MBIN Stock Analysis: Merchants Bancorp | NASDAQ

Banks - Regional | NASDAQ, USA | Market Cap: 2.454m USD | 12M Return: 61.5% | US58844R1086 | Charts, Fundamentals & Technical Analysis

Multi-Family Mortgages, Mortgage Warehousing, Commercial Lending, Retail Banking
Total Rating 47
Safety 53
Buy Signal 0.67
Banks - Regional
Industry Rotation: -4.6
Market Cap: 2.45B
Avg Turnover: 7.98M
Risk 3d forecast
Volatility35.5%
VaR 5th Pctl5.70%
VaR vs Median-2.34%
Reward TTM
Sharpe Ratio1.46
Rel. Str. IBD85.2
Rel. Str. Peer Group94.4
Character TTM
Beta0.642
Beta Downside0.400
Hurst Exponent0.579
Drawdowns 3y
Max DD43.94%
CAGR/Max DD0.56
CAGR/Mean DD1.29
EPS (Earnings per Share) EPS (Earnings per Share) of MBIN over the last years for every Quarter: "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": 1.25, "2026-06": 1.48,
EPS CAGR: -13.05%
EPS Trend: -68.5%
Last SUE: 0.72
Qual. Beats: 0
Revenue Revenue of MBIN over the last years for every Quarter: 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: 317.11, 2026-06: 294.072,
Rev. CAGR: 5.59%
Rev. Trend: 53.7%
Last SUE: 0.42
Qual. Beats: 0

Warnings

Fakeout
Below Avwap Earnings

Tailwinds

Rs Leader
Idiosyncratic Leader
Confidence

Seasonality 8.8 years of data

Jan +0.3% 2
Feb -1.4% 19
Mar -3.0% 33
Apr -9.6% 22
May -1.6% 15
Jun +1.6% 18
Jul +4.9% 19
Aug -0.4% 9
Sep -3.3% 11
Oct +1.5% 2
Nov +7.8% 56
Dec +0.3% 0

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.

Description: MBIN Merchants Bancorp

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.

Headlines to Watch Out For
  • 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
Piotroski VR-10 (Strict) 2.0
Net Income: 268.6m TTM > 0 and > 6% of Revenue
FCF/TA: -0.03 > 0.02 and ΔFCF/TA -0.08 > 1.0
NWC/Revenue: -313.6% < 20% (prev -806.8%; Δ 493.2% < -1%)
CFO/TA -0.03 > 3% & CFO -546.8m > Net Income 268.6m
Net Debt (8.47b) to EBITDA (281.6m): 30.08 < 3
Current Ratio: 0.02 > 1.5 & < 3
Outstanding Shares: last quarter (46.0m) vs 12m ago 0.17% < -2%
Gross Margin: 45.41% > 18% (prev 42.51%; Δ 2.90% > 0.5%)
Asset Turnover: 6.49% > 50% (prev 7.30%; Δ -0.82% > 0%)
Interest Coverage Ratio: 0.43 > 6 (EBIT TTM 276.9m / Interest Expense TTM 642.5m)
Altman Z'' -0.80
A: -0.19 (Total Current Assets 100.0m - Total Current Liabilities 4.21b) / Total Assets 21.2b
B: 0.08 (Retained Earnings 1.60b / Total Assets 21.2b)
C: 0.01 (EBIT TTM 276.9m / Avg Total Assets 20.2b)
D: 0.13 (Book Value of Equity 2.39b / Total Liabilities 18.8b)
Altman-Z'' = -0.80 = CCC
Beneish M -3.03
DSRI: 1.06 (Receivables 82.1m/82.4m, Revenue 1.31b/1.40b)
GMI: 0.94 (GM 42.51% / 45.41%)
AQI: 1.07 (AQ_t 0.99 / AQ_t-1 0.92)
SGI: 0.94 (Revenue 1.31b / 1.40b)
TATA: 0.04 (NI 268.6m - CFO -546.8m) / TA 21.2b)
Beneish M = -3.03 (Cap -4..+1) = AA
What is the price of MBIN shares?

As of September 05, 2026, the stock is trading at USD 52.68 with a total of 150,828 shares traded. Over the past week, the price has changed by -1.37%, over one month by -5.25%, over three months by +10.68% and over the past year by +61.54%.

