MBIN Stock Analysis: Merchants Bancorp | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 2.389m USD | 12M Return: 71.4% | US58844R1086 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.07M
EPS Trend: -55.4%
Qual. Beats: 1
Rev. Trend: 7.1%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 8.9 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Merchants Bancorp (NASDAQ: MBIN) is a U.S. diversified bank holding company headquartered in Carmel, Indiana, operating through three business segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment originates and services government-sponsored mortgages, including bridge financing for multi-family housing projects, construction lending, healthcare facilities financing (such as skilled nursing, assisted living, and memory care), and tax credit equity syndication. The Mortgage Warehousing segment provides short-term funding to mortgage originators and other non-depository financial institutions for both agency-eligible residential loans and commercial loans. The Banking segment offers traditional retail banking, commercial, agricultural, and SBA lending, along with residential mortgage banking.
The company, founded in 1990 and listed on NASDAQ since its 2017 IPO, sits within the Financials sectors Commercial & Residential Mortgage Finance sub-industry. Mortgage warehousing is a specialized form of short-term, collateralized lending that typically relies on interest rate spreads between loan funding and sale or securitization, making it sensitive to interest rate cycles and housing market volume.
- Multifamily mortgage origination tracks Fed rate path and GSE demand
- Mortgage warehousing revenue scales with correspondent residential lending volumes
- Net interest margin benefits from loan growth and stable deposit base
| Net Income: 319.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.03 > 0.02 and ΔFCF/TA -0.15 > 1.0 |
| NWC/Revenue: 728.5% < 20% (prev -908.6%; Δ 1.64k% < -1%) |
| CFO/TA -0.03 > 3% & CFO -546.8m > Net Income 319.1m |
| Net Debt (3.04b) to EBITDA (1.03b): 2.95 < 3 |
| Current Ratio: 3.47 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.0m) vs 12m ago 0.22% < -2% |
| Gross Margin: 37.23% > 18% (prev 42.77%; Δ -5.54% > 0.5%) |
| Asset Turnover: 6.35% > 50% (prev 7.17%; Δ -0.82% > 0%) |
| Interest Coverage Ratio: 1.62 > 6 (EBIT TTM 1.03b / Interest Expense TTM 635.8m) |
| A: 0.45 (Total Current Assets 13.1b - Total Current Liabilities 3.76b) / Total Assets 20.9b |
| B: 0.08 (Retained Earnings 1.69b / Total Assets 20.9b) |
| C: 0.05 (EBIT TTM 1.03b / Avg Total Assets 20.1b) |
| D: 0.13 (Book Value of Equity 2.48b / Total Liabilities 18.4b) |
| Altman-Z'' = 3.67 = AA |
| DSRI: 3.0 (Receivables 12.3b/82.4m, Revenue 1.28b/1.39b) |
| GMI: 1.15 (GM 42.77% / 37.23%) |
| AQI: 0.40 (AQ_t 0.37 / AQ_t-1 0.93) |
| SGI: 0.92 (Revenue 1.28b / 1.39b) |
| TATA: 0.04 (NI 319.1m - CFO -546.8m) / TA 20.9b) |
| Beneish M = -1.65 (Cap -4..+1) = CCC |
As of November 05, 2026, the stock is trading at USD 53.43 with a total of 156,328 shares traded. Over the past week, the price has changed by +8.75%, over one month by +7.46%, over three months by -3.70% and over the past year by +71.37%.
Current recommended Stop Loss: 49.70 (which is 7% or 2.3 ATR below the current price).
Merchants Bancorp has received a consensus analysts rating of 3.33. Therefore, it is recommended to hold MBIN.
- StrongBuy: 0
- Buy: 1
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 67 | 25.4% |
P/E Trailing = 8.5667
P/S = 3.396
P/B = 1.2242
Revenue TTM = 1.28b USD
EBIT TTM = 1.03b USD
EBITDA TTM = 1.03b USD
Long Term Debt = 3.84b USD (from longTermDebt, last fiscal year)
Short Term Debt = 3.76b USD (from shortTermDebt, last fiscal year)
Debt = 3.84b USD (from shortLongTermDebtTotal, last fiscal year)
Net Debt = 3.04b USD (calculated: Debt 3.84b - CCE 799.3m)
Enterprise Value = 5.43b USD (2.39b + Debt 3.84b - CCE 799.3m)
Interest Coverage Ratio = 1.62 (Ebit TTM 1.03b / Interest Expense TTM 635.8m)
EV/FCF = -9.54x (Enterprise Value 5.43b / FCF TTM -569.3m)
FCF Yield = -10.48% (FCF TTM -569.3m / Enterprise Value 5.43b)
FCF Margin = -44.58% (FCF TTM -569.3m / Revenue TTM 1.28b)
Net Margin = 24.98% (Net Income TTM 319.1m / Revenue TTM 1.28b)
Gross Margin = 37.23% ((Revenue TTM 1.28b - Cost of Revenue TTM 801.5m) / Revenue TTM)
Gross Margin QoQ = none% (prev 46.43%)
Tobins Q-Ratio = 0.26 (Enterprise Value 5.43b / Total Assets 20.9b)
Interest Expense / Debt = 16.55% (Interest Expense 635.8m / Debt 3.84b)
Taxrate = 18.48% (72.3m / 391.4m)
NOPAT = 837.4m (EBIT 1.03b * (1 - 18.48%))
Current Ratio = 3.47 (Total Current Assets 13.1b / Total Current Liabilities 3.76b)
Debt / Equity = 1.55 (Debt 3.84b / totalStockholderEquity, last quarter 2.48b)
Debt / EBITDA = 2.95 (Net Debt 3.04b / EBITDA 1.03b)
Debt / FCF = -5.35 (negative FCF - burning cash) (Net Debt 3.04b / FCF TTM -569.3m)
Total Stockholder Equity = 2.37b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.59% (Net Income 319.1m / Total Assets 20.9b)
RoE = 13.45% (Net Income TTM 319.1m / Total Stockholder Equity 2.37b)
RoCE = 16.53% (EBIT 1.03b / Capital Employed (Equity 2.37b + L.T.Debt 3.84b))
RoIC = 4.02% (NOPAT 837.4m / Invested Capital 20.8b)
WACC = 11.15% (E(2.39b)/V(6.23b) * Re(7.39%) + D(3.84b)/V(6.23b) * Rd(16.55%) * (1-Tc(0.18)))
Discount Rate = 7.39% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 60.63 | Cagr: 1.32%
[DCF] Fair Price = unknown (Cash Flow -569.3m)
EPS Correlation: -55.39 | EPS CAGR: -10.99% | SUE: 1.80 | # QB: 1
Revenue Correlation: 7.09 | Revenue CAGR: 0.43% | SUE: 0.46 | # QB: 0
EPS current Quarter (2027-03-31): EPS=1.43 | Chg30d=+3.01% | Revisions=-25% | Analysts=2
EPS current Year (2026-12-31): EPS=6.04 | Chg30d=+11.10% | Revisions=-25% | GrowthEPS=+59.8% | GrowthRev=+11.4%
EPS next Year (2027-12-31): EPS=6.08 | Chg30d=+1.22% | Revisions=+25% | GrowthEPS=+0.7% | GrowthRev=+2.5%
[Analyst] Revisions Ratio: -17% (up=1, down=2)