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Friday 6 November 2026 Export MBIN’s income statement to Excel — free account

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

Merchants Bancorp (MBIN) Debt to equity

Alert me on Debt to equity

Merchants Bancorp's debt to equity at the end of the quarter to 30 September 2026 was 1.2×, down 0.5× from fiscal 2025 (1.7×). Over the past ten years it has ranged from 0.2× (fiscal 2017) to 2.0× (fiscal 2024); the current reading is higher than 91% of that period. That is above the Banks Regional industry median of 0.2× and above the Financial sector median of 0.2×.

Debt to equity, annual

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Annual newest first

Period Debt to equity Change
FY2025 1.7× (13.83%)
FY2024 2.0× 244.95%
FY2023 0.6× (11.08%)
FY2022 0.6× (28.77%)
FY2021 0.9× (46.19%)
FY2020 1.7× 499.35%
FY2019 0.3× (40.19%)
FY2018 0.5× 201.10%
FY2017 0.2× (44.23%)
FY2016 0.3× (28.77%)

Quarterly newest first

Period Debt to equity Change
Sep 2026 1.2× (32.07%)
Jun 2026 1.8× (12.66%)
Mar 2026 2.0× 21.58%
Dec 2025 1.7× 29.17%
37 more quarters

Against its own ten years

Low 0.2× High 2.0×
Ten-year median 0.6×
Current reading's percentile 91

Debt to equity against peers

Company Debt to equity
BUSE First Busey Corporation compare 0.0×
BANR Banner Corporation compare 0.1×
SYBT Stock Yards Bancorp, Inc. compare 0.2×
EFSC Enterprise Financial Services Corporation compare 0.3×
OFG OFG Bancorp compare 0.3×
BBAR BBVA Banco Frances S.A. compare 0.3×
NWBI Northwest Bancshares, Inc. compare 0.5×
WAFD WaFd, Inc. compare 0.8×
MBIN Merchants Bancorp 1.2×
Banks Regional industry median 0.2×
Financial sector median 0.2×
Market median 0.1×

What Debt to equity is

Debt to Equity Ratio shows how much a company relies on borrowed money compared with the money its shareholders have in the business.

(Long Term Debt (Total) + Current Part of Debt) ÷ Shareholders Equity (Total)

The full definition of Debt to equity →

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