or negative - ROIC 4.0%, ROE 8.9%, ROA 0.7% - with debt at 1.22 times equity and a free-cash-flow yield of 5.9%.
The dividend yield is 3.76% at a payout ratio of 29%; 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 69%, Financial Service, Other 31% (quarter Q4 FY2024).
Institutional ownership scores 1/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 4.0% |
|---|---|---|---|
| GLS Moat | 4.3 / 10 | ROE | 8.9% |
| Debt / equity | 1.22 | ROA | 0.7% |
| Free-cash-flow yield | 5.9% | Payout ratio | 29% |
| Institutions | 1 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 39: No options
FMFG has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 1k shares a day on a market cap of $61M, with a beta of -0.26 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 21 / 25 | 19% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 6 / 15 | moat 4.3/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 1k shares/day, $61M cap, beta -0.26 |
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
No upcoming earnings date is recorded for FMFG in the nightly calendar.
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 Farmers and Merchants Bancshares, Inc. 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 |
|---|---|---|---|---|---|
| NEFBP Neffs Bancorp, Inc. PFD SER A | 400.00 | 199.67 | -100% | 14No options | $61M |
| LSFG Lifestore Financial Group, Inc. | 58.65 | 90.03 | +35% | 39No options | $60M |
| MBKL MBT Bancshares, Inc. | 30.00 | 88.09 | +66% | 39No options | $61M |
| NTBP New Tripoli Bancorp, Inc. | 950.00 | 653.74 | -45% | 13No options | $60M |
| BAOB The Baraboo Bancorporation, Inc. | 6.99 | 8.52 | +18% | 39No options | $62M |
| OTTW Ottawa Bancorp, Inc. | 19.10 | 13.38 | -43% | 27No options | $60M |
| HBSI Highlands Bankshares, Inc. | 47.00 | 78.91 | +40% | 39No options | $62M |
| BSPA Ballston Spa Bancorp, Inc. | 80.04 | 20.12 | -298% | 24No options | $59M |
| CEFC Commercial National Financial Corporation | 15.71 | 20.04 | +22% | 39No options | $62M |
| IBWC IBW Financial Corporation | 97.00 | 25.36 | -283% | 12No options | $63M |
| STBI Sturgis Bancorp, Inc. | 28.94 | 63.28 | +54% | 39No options | $63M |
| NEFB Neffs Bancorp, Inc. | 400.00 | 208.83 | -92% | 25No options | $58M |
⚖ Compare FMFG with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about FMFG
Is FMFG undervalued right now?
By the GLS models, moderately: at 18.60 the stock trades 19% below the average fair value of 23.10 (data as of 16 Oct 2026).
What is the Wheel Score of FMFG and what does it mean?
FMFG has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for FMFG?
23.10 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 Farmers and Merchants Bancshares, Inc. report earnings next?
No upcoming earnings date is recorded for FMFG in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does FMFG have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on FMFG, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.