Merchants Bancorp
MBIN Nasdaq· State Commercial Banks
Last close · Oct 23, 2026
$48.97
KIRA · Stoqly’s AI analyst, in plain words
- Merchants Bancorp had $681M of revenue in fiscal 2025, up 1.6% on the year before. Over five years, revenue changed +14.1% a year on average.
- Merchants Bancorp made $219M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 11.1% a year.
- Merchants Bancorp returned $59.4M to shareholders in fiscal 2025. The diluted share count rose 2.1%.
- It earned 9.7% on shareholders’ money. Running costs took 44.0% of revenue (the efficiency ratio; lower is better).
Market cap
$2.3B
P/E
9.8x
Revenue
$681M
Net income
$219M
Return on equity
9.7%
Efficiency ratio
44.0%
Merchants Bancorp in 30 seconds · fiscal 2025
Are sales growing?
+1.6%
Only a little. Sales grew 1.6% last year.
Does it make a profit?
32.1%
Yes. It keeps 32.1% of every sale as profit.
How lean are its costs?
44.0%
Lean. Running costs take 44.0% of revenue.
How much does it earn on its capital?
9.7%
Fair. It earns 9.7% a year on shareholders’ money.
How is the share priced?
9.8x
One share costs 9.8 times its yearly profit per share.
What Merchants Bancorp does
No business description yet.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 27, 2026
- Legal name
- Merchants Bancorp
- CIK
- 0001629019
Merchants Bancorp · MBIN
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $435M | $444M | $563M | $671M | $681M |
| Revenue growth | 23.8% | 2.1% | 26.6% | 19.2% | 1.6% |
| Net interest income | $278M | $319M | $448M | $523M | $517M |
| Net income | $227M | $220M | $279M | $320M | $219M |
| Net margin | 52.2% | 49.4% | 49.6% | 47.8% | 32.1% |
| Diluted EPS | $4.76 | $4.47 | $5.64 | $6.30 | $3.78 |
| Cash | |||||
| Cash from operations | −$49.2M | $976M | −$356M | −$835M | −$341M |
| Capital expenditure | $3.6M | $6.8M | $7.5M | $18.4M | $20.9M |
| Free cash flow | −$52.9M | $969M | −$364M | −$854M | −$362M |
| FCF margin | −12.1% | 218.0% | −64.7% | −127.3% | −53.2% |
| Dividends paid | $31.2M | $38.1M | $48.5M | $51.2M | $59.4M |
| Share buybacks | — | $3.9M | — | — | — |
| Share count change | 0.4% | −0.0% | 0.1% | 3.8% | 2.1% |
| Debt and strength | |||||
| Cash and short-term investments | $1.0B | $226M | $584M | $477M | $212M |
| Debt incl. finance leases | $1.0B | — | — | — | — |
| Loans, net | $5.8B | $7.4B | $10.1B | $10.4B | $11.0B |
| Deposits | $9.0B | $10.1B | $14.1B | $11.9B | $13.0B |
| Shareholders' equity | $1.2B | $1.5B | $1.7B | $2.2B | $2.3B |
| Returns and quality | |||||
| Return on equity | 23.1% | 16.8% | 17.7% | 16.2% | 9.7% |
| Return on tangible equity | 18.1% | 13.4% | 14.5% | 12.7% | 7.6% |
| Efficiency ratio | 28.8% | 30.6% | 31.0% | 33.4% | 44.0% |
| Piotroski F-score | 4 | — | — | — | — |
Insiders bought, 12 months
$0.5M
1 insider
Insiders sold, 12 months
$5.7M
3 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Net income:
- Profit after all expenses, interest and tax.
- Efficiency ratio:
- Noninterest expense as a share of revenue. Lower is better for banks.
- Return on equity:
- Net income as a share of average shareholders' equity.
- Return on tangible equity:
- Net income to common over equity minus goodwill and intangibles.
- Diluted EPS:
- Net income per diluted share.
Merchants Bancorp · MBIN
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Return on equity and efficiency ratio
Loans and deposits
Dividends and buybacks
Diluted EPS
KIRA
At $48.97 a share, the company is worth $2.3B: 9.8 times its earnings of the last four quarters.
Source: SEC EDGAR XBRL filings (CIK 0001629019). Data updated October 24, 2026. For information only — not investment advice. Check the original filings before relying on any figure.