What is Merchants Bancorp Ind's earnings per share (EPS)?

Merchants Bancorp Ind (MBIN) reported diluted earnings per share of $3.78 for fiscal year 2025. This represents a -40.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Merchants Bancorp Ind Financials

MBIN

Trailing 12 months to June 30, 2026

Revenue $1.2B -6.2% YoY

Net Income $268.6M +6.1% YoY

EPS (Diluted) $4.98 +9.5% YoY

Free Cash Flow -$765.3M -53.7% YoY

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 7, 2026 Currency USD FYE December

Merchants Bancorp Ind (MBIN) reported $1.2B in revenue over the twelve months to Jun 30, 2026, down 6.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI MBIN FY2025 2026-08-29

A highly leveraged banking model converts reported profits into persistent cash outflows while assets continue expanding.

In FY2025, $219M of net income coexisted with operating cash flow of -$341M, revealing an earnings-to-cash disconnect: reported profitability did not translate into cash released by operations. Free cash flow was also -$362M, and FY2024 showed the same direction, indicating this is a recurring feature of the business model rather than a single-period anomaly.

The liability-funded balance sheet held $17.2B of liabilities against $2.3B of equity in FY2025. That structure makes capital returns sensitive to operating setbacks; ROA fell from 1.7% to 1.1% between FY2024 and FY2025.

FY2025 revenue was $1.2B while net margin was 18.2%, showing weaker volume and margin compression occurring together. Selling, general and administrative expense rose to $167M, so the earnings decline also reflects a heavier expense load, not just revenue movement.

Financial Health Signals

Financial Health Score 62/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Merchants Bancorp Ind's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

Growth

Capital

Efficiency

Credit Quality

Stability

Piotroski F-Score Partial

1/6

Merchants Bancorp Ind passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality No Cash Backing

$1.56used

For every $1 of reported earnings, Merchants Bancorp Ind used $1.56 of operating cash (-$341.2M OCF vs $218.8M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.2B

YoY-7.8%

5Y CAGR+33.5%

10Y CAGR+35.8%

Merchants Bancorp Ind generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 7.8% from the prior year.

Net Income

$218.8M

YoY-31.7%

5Y CAGR+3.9%

10Y CAGR+22.7%

Merchants Bancorp Ind reported $218.8M in net income in fiscal year 2025. This represents a decrease of 31.7% from the prior year.

EPS (Diluted)

$3.78

YoY-40.0%

5Y CAGR-0.4%

Merchants Bancorp Ind earned $3.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.0% from the prior year.

EBITDA

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

-$362.2M

YoY+57.6%

Merchants Bancorp Ind recorded an outflow of $362.2M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 57.6% from the prior year.

Cash & Debt

$212.2M

YoY-55.5%

5Y CAGR+3.4%

10Y CAGR-7.2%

Merchants Bancorp Ind held $212.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.

Dividends Per Share

$0.40

YoY+11.1%

5Y CAGR+13.8%

Merchants Bancorp Ind paid $0.40 per share in dividends in fiscal year 2025. This represents an increase of 11.1% from the prior year.

Shares Outstanding

46M

YoY+0.2%

5Y CAGR+9.8%

Merchants Bancorp Ind had 46M shares outstanding in fiscal year 2025. This represents an increase of 0.2% from the prior year.

Margins & Returns

Net Margin

18.2%

YoY-6.4pp

5Y CAGR-45.6pp

10Y CAGR-32.1pp

Merchants Bancorp Ind's net profit margin was 18.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 6.4 percentage points from the prior year.

