A Business at a Glance
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Merchants Bancorp
MBIN
$2.2B
Mkt Cap
$47.69
+2.19%
Merchants Bancorp (MBIN) has a current P/E ratio of 12.6, compared to its historical median P/E of 7.5. The stock is currently considered Expensive based on its historical valuation range.
Merchants Bancorp (MBIN) has a 5-year average return on invested capital (ROIC) of 12.7%. This indicates solid capital allocation.
Merchants Bancorp (MBIN) has a market capitalization of $2.2B. It is classified as a mid-cap stock.
Yes, Merchants Bancorp (MBIN) pays a dividend with a trailing twelve-month yield of 2.73%.
Based on historical P/E analysis, Merchants Bancorp (MBIN) appears expensive. The current P/E of 12.6 is 68% above its historical median of 7.5. The estimated fair value CAGR (P/E method) is 19.0%.
Merchants Bancorp (MBIN) operates in the State Commercial Banks industry, within the Financials sector.
Merchants Bancorp (MBIN) reported annual revenue of $1.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
Company Overview Merchants Bancorp (the “Company,” “Merchants,” “we,” “our,” or “us”), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking. As of December 31, 2025, we had $19.4 billion in assets, $13.0 billion of deposits and $2.3 billion of shareholders’ equity.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 711M | 1.4B | 1.5B | 1.2B | 607M | 469M |
| Net Income | 188M | 174M | 284M | 245M | 194M | 206M |
| EPS | $4.10 | $3.78 | $6.30 | $5.64 | $4.47 | $4.76 |
| Free Cash Flow | -1.1B | -362M | -854M | -364M | 969M | -53M |
| ROIC | 0.0% | 7.6% | 14.2% | 15.3% | 12.2% | 14.1% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.01 | 0.07 | 0.05 | 0.04 | 0.01 | 0.48 |
| Dividends/Share | $1.30 | $1.29 | $1.14 | $1.12 | $0.88 | $0.72 |
| Operating Income | 0 | 264M | 423M | 348M | 291M | 305M |
| Operating Margin | 0.0% | 19.3% | 29.1% | 29.2% | 48.0% | 65.0% |
| ROE | 8.1% | 7.7% | 14.4% | 15.5% | 14.8% | 21.0% |
| Shares Outstanding | 46M | 46M | 45M | 43M | 43M | 43M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 83M | 101M | 142M | 190M | 259M | 410M | 469M | 607M | 1.2B | 1.5B | 1.4B | 711M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12M | 14M | 21M | 32M | 38M | 59M | 86M | 89M | 108M | 131M | 167M | 169M |
| EBIT | 47M | 55M | 77M | 84M | 102M | 243M | 305M | 291M | 348M | 423M | 264M | 0 |
| Op. Margin | 56.6% | 54.0% | 54.3% | 44.2% | 39.4% | 59.3% | 65.0% | 48.0% | 29.2% | 29.1% | 19.3% | 0.0% |
| Net Income | 28M | 31M | 51M | 60M | 68M | 166M | 206M | 194M | 245M | 284M | 174M | 188M |
| Net Margin | 34.1% | 30.7% | 36.1% | 31.3% | 26.3% | 40.5% | 44.0% | 31.9% | 20.5% | 19.6% | 12.7% | 26.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | ||||||||||||
| ROIC | 22.0% | 15.1% | 14.9% | 11.4% | 9.4% | 16.2% | 14.1% | 12.2% | 15.3% | 14.2% | 7.6% | 0.0% |
| ROE | 22.0% | 17.6% | 17.9% | 15.1% | 12.7% | 22.7% | 21.0% | 14.8% | 15.5% | 14.4% | 7.7% | 8.1% |
| ROA | 1.3% | 1.2% | 1.7% | 1.6% | 1.3% | 2.1% | 2.0% | 1.6% | 1.7% | 1.6% | 0.9% | 0.9% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 118M | 150M | 176M | 204M | 1.3B | 875M | -49M | 976M | -356M | -835M | -341M | -1.1B |
| Free Cash Flow | 118M | 149M | 175M | 195M | 1.2B | 871M | -53M | 969M | -364M | -854M | -362M | -1.1B |
| Owner Earnings | 118M | 149M | 175M | 203M | 1.3B | 870M | -52M | 973M | -359M | -838M | -345M | -1.1B |
| CapEx | 322K | 1.2M | 788K | 9.2M | 14M | 3.6M | 3.6M | 6.8M | 7.5M | 18M | 21M | 15M |
| Maint. CapEx | 301K | 278K | 378K | 679K | 1.1M | 4.9M | 2.4M | 2.5M | 2.9M | 3.0M | 3.5M | 17M |
| Growth CapEx | 21K | 926K | 410K | 8.5M | 13M | 0 | 1.2M | 4.3M | 4.7M | 15M | 17M | 0 |
| D&A | 301K | 278K | 378K | 679K | 1.1M | 4.9M | 2.4M | 2.5M | 2.9M | 3.0M | 3.5M | 17M |
| CapEx/OCF | N/A | N/A | N/A | 4.5% | N/A | N/A | N/A | 0.7% | N/A | N/A | N/A | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 4.2M | 6.2M | 8.0M | 10M | 17M | 24M | 31M | 38M | 49M | 51M | 59M | 60M |
