|FMNB Overview
FMNB

FARMERS NATIONAL BANC CORP /OH/

Financials • CIK: 0000709337

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Market Cap
$539.10M
P/E (TTM)
10.0x
Rev Growth (TTM)
+13.3%
Net Margin (TTM)
19.6%
FCF Yield (TTM)
7.7%
FCF Margin (TTM)
15.0%

LATEST EARNINGS

Q4 2025
about 1 month ago
View source
Revenue
$49.12B
+11.3%
Net Income
$14.64B
+1.7%
EPS
$0.39
+2.6%
Net
11.3% -0.0%
  • Reported 172 consecutive quarters of profitability.
  • Net interest margin increased to 3.05% in Q4 2025 from 2.72% in Q4 2024, benefiting from higher earning asset yields and lower funding costs.
  • Customer deposit growth (excluding brokered CDs) was $151.0 million in 2025, representing 3.6% growth.
  • Nonperforming loans declined to $26.2 million in Q4 2025 from $35.3 million in Q3 2025.

Cash Flow Health

Free Cash Flow8/8 positive
TTM$42M
Q3 '25
$9M-27%
Q2 '25
$12M+2%
FCF Margin
TTM15.0%
Q3 '2512.8%-28%
Sector: 22.2%Below Avg
OCF Margin19.0%
OCF/NI0.97x
CapEx Coverage4.7x
FCF Yield7.7%
FCF Growth (2Y)-15%
Cash Conversion Cycle
0 days
DSO: 0+DIO: DPO:

Capital Allocation & Returns

Total Shareholder Yield
TTM0.0%
Div Yield0.0%

Insufficient data

Dividend & Payout Metrics
Dividend Yield (TTM)0.0%
Free Cash Flow (TTM)$41.6M
Stock Repurchases ()$0
Capital Return / FCF0.0%
Est. Dividends Paid (TTM)$0
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
Asset Turnover
0.05x
8Q: 0.05x
Leverage (1+D/E)
1.50x
D/E: 0.50x
Asset & CapEx Efficiency
Fixed Asset Turn
5.16x
8Q:5.29x
+7.8%
CapEx/Depreciation
1.64x
Asset-based ROIC formula

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023
Revenue
$277.7M
$70.8M1.4%
$69.8M3.0%
$67.8M2.2%
$69.3M1.3%
$70.3M5.7%
$66.5M4.8%
$63.4M41.0%
$45.0M
Operating Income
$164.2M
$39.1M8.3%
$42.6M8.6%
$39.3M9.0%
$43.1M0.1%
$43.2M7.8%
$40.0M10.1%
$36.4M101.9%
$18.0M
Net Income
$54.3M
$12.5M10.4%
$13.9M2.4%
$13.6M5.6%
$14.4M68.6%
$8.5M27.6%
$11.8M4.8%
$11.2M22.9%
$14.6M
Operating Cash Flow
$52.8M
$10.7M23.6%
$14.0M10.5%
$15.7M26.1%
$12.4M48.0%
$23.9M43.9%
$16.6M21.0%
$13.7M5.3%
$14.5M
Free Cash Flow
$41.6M
$9.0M27.3%
$12.4M2.1%
$12.2M52.5%
$8.0M60.9%
$20.4M42.1%
$14.4M18.2%
$12.2M16.0%
$14.5M
Total Equity
N/A

Valuation Analysis

Fair Value
Price-to-EarningsTTM
10.0x
Volatile
8Q: 38.2x-168%
Valuation Lenses
Earnings
10.0x
vs sector
Cash Flow
18.2x
EV/FCF vs
Growth-Adj
0.6xPEG
Undervalued for growth
Quality-Adj
P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
Buyback
Total Yield
Market Cap$539.10M
EV$756.60M
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
78/100
High Quality

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
12.6%
8Q:
Return on Invested Capital (ROIC)
8Q:
vs Sector:0.1%

Earnings Quality

Cash Conversion

0.97x

OCF / Net Income

FCF Consistency

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin

Capital Efficiency

Invested Capital Turnover

Working Capital

Cash Conversion Cycle0 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
56/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
13.3%
OpInc Growth YoY
-9.4%
EPS Growth YoY
17.1%
FCF 3Y CAGR
-15.3%

Growth Quality Analysis

Working Capital Drag: FCF growth lagging revenue by 28.6%

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
Operating
Net
19.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
FCF vs Net Gap
-4.6 pts
FCF: 15.0% | Net: 19.6%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Adequate
Net Debt / EBITDA
Interest Coverage
Leverage Metrics
Debt-to-Equity
0.50x
Balance sheet risk & solvency analysis