Return on Equity

9.6%

YoY-4.7pp

5Y CAGR-12.7pp

10Y CAGR-9.6pp

Merchants Bancorp Ind's ROE was 9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 4.7 percentage points from the prior year.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$20.9M

YoY+13.9%

5Y CAGR+42.0%

10Y CAGR+51.8%

Merchants Bancorp Ind invested $20.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.9% from the prior year.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

MBIN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MBIN quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Revenue	$1.2B	$1.2B-7.8%	$1.3B+20.9%	$1.1B+124.2%	$480.8M+54.2%	$311.9M+10.3%	$282.8M+33.4%	$212.0M+50.8%	$140.6M+48.9%	$94.4M+29.4%	$72.9M+29.5%	$56.3M
SG&A Expenses	$164.4M	$166.5M+27.4%	$130.7M+20.8%	$108.2M+21.4%	$89.1M+3.9%	$85.7M+44.8%	$59.2M+55.4%	$38.1M+18.2%	$32.2M+50.1%	$21.5M+50.0%	$14.3M+19.7%	$12.0M
Interest Expense	$642.5M	$683.8M-12.3%	$780.1M+23.9%	$629.7M+288.0%	$162.3M+378.8%	$33.9M-42.2%	$58.6M-34.6%	$89.7M+77.3%	$50.6M+82.1%	$27.8M+46.5%	$19.0M+32.7%	$14.3M
Income Tax	$54.0M	$45.0M-56.0%	$102.3M+48.9%	$68.7M-3.8%	$71.4M-8.2%	$77.8M+23.9%	$62.8M+153.3%	$24.8M+17.3%	$21.2M-5.9%	$22.5M+3.7%	$21.7M+15.3%	$18.8M
Net Income	$268.6M	$218.8M-31.7%	$320.4M+14.7%	$279.2M+27.1%	$219.7M-3.3%	$227.1M+25.8%	$180.5M+133.5%	$77.3M+23.0%	$62.9M+15.0%	$54.7M+65.1%	$33.1M+16.7%	$28.4M
EPS (Diluted)	$4.98	$3.78-40.0%	$6.30+11.7%	$5.64+26.2%	$4.47-6.1%	$4.76+23.6%	$3.85+143.7%	$1.58	$2.07-9.2%	$2.28+55.1%	$1.47+8.9%	$1.35

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	$294.1M+8.7%	$270.5M-12.0%	$307.5M+1.9%	$301.8M-0.9%	$304.4M+6.0%	$287.2M-10.6%	$321.3M-5.2%	$338.9M
SG&A Expenses	$39.3M+2.0%	$38.6M-9.0%	$42.4M-4.0%	$44.2M+1.3%	$43.6M+19.6%	$36.4M-3.0%	$37.5M+6.6%	$35.2M
Interest Expense	$157.5M+11.0%	$141.9M-16.2%	$169.4M-2.5%	$173.7M-1.1%	$175.7M+6.5%	$165.0M-11.6%	$186.7M-9.4%	$206.1M
Income Tax	$21.5M+29.6%	$16.6M+174.6%	$6.0M-38.9%	$9.9M-9.0%	$10.9M-40.6%	$18.3M-43.3%	$32.2M+60.5%	$20.1M
Net Income	$78.3M+15.6%	$67.7M-0.2%	$67.8M+24.0%	$54.7M+44.0%	$38.0M-34.8%	$58.2M-39.1%	$95.7M+56.1%	$61.3M
EPS (Diluted)	$1.48+18.4%	$1.25-2.3%	$1.28+32.0%	$0.97+61.7%	$0.60-35.5%	$0.93-49.7%	$1.85+58.1%	$1.17

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.

