Merchants Bancorp MBIN R2K

Financial Services · Banks - Regional · United States

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing. This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service. The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

Market & Price

Market Cap

$2.17B

Current Price

$47.14

High / Low (52W)

$49.89 / $28.93

Beta

1.16

Valuation

Stock P/E

11.50

Industry PE

12.01

Forward P/E

8.28

PEG Ratio

Book Value

$38.73

Price to Book

1.22

P/S

3.70

EV/EBITDA

Dividend Yield

0.93%

Profitability & Returns

ROCE

ROE

10.17%

ROA

1.17%

Profit Margin

38.99%

Op Margin

57.97%

EPS (Latest Qtr)

$1.25

EPS (TTM)

$4.10

Balance Sheet & Liquidity

Debt/Equity

Quick Ratio

Current Ratio

Debt

$4.79B

Total Assets

$19.45B

Current Assets

Working Capital

Ownership

Promoter Holding

45.98%

Chg in Prom Hold

0.00%

FII / Inst Holding

99.85%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$6.92B

Total Revenue (TTM)

$585.48M

EBITDA

Free Cash Flow

Operating Cash Flow

$-1.09B

Shares Outstanding

45.94M

Gross Margin

0.00%

Payout Ratio

10.00%

Growth (CAGR)

Revenue 5Y

15.48%

Profit 5Y

-0.14%

Revenue (YoY)

15.80%

Earnings (YoY)

34.50%

PROS

Excellent profit margin of 39.0%.
Compounding revenue at 15.5% over 5 years.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

Earnings shrank at -0.1% CAGR over 5 years.

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	MBIN Merchants Bancorp R2K	47.14	11.50	$2.17B	0.93%	-	10.17%	15.48%	-0.14%
2	JPM JPMorgan Chase & Co. SPX	299.31	14.33	$802.00B	2.00%	-	16.47%	12.50%	14.83%
3	V Visa Inc. SPX	326.36	28.48	$620.65B	0.82%	38.38%	60.35%	10.92%	10.28%
4	MA Mastercard Incorporated SPX	493.98	28.57	$436.47B	0.70%	61.47%	-	13.82%	14.66%
5	MS Morgan Stanley SPX	208.00	18.84	$328.08B	1.92%	-	16.39%	9.52%	15.20%
6	GS The Goldman Sachs Group, Inc. SPX	1,025.56	18.73	$302.55B	1.76%	-	14.55%	7.16%	15.11%
7	WFC Wells Fargo & Company SPX	77.54	11.98	$237.29B	2.32%	-	12.03%	4.02%	15.98%
8	BLK BlackRock, Inc. SPX	1,046.88	26.32	$162.51B	2.19%	4.89%	11.90%	10.65%	2.36%
9	SCHW The Charles Schwab Corporation SPX	87.35	17.37	$151.91B	1.47%	-	19.08%	4.83%	7.21%

Quarterly Results

Figures in USD.

Metric	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	145.09M	178.06M	169.81M	184.28M	174.06M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	165.01M	175.68M	173.72M	169.38M	141.86M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	76.50M	48.84M	64.58M	73.88M	84.31M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18.26M	10.85M	9.88M	6.04M	16.57M
Net Income	7.62M	11.60M	8.75M	9.13M	14.76M	10.47M	20.33M	15.06M	15.65M	16.74M	15.42M	10.57M	16.44M	20.26M	30.06M	24.58M	41.16M	55.00M	59.79M	61.98M	51.42M	58.50M	55.20M	50.14M	53.94M	58.49M	57.16M	54.95M	65.30M	81.50M	77.47M	87.05M	76.39M	61.27M	-	58.24M	37.98M	54.70M	67.85M	67.73M
Diluted EPS	0.36	0.51	0.38	0.39	0.66	0.45	0.73	0.50	0.52	0.55	0.51	0.34	0.51	0.60	0.92	0.49	0.87	1.19	1.30	1.35	1.06	1.22	1.14	1.02	1.11	1.22	1.12	1.07	1.31	1.68	1.58	1.80	1.49	1.17	-	0.93	0.60	0.97	1.28	1.25

