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Merchants Bancorp

MBIN

NASDAQFinancial ServicesBanks - Regional

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Previous close

$54.69

+$0.56 · +1.03%

Aug 21, 4:00 PM ET

MBIN company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

79

Undervalued

Momentum

51

Neutral

Sentiment

66

Bullish

Risk resilience

70

Moderate Risk

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Thesis, catalysts, evidence, and risk analysis.

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AI-generated, informational only, and not investment advice.

Company profile

Industry
Banks - Regional
Sector
Financial Services
Headquarters
US

Market position

Day range

Current $54.69

52-week range

Current $54.69

Open
$54.81
Previous close
$54.13
Volume
212.57K
Market cap
2.51B USD
50-day average
$51.0161
+7.20% above average
200-day average
$43.3591
+26.13% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
5.39B USD
P/E (TTM)
10.98×
P/B (TTM)
1.05×
P/S (TTM)
1.92×
EV / EBITDA
20.16×
Earnings yield
14.00%
Free cash flow yield
-10.90%
Dividend yield
0.77%

Profitability & efficiency

Gross margin
45.41%
Operating margin
21.15%
Net margin
20.51%
Return on equity
9.59%
Return on assets
1.12%
Return on invested capital
1.82%

Financial health

Debt / equity
1.79×
Current ratio
3.17×
Altman Z-score
0.07
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends99%69%39%8%Gross margin, FY2021: 91.57%Gross margin, FY2022: 70.17%Gross margin, FY2023: 43.66%Gross margin, FY2024: 44.41%Gross margin, FY2025: 41.29%Operating margin, FY2021: 66.06%Operating margin, FY2022: 48.36%Operating margin, FY2023: 29.26%Operating margin, FY2024: 29.21%Operating margin, FY2025: 19.32%Net margin, FY2021: 49.20%Net margin, FY2022: 36.49%Net margin, FY2023: 23.48%Net margin, FY2024: 22.14%Net margin, FY2025: 16.02%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 91.57%. Gross margin FY2022 70.17%. Gross margin FY2023 43.66%. Gross margin FY2024 44.41%. Gross margin FY2025 41.29%. Operating margin FY2021 66.06%. Operating margin FY2022 48.36%. Operating margin FY2023 29.26%. Operating margin FY2024 29.21%. Operating margin FY2025 19.32%. Net margin FY2021 49.20%. Net margin FY2022 36.49%. Net margin FY2023 23.48%. Net margin FY2024 22.14%. Net margin FY2025 16.02%.

Income trends

Revenue

1.37B USD-5.65%

Operating income

263.8M USD-37.58%

Net income

218.77M USD-31.72%
Income trends across reported periods1.57B USD1.08B USD587.26M USD95.94M USDRevenue, FY2021: 461.56M USDRevenue, FY2022: 602.07M USDRevenue, FY2023: 1.19B USDRevenue, FY2024: 1.45B USDRevenue, FY2025: 1.37B USDOperating income, FY2021: 304.93M USDOperating income, FY2022: 291.14M USDOperating income, FY2023: 347.91M USDOperating income, FY2024: 422.64M USDOperating income, FY2025: 263.8M USDNet income, FY2021: 227.1M USDNet income, FY2022: 219.72M USDNet income, FY2023: 279.23M USDNet income, FY2024: 320.39M USDNet income, FY2025: 218.77M USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 461.56M USD. Revenue FY2022 602.07M USD. Revenue FY2023 1.19B USD. Revenue FY2024 1.45B USD. Revenue FY2025 1.37B USD. Operating income FY2021 304.93M USD. Operating income FY2022 291.14M USD. Operating income FY2023 347.91M USD. Operating income FY2024 422.64M USD. Operating income FY2025 263.8M USD. Net income FY2021 227.1M USD. Net income FY2022 219.72M USD. Net income FY2023 279.23M USD. Net income FY2024 320.39M USD. Net income FY2025 218.77M USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue1.37B USD1.45B USD1.19B USD602.07M USD461.56M USD
Cost of goods sold801.55M USD804.38M USD669.96M USD179.58M USD38.9M USD
Gross profit563.69M USD642.69M USD519.1M USD422.49M USD422.66M USD
Selling, general, and administrative177.19M USD156.88M USD121.76M USD92.55M USD88.42M USD
Operating expenses299.89M USD220.05M USD171.19M USD131.35M USD117.73M USD
Interest income1.2B USD1.3B USD1.08B USD480.83M USD311.89M USD
Interest expense683.79M USD780.1M USD629.73M USD162.28M USD33.89M USD
Depreciation and amortization3.47M USD3.01M USD2.85M USD2.49M USD2.19M USD
Operating income263.8M USD422.64M USD347.91M USD291.14M USD304.93M USD
Net income218.77M USD320.39M USD279.23M USD219.72M USD227.1M USD

