First Capital (FCAP) vs Farmers & Merchants Bancorp (FMAO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 10, 2026.
Summary
First Capital (FCAP) has outperformed Farmers & Merchants Bancorp (FMAO) over the past year, gaining 43.3% versus a gain of 40.9%. Over five years, FCAP leads with a +56.2% price change compared with +45.1% for FMAO. Farmers & Merchants Bancorp is the larger company by market cap ($475.9 million vs $209.7 million), about 2.3 times the size.
On valuation, First Capital trades at a lower trailing P/E (11.4x vs 11.9x for Farmers & Merchants Bancorp). Farmers & Merchants Bancorp offers the higher dividend yield (2.66% vs 1.98%).
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | FCAP | FMAO |
|---|---|---|
| Share price | $62.70 | $34.55 |
| Market cap | $209.71M | $475.86M |
| 1-day change | -2.20% | -1.45% |
| YTD return | +5.91% | +39.77% |
| 1-year return | +43.31% | +40.91% |
| 5-year return | +56.18% | +45.11% |
| P/E ratio (TTM) | 11.36 | 11.87 |
| Forward P/E | — | 10.57 |
| EPS (TTM) | $5.52 | $2.91 |
| Dividend yield | 1.98% | 2.66% |
| Annual dividend | $1.24 | $0.918 |
| 52-week high | $71.00 | $36.12 |
| 52-week low | $37.64 | $22.77 |
| Distance from 52-week high | -11.69% | -4.35% |
| Analyst consensus | — | none |
| Avg. price target upside | — | +4.20% |
| Average volume | 18.75K | 63.45K |
| Shares outstanding | 3.34M | 13.77M |
| Employees | 176 | 477 |
| Sector | Finance | Finance |
| Industry | Savings Institutions | Savings Institutions |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Farmers & Merchants Bancorp is about 2.3 times larger than First Capital by market value ($475.86M vs $209.71M).
About First Capital
FCAP stock →First Capital, Inc. operates as the bank holding company for First Harrison Bank that provides various banking services to individuals and business customers in Indiana and Kentucky, the United States.
Finance · Savings Institutions · 176 employees
About Farmers & Merchants Bancorp
FMAO stock →Farmers & Merchants Bancorp, Inc. operates as the bank holding company for The Farmers & Merchants State Bank that provides commercial banking services to individuals and small businesses in Northwest Ohio, Northeast Indiana, and Southeast Michigan.
Finance · Savings Institutions · 477 employees
FCAP vs FMAO FAQ
Which is bigger, First Capital or Farmers & Merchants Bancorp?
Farmers & Merchants Bancorp (FMAO) is larger, with a market capitalization of $475.86M compared with $209.71M for First Capital (FCAP).
Which stock has performed better over the past year, FCAP or FMAO?
FCAP returned +43.31% over the past 12 months, compared with +40.91% for FMAO (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, FCAP or FMAO?
FCAP has the lower trailing P/E at 11.4, versus 11.9 for FMAO. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, First Capital or Farmers & Merchants Bancorp?
Farmers & Merchants Bancorp has the higher yield at 2.66%, compared with 1.98% for First Capital.
Are First Capital and Farmers & Merchants Bancorp in the same industry?
Yes. Both are classified in the Savings Institutions industry within the Finance sector.