Saturday 17 October 2026 Export MBIN’s income statement to Excel — free account

Merchants Bancorp

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.

48.77 0.18 −0.37%

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Market cap: $2.3B
P/E: 9.8×
Fwd P/E: 9.1×
Dividend yield: 0.88%
F-score: 3/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 5.65

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	4	4	—	7	—	—	1	—	2	—	—	—

Insider Ownership 58.12%

Capital & Financial Ratios $m

Market Cap 2,250.00

Revenue 1,356.33

Net Income 268.59

Free Cash Flow (779.85)

Net Debt 3,966.39

Current Ratio 1.21

Debt/Equity 1.79

P/E ratio 9.79

Fwd P/E 9.11

P/S ratio 1.65

P/B ratio 1.22

Past 5Y EPS Growth (0.35%)

This Y EPS Growth 47.44%

Next Y EPS Growth 7.83%

Next Y revenue growth (47.12%)

Next 5Y EPS Growth 22.27%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 82.39%

10-year low 10-year high

P/S against its own 10 years 39.51%

10-year low 10-year high

P/B against its own 10 years 39.82%

10-year low 10-year high

Dividends

Payout Ratio 0.09

Annual Dividend Rate 0.43

Annual Dividend Yield 0.88%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	0.45	0.11 0.11 0.11
2025	0.40	0.10 0.10 0.10 0.10
2024	0.36	0.09 0.09 0.09 0.09
2023	0.32	0.08 0.08 0.08 0.08
2022	0.28	0.07 0.07 0.07 0.07
2021	0.24	0.06 0.06 0.06 0.06
2020	0.21	0.05 0.05 0.05 0.05
2019	0.19	0.05 0.05 0.05 0.05
2018	0.16	0.04 0.04 0.04 0.04
2017	0.03	0.03

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	588	478	214	316
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	13,952	14,687	15,120	17,277

	2023	2024	2025	Q'26
Payables	14,061	11,920	13,041	14,254
ST’ Debt	—	—	—	—
Other	—	—	—	—
	14,061	11,920	13,041	14,254

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	317	340	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.25	1.48	—	—	—
’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	5.24
’20	0.49	0.87	1.19	1.30	3.85

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	—	10.85	12.57	9.76	8.25	17.97	21.52	21.50	35.56	27.25	Analyst estimates 2026–2028 Powerpack
	High	—	14.65	19.43	16.53	20.56	33.00	33.57	43.89	53.27	43.82
People
People	Employees	157	194	259	329	404	481	556	618	663	735
	Revenue/emp, $m	0.65	0.73	0.73	0.79	1.02	0.98	1.09	1.93	2.19	1.86
Income, $m
Income, $m	Revenue	101	142	190	259	410	469	607	1,192	1,451	1,365
	Gross margin, %	81.30	80.44	73.39	65.38	85.71	92.78	73.25	47.19	46.23	49.91
	EBT	55	77	84	102	243	305	291	348	423	264
	EBT margin, %	54.02	54.31	44.19	39.42	59.32	64.99	47.98	29.18	29.13	19.32
	Net income	33	55	63	77	181	227	220	279	320	219
	Depreciation	0	0	0	1	2	2	2	3	3	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
	Earnings	1.05	1.52	1.39	1.58	3.85	5.26	4.49	5.66	6.32	3.78
	Cash flow	(4.73)	(5.20)	4.75	(29.19)	(20.29)	(1.14)	22.61	(8.25)	(18.62)	(7.44)
	Capex	(0.08)	(0.06)	(0.36)	(0.32)	(0.08)	(0.07)	(0.20)	(0.17)	(0.41)	(0.77)
	Free cash flow	(4.81)	(5.26)	4.39	(29.52)	(20.38)	(1.21)	22.40	(8.42)	(19.03)	(8.21)
	Book value	6.51	10.86	9.79	15.18	18.80	26.76	33.82	39.36	50.01	49.72
	Shares, m	32	34	43	43	43	43	43	43	45	46
Valuation, ×
Valuation, ×	P/E	22.13	8.64	9.60	8.32	4.78	5.91	5.37	7.37	5.75	9.01
	P/S	2.42	3.17	3.01	2.18	1.94	2.90	1.72	1.51	1.13	1.14
	P/B	1.58	1.38	1.51	1.28	1.33	1.72	1.08	1.50	1.04	0.90
	EV/Sales	(2.43)	0.00	1.38	0.90	4.77	2.89	2.87	1.82	3.82	3.80
	EV/FCF	(1.06)	0.00	1.38	(0.18)	(2.21)	(25.90)	1.80	(5.94)	(6.49)	(13.78)
Cash, $m
Cash, $m	Operating cash flow	(150)	(176)	204	(1,257)	(875)	(49)	976	(356)	(835)	(341)
	Capex	(3)	(2)	(15)	(14)	(4)	(3)	(9)	(8)	(18)	(35)
	Free cash flow	(152)	(178)	189	(1,271)	(879)	(52)	967	(364)	(854)	(377)
Balance, $m
Balance, $m	Working capital	(134)	(66)	167	160	1,378	1,135	552	(110)	2,767	2,079
	Total debt	57	57	195	181	1,348	1,034	930	964	4,386	3,843
	Net debt	(532)	(451)	(311)	(332)	1,162	(5)	701	376	3,908	3,629
	Shareholders’ equity	206	367	421	654	811	1,155	1,460	1,701	2,243	2,281
Returns, %
Returns, %	ROA	1.25	1.68	1.64	1.33	2.07	1.97	1.62	1.65	1.59	0.91
	ROIC	0.00	0.00	47.80	19.84	7.71	16.56	8.42	10.47	4.29	2.79
	ROE	20.55	20.94	16.88	16.60	31.96	29.65	22.10	22.63	20.46	10.52