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	-	-	-	439.78M	559.33M	666.97M	677.24M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-	-	-	-	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-
Interest Expense	-	-	-	-	-	-	-	162.28M	629.73M	780.10M	683.79M
Pretax Income	-	-	-	-	-	-	-	291.14M	347.91M	422.64M	263.80M
Tax Provision	-	-	-	-	-	-	-	71.42M	68.67M	102.26M	45.03M
Net Income	28.38M	33.13M	54.68M	62.87M	77.33M	180.53M	-	219.72M	279.23M	320.39M	218.77M
Diluted EPS	1.35	1.47	2.28	2.07	1.58	3.85	-	4.47	5.64	6.30	3.78

Compounded Sales Growth

5 Years:	15.48%
1 Year:	15.80%

Compounded Profit Growth

5 Years:	-0.14%
1 Year:	34.50%

Stock Price Performance

1 Year:	+48.93%
6 Months:	+45.07%
3 Months:	+11.79%
1 Month:	+4.76%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	2.27B	2.72B	3.39B	3.88B	6.37B	9.65B	-	12.62B	16.95B	18.81B	19.45B
Current Assets	-	-	-	-	-	-	-	-	-	-	-	-
Cash & Equivalents	229.66M	446.80M	445.70M	359.52M	336.52M	506.71M	179.73M	-	226.16M	584.42M	476.61M	212.20M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	56.26M	91.35M	83.41M	81.81M
Total Liabilities	-	-	2.51B	3.03B	3.46B	5.72B	8.83B	-	11.16B	15.25B	16.56B	17.17B
Current Liabilities	-	-	-	-	-	-	-	-	-	-	-	-
Long Term Debt	-	-	57.01M	56.61M	195.45M	181.44M	-	-	910.39M	964.13M	4.34B	3.84B
Total Debt	-	-	-	-	-	-	-	-	910.39M	964.13M	4.34B	3.84B
Total Equity	110.14M	148.20M	206.29M	367.47M	421.24M	653.73M	810.62M	-	1.46B	1.70B	2.24B	2.28B
Shares Outstanding	-	-	-	-	-	-	-	-	43.11M	43.24M	45.77M	45.89M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	118.33M	-149.77M	-175.89M	204.34M	-1.26B	-874.89M	-	975.77M	-356.40M	-835.28M	-341.25M
Investing Cash Flow	-349.33M	-265.30M	-523.14M	-509.07M	-957.67M	-2.53B	-	-2.86B	-3.26B	-874.27M	-195.67M
Financing Cash Flow	448.15M	413.97M	612.84M	281.74M	2.38B	3.08B	-	1.08B	3.97B	1.60B	272.51M
Capital Expenditure	-322.00K	-1.20M	-788.00K	-9.20M	-13.98M	-3.62M	-	-8.82M	-7.53M	-18.39M	-35.42M
Free Cash Flow	118.01M	-150.97M	-176.67M	195.14M	-1.27B	-878.51M	-	966.96M	-363.93M	-853.67M	-376.67M
Net Change in Cash	-	-	-	-	-	-	-	-806.45M	358.26M	-107.81M	-264.41M
Share Buybacks	-	-	-	-	-	-	-	3.94M	-	-	-
Dividends Paid	4.22M	6.22M	7.95M	10.22M	17.25M	23.67M	31.23M	38.07M	48.51M	51.17M	59.42M

Ratios (Annual)

Figures in %.

Metric	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-	-	-	-	-	-	-	-
Net Margin %	-	-	-	-	-	-	-	50.0%	49.9%	48.0%	32.3%
ROE %	19.2%	16.1%	14.9%	14.9%	11.8%	22.3%	-	15.1%	16.4%	14.3%	9.6%
ROCE %	-	-	-	-	-	-	-	-	-	-	-

Shareholding Pattern

Insiders

45.98%

Institutions

99.85%

Public Float

184.83%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Elser Financial Planning, Inc	58.74%	26.98M	$1.27B
2	Blackrock Inc.	8.82%	4.05M	$190.96M
3	Dimensional Fund Advisors LP	3.83%	1.76M	$82.92M
4	Doma Perpetual Capital Management LLC	2.43%	1.12M	$52.59M
5	Nomura Asset Management International Inc	2.38%	1.09M	$51.52M
6	State Street Corporation	2.25%	1.03M	$48.77M
7	Vanguard Capital Management LLC	2.18%	1.00M	$47.18M
8	American Century Companies Inc	1.62%	742.63K	$35.01M
9	Geode Capital Management, LLC	1.58%	725.43K	$34.20M
10	Royce & Associates LP	1.23%	567.27K	$26.74M

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MBIN · Financial Services