Is FMAO or FMBH more undervalued in 2026?

CirclFi compares Farmers & Merchants Bancorp, In (FMAO) and First Mid Bancshares, Inc. (FMBH) using 13 institutional-grade valuation models. FMAO has a Quality of Company score of 8.8/10 while FMBH scores 9.3/10.

Which is a better buy — FMAO or FMBH?

Compare intrinsic values from 13 independent models against current market prices. CirclFi also calculates Value Trap scores. This is not financial advice — conduct your own analysis.

How do FMAO and FMBH valuations compare?

FMAO at $27.81 and FMBH at $43.90 are compared across Bayesian DCF, EPV, EROIC Spread, First Chicago, Markov DDM, and 8 additional models.

FMAO vs FMBH Valuation Comparison 2026 — Intrinsic Value Analysis

FMAO

Banks - Regional

Farmers & Merchants Bancorp, In

Quality

8.8

out of 10

Value Trap

—

Price

$27.81

Last close

Models

11/13

Active

FMBH

Banks - Regional

First Mid Bancshares, Inc.

Quality

9.3

out of 10

Value Trap

SAFE

Price

$43.90

Last close

Models

9/13

Active

Model-by-Model Comparison

Model	Type	FMAO Fair Value	FMAO Upside	FMBH Fair Value	FMBH Upside
Bayesian DCF	Intrinsic	$26.65	-4.2%	$26.22	-40.3%
Earnings Power Value	Intrinsic	$31.19	+12.2%	$35.38	-19.4%
EROIC Spread	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
First Chicago	Scenario	$•••.••	••.•%	$•••.••	••.•%
Markov DDM	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
ML-RIV	Intrinsic	$•••.••	••.•%	$•••.••	••.•%
Regime Cross-Sectional	Relative	$•••.••	••.•%	$•••.••	••.•%
Sentiment SOTP	Hybrid	$•••.••	••.•%	$•••.••	••.•%
CUCE Ensemble	Ensemble	$•••.••	••.•%	$•••.••	••.•%
FTNN Topology	Relative	$•••.••	••.•%	$•••.••	••.•%
RCMH-DCF	Intrinsic	$•••.••	••.•%	$•••.••	••.•%

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FMAO vs FMBH — Which Stock Is More Undervalued?

FMBH scores higher with a 9.3/10 quality rating vs FMAO's 8.8/10. Both stocks are analyzed daily using SEC EDGAR filings across 13 independent models.

Comparing Farmers & Merchants Bancorp, In (FMAO) and First Mid Bancshares, Inc. (FMBH) across 13 institutional-grade valuation models reveals how each company's intrinsic value stacks up against its market price. CirclFi's engine processes SEC EDGAR 10-K and 10-Q filings, FRED macroeconomic data, and GDELT news sentiment to generate independent fair value estimates daily.

FMAO currently trades at $27.81 with a QOC of 8.8/10, while FMBH trades at $43.90 with a QOC of 9.3/10.

Both companies are analyzed with models spanning intrinsic (Bayesian DCF, EPV), scenario-based (First Chicago), regime-switching (Markov DDM, RCMH-DCF), machine learning (ML-RIV, FTNN Topology), and ensemble methods (CUCE).