(MBIN) Merchants Bancorp - Ratings and Ratios
Multi-Family Mortgages, Warehouse Lending, Commercial Banking, Tax-Credit Equity
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.19% |
| Yield on Cost 5y | 2.31% |
| Yield CAGR 5y | 2.99% |
| Payout Consistency | 97.1% |
| Payout Ratio | 9.0% |
| Risk via 10d forecast | |
|---|---|
| Volatility | 36.3% |
| Value at Risk 5%th | 53.2% |
| Relative Tail Risk | -11.04% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.59 |
| Alpha | -34.85 |
| CAGR/Max DD | 0.23 |
| Character TTM | |
|---|---|
| Hurst Exponent | 0.393 |
| Beta | 0.906 |
| Beta Downside | 1.009 |
| Drawdowns 3y | |
|---|---|
| Max DD | 43.94% |
| Mean DD | 18.48% |
| Median DD | 16.10% |
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.
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 |
| (C) 0.02 = EBIT TTM 317.8m / Avg Total Assets 19.00b |
| (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) 53.16
| 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 87.60% |
| 9. EPS Trend -11.37% |
What is the price of MBIN shares?
Over the past week, the price has changed by +4.01%, over one month by +0.93%, over three months by +0.77% and over the past year by -19.91%.
Is MBIN a buy, sell or hold?
- 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 | 22.4% |
| Analysts Target Price | 40 | 22.4% |
| ValueRay Target Price | 34.1 | 4.3% |
MBIN Fundamental Data Overview November 20, 2025
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 = 6.48% (E(1.43b)/V(4.33b) * Re(9.35%) + D(2.90b)/V(4.33b) * Rd(5.98%) * (1-Tc(0.15)))
Discount Rate = 9.35% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 100.0 | Cagr: 2.84%
[DCF Debug] Terminal Value 64.78% ; FCFE base≈40.4m ; Y1≈26.5m ; Y5≈12.1m
Fair Price DCF = 4.23 (DCF Value 194.3m / Shares Outstanding 45.9m; 5y FCF grow -40.0% → 3.0% )
EPS Correlation: -11.37 | EPS CAGR: -4.21% | SUE: 0.20 | # QB: 0
Revenue Correlation: 87.60 | Revenue CAGR: 31.97% | SUE: 0.70 | # QB: 0
Additional Sources for MBIN Stock
Tweets: X | Stocktwits
Fund Manager Positions: Dataroma | Stockcircle