| Dividend Yield | N/A | N/A | 3.1% | 2.5% | 3.4% | 4.5% | 2.9% | 3.5% | 4.0% | 2.8% | 3.8% | 2.7% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.9M | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | N/A | 0.4% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | 458K | 166K | 583K | 367K | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt Repayment | 0 | 0 | 0 | 932M | 8.9B | 59.9B | 31.8B | 65.9B | 95.7B | 162.9B | 324.0B | 324.0B |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | -389M | -303M | -472M | -616M | -48M | -792M | -214M | -520M | -357M | -50M | -51M |
| Cash & Equiv. | 447M | 446M | 360M | 337M | 507M | 180M | 1.0B | 226M | 584M | 477M | 212M | 83M |
| Long-Term Debt | N/A | 57M | 57M | 195M | 181M | 402M | 551M | 4.3M | 29M | 35M | 32M | 3.1M |
| Debt/Equity | 14.31 | 0.28 | 0.15 | 0.46 | 0.28 | 0.50 | 0.48 | 0.01 | 0.04 | 0.05 | 0.07 | 0.01 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 148M | 206M | 367M | 421M | 654M | 811M | 1.2B | 1.5B | 1.7B | 2.2B | 2.3B | 2.3B |
| Total Assets | 2.3B | 2.7B | 3.4B | 3.9B | 6.4B | 9.6B | 11.3B | 12.6B | 17.0B | 18.8B | 19.4B | 20.3B |
| Total Liabilities | 2.1B | 2.5B | 3.0B | 3.5B | 5.7B | 8.8B | 10.1B | 11.2B | 15.3B | 16.6B | 17.2B | 18.0B |
| Intangibles | N/A | N/A | 1.5M | 3.5M | 3.8M | 2.3M | 1.7M | 1.2M | 742K | 59K | 36K | 36K |
| Retained Earnings | N/A | 145M | 192M | 245M | 305M | 462M | 657M | 833M | 1.1B | 1.3B | 1.5B | 1.5B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | ||||||||||||
| EPS | 1.35 | 1.47 | 2.28 | 2.07 | 1.58 | 3.85 | 4.76 | 4.47 | 5.64 | 6.30 | 3.78 | 4.10 |
| Owner EPS | 5.61 | 7.06 | 7.77 | 7.07 | 29.12 | 20.16 | -1.19 | 22.46 | -8.28 | -18.62 | -7.51 | -24.02 |
| Book Value | 7.05 | 9.74 | 16.32 | 14.64 | 15.16 | 18.79 | 26.67 | 33.68 | 39.23 | 49.82 | 49.68 | 50.73 |
| Cash Flow/Share | 5.63 | 7.07 | 7.81 | 7.10 | 29.16 | 20.28 | -1.14 | 22.51 | -8.22 | -18.55 | -7.43 | 4.47 |
| Dividends/Share | 0.20 | 0.20 | 0.35 | 0.24 | 0.40 | 0.55 | 0.72 | 0.88 | 1.12 | 1.14 | 1.29 | 1.30 |
| Shares Out. | 21.0M | 21.2M | 22.5M | 28.8M | 43.1M | 43.1M | 43.3M | 43.3M | 43.4M | 45.0M | 45.9M | 45.9M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 7.9 | 9.0 | 7.7 | 4.6 | 6.5 | 5.2 | 7.5 | 5.7 | 8.9 | 11.6 |
| P/FCF | N/A | N/A | 1.5 | 1.8 | 0.4 | 0.9 | N/A | 1.0 | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 1.1 | 1.3 | 0.8 | 0.9 | 1.2 | 0.7 | 1.1 | 0.7 | 0.7 | 0.9 |
| Price/Sales | N/A | N/A | 3.3 | 4.5 | 3.0 | 1.5 | 2.5 | 2.5 | 2.1 | 2.8 | 2.3 | 3.1 |
| FCF Yield | N/A | N/A | 43.2% | 36.3% | 238.4% | 114.5% | -4.0% | 96.3% | -19.8% | -52.8% | -23.4% | -50.3% |
| Market Cap | 0 | N/A | 405M | 538M | 521M | 761M | 1.3B | 1.0B | 1.8B | 1.6B | 1.5B | 2.2B |
| Avg. Price | 0.00 | N/A | 11.32 | 14.48 | 11.61 | 12.21 | 25.07 | 25.14 | 27.72 | 41.26 | 34.09 | 47.69 |
| Year-End Price | 0.00 | N/A | 11.99 | 12.47 | 12.09 | 17.64 | 30.70 | 23.22 | 42.36 | 35.92 | 33.72 | 47.69 |
Merchants Bancorp passes 4 of 9 quality checks, suggesting mixed fundamentals.
Merchants Bancorp trades at 12.6x trailing earnings, compared to its 15-year median P/E of 7.5x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 12.7%. Total shareholder yield (dividends) is 2.7%. At current prices, the estimated annualized return to fair value is +22.0%.
Merchants Bancorp (MBIN) has a net profit margin of 12.7%. This is a healthy margin.
Merchants Bancorp (MBIN) generated $-362 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Merchants Bancorp (MBIN) has a debt-to-equity ratio of 0.07. This indicates a conservatively financed balance sheet.
Merchants Bancorp (MBIN) reported earnings per share (EPS) of $3.78 in its most recent fiscal year.
Merchants Bancorp (MBIN) has a return on equity (ROE) of 7.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 11 years of financial data for Merchants Bancorp (MBIN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Merchants Bancorp (MBIN) has a book value per share of $49.68, based on its most recent annual SEC filing.