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Friday 6 November 2026
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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%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
3 | 3 | 4 | 6 | 3 | 5 | 2 | 5 | 5 | — |
P/E ratio |
9.01 | 5.75 | 7.37 | 5.37 | 5.91 | 4.78 | 8.32 | 9.60 | 8.64 | 22.13 |
P/S ratio |
1.14 | 1.13 | 1.51 | 1.72 | 2.90 | 1.94 | 2.18 | 3.01 | 3.17 | 2.42 |
P/FCF ratio |
0.00 | 0.00 | 0.00 | 1.08 | 0.00 | 0.00 | 0.00 | 3.03 | 0.00 | 1.05 |
P/Operating CF |
(3.93) | (163.96) | 2.44 | (1.21) | 4.02 | 2.38 | 1.39 | 5.75 | (2.17) | 1.48 |
P/B ratio |
0.90 | 1.04 | 1.50 | 1.08 | 1.72 | 1.33 | 1.28 | 1.51 | 1.38 | 1.58 |
Price to Tangible BV |
1.04 | 1.19 | 1.75 | 1.31 | 2.05 | 1.60 | 1.63 | 2.04 | 1.77 | 2.38 |
EV/Sales |
3.80 | 3.82 | 1.82 | 2.87 | 2.89 | 4.77 | 0.90 | 1.38 | 0.00 | (2.43) |
EV/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
EV/Operating CF |
(15.21) | (6.64) | (6.10) | 1.79 | (27.58) | (2.24) | (0.19) | 1.28 | 0.00 | (1.05) |
EV/FCF |
(13.78) | (6.49) | (5.94) | 1.80 | (25.90) | (2.21) | (0.18) | 1.38 | 0.00 | (1.06) |
Quick Ratio |
0.02 | 0.04 | 0.04 | 0.02 | 0.12 | 0.03 | 0.09 | 0.16 | 0.17 | 0.24 |
Current Ratio |
1.16 | 1.23 | 0.99 | 1.05 | 1.13 | 1.19 | 1.03 | 1.05 | 0.98 | 0.94 |
Net Debt/EBITDA |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Debt/Assets |
19.76% | 23.32% | 5.69% | 7.38% | 9.17% | 13.98% | 2.85% | 5.03% | 1.67% | 2.10% |
Debt/Equity |
1.68 | 1.96 | 0.57 | 0.64 | 0.89 | 1.66 | 0.28 | 0.46 | 0.15 | 0.28 |
Asset Turnover |
0.07 | 0.08 | 0.08 | 0.05 | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 | 0.04 |
Operating CF/Net income |
(1.97) | (2.94) | (1.46) | 5.04 | (0.24) | (5.27) | (18.45) | 3.43 | (3.42) | (4.81) |
Capex/Depreciation |
(10.22) | (6.10) | (2.64) | (3.55) | (1.46) | (1.91) | (16.41) | (33.62) | (6.75) | (9.07) |
| 10.52% | 20.46% | 22.63% | 22.10% | 29.65% | 31.96% | 16.60% | 16.88% | 20.94% | 20.55% | |
| 0.91% | 1.59% | 1.65% | 1.62% | 1.97% | 2.07% | 1.33% | 1.64% | 1.68% | 1.25% | |
ROIC |
2.79% | 4.29% | 10.47% | 8.42% | 16.56% | 7.71% | 19.84% | 47.80% | 0.00% | 0.00% |
Return on Tangible Assets |
8.06% | 10.04% | (362.60%) | 32.98% | 17.69% | 11.80% | 35.99% | 32.61% | (84.44%) | (24.02%) |
Average Days of Receivables |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
30.59% | 17.10% | 18.02% | 25.27% | 27.79% | 26.39% | 25.96% | 29.20% | 26.13% | 27.29% |
Intangible Assets out of Total Assets |
0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.02 | 0.02 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Graham Net Nets |
(1.31) | (1.15) | (0.72) | (0.51) | 0.00 | (0.06) | (0.14) | (0.11) | (0.33) | (0.92) |
Graham Number |
56.63 | 70.69 | 59.44 | 47.40 | 46.97 | 34.68 | 19.08 | 16.59 | 18.28 | 0.00 |
Earnings Yield |