Current recommended Stop Loss: 49.90 (which is 5.3% or 1.9 ATR below the current price).

Is MBIN a buy, sell or hold?

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

What are the forecasts/targets for the MBIN price?
Analysts Target Price 56.5 7.3%
Merchants Bancorp (MBIN) - Fundamental Data Overview as of 31 August 2026
Market Cap USD = 2.45b (2.45b USD * 1.0 USD.USD)
P/E Trailing = 10.7249
P/S = 3.8801
P/B = 1.3258
Revenue TTM = 1.31b USD
EBIT TTM = 276.9m USD
EBITDA TTM = 281.6m USD
Long Term Debt = 4.28b USD (from longTermDebt, last quarter)
Short Term Debt = 4.21b USD (from shortTermDebt, last quarter)
Debt = 8.49b USD (corrected: LT Debt 4.28b + ST Debt 4.21b)
Net Debt = 8.47b USD (calculated: Debt 8.49b - CCE 17.9m)
Enterprise Value = 10.9b USD (2.45b + Debt 8.49b - CCE 17.9m)
Interest Coverage Ratio = 0.43 (Ebit TTM 276.9m / Interest Expense TTM 642.5m)
EV/FCF = -19.19x (Enterprise Value 10.9b / FCF TTM -569.3m)
FCF Yield = -5.21% (FCF TTM -569.3m / Enterprise Value 10.9b)
FCF Margin = -43.48% (FCF TTM -569.3m / Revenue TTM 1.31b)
Net Margin = 20.51% (Net Income TTM 268.6m / Revenue TTM 1.31b)
Gross Margin = 45.41% ((Revenue TTM 1.31b - Cost of Revenue TTM 714.8m) / Revenue TTM)
Gross Margin QoQ = 46.43% (prev 50.44%)
Tobins Q-Ratio = 0.51 (Enterprise Value 10.9b / Total Assets 21.2b)
Interest Expense / Debt = 7.57% (Interest Expense 642.5m / Debt 8.49b)
Taxrate = 16.73% (54.0m / 322.6m)
NOPAT = 230.5m (EBIT 276.9m * (1 - 16.73%))
Current Ratio = 0.02 (Total Current Assets 100.0m / Total Current Liabilities 4.21b)
Debt / Equity = 3.55 (Debt 8.49b / totalStockholderEquity, last quarter 2.39b)
Debt / EBITDA = 30.08 (Net Debt 8.47b / EBITDA 281.6m)
 Debt / FCF = -14.88 (negative FCF - burning cash) (Net Debt 8.47b / FCF TTM -569.3m)
 Total Stockholder Equity = 2.31b (last 4 quarters mean from totalStockholderEquity)
RoA = 1.33% (Net Income 268.6m / Total Assets 21.2b)
RoE = 11.64% (Net Income TTM 268.6m / Total Stockholder Equity 2.31b)
RoCE = 4.20% (EBIT 276.9m / Capital Employed (Equity 2.31b + L.T.Debt 4.28b))
RoIC = 1.09% (NOPAT 230.5m / Invested Capital 21.2b)
WACC = 6.74% (E(2.45b)/V(10.9b) * Re(8.24%) + D(8.49b)/V(10.9b) * Rd(7.57%) * (1-Tc(0.17)))
Discount Rate = 8.24% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 70.65 | Cagr: 2.56%
 [DCF] Fair Price = unknown (Cash Flow -569.3m)
 EPS Correlation: -68.49 | EPS CAGR: -13.05% | SUE: 0.72 | # QB: 0
Revenue Correlation: 53.74 | Revenue CAGR: 5.59% | SUE: 0.42 | # QB: 0
EPS current Quarter (2026-09-30): EPS=1.40 | Chg30d=+7.39% | Revisions=+50% | Analysts=3
EPS current Year (2026-12-31): EPS=5.44 | Chg30d=+6.45% | Revisions=+50% | GrowthEPS=+44.0% | GrowthRev=+6.2%
EPS next Year (2027-12-31): EPS=5.99 | Chg30d=+4.42% | Revisions=+50% | GrowthEPS=+10.0% | GrowthRev=+6.1%
[Analyst] Revisions Ratio: +75% (up=9, down=0)