(MBIN) Merchants Bancorp - Overview

Sector: Financial Services | Industry: Banks - Regional | Exchange: NASDAQ (USA) | Market Cap: 2.045m USD | Total Return: 37.7% in 12m

Mortgage Banking, Warehousing, Commercial Lending, Retail Banking
Total Rating 38
Safety 33
Buy Signal 1.31
Banks - Regional
Industry Rotation: +9.3
Market Cap: 2.04B
Avg Turnover: 8.31M USD
ATR: 3.22%
Peers RS (IBD): 95.5
Risk 5d forecast
Volatility37.1%
Rel. Tail Risk-9.16%
Reward TTM
Sharpe Ratio0.91
Alpha12.38
Character TTM
Beta0.991
Beta Downside1.829
Drawdowns 3y
Max DD43.94%
CAGR/Max DD0.49
EPS (Earnings per Share) EPS (Earnings per Share) of MBIN over the last years for every Quarter: "2021-03": 1.35, "2021-06": 1.05, "2021-09": 1.22, "2021-12": 1.14, "2022-03": 1.02, "2022-06": 1.11, "2022-09": 1.22, "2022-12": 1.12, "2023-03": 1.07, "2023-06": 1.31, "2023-09": 1.68, "2023-12": 1.58, "2024-03": 1.8, "2024-06": 1.49, "2024-09": 1.17, "2024-12": 1.85, "2025-03": 0.93, "2025-06": 0.6, "2025-09": 0.97, "2025-12": 1.28, "2026-03": 0,
EPS CAGR: -46.29%
EPS Trend: -42.8%
Last SUE: -2.82
Qual. Beats: 0
Revenue Revenue of MBIN over the last years for every Quarter: 2021-03: 120.962, 2021-06: 103.372, 2021-09: 115.851, 2021-12: 121.377, 2022-03: 109.398, 2022-06: 127.257, 2022-09: 162.072, 2022-12: 203.339, 2023-03: 224.754, 2023-06: 287.044, 2023-09: 331.706, 2023-12: 345.553, 2024-03: 354.091, 2024-06: 358.631, 2024-09: 354.556, 2024-12: 379.787, 2025-03: 310.099, 2025-06: 353.737, 2025-09: 343.53, 2025-12: 354.67, 2026-03: null,
Rev. CAGR: 36.84%
Rev. Trend: 82.8%
Last SUE: 2.72
Qual. Beats: 1

Warnings

No concerns identified

Tailwinds

No distinct edge detected

Description: MBIN Merchants Bancorp

Merchants Bancorp (MBIN) is a diversified bank holding company operating in the United States. It focuses on three core segments: Multi-family Mortgage Banking, Mortgage Warehousing, and traditional Banking services.

The Multi-family Mortgage Banking segment originates and services government-sponsored mortgages, including bridge financing and construction lending for multi-family housing and healthcare facilities. This segment also provides specialized loan products for skilled nursing facilities and acts as a tax credit equity syndicator. This business model relies on government programs and specialized real estate financing.

The Mortgage Warehousing segment provides funding for agency-eligible residential loans and commercial loans to non-depository financial institutions. Mortgage warehousing is a common practice for mortgage lenders to manage liquidity.

The Banking segment offers a broad range of financial products to consumers and businesses, including retail banking, commercial lending, agricultural lending, and various mortgage banking services. This segment represents a traditional banking model with diverse revenue streams.

Investors may find additional detailed financial analysis on ValueRay.

