COMP <GO>

WSBF vs FMAO // EV/EBITDA & P/E VALUATION

Waterstone Financial Inc. (MD) (NASDAQ) VS. Farmers & Merchants Bancorp Inc. (NASDAQ) • 15-METRIC TALLY: WSBF 2 — FMAO 5

■ METRIC PARITY

LAST: $19.83 (+0.30%) • MKT CAP: $356.5M

valuation

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LAST: $37.11 (+1.48%) • MKT CAP: $510.7M

valuation

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15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (WSBF VS. FMAO) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	WSBF	FMAO	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	—	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	7.60%	9.00%	-1.40	FMAO	/roic <GO>
EV/EBITDA & P/E Valuation ACTIVE	—	—	—	TIE	/valuation <GO>
Free Cash Flow Yield	6.46%	6.85%	-0.39	FMAO	/fcf-yield <GO>
Operating Margin	—	—	—	TIE	/operating-margins <GO>
Net Profit Margin	—	—	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	—	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	3.02%	2.37%	+0.65	WSBF	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	—	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	4/9	5/9	-1.00	FMAO	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	39.7	57.7	-17.96	FMAO	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple	12.6x	14.2x	-1.60	WSBF	/forward-pe <GO>
Enterprise Scale & Market Cap	$356.5M	$510.7M	-$154.2M	FMAO	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	WSBF REV	FMAO REV	WSBF GROSS %	FMAO GROSS %	WSBF FCF	FMAO FCF
FY 2025	$0	$0	—	—	$23.0M	$35.0M
FY 2024	$0	$0	—	—	$47.0M	$30.6M
FY 2023	$0	$0	—	—	-$27.6M	$22.1M

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

WSBF // BETA —

FMAO // BETA —