Company facts updated Aug 24, 2026.

Earnings

EPS beat rate
64%
7 beats, 4 misses, 0 met estimates
Average EPS surprise
+6.97%
11 comparable reports
Latest EPS result
1.48
Estimate 1.22 · Beat by 21.31%

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly EPS actual values compared with estimates1.951.470.990.51Q1 '25BeatQ2 '25MissQ3 '25MissQ4 '25BeatQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 28, 2025: actual 1.85, estimate 1.3, surprise +42.31%, Beat. Q2 2025, reported Apr 28, 2025: actual 0.93, estimate 1.25, surprise -25.60%, Miss. Q3 2025, reported Jul 28, 2025: actual 0.6, estimate 1.12, surprise -46.43%, Miss. Q4 2025, reported Oct 28, 2025: actual 0.97, estimate 0.79, surprise +22.78%, Beat. Q1 2026, reported Jan 28, 2026: actual 1.28, estimate 0.94, surprise +36.17%, Beat. Q2 2026, reported Apr 28, 2026: actual 1.25, estimate 1.16, surprise +7.76%, Beat. Q3 2026, reported Jul 28, 2026: actual 1.48, estimate 1.22, surprise +21.31%, Beat. Q4 2026, reported Oct 27, 2026: actual —, estimate 1.4, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates200.79M179.65M158.51M137.37MQ1 '25BeatQ2 '25MissQ3 '25BeatQ4 '25MissQ1 '26BeatQ2 '26BeatQ3 '26BeatQ4 '26Estimate
Q1 2025, reported Jan 28, 2025: actual 193.07M USD, estimate 158.8M USD, surprise +21.58%, Beat. Q2 2025, reported Apr 28, 2025: actual 145.09M USD, estimate 175.8M USD, surprise -17.47%, Miss. Q3 2025, reported Jul 28, 2025: actual 178.06M USD, estimate 164.75M USD, surprise +8.08%, Beat. Q4 2025, reported Oct 28, 2025: actual 169.81M USD, estimate 175M USD, surprise -2.97%, Miss. Q1 2026, reported Jan 28, 2026: actual 185.29M USD, estimate 170.8M USD, surprise +8.48%, Beat. Q2 2026, reported Apr 28, 2026: actual 175.25M USD, estimate 174.3M USD, surprise +0.54%, Beat. Q3 2026, reported Jul 28, 2026: actual 182.22M USD, estimate 179M USD, surprise +1.80%, Beat. Q4 2026, reported Oct 27, 2026: actual —, estimate 182.95M USD, surprise —, Comparison unavailable.

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$54.67

0.04% downside
Past 12 months12-month forecastHigh $64.00Average $54.67Low $49.00

Rating distribution

7 ratings
Strong buy00%
Buy457%
Hold343%
Sell00%
Strong sell00%

Recent analyst actions

3 institutions

MBIN news

prnewswire.com

Merchants Bancorp Declares Quarterly Common and Preferred Dividends

CARMEL, Ind., Aug. 20, 2026 /PRNewswire/ -- Merchants Bancorp ("Merchants") (Nasdaq: MBIN), parent company and registered bank holding company of Merchants Bank of Indiana ("Merchants Bank"), today announced that its…

Read source
zacks.com

Merchants Bancorp (MBIN) Is Up 15.71% in One Week: What You Should Know

Does Merchants Bancorp (MBIN) have what it takes to be a top stock pick for momentum investors? Let's find out.

