(MBIN) Merchants Bancorp - Overview
Stock: Multi-Family Mortgages, Warehouse Funding, Commercial Loans, Retail Banking
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.16% |
| Yield on Cost 5y | 1.93% |
| Yield CAGR 5y | 2.67% |
| Payout Consistency | 100.0% |
| Payout Ratio | 10.6% |
| Risk 5d forecast | |
|---|---|
| Volatility | 38.0% |
| Relative Tail Risk | -12.0% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.08 |
| Alpha | -14.31 |
| Character TTM | |
|---|---|
| Beta | 0.902 |
| Beta Downside | 1.204 |
| Drawdowns 3y | |
|---|---|
| Max DD | 43.94% |
| CAGR/Max DD | 0.29 |
Description: MBIN Merchants Bancorp January 16, 2026
Merchants Bancorp (NASDAQ: MBIN) is a diversified U.S. bank holding company organized into three operating segments: (1) Multi-Family Mortgage Banking, which originates and services government-sponsored multifamily loans-including bridge financing for acquisition, refinancing, and construction of rental apartments, skilled-nursing and memory-care facilities, plus tax-credit equity syndication; (2) Mortgage Warehousing, which funds agency-eligible residential and commercial loans for non-depository lenders; and (3) Banking, delivering retail, commercial, agricultural, SBA, and correspondent mortgage services to consumers and businesses. The firm was founded in 1990 and is based in Carmel, Indiana.
As of the most recent quarterly filing (Q3 2024), MBIN reported a loan portfolio of roughly $7.2 billion, with multifamily loans representing about 38 % of total assets and a net interest margin (NIM) of 3.1 %-slightly above the industry median of ~2.9 % (source: S&P Global Market Intelligence). The segment’s performance is sensitive to two macro drivers: (i) the trajectory of the Federal Reserve policy rate, which influences both borrowing costs and the spread on agency-backed securities; and (ii) demographic trends that sustain demand for multifamily housing, especially in secondary markets where MBIN has a concentration of loan originations. A recent credit-quality metric, the loan-to-value (LTV) average for multifamily assets, sits at 71 %, indicating a relatively conservative risk profile compared with the sector average of 75 %.
For a deeper, data-driven view of MBIN’s valuation and risk metrics, you may find ValueRay’s analytical dashboard useful.
Piotroski VR‑10 (Strict, 0-10) 3.0
| Net Income: 218.8m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA 0.73 > 1.0 |
| NWC/Revenue: 330.5% < 20% (prev -778.8%; Δ 1109 % < -1%) |
| CFO/TA 0.00 > 3% & CFO 46.7m > Net Income 218.8m |
| Net Debt (3.84b) to EBITDA (266.1m): 14.44 < 3 |
| Current Ratio: 1.61 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.0m) vs 12m ago 0.11% < -2% |
| Gross Margin: 41.15% > 18% (prev 0.44%; Δ 4071 % > 0.5%) |
| Asset Turnover: 7.12% > 50% (prev 7.69%; Δ -0.57% > 0%) |
| Interest Coverage Ratio: 0.28 > 6 (EBITDA TTM 266.1m / Interest Expense TTM 683.8m) |
Altman Z'' 1.94
| A: 0.23 (Total Current Assets 11.91b - Total Current Liabilities 7.41b) / Total Assets 19.45b |
| B: 0.08 (Retained Earnings 1.49b / Total Assets 19.45b) |
| C: 0.01 (EBIT TTM 189.9m / Avg Total Assets 19.13b) |
| D: 0.10 (Book Value of Equity 1.73b / Total Liabilities 17.17b) |
| Altman-Z'' Score: 1.94 = BBB |
Beneish M 1.00
| DSRI: 140.5 (Receivables 11.03b/83.4m, Revenue 1.36b/1.45b) |
| GMI: 1.08 (GM 41.15% / 44.41%) |
| AQI: 0.40 (AQ_t 0.38 / AQ_t-1 0.96) |
| SGI: 0.94 (Revenue 1.36b / 1.45b) |
| TATA: 0.01 (NI 218.8m - CFO 46.7m) / TA 19.45b) |
| Beneish M-Score: 111.5 (Cap -4..+1) = D |
What is the price of MBIN shares?
