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. In the quarter to June 2026, revenue fell 4.26%, EPS grew 146.7%, free cash flow grew 267.7% and total debt rose 6.81%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Merchants Bancorp (MBIN) Piotroski F-score
Merchants Bancorp's Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | 0.00 |
| FY2024 | 3 | (1.00) |
| FY2023 | 4 | (2.00) |
| FY2022 | 6 | 3.00 |
| FY2021 | 3 | (2.00) |
| FY2020 | 5 | 3.00 |
| FY2019 | 2 | (3.00) |
| FY2018 | 5 | 0.00 |
| FY2017 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 0.91% | 1.59% | Pass | 1 |
| Positive operating cash flow | (341.25m) | (835.28m) | Fail | 0 |
| Rising return on assets | 0.91% | 1.59% | Fail | 0 |
| Cash flow above net income | (514.80m) | (1.12b) | Fail | 0 |
| Falling long-term leverage | 0.20 | 0.25 | Pass | 1 |
| Rising current ratio | 1.16 | 1.23 | Fail | 0 |
| No new shares issued | 45,871,700 | 44,855,100 | Fail | 0 |
| Rising gross margin | 49.91% | 46.23% | Pass | 1 |
| Rising asset turnover | 0.07 | 0.08 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| SRCE 1st Source Corporation compare | 8 |
| SYBT Stock Yards Bancorp, Inc. compare | 8 |
| BBT Beacon Financial Corporation compare | 6 |
| WAFD WaFd, Inc. compare | 6 |
| NWBI Northwest Bancshares, Inc. compare | 6 |
| BUSE First Busey Corporation compare | 6 |
| OFG OFG Bancorp compare | 5 |
| EFSC Enterprise Financial Services Corporation compare | 4 |
| MBIN Merchants Bancorp | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover