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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) P/B ratio

Alert me on P/B ratio

As of 5 November 2026, Merchants Bancorp (MBIN) trades at a P/B ratio of 1.2×. Over the past ten years it has ranged from 0.8× (April 2020) to 2.4× (June 2018); the current reading is higher than 44% of that period. That is in line with the Banks Regional industry median of 1.2× and in line with the Financial sector median of 1.3×.

P/B ratio, daily

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Annual newest first

Period P/B ratio Change
FY2025 0.9× (13.23%)
FY2024 1.0× (30.46%)
FY2023 1.5× 38.08%
FY2022 1.1× (36.85%)
FY2021 1.7× 29.29%
FY2020 1.3× 3.54%
FY2019 1.3× (14.99%)
FY2018 1.5× 9.22%
FY2017 1.4× (12.47%)
FY2016 1.6× 0.00%

Quarterly newest first

Period P/B ratio Change
Sep 2026 1.2× (6.61%)
Jun 2026 1.2× 12.53%
Mar 2026 1.1× 22.63%
Dec 2025 0.9× 3.65%
36 more quarters

Against its own ten years

Low 0.8× High 2.4×
Ten-year median 1.3×
Current reading's percentile 44

P/B ratio against peers

Company P/B ratio
BBAR BBVA Banco Frances S.A. compare 0.7×
WAFD WaFd, Inc. compare 0.8×
BUSE First Busey Corporation compare 1.0×
BANR Banner Corporation compare 1.1×
NWBI Northwest Bancshares, Inc. compare 1.2×
EFSC Enterprise Financial Services Corporation compare 1.2×
MBIN Merchants Bancorp 1.2×
OFG OFG Bancorp compare 1.6×
SYBT Stock Yards Bancorp, Inc. compare 1.9×
Banks Regional industry median 1.2×
Financial sector median 1.3×
Market median 1.7×

What P/B ratio is

Price to Book Value tells an investor how much the market pays for a company’s shares relative to the accounting net worth that belongs to common shareholders.

Stock Price ÷ (Common Equity (Total) (latest quarter) ÷ Shares (Basic, Weighted) (latest quarter))

The full definition of P/B ratio →

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