Overview Dividends

(MBIN) Merchants Bancorp - Ratings and Ratios

Exchange: NASDAQ • Country: United States • Currency: USD • Type: Common Stock • ISIN: US58844R1086

Multi-Family Mortgages, Warehouse Lending, Commercial Banking, Tax-Credit Equity

EPS (Earnings per Share)

EPS Growth (3y CAGR): -5.09%
EPS Trend (3y Corr): -37.5%

Last SUE: 0.20σ
Qual. Beats: 0

Revenue

Revenue Growth (3y CAGR): 21.01%
Revenue Trend (3y Corr): 71.5%

Last SUE: 0.70σ
Qual. Beats: 0

Risk via 10d forecast
Volatility	37.4%
Value at Risk 5%th	54.4%
Relative Tail Risk	-11.48%

Reward TTM
Sharpe Ratio	-0.45
Alpha	-30.72

Character TTM
Hurst Exponent	0.460
Beta	0.911
Beta Downside	1.009

Drawdowns 3y
Max DD	43.94%
Mean DD	18.31%
Median DD	16.04%

Description: MBIN Merchants Bancorp November 13, 2025

Merchants Bancorp (NASDAQ: MBIN) is a diversified bank holding company headquartered in Carmel, Indiana. It operates three core segments: (1) Multi-family Mortgage Banking, which originates and services government-sponsored loans and provides bridge, acquisition, and construction financing for multifamily housing and healthcare facilities; (2) Mortgage Warehousing, which funds agency-eligible residential and commercial loans for non-depository lenders; and (3) Banking, delivering retail, commercial, agricultural, and SBA lending alongside correspondent mortgage services.

Key metrics that investors watch include a loan portfolio of roughly $7 billion (≈ 85 % in multifamily and GSE-backed residential loans), a net interest margin of about 3.5 % and a loan-to-deposit ratio near 78 %, indicating moderate leverage. The segment’s performance is highly sensitive to two macro drivers: (i) the prevailing interest-rate environment, which influences GSE mortgage volumes and spreads, and (ii) demographic trends that sustain demand for multifamily rentals and senior-care housing-both of which have been bolstered by a tight housing supply and an aging population.

For a deeper quantitative dive, consider using ValueRay to model how changes in interest rates and multifamily vacancy trends could impact MBIN’s earnings and valuation.

MBIN Stock Overview

Market Cap in USD	1,428m
Sub-Industry	Commercial & Residential Mortgage Finance
IPO / Inception	2017-10-27
Return 12m vs S&P 500	-28.2%
Analyst Rating	3.67 of 5

MBIN Dividends

Metric	Value
Dividend Yield	1.24%
Yield on Cost 5y	2.30%
Yield CAGR 5y	2.99%
Payout Consistency	97.1%
Payout Ratio	9.0%

MBIN Growth Ratios

Metric	Value
CAGR 3y	9.50%
CAGR/Max DD Calmar Ratio	0.22
CAGR/Mean DD Pain Ratio	0.52
Current Volume	164.7k
Average Volume	154k

Piotroski VR‑10 (Strict, 0-10) 2.5

Net Income (246.6m TTM) > 0 and > 6% of Revenue (6% = 83.2m TTM)

FCFTA 0.00 (>2.0%) and ΔFCFTA 0.89pp (YES ≥ +1.0pp, WARN ≥ +0.5pp)

NWC/Revenue -908.6% (prev -796.3%; Δ -112.3pp) (YES ≤20% & Δ≤-1pp; WARN ≤25% & Δ≤0 oder ≤40% & Δ≤-3pp)

CFO/TA 0.00 (>3.0%) and CFO 46.7m <= Net Income 246.6m (YES >=105%, WARN >=100%)

Net Debt (2.30b) to EBITDA (320.9m) ratio: 7.18 <= 3.0 (WARN <= 3.5)

Current Ratio 0.10 (target 1.5–3.0; WARN 1.2–<1.5 or >3.0–5.0; CFO/TA gate active)

Outstanding Shares last Quarter (45.9m) change vs 12m ago 0.05% (target <= -2.0% for YES)

Gross Margin 42.77% (prev 42.73%; Δ 0.05pp) >=18% & Δ>=+0.5pp (WARN >=15% & Δ>=0)

Asset Turnover 7.30% (prev 7.57%; Δ -0.27pp) >=50% & Δ>=+2pp (WARN >=35% & Δ>=0)

Interest Coverage Ratio 0.45 (EBITDA TTM 320.9m / Interest Expense TTM 701.1m) >= 6 (WARN >= 3)

Altman Z'' -3.82

(A) -0.65 = (Total Current Assets 1.33b - Total Current Liabilities 13.93b) / Total Assets 19.35b

(B) 0.07 = Retained Earnings (Balance) 1.43b / Total Assets 19.35b

(D) 0.10 = Book Value of Equity 1.67b / Total Liabilities 17.13b

Total Rating: -3.82 = (6.56 * A) + (3.26 * B) + (6.72 * C) + (1.05 * D)

ValueRay F-Score (Strict, 0-100) 50.64

1. Piotroski 2.50pt

2. FCF Yield 1.31%

3. FCF Margin 2.91%

4. Debt/Equity 1.30

5. Debt/Ebitda 7.18

6. ROIC - WACC (= -1.49)%

7. RoE 11.19%

8. Rev. Trend 71.47%

9. EPS Trend -37.51%

What is the price of MBIN shares?