Headlines to Watch Out For
  • Multi-family mortgage originations impact revenue and loan portfolio growth
  • Mortgage warehousing volume and interest rates affect profitability
  • Banking segment loan growth and deposit costs influence net interest margin
  • Regulatory changes in housing finance pose compliance risks
  • Economic conditions and interest rate environment sway loan demand
Piotroski VR‑10 (Strict) 2.5
Net Income: 218.8m TTM > 0 and > 6% of Revenue
FCF/TA: -0.01 > 0.02 and ΔFCF/TA 3.67 > 1.0
NWC/Revenue: 598.5% < 20% (prev -778.8%; Δ 1.38k% < -1%)
CFO/TA -0.01 > 3% & CFO -135.9m > Net Income 218.8m
Net Debt (3.83b) to EBITDA (266.1m): 14.38 < 3
Current Ratio: 3.17 > 1.5 & < 3
Outstanding Shares: last quarter (46.0m) vs 12m ago 0.11% < -2%
Gross Margin: 41.15% > 18% (prev 0.44%; Δ 4.07k% > 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'' 3.17
A: 0.42 (Total Current Assets 11.91b - Total Current Liabilities 3.76b) / 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: 3.17 = A
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: 0.02 (NI 218.8m - CFO -135.9m) / TA 19.45b)
Beneish M-Score: 111.5 (Cap -4..+1) = D
What is the price of MBIN shares? As of April 08, 2026, the stock is trading at USD 45.43 with a total of 153,819 shares traded.
Over the past week, the price has changed by +5.87%, over one month by +8.68%, over three months by +30.98% and over the past year by +37.72%.
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.
  • StrongBuy: 0
  • Buy: 2
  • Hold: 1
  • Sell: 0
  • StrongSell: 0
What are the forecasts/targets for the MBIN price?
Analysts Target Price 48.7 7.1%
Merchants Bancorp (MBIN) - Fundamental Data Overview as of 05 April 2026
P/E Trailing = 11.7698
P/S = 3.6276
P/B = 1.1816
Revenue TTM = 1.36b USD
EBIT TTM = 189.9m USD
EBITDA TTM = 266.1m USD
Long Term Debt = 3.84b USD (from longTermDebt, last quarter)
Short Term Debt = 3.76b USD (from shortTermDebt, last quarter)
Debt = 3.84b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.83b USD (from netDebt column, last quarter)
Enterprise Value = 5.01b USD (2.04b + Debt 3.84b - CCE 880.9m)
Interest Coverage Ratio = 0.28 (Ebit TTM 189.9m / Interest Expense TTM 683.8m)
EV/FCF = -29.48x (Enterprise Value 5.01b / FCF TTM -169.8m)
FCF Yield = -3.39% (FCF TTM -169.8m / Enterprise Value 5.01b)
FCF Margin = -12.47% (FCF TTM -169.8m / 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 = 0.26 (Enterprise Value 5.01b / 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 = 3.17 (Total Current Assets 11.91b / Total Current Liabilities 3.76b)
Debt / Equity = 1.68 (Debt 3.84b / totalStockholderEquity, last quarter 2.28b)
Debt / EBITDA = 14.38 (Net Debt 3.83b / EBITDA 266.1m)
 Debt / FCF = -22.54 (negative FCF - burning cash) (Net Debt 3.83b / FCF TTM -169.8m)
 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 = 3.14% (EBIT 189.9m / Capital Employed (Equity 2.21b + L.T.Debt 3.84b))
RoIC = 3.29% (NOPAT 174.4m / Invested Capital 5.31b)
WACC = 5.93% (E(2.04b)/V(5.89b) * Re(9.47%) + D(3.84b)/V(5.89b) * Rd(4.41%) * (1-Tc(0.08)))
Discount Rate = 9.47% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 3.43%
 [DCF] Fair Price = unknown (Cash Flow -169.8m)
 EPS Correlation: -42.76 | EPS CAGR: -46.29% | SUE: -2.82 | # QB: 0
Revenue Correlation: 82.77 | Revenue CAGR: 36.84% | SUE: 2.72 | # QB: 1
EPS next Quarter (2026-06-30): EPS=1.29 | Chg7d=+0.017 | Chg30d=+0.017 | Revisions Net=+3 | Analysts=3
EPS current Year (2026-12-31): EPS=5.24 | Chg7d=+0.007 | Chg30d=+0.007 | Revisions Net=+3 | Growth EPS=+38.7% | Growth Revenue=+6.9%
EPS next Year (2027-12-31): EPS=5.76 | Chg7d=+0.010 | Chg30d=+0.010 | Revisions Net=+3 | Growth EPS=+9.9% | Growth Revenue=+3.7%
[Analyst] Revisions Ratio: +1.00 (3 Up / 0 Down within 30d for Next Quarter)
[Growth] Implied Growth Rate = 1.0% (Discount Rate 9.5% - Earnings Yield 8.5%)
[Growth] Growth Spread = -1.0% (Analyst 0.0% - Implied 1.0%)
External Resources
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