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Merchants Bancorp

MBIN Financial Banks Regional

Merchants Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, down 5.90% from fiscal 2024.

Revenue
+13.7%
EPS
+136.0%
Free cash flow
+267.7%
Total debt
+3.96%

Quarter to September 2026, against a year earlier

52.14 1.29 −2.41%
Market cap
$2.4B
P/E
8.3×
Fwd P/E
8.4×
Dividend yield
0.82%
F-score
3/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 5.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 3 — 7 — — 1 — 2 — — — —
Insider Ownership 58.12%

Capital & Financial Ratios $m

Size
Market Cap 2,400.00
Revenue ttm 1,403.49
Net income ttm 268.59
Free cash flow ttm (779.85)
Net debt Q 2,696.25
Valuation
P/E 8.28
Forward P/E 8.35
Price / sales 1.71
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.24
Financial health
Current ratio Q 1.11
Debt / equity Q 1.22
Interest coverage Q —
Growth
Revenue growth Q +13.68% (above 0%: growing)
Operating income growth Q +106.58% (above 0%: growing)
EPS, this year +64.20% (at or above 15%: strong)
EPS, next year A −3.01% (below 0%: weak)
Revenue, next year A −44.39% (below 0%: weak)
EPS, past 5 yrs −0.35% (below 0%: weak)
EPS, next 5 yrs A +21.68% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 67.83%
10-year low 10-year high
P/S against its own 10 years 43.10%
10-year low 10-year high
P/B against its own 10 years 44.29%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.82%
Annual rate
0.43
Payout ratio
6.83%
Growth, 2017–25
+36.4%/yr
  1. 0.03 ’17
  2. 0.16 ’18 +380
  3. 0.19 ’19 +17
  4. 0.21 ’20 +14
  5. 0.24 ’21 +13
  6. 0.28 ’22 +17
  7. 0.32 ’23 +14
  8. 0.36 ’24 +13
  9. 0.40 ’25 +11
  10. 0.45 ’26e +13
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 588 478 214 321
Receivables — — — —
Inventory — — — —
Other — — — —
13,952 14,687 15,120 16,631
2023 2024 2025 Q'26
Payables 14,061 11,920 13,041 15,042
ST’ Debt — — — —
Other — — — —
14,061 11,920 13,041 15,042

Compound Annual Growth %

10y 5y 3y
Sales 32.26% 27.18% 31.04%
Cash Flow 0.00% 0.00% 0.00%
Earnings 19.85% 0.89% (3.60%)
Book Value 31.44% 22.99% 16.04%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.39 Actual 2.06

