MBIN Stock Analysis: Merchants Bancorp | NASDAQ
Banks - Regional | NASDAQ, USA | Market Cap: 2.243m USD | 12M Return: 38.7% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 8.50M
EPS Trend: -57.0%
Qual. Beats: 0
Rev. Trend: 72.4%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 8.7 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 segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment originates and services government-sponsored mortgages, provides bridge financing and construction lending for multi-family housing, and offers specialized loans for skilled nursing and senior living facilities, including independent living, assisted living, and memory care. The Mortgage Warehousing segment funds agency-eligible residential loans and extends commercial loans to non-depository financial institutions. The Banking segment delivers consumer and business financial products, including retail banking, commercial and agricultural lending, retail and correspondent residential mortgage banking, and small business administration lending.
The company was founded in 1990 and is classified within the Financials sector under the GICS sub-industry of Commercial & Residential Mortgage Finance, reflecting its exposure to both traditional banking activities and specialized mortgage-related services. Government-sponsored enterprise (GSE) programs such as Fannie Mae and Freddie Mac play a central role in the multi-family mortgage segment, shaping origination and servicing practices across the industry.
- Multi-family loan originations drive gain-on-sale and servicing revenue
- Net interest margin expands with Fed rate path and deposit mix
- Mortgage warehousing line balances grow on origination market recovery
| Net Income: 228.3m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.05 > 0.02 and ΔFCF/TA -3.64 > 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 44.03%; Δ -1.44% > 0.5%) |
| Asset Turnover: 7.00% > 50% (prev 7.46%; Δ -0.46% > 0%) |
| Interest Coverage Ratio: 0.41 > 6 (EBIT TTM 271.6m / 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: 0.13 (Book Value of Equity 2.33b / Total Liabilities 18.0b) |
| Altman-Z'' = -0.90 = CCC |
| DSRI: 0.96 (Receivables 77.3m/82.8m, Revenue 1.37b/1.40b) |
| GMI: 1.03 (GM 44.03% / 42.59%) |
| 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 = -3.00 (Cap -4..+1) = AA |
As of July 07, 2026, the stock is trading at USD 47.90 with a total of 144,202 shares traded. Over the past week, the price has changed by -4.22%, over one month by -0.34%, over three months by +7.08% and over the past year by +38.68%.
Current recommended Stop Loss: 44.00 (which is 8.1% or 2.7 ATR below the current price).
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 | 53.5 | 11.7% |
P/E Trailing = 11.9073
P/S = 3.8303
P/B = 1.2856
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 = 7.01b USD (2.24b + Debt 4.79b - CCE 19.6m)
Interest Coverage Ratio = 0.41 (Ebit TTM 271.6m / Interest Expense TTM 660.6m)
EV/FCF = -6.42x (Enterprise Value 7.01b / FCF TTM -1.09b)
FCF Yield = -15.58% (FCF TTM -1.09b / Enterprise Value 7.01b)
FCF Margin = -79.80% (FCF TTM -1.09b / 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 7.01b / Total Assets 20.3b)
Interest Expense / Debt = 13.80% (Interest Expense 660.6m / Debt 4.79b)
Taxrate = 15.96% (43.3m / 271.6m)
NOPAT = 228.3m (EBIT 271.6m * (1 - 15.96%))
Current Ratio = 0.02 (Total Current Assets 97.0m / Total Current Liabilities 4.36b)
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 = -4.36 (negative FCF - burning cash) (Net Debt 4.77b / FCF TTM -1.09b)
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 = 1.12% (NOPAT 228.3m / Invested Capital 20.3b)
WACC = 10.66% (E(2.24b)/V(7.03b) * Re(8.66%) + D(4.79b)/V(7.03b) * Rd(13.80%) * (1-Tc(0.16)))
Discount Rate = 8.66% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 73.25 | Cagr: 3.04%
[DCF] Fair Price = unknown (Cash Flow -1.09b)
EPS Correlation: -56.97 | EPS CAGR: -11.08% | SUE: 0.23 | # QB: 0
Revenue Correlation: 72.41 | Revenue CAGR: 12.92% | SUE: 0.54 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.22 | Chg30d=-2.40% | Revisions=-17% | Analysts=3
EPS next Quarter (2026-09-30): EPS=1.29 | Chg30d=-2.03% | Revisions=-50% | Analysts=3
EPS current Year (2026-12-31): EPS=5.06 | Chg30d=-1.24% | Revisions=-17% | GrowthEPS=+33.9% | GrowthRev=+5.8%
EPS next Year (2027-12-31): EPS=5.68 | Chg30d=-0.35% | Revisions=-17% | GrowthEPS=+12.2% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: -40% (up=3, down=9)