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
BUSE First Busey Corporation	$2.4B	12.2×	11.2×	−8.06% (below 0%: shrinking)	+30.19% (above 0%: growing)	−15.02% (below 0%: shrinking)	73.20%	0.00%	Compare
SYBT Stock Yards Bancorp, Inc.	$2.4B	15.2×	14.5×	+11.27% (above 0%: growing)	+13.79% (above 0%: growing)	+1.75% (above 0%: growing)	73.89%	0.00%	Compare
BBT Beacon Financial Corporation	$2.3B	15.1×	9.7×	+99.71% (above 0%: growing)	+211.49% (above 0%: growing)	+88.09% (above 0%: growing)	68.58%	0.00%	Compare
MBIN Merchants Bancorp	$2.3B	9.8×	9.1×	−4.26% (below 0%: shrinking)	+146.67% (above 0%: growing)	+267.73% (above 0%: growing)	53.63%	0.00%
OFG OFG Bancorp	$2.2B	10.3×	9.8×	+2.40% (above 0%: growing)	+20.87% (above 0%: growing)	+41.84% (above 0%: growing)	82.69%	0.00%	Compare
NWBI Northwest Bancshares, Inc.	$2.2B	14.2×	10.3×	+18.20% (above 0%: growing)	+42.31% (above 0%: growing)	+538.73% (above 0%: growing)	75.69%	0.00%	Compare
WAFD WaFd, Inc.	$2.2B	9.1×	10.9×	+1.80% (above 0%: growing)	+16.44% (above 0%: growing)	+33.88% (above 0%: growing)	57.68%	0.00%	Compare
EFSC Enterprise Financial Services Corporation	$2.2B	11.8×	11.1×	+1.34% (above 0%: growing)	−19.12% (below 0%: shrinking)	+15.23% (above 0%: growing)	75.04%	0.00%	Compare
SRCE 1st Source Corporation	$2.1B	12.3×	11.1×	+3.88% (above 0%: growing)	+29.14% (above 0%: growing)	+16.78% (above 0%: growing)	75.70%	0.00%	Compare
Median of peers	$2.2B	12.3×	11.0×	+3.14%	+25.01%	+25.33%	74.47%	0.00%

All 323 Banks Regional stocks →

Merchants Bancorp (MBIN) key facts

Concern: Merchants Bancorp’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, down 5.90% from fiscal 2024.
Merchants Bancorp (MBIN) is a Banks Regional company in the Financial sector, listed on Nasdaq.
As of October 16, 2026, MBIN traded at $48.77, a market capitalization of $2.3 billion.
Merchants Bancorp pays an annual dividend of $0.43 per share, a yield of 0.88%, with a payout ratio of 8.63%.
Return on equity was 10.5% and debt-to-equity 1.79.
Its Piotroski F-score is 3 out of 9 for fiscal 2025.