Merchants Bancorp (MBIN) — Fundamental Analysis & Key Financial Ratios

Kaplio overview: Merchants Bancorp

Market cap $2B · 52 weeks $30 – $56 (7% below the high) · P/E 8.8× · 2027 est. P/E 8.9× · Dividend 0.80% · ≥ 10 years rising · Next earnings January 27, 2027 · expected EPS $1.43 · Closing price, Nov 4 · accounts published Oct 28.

• Valuation: P/B 1.0× (justified).
• Business: ROTCE 9.6% (weak).
• Balance sheet: Capital/assets 11.7% (solid).
• Earnings: 6 of 8 (uneven).

Where would it trade at its usual multiples?

At a P/B Kaplio accepts for its ROTCE mediano de cinco años 16.9% (2.1×) $116 (+118%); at its peers' median (1.0×) $53 (-1%). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.

What matters in banking: 3 of 4 pass

• ROTCE 9.6%, fails.
• ROA 1.5%, passes.
• Equity / Assets (Tier 1 proxy) 11.7%, passes.
• P/B (Price / Book) 1.0×, passes.
• Sustainable dividend yield 0.8%, info.

Against its peers (same industry, similar size) — Merchants Bancorp: P/E 8.8×; P/B 1.0×; ROE 13.4%; $2.5B. First Busey Corporation (P/E 12.0×; P/B 1.1×; ROE 9.7%; $2.4B), Columbia Financial, Inc. (P/E 52.6×; P/B 0.9×; ROE 2.9%; $2.5B), Stock Yards Bancorp, Inc. (P/E 15.7×; P/B —; ROE 19.0%; $2.5B).

Expensive or cheap against its last ten fiscal years?

P/B at each close: today 1.0× · median 1.1× · minimum 0.6× · maximum 2.3× · cheap below 0.9× · expensive above 1.4×. It has been cheaper than today only 42% of the time over its last ten fiscal years.

Dividend

solid · Yield (last 12 months) 0.80% · $1.30 per share in 2025 · Years raising it ≥ 10 · 5-year growth +19% a year · Free cash flow coverage payout 27% in fiscal 2025 · With $1,000 invested today you'd collect $8.00 a year ($0.67 a month).