As of November 22, 2025, the stock is trading at USD 31.43 with a total of 164,693 shares traded.
Over the past week, the price has changed by -1.69%, over one month by -2.15%, over three months by -0.52% and over the past year by -19.33%.

Is MBIN a buy, sell or hold?

Merchants Bancorp has received a consensus analysts rating of 3.67. Therefor, it is recommend to hold MBIN.

Strong Buy: 0
Buy: 2
Hold: 1
Sell: 0
Strong Sell: 0

What are the forecasts/targets for the MBIN price?

Issuer	Target	Up/Down from current
Wallstreet Target Price	40	27.3%
Analysts Target Price	40	27.3%
ValueRay Target Price	32.7	4%

MBIN Fundamental Data Overview November 20, 2025

Market Cap USD = 1.43b (1.43b USD * 1.0 USD.USD)
P/E Trailing = 7.154
P/S = 2.3911
P/B = 0.8547
Beta = 1.256
Revenue TTM = 1.39b USD
EBIT TTM = 317.8m USD
EBITDA TTM = 320.9m USD
Long Term Debt = 2.90b USD (from longTermDebt, last quarter)
Short Term Debt = 76.5m USD (from shortTermDebt, two quarters ago)
Debt = 2.90b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 2.30b USD (from netDebt column, last quarter)
Enterprise Value = 3.08b USD (1.43b + Debt 2.90b - CCE 1.25b)
Interest Coverage Ratio = 0.45 (Ebit TTM 317.8m / Interest Expense TTM 701.1m)
FCF Yield = 1.31% (FCF TTM 40.4m / Enterprise Value 3.08b)
FCF Margin = 2.91% (FCF TTM 40.4m / Revenue TTM 1.39b)
Net Margin = 17.78% (Net Income TTM 246.6m / Revenue TTM 1.39b)
Gross Margin = 42.77% ((Revenue TTM 1.39b - Cost of Revenue TTM 793.8m) / Revenue TTM)
Gross Margin QoQ = 40.92% (prev 35.35%)
Tobins Q-Ratio = 0.16 (Enterprise Value 3.08b / Total Assets 19.35b)
Interest Expense / Debt = 5.98% (Interest Expense 173.7m / Debt 2.90b)
Taxrate = 15.30% (9.88m / 64.6m)
NOPAT = 269.2m (EBIT 317.8m * (1 - 15.30%))
Current Ratio = 0.10 (Total Current Assets 1.33b / Total Current Liabilities 13.93b)
Debt / Equity = 1.30 (Debt 2.90b / totalStockholderEquity, last quarter 2.23b)
Debt / EBITDA = 7.18 (Net Debt 2.30b / EBITDA 320.9m)
Debt / FCF = 57.05 (Net Debt 2.30b / FCF TTM 40.4m)
Total Stockholder Equity = 2.20b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.27% (Net Income 246.6m / Total Assets 19.35b)
RoE = 11.19% (Net Income TTM 246.6m / Total Stockholder Equity 2.20b)
RoCE = 6.22% (EBIT 317.8m / Capital Employed (Equity 2.20b + L.T.Debt 2.90b))
RoIC = 4.99% (NOPAT 269.2m / Invested Capital 5.39b)
WACC = 6.49% (E(1.43b)/V(4.33b) * Re(9.37%) + D(2.90b)/V(4.33b) * Rd(5.98%) * (1-Tc(0.15)))
Discount Rate = 9.37% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.84%
[DCF Debug] Terminal Value 64.70% ; FCFE base≈40.4m ; Y1≈26.5m ; Y5≈12.1m
Fair Price DCF = 4.22 (DCF Value 193.7m / Shares Outstanding 45.9m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -37.51 | EPS CAGR: -5.09% | SUE: 0.20 | # QB: 0
Revenue Correlation: 71.47 | Revenue CAGR: 21.01% | SUE: 0.70 | # QB: 0

Additional Sources for MBIN Stock

News: Wall Street Journal | Benzinga | Yahoo Finance
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Fund Manager Positions: Dataroma | Stockcircle