Merchants Bancorp (MBIN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Merchants Bancorp

NasdaqCM•Financial Services•Banks - Regional

$52.07+0.30(0.01%)Market closed

Market Cap

$2.39B

P/E

8.9x

P/S

1.8x

P/B

1.0x

Merchants Bancorp operates as the diversified bank holding company in the United States. It operates through three segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment engages in the mortgage banking, which originates, and services government sponsored mortgages, including bridge financing products to refinance, acquire, or reposition multi-family housing projects, and construction lending for housing development and healthcare facilities financing. This segment also offers customized loan products for need-based skilled nursing facilities, such as independent living, assisted living, and memory care; and tax credit equity syndicator service. The Mortgage Warehousing segment funds agency eligible residential loans, as well as commercial loans to non-depository financial institutions. The Banking segment offers a range of financial products and services to consumers and businesses, which includes retail banking, commercial lending, agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending. Merchants Bancorp was founded in 1990 and is headquartered in Carmel, Indiana.

How this company scores

WeakMetricSide Score: 44/100

Grade capped at D — Interest coverage below 1× (0.6x) — earnings cannot cover interest. Strongest: Profitability (23/25); weakest: Cash & Earnings Quality (3/25).

Profitability23/25

Growth10/25

Balance Sheet & Red Flags8/25

Cash & Earnings Quality3/25

Strengths

Strong marginsProfit converts from growthNet cash positionImproving margins

Grade capped at D

Interest coverage below 1× (0.6x) — earnings cannot cover interest.

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 8.9x5y range 3.6x – 8.9x

Currently above its 20-quarter median.

P/S · 1.8x5y range 1.1x – 2.4x

Currently near its 20-quarter median.

P/B · 1.0x5y range 0.7x – 1.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Revenue Decline

Red Flag

Revenue declined in 5 of the last 7 quarters — persistent contraction signals a fundamental problem.

Price & Volume

Market Cap $2.39B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.36B
Q. Revenue: $339.75M
TTM EBITDA: $328.78M
TTM Op. Income: $322.56M
Q. Op. Income: $99.78M
TTM Net Income: $268.58M
Q. Net Income: $78.30M
EPS: $1.48
Shares Out.: $45.94M

$1.36B in TTM revenue declined 3.3% YoY, reaching $339.75M last quarter. TTM EBITDA of $328.78M and TTM operating income of $322.56M show growth is flowing through to the bottom line. TTM net income of $268.58M means revenue is converting into profit. Over the past year, TTM revenue is down 3% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 53.6%
EBITDA Margin: 29.8%
Op. Margin: 29.4%
Net Margin: 23.0%

Op. margin of 29.4% is up 15.6% YoY — cost efficiency is improving. Net margin at 23.0% and gross margin of 53.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has risen for 4 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 8.9x
P/S Ratio: 1.8x
P/B Ratio: 1.0x

At 8.9x P/E, the stock trades below typical market levels. P/S of 1.8x and P/B of 1.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $21.23B
Cash: $314.70M
Long-Term Debt: N/A
Book Value: $2.39B
D/E Ratio: N/A
Debt/EBITDA: 0.0

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $213.31M
TTM Free Cash Flow: $-765.32M
FCF Margin: -56.4%
FCF / Net Income: -2.8

TTM FCF of $-765.32M on $213.31M in operating cash flow. The FCF / Net Income ratio of -2.8x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 54% — an improving trend.