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.94 1.28 Beat by 0.34
Q1 FY26 1.16 1.25 Beat by 0.09
Q2 FY26 1.22 1.48 Beat by 0.26
Q3 FY26 1.39 2.06 Beat by 0.67
Q4 FY26 1.43 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 1.25 1.48 2.28 — —
’25 0.93 0.60 0.97 1.28 3.78
’24 1.80 1.49 1.17 1.85 6.30
’23 1.07 1.31 1.68 1.58 5.64
’22 1.02 1.11 1.22 1.12 4.47
’21 1.35 1.05 1.22 1.71 4.76
’20 0.49 0.87 1.19 1.30 3.85
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 317 340 392 — —
’25 311 355 345 355 1,365
’24 355 360 356 380 1,451
’23 226 288 333 346 1,192
’22 111 128 163 204 607
’21 123 105 118 123 469
’20 80 94 115 121 410
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (597) 213 — — —
’25 148 (121) 30 (398) (341)
’24 (384) 51 (493) (10) (835)
’23 (302) (241) (550) 736 (356)
’22 1,296 (421) 959 (858) 976
’21 296 (25) (658) 339 (49)
’20 (872) (1,099) 763 333 (875)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (599) 211 — — —
’25 141 (126) 11 (403) (377)
’24 (386) 46 (497) (16) (854)
’23 (303) (243) (550) 732 (364)
’22 1,290 (422) 958 (859) 967
’21 294 (25) (659) 338 (52)
’20 (872) (1,100) 762 331 (879)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 101 142 190 259 410 469 607 1,192 1,451 1,365 1,403 +33.5% 759 778 844 (14.8%)
Gross margin, % 81.30 80.44 73.39 65.38 85.71 92.78 73.25 47.19 46.23 49.91 54.70 (31.4) pt
EBT 55 77 84 102 243 305 291 348 423 264 391 +19.1%
EBT margin, % 54.02 54.31 44.19 39.42 59.32 64.99 47.98 29.18 29.13 19.32 27.89 (34.7) pt
Net income 33 55 63 77 181 227 220 279 320 219 269 +23.3%
Per share, $
Per share, $ Revenue 3.20 4.20 4.42 6.02 9.52 10.87 14.06 27.59 32.34 29.76 30.55 +28.1%
Earnings 1.05 1.52 1.39 1.58 3.85 4.78 4.49 5.66 6.32 3.78 6.30 +15.3%
Cash flow (4.73) (5.20) 4.75 (29.19) (20.29) (1.14) 22.61 (8.25) (18.62) (7.44) 0.00 +5.2%
Capex (0.08) (0.06) (0.36) (0.32) (0.08) (0.07) (0.20) (0.17) (0.41) (0.77) 0.00 +28.7%
Free cash flow (4.81) (5.26) 4.39 (29.52) (20.38) (1.21) 22.40 (8.42) (19.03) (8.21) 0.00 +6.1%
Book value 6.51 10.86 9.79 15.18 18.80 26.76 33.82 39.36 50.01 49.72 54.06 +25.3%
Shares, m 32 34 43 43 43 43 43 43 45 46 46 +4.2%
Valuation, ×
Valuation, × P/E 22.13 8.64 9.60 8.32 4.78 5.91 5.37 7.37 5.75 9.01 8.28 8.7
P/S 2.42 3.17 3.01 2.18 1.94 2.90 1.72 1.51 1.13 1.14 1.71 2.1
P/B 1.58 1.38 1.51 1.28 1.33 1.72 1.08 1.50 1.04 0.90 1.24 1.3
EV/Sales (2.43) 0.00 1.38 0.90 4.77 2.89 2.87 1.82 3.82 3.80 — 2.0
EV/FCF (1.06) 0.00 1.38 (0.18) (2.21) (25.90) 1.80 (5.94) (6.49) (13.78) — (5.2)
Cash, $m
Cash, $m Operating cash flow (150) (176) 204 (1,257) (875) (49) 976 (356) (835) (341) (752) +9.6%
Capex (3) (2) (15) (14) (4) (3) (9) (8) (18) (35) (28) +34.1%
Free cash flow (152) (178) 189 (1,271) (879) (52) 967 (364) (854) (377) (780) +10.6%
Balance, $m
Balance, $m Working capital (134) (66) 167 160 1,378 1,135 552 (110) 2,767 2,079 1,589 n/m
Net debt (532) (451) (311) (332) 1,162 (5) 701 376 3,908 3,629 2,696 n/m
Shareholders’ equity 206 367 421 654 811 1,155 1,460 1,701 2,243 2,281 2,483 +30.6%
Returns, %
Returns, % ROA 1.25 1.68 1.64 1.33 2.07 1.97 1.62 1.65 1.59 0.91 1.39 (0.3) pt
ROIC 0.00 0.00 47.80 19.84 7.71 16.56 8.42 10.47 4.29 2.79 4.72 +2.8 pt
ROE 20.55 20.94 16.88 16.60 31.96 29.65 22.10 22.63 20.46 10.52 15.49 (10.0) pt
People
People Employees 157 194 259 329 404 481 556 618 663 735 — +18.7%
Revenue/emp, $m 0.65 0.73 0.73 0.79 1.02 0.98 1.09 1.93 2.19 1.86 — +12.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Merchants Bancorp vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BANR Banner Corporation $2.6B 11.8× 11.7× +1.50% (above 0%: growing) −11.61% (below 0%: shrinking) −40.58% (below 0%: shrinking) 77.09% 0.00% Compare
SYBT Stock Yards Bancorp, Inc. $2.5B 15.2× 14.8× +11.93% (above 0%: growing) +14.63% (above 0%: growing) +134.96% (above 0%: growing) 74.21% 0.00% Compare
MBIN Merchants Bancorp $2.4B 8.3× 8.4× +13.68% (above 0%: growing) +136.04% (above 0%: growing) +267.73% (above 0%: growing) 57.39% 0.00%
BUSE First Busey Corporation $2.3B 11.7× 11.5× −4.46% (below 0%: shrinking) +6.90% (above 0%: growing) +29.75% (above 0%: growing) 70.90% 0.00% Compare
NWBI Northwest Bancshares, Inc. $2.2B 11.1× 10.9× +8.47% (above 0%: growing) +1,650.00% (above 0%: growing) +538.73% (above 0%: growing) 75.12% 0.00% Compare
EFSC Enterprise Financial Services Corporation $2.2B 12.4× 12.3× −8.24% (below 0%: shrinking) −4.17% (below 0%: shrinking) +50.95% (above 0%: growing) 74.70% 0.00% Compare
BBAR BBVA Banco Frances S.A. $2.2B 7.9× — +0.73% (above 0%: growing) +83.33% (above 0%: growing) −107.66% (below 0%: shrinking) 67.81% 0.00% Compare
WAFD WaFd, Inc. $2.2B 9.2× 10.9× +8.60% (above 0%: growing) +4.11% (above 0%: growing) +33.88% (above 0%: growing) 58.85% 0.00% Compare
OFG OFG Bancorp $2.1B 9.6× 9.4× −1.39% (below 0%: shrinking) +14.53% (above 0%: growing) +41.84% (above 0%: growing) 81.53% 0.00% Compare
Median of peers $2.2B 11.4× 11.5× +1.12% +10.72% +37.86% 74.46% 0.00%