Read source
zacks.com

Earnings Estimates Rising for Merchants Bancorp (MBIN): Will It Gain?

Merchants Bancorp (MBIN) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.

Read source
zacks.com

Best Momentum Stocks to Buy for August 3rd

LRCX, VRT and MBIN made it to the Zacks Rank #1 (Strong Buy) momentum stocks list on August 3rd, 2026.

Read source
zacks.com

New Strong Buy Stocks for August 3rd

FORM, LRCX, VRT, MBIN and SNDR have been added to the Zacks Rank #1 (Strong Buy) List on August 3rd, 2026.

Read source
defenseworld.net

Merchants Bancorp (NASDAQ:MBIN) Hits New 52-Week High on Earnings Beat

Shares of Merchants Bancorp (NASDAQ: MBIN - Get Free Report) reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The stock traded as high as $56.39 and last…

Read source

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$0.40

2025 complete year+66.7% since 2021

2026 partial: $0.22

* Partial calendar year in the available dividend history.

Corporate action history

DividendUpcoming

Ex-dividend Sep 15, 2026

$0.11

Quarterly

Record Sep 15, 2026 · Payment Oct 1, 2026

Dividend

Ex-dividend Jun 15, 2026

$0.11

Quarterly

Record Jun 15, 2026 · Payment Jul 1, 2026

Dividend

Ex-dividend Mar 13, 2026

$0.11

Quarterly

Record Mar 13, 2026 · Payment Apr 1, 2026

Dividend

Ex-dividend Dec 15, 2025

$0.10

Quarterly

Record Dec 15, 2025 · Payment Jan 2, 2026

Dividend

Ex-dividend Sep 15, 2025

$0.10

Quarterly

Record Sep 15, 2025 · Payment Oct 1, 2025

Dividend

Ex-dividend Jun 13, 2025

$0.10

Quarterly

Record Jun 13, 2025 · Payment Jul 1, 2025

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ETFs holding MBIN

Funds reporting this stock among their holdings, ordered by reported position size.

iShares Core S&P Small-Cap ETF logoiShares Core S&P Small-Cap ETFIJR
Market value
97.6M
Weight
0.09%
AUM
111.19B USD
Expense ratio
0.06%
Price / 1D
$147.31+0.64%
Avantis U.S. Small Cap Value ETF logoAvantis U.S. Small Cap Value ETFAVUV
Market value
39.76M
Weight
0.13%
AUM
31.27B USD
Expense ratio
0.25%
Price / 1D
$126.45+0.66%
Vanguard Morningstar Total Stock Market ETF logoVanguard Morningstar Total Stock Market ETFVTI
Market value
36.29M
Weight
0.00%
AUM
2.3T USD
Expense ratio
0.03%
Price / 1D
$378.24+0.44%
iShares Russell 2000 ETF logoiShares Russell 2000 ETFIWM
Market value
35.4M
Weight
0.04%
AUM
81.62B USD
Expense ratio
0.19%
Price / 1D
$299.96+0.77%
Vanguard Extended Market ETF logoVanguard Extended Market ETFVXF
Market value
18.65M
Weight
0.02%
AUM
93.7B USD
Expense ratio
0.05%
Price / 1D
$245.53+0.82%
State Street SPDR Portfolio S&P 600 Small Cap ETF logoState Street SPDR Portfolio S&P 600 Small Cap ETFSPSM
Market value
14.91M
Weight
0.09%
AUM
17.03B USD
Expense ratio
0.03%
Price / 1D
$57.28+0.61%
iShares S&P Small-Cap 600 Value ETF logoiShares S&P Small-Cap 600 Value ETFIJS
Market value
14.25M
Weight
0.17%
AUM
8.33B USD
Expense ratio
0.18%
Price / 1D
$138.43+0.67%
Dimensional - US Targeted Value ETF logoDimensional - US Targeted Value ETFDFAT
Market value
11.9M
Weight
0.08%
AUM
14.66B USD
Expense ratio
0.28%
Price / 1D
$71.67+0.67%

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