Merchants Bancorp (MBIN) is a publicly traded company in the Financial Services — Banks - Regional industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Merchants Bancorp operates as a diversified financial services holding company across the United States. Its operations are organized into three primary divisions: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking division focuses on originating and servicing government-sponsored mortgages for multi-family dwellings and healthcare institutions.
Analysis Summary
Merchants Bancorp reported revenue of $1.37B in the most recent fiscal year, growing at a 5-year CAGR of 27.8%. Net income reached $218.8M, with a 3.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 45.4%, operating margin 21.1%, net margin 20.5%.
At the current price of $51.61, MBIN trades at a P/E of 10.37 and an ROE of 11.64%. Market capitalisation stands at $2.4B.
Balance sheet quality for MBIN: current ratio of 3.2, net debt of $2.96B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$170.3M represents -78% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Price
| Price | $51.61 |
| Market Cap | $2.4B |
| Exchange | NASDAQ |
| Country | US |
Valuation Ratios
| P/E Ratio | 10.37 |
| Price / Book | 0.99 |
| EV / EBITDA | 20.54 |
| Dividend Yield | 0.83% |
Profitability
| Return on Equity | 11.64% |
| Return on Invested Capital | 1.09% |
| Return on Assets | 1.27% |
| Gross Margin | 45.41% |
| Operating Margin | 21.15% |
| Net Margin | 20.51% |
Financial Health
| Debt / Equity | 1.79 |
| Current Ratio | 0.02 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 0.78 |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Peer Comparison
| Symbol | Company | Market Cap | P/E | P/B | ROE |
|---|---|---|---|---|---|
| MBIN | Merchants Bancorp | $2.4B | 10.37 | 0.99 | 11.6% |
| FRME | First Merchants Corporation | $2.6B | 13.07 | 0.95 | 7.3% |
| SRCE | 1st Source Corporation | $2.1B | 12.33 | 1.59 | 13.4% |
| STEL | Stellar Bancorp, Inc. | $2.0B | 19.18 | 1.20 | 6.4% |
| 0O84.L | DNB Bank ASA | $485.9B | |||
| MFG | Mizuho Financial Group, Inc. | $133.2B | 15.07 | 1.79 | 12.3% |
| HDB | HDFC Bank Limited | $116.2B | 13.52 | 1.76 | |
| IBN | ICICI Bank Limited | $100.9B | 17.19 | 2.54 | 15.7% |
Price Performance
| 1 month | -3.56% |
| 3 months | +5.10% |
| Year-to-date | +51.48% |
| 1 year | +56.35% |
| 3 years | +82.96% |
52-Week Range
| 52-week High | $56.87 |
| 52-week Low | $30.37 |
| Avg Volume (90d) | 165K |
Dividend History
| Date | Amount | Yield |
|---|---|---|
| 2026-09-15 | $0.1100 | 0.85% |
| 2026-06-15 | $0.1100 | 0.85% |
| 2026-03-13 | $0.1100 | 0.85% |
| 2025-12-15 | $0.1000 | 0.78% |
| 2025-09-15 | $0.1000 | 0.78% |
| 2025-06-13 | $0.1000 | 0.78% |
| 2025-03-14 | $0.1000 | 0.78% |
| 2024-12-13 | $0.0900 | 0.70% |
| 2024-09-13 | $0.0900 | 0.70% |
| 2024-06-14 | $0.0900 | 0.70% |
Related companies: FRME · GABC · LKFN · LOB · NBHC · SRCE · STBA
Explore sector: Financial Services · Banks - Regional
More sections of MBIN: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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