Over the past week, the price has changed by +2.46%, over one month by +20.48%, over three months by +35.45% and over the past year by -0.33%.
Is MBIN a buy, sell or hold?
- StrongBuy: 0
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
What are the forecasts/targets for the MBIN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 47.3 | 11.4% |
| Analysts Target Price | 47.3 | 11.4% |
| ValueRay Target Price | 45.9 | 8.1% |
MBIN Fundamental Data Overview February 07, 2026
P/S = 3.4333
P/B = 1.1347
Revenue TTM = 1.36b USD
EBIT TTM = 189.9m USD
EBITDA TTM = 266.1m USD
Long Term Debt = 2.90b USD (from longTermDebt, two quarters ago)
Short Term Debt = 77.4m USD (from shortTermDebt, two quarters ago)
Debt = 3.84b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.84b USD (from netDebt column, last quarter)
Enterprise Value = 4.90b USD (1.94b + Debt 3.84b - CCE 880.9m)
Interest Coverage Ratio = 0.28 (Ebit TTM 189.9m / Interest Expense TTM 683.8m)
EV/FCF = 474.0x (Enterprise Value 4.90b / FCF TTM 10.3m)
FCF Yield = 0.21% (FCF TTM 10.3m / Enterprise Value 4.90b)
FCF Margin = 0.76% (FCF TTM 10.3m / Revenue TTM 1.36b)
Net Margin = 16.06% (Net Income TTM 218.8m / Revenue TTM 1.36b)
Gross Margin = 41.15% ((Revenue TTM 1.36b - Cost of Revenue TTM 801.5m) / Revenue TTM)
Gross Margin QoQ = 44.41% (prev 40.92%)
Tobins Q-Ratio = 0.25 (Enterprise Value 4.90b / Total Assets 19.45b)
Interest Expense / Debt = 4.41% (Interest Expense 169.4m / Debt 3.84b)
Taxrate = 8.17% (6.04m / 73.9m)
NOPAT = 174.4m (EBIT 189.9m * (1 - 8.17%))
Current Ratio = 1.61 (Total Current Assets 11.91b / Total Current Liabilities 7.41b)
Debt / Equity = 1.68 (Debt 3.84b / totalStockholderEquity, last quarter 2.28b)
Debt / EBITDA = 14.44 (Net Debt 3.84b / EBITDA 266.1m)
Debt / FCF = 371.9 (Net Debt 3.84b / FCF TTM 10.3m)
Total Stockholder Equity = 2.21b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.14% (Net Income 218.8m / Total Assets 19.45b)
RoE = 9.89% (Net Income TTM 218.8m / Total Stockholder Equity 2.21b)
RoCE = 3.71% (EBIT 189.9m / Capital Employed (Equity 2.21b + L.T.Debt 2.90b))
RoIC = 3.34% (NOPAT 174.4m / Invested Capital 5.22b)
WACC = 5.79% (E(1.94b)/V(5.78b) * Re(9.24%) + D(3.84b)/V(5.78b) * Rd(4.41%) * (1-Tc(0.08)))
Discount Rate = 9.24% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.89%
[DCF Debug] Terminal Value 80.82% ; FCFF base≈10.3m ; Y1≈6.78m ; Y5≈3.09m
Fair Price DCF = N/A (negative equity: EV 98.6m - Net Debt 3.84b = -3.74b; debt exceeds intrinsic value)
EPS Correlation: -11.67 | EPS CAGR: 6.24% | SUE: 0.91 | # QB: 1
Revenue Correlation: 82.77 | Revenue CAGR: 36.84% | SUE: 2.72 | # QB: 1
EPS next Quarter (2026-03-31): EPS=1.18 | Chg30d=+0.080 | Revisions Net=+1 | Analysts=3
EPS current Year (2026-12-31): EPS=5.24 | Chg30d=+0.287 | Revisions Net=+1 | Growth EPS=+38.5% | Growth Revenue=+6.9%
EPS next Year (2027-12-31): EPS=5.75 | Chg30d=+0.310 | Revisions Net=+1 | Growth EPS=+9.9% | Growth Revenue=+3.7%