(MBIN) Merchants Bancorp - Overview
Sector: Financial Services | Industry: Banks - Regional | Exchange: NASDAQ (USA) | Market Cap: 2.119m USD | Total Return: 47% in 12m
Avg Turnover: 6.23M
EPS Trend: -57.0%
Qual. Beats: 0
Rev. Trend: 72.4%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
No distinct edge detected
Merchants Bancorp (MBIN) is a diversified financial holding company headquartered in Carmel, Indiana. The company operates through three core segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. Its Multi-family segment specializes in government-sponsored mortgage origination and servicing, focusing on bridge financing and construction lending for housing and healthcare facilities. The Mortgage Warehousing division provides liquidity to non-depository financial institutions by funding agency-eligible residential and commercial loans, while the Banking segment delivers traditional retail and commercial services.
The company operates within the Commercial & Residential Mortgage Finance sub-industry, a sector where profitability is heavily influenced by the spread between short-term funding costs and long-term interest rates. MBIN’s business model is distinct for its integration of tax credit equity syndication and specialized lending for skilled nursing and memory care facilities. Investors can utilize ValueRay to further analyze the companys valuation metrics and historical performance. Unlike traditional retail banks, mortgage warehouse lenders act as critical intermediaries in the primary mortgage market by providing the short-term capital necessary for loan originations before they are sold into the secondary market.
- Multi-family mortgage origination volume drives servicing revenue and interest income growth
- Mortgage warehouse utilization rates fluctuate based on broader residential housing market demand
- Net interest margin sensitivity remains tied to Federal Reserve monetary policy shifts
- Credit quality in skilled nursing and healthcare facility lending impacts provision expense
- Agency-sponsored mortgage securitization activity dictates non-interest income performance levels
| Net Income: 228.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.44 > 1.0 |
| NWC/Revenue: -311.5% < 20% (prev -790.8%; Δ 479.3% < -1%) |
| CFO/TA -0.05 > 3% & CFO -1.06b > Net Income 228.3m |
| Net Debt (4.77b) to EBITDA (275.7m): 17.30 < 3 |
| Current Ratio: 0.02 > 1.5 & < 3 |
| Outstanding Shares: last quarter (46.0m) vs 12m ago 0.18% < -2% |
| Gross Margin: 42.59% > 18% (prev 0.44%; Δ 4.21k% > 0.5%) |
| Asset Turnover: 7.00% > 50% (prev 7.46%; Δ -0.46% > 0%) |
| Interest Coverage Ratio: 0.41 > 6 (EBITDA TTM 275.7m / Interest Expense TTM 660.6m) |
| A: -0.21 (Total Current Assets 97.0m - Total Current Liabilities 4.36b) / Total Assets 20.3b |
| B: 0.08 (Retained Earnings 1.54b / Total Assets 20.3b) |
| C: 0.01 (EBIT TTM 271.6m / Avg Total Assets 19.6b) |
| D: 0.10 (Book Value of Equity 1.78b / Total Liabilities 18.0b) |
| Altman-Z'' = -0.93 = CCC |
| DSRI: 0.96 (Receivables 77.3m/82.8m, Revenue 1.37b/1.40b) |
| GMI: 1.03 (GM 42.59% / 44.03%) |
| AQI: 1.07 (AQ_t 0.99 / AQ_t-1 0.93) |
| SGI: 0.98 (Revenue 1.37b / 1.40b) |
| TATA: 0.06 (NI 228.3m - CFO -1.06b) / TA 20.3b) |
| Beneish M = -2.94 (Cap -4..+1) = A |
As of May 24, 2026, the stock is trading at USD 46.54 with a total of 133,524 shares traded.
Over the past week, the price has changed by +3.65%,
over one month by -6.96%,
over three months by +6.66% and
over the past year by +46.95%.
Merchants Bancorp has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold MBIN.
- StrongBuy: 0
- Buy: 2
- Hold: 1
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 51.7 | 11% |
P/S = 3.62
P/B = 1.2017
Revenue TTM = 1.37b USD
EBIT TTM = 271.6m USD
EBITDA TTM = 275.7m USD
Long Term Debt = 4.63b USD (from longTermDebt, last quarter)
Short Term Debt = 4.36b USD (from shortTermDebt, last quarter)
Debt = 4.79b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 4.77b USD (calculated: Debt 4.79b - CCE 19.6m)
Enterprise Value = 6.89b USD (2.12b + Debt 4.79b - CCE 19.6m)
Interest Coverage Ratio = 0.41 (Ebit TTM 271.6m / Interest Expense TTM 660.6m)
EV/FCF = 33.74x (Enterprise Value 6.89b / FCF TTM 204.2m)
FCF Yield = 2.96% (FCF TTM 204.2m / Enterprise Value 6.89b)
FCF Margin = 14.91% (FCF TTM 204.2m / Revenue TTM 1.37b)
Net Margin = 16.67% (Net Income TTM 228.3m / Revenue TTM 1.37b)
Gross Margin = 42.59% ((Revenue TTM 1.37b - Cost of Revenue TTM 786.0m) / Revenue TTM)
Gross Margin QoQ = 50.44% (prev 44.41%)
Tobins Q-Ratio = 0.34 (Enterprise Value 6.89b / Total Assets 20.3b)
Interest Expense / Debt = 13.80% (Interest Expense 660.6m / Debt 4.79b)
Taxrate = 19.66% (16.6m / 84.3m)
NOPAT = 218.2m (EBIT 271.6m * (1 - 19.66%))
Current Ratio = 0.01 (Total Current Assets 97.0m / Total Current Liabilities 14.4b)
Debt / Equity = 2.05 (Debt 4.79b / totalStockholderEquity, last quarter 2.33b)
Debt / EBITDA = 17.30 (Net Debt 4.77b / EBITDA 275.7m)
Debt / FCF = 23.35 (Net Debt 4.77b / FCF TTM 204.2m)
Total Stockholder Equity = 2.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.17% (Net Income 228.3m / Total Assets 20.3b)
RoE = 10.12% (Net Income TTM 228.3m / Total Stockholder Equity 2.26b)
RoCE = 3.94% (EBIT 271.6m / Capital Employed (Equity 2.26b + L.T.Debt 4.63b))
RoIC = 1.07% (NOPAT 218.2m / Invested Capital 20.3b)
WACC = 10.55% (E(2.12b)/V(6.91b) * Re(9.33%) + D(4.79b)/V(6.91b) * Rd(13.80%) * (1-Tc(0.20)))
Discount Rate = 9.33% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.56 | Cagr: 2.58%
[DCF] Terminal Value 65.36% ; FCFF base≈231.2m ; Y1≈202.7m ; Y5≈163.8m
[DCF] Fair Price = N/A (negative equity: EV 1.93b - Net Debt 4.77b = -2.83b; debt exceeds intrinsic value)
EPS Correlation: -56.97 | EPS CAGR: -11.08% | SUE: 0.38 | # QB: 0
Revenue Correlation: 72.41 | Revenue CAGR: 12.92% | SUE: 0.54 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.25 | Chg30d=-1.57% | Revisions=-14% | Analysts=3
EPS next Quarter (2026-09-30): EPS=1.32 | Chg30d=-3.18% | Revisions=-43% | Analysts=3
EPS current Year (2026-12-31): EPS=5.12 | Chg30d=-2.17% | Revisions=-14% | GrowthEPS=+35.5% | GrowthRev=+7.1%
EPS next Year (2027-12-31): EPS=5.70 | Chg30d=-0.98% | Revisions=-14% | GrowthEPS=+11.2% | GrowthRev=+4.2%
[Analyst] Revisions Ratio: -43%