All 327 Banks Regional stocks →

Pay and ownership Proxy statement filed 10 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.53m 2.57m 195.00
2024 2.94m 3.60m 294.00
2023 2.84m 4.98m 340.00
2022 1.91m 2.32m 192.00
2021 1.55m 2.16m 246.00

Ownership

Directors and executive officers, together 44.90%
Jody J. Petrie 27.40%
Michael F. Petrie 27.40%
Randall D. Rogers, Jr. 8.30%
Mary H. Rogers 6.00%
Carey Rogers Kulongoski 6.00%
Emily J. Pell 6.00%
Randall D. Rogers 6.00%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Merchants Bancorp (MBIN) Latest News

29 Oct

Impact 4 · · StockStory

28 Oct

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Impact 3 · · Associated Press

27 Oct

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23 Oct

Impact 3 · · Simply Wall St.

22 Oct

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21 Oct

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1 Oct

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5 Sep

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3 Aug

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29 Jul

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28 Jul

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14 Jul

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28 Apr

Impact 4 · · Zacks
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Impact 4 · · PR Newswire
Impact 3 · · StockStory

22 Apr

Impact 3 · · Zacks
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21 Apr

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19 Apr

Impact 4 · · The Motley Fool

31 Mar

Impact 4 · · StockStory

3 Mar

Impact 3 · · TipRanksStockStorySimply Wall St.ZacksSimply Wall St.Simply Wall St.Simply Wall St.TipRanks

19 Feb

Impact 4 · · PR Newswire

16 Feb

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15 Feb

Impact 4 · · Simply Wall St.

MBIN metrics, ten years each

stockrow.com/MBIN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com