11.10% | 17.38% | 13.58% | 18.62% | 16.92% | 20.92% | 12.02% | 10.42% | 11.58% | 4.52% |
Free Cash Flow Yield |
(24.11%) | (52.18%) | (20.34%) | 92.88% | (3.85%) | (111.38%) | (225.76%) | 32.96% | (39.51%) | 94.89% |
Revenue per Share |
29.76 | 32.34 | 27.59 | 14.06 | 10.87 | 9.52 | 6.02 | 4.42 | 4.20 | 3.20 |
Operating CF per Share |
(7.44) | (18.62) | (8.25) | 22.61 | (1.14) | (20.29) | (29.19) | 4.75 | (5.20) | (4.73) |
Capex per Share |
(0.77) | (0.41) | (0.17) | (0.20) | (0.07) | (0.08) | (0.32) | (0.36) | (0.06) | (0.08) |
Free Cash Flow per Share |
(8.21) | (19.03) | (8.42) | 22.40 | (1.21) | (20.38) | (29.52) | 4.39 | (5.26) | (4.81) |
Cash per Share |
4.66 | 10.66 | 13.60 | 5.32 | 24.05 | 4.32 | 11.92 | 11.78 | 15.00 | 18.59 |
Shareholders Equity per Share |
49.72 | 50.01 | 39.36 | 33.82 | 26.76 | 18.80 | 15.18 | 9.79 | 10.86 | 6.51 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
49.72 | 50.01 | 39.36 | 33.82 | 26.76 | 18.80 | 15.18 | 9.79 | 10.86 | 6.51 |
Free Cash Flow |
(376.67) | (853.67) | (363.93) | 966.96 | (52.42) | (878.51) | (1,270.99) | 188.84 | (177.88) | (152.29) |
Working Capital |
2,078.73 | 2,767.11 | (109.79) | 551.98 | 1,134.51 | 1,378.09 | 159.97 | 167.44 | (66.17) | (134.44) |
Capital Expenditures |
(35.42) | (18.39) | (7.53) | (8.82) | (3.21) | (3.62) | (13.98) | (15.50) | (2.00) | (2.52) |
Net Current Asset Value |
(2,048.26) | (1,875.33) | (1,299.76) | (532.17) | (6.11) | (48.60) | (80.15) | (64.40) | (148.27) | (218.04) |
EV/EBIT |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Capex to Sales |
0.03 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.05 | 0.08 | 0.01 | 0.02 |
Price to Operating Income |
5.92 | 3.87 | 5.17 | 3.58 | 4.47 | 3.26 | 5.54 | 6.82 | 5.84 | 4.26 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.05 | 0.05 | 0.07 | 0.07 | 0.07 | 0.06 | 0.03 | 0.03 | 0.06 | 0.06 |
Cash ROIC |
(5.94%) | (12.01%) | (11.19%) | 36.91% | (1.62%) | (37.46%) | (94.24%) | 16.81% | (19.10%) | (17.87%) |
Accounts Receivable Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Accounts Payable Turnover |
0.05 | 0.06 | 0.05 | 0.02 | 0.00 | 0.01 | 0.02 | 0.02 | 0.01 | 0.01 |
Inventory Turnover |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Days of Payables |
6,961.23 | 5,577.22 | 8,150.25 | 22,652.17 | 96,738.28 | 46,107.77 | 22,291.69 | 23,310.93 | 38,661.38 | 46,733.80 |
Days of Inventory on Hand |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Average Payables |
12,480.59 | 12,990.72 | 12,066.40 | 9,526.98 | 8,195.34 | 6,443.07 | 4,354.58 | 3,087.32 | 2,686.09 | 2,234.07 |
Average Assets |
19,127.34 | 17,879.13 | 14,783.88 | 11,946.94 | 10,462.01 | 8,008.65 | 5,128.05 | 3,638.65 | 3,055.82 | 2,493.98 |
Average Common Equity |
1,650.32 | 1,386.33 | 1,080.80 | 876.70 | 695.62 | 519.53 | 410.37 | 352.77 | 245.30 | 151.45 |
Columns are period end dates · fundamentals updated 2 Nov 2026