MBIN Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MBIN quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Total Assets	$19.4B+3.4%	$18.8B+10.9%	$17.0B+34.4%	$12.6B+11.9%	$11.3B+16.9%	$9.6B+51.4%	$6.4B+64.0%	$3.9B+14.5%	$3.4B+24.8%	$2.7B+19.8%	$2.3B
Cash & Equivalents	$212.2M-55.5%	$476.6M-18.4%	$584.4M+158.4%	$226.2M-78.1%	$1.0B+474.5%	$179.7M-64.5%	$506.7M+50.6%	$336.5M-6.4%	$359.5M-19.3%	$445.7M-0.2%	$446.8M
Goodwill	$8.0M0.0%	$8.0M-49.4%	$15.8M0.0%	$15.8M0.0%	$15.8M0.0%	$15.8M0.0%	$15.8M-9.3%	$17.5M+347.9%	$3.9M+646.1%	$523K0.0%	$523K
Total Liabilities	$17.2B+3.7%	$16.6B+8.6%	$15.3B+36.7%	$11.2B+10.2%	$10.1B+14.6%	$8.8B+54.5%	$5.7B+65.1%	$3.5B+14.5%	$3.0B+20.4%	$2.5B+18.4%	$2.1B
Long-Term Debt	N/A	N/A	N/A	N/A	$1.0B-23.3%	$1.3B+643.1%	$181.4M-7.2%	$195.5M+245.3%	$56.6M-0.7%	$57.0M	N/A
Total Equity	$2.3B+1.7%	$2.2B+31.9%	$1.7B+16.5%	$1.5B+26.3%	$1.2B+42.5%	$810.6M+24.0%	$653.7M+55.2%	$421.2M+14.6%	$367.5M+78.1%	$206.3M+39.2%	$148.2M
Retained Earnings	$1.5B+11.7%	$1.3B+25.1%	$1.1B+27.7%	$832.9M+26.7%	$657.1M+42.3%	$461.7M+51.4%	$305.0M+24.5%	$244.9M+27.6%	$192.0M+32.2%	$145.3M	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Total Assets	$21.2B+4.5%	$20.3B+4.5%	$19.4B+0.5%	$19.4B+1.1%	$19.1B+1.8%	$18.8B0.0%	$18.8B+0.8%	$18.7B
Cash & Equivalents	$314.7M+278.2%	$83.2M-60.8%	$212.2M-64.5%	$598.0M-7.6%	$647.2M+24.1%	$521.3M+9.4%	$476.6M-20.8%	$601.9M
Goodwill	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M
Total Liabilities	$18.8B+4.7%	$18.0B+4.8%	$17.2B+0.2%	$17.1B+1.0%	$17.0B+1.9%	$16.6B+0.5%	$16.6B-0.9%	$16.7B
Total Equity	$2.4B+2.7%	$2.3B+2.2%	$2.3B+2.5%	$2.2B+1.9%	$2.2B+1.1%	$2.2B-3.7%	$2.2B+15.7%	$1.9B
Retained Earnings	$1.6B+4.1%	$1.5B+3.4%	$1.5B+3.8%	$1.4B+2.9%	$1.4B+1.7%	$1.4B+2.9%	$1.3B+6.5%	$1.3B

Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Current Liabilities, Long-Term Debt.

MBIN Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

MBIN quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Operating Cash Flow	-$752.1M	-$341.2M+59.1%	-$835.3M-134.4%	-$356.4M-136.5%	$975.8M+2082.6%	-$49.2M+94.4%	-$874.9M+30.4%	-$1.3B-715.2%	$204.3M+216.2%	-$175.9M-17.4%	-$149.8M-226.6%	$118.3M
Capital Expenditures	$13.2M	$20.9M+13.9%	$18.4M+144.3%	$7.5M+11.3%	$6.8M+85.5%	$3.6M+0.6%	$3.6M-74.1%	$14.0M+52.1%	$9.2M+1066.9%	$788K-34.6%	$1.2M+273.9%	$322K
Free Cash Flow	-$765.3M	-$362.2M+57.6%	-$853.7M-134.6%	-$363.9M-137.6%	$969.0M+1933.1%	-$52.9M+94.0%	-$878.5M+30.9%	-$1.3B-751.3%	$195.1M+210.5%	-$176.7M-17.0%	-$151.0M-227.9%	$118.0M
Investing Cash Flow	-$1.3B	-$195.7M+77.6%	-$874.3M+73.2%	-$3.3B-13.9%	-$2.9B-503.6%	-$474.3M+81.3%	-$2.5B-164.4%	-$957.7M-88.1%	-$509.1M+2.7%	-$523.1M-97.2%	-$265.3M+24.1%	-$349.3M
Financing Cash Flow	$1.7B	$272.5M-83.0%	$1.6B-59.7%	$4.0B+267.8%	$1.1B-21.5%	$1.4B-55.3%	$3.1B+29.2%	$2.4B+746.5%	$281.7M-54.0%	$612.8M+48.0%	$414.0M-7.6%	$448.2M
Dividends Paid	$60.3M	$59.4M+16.1%	$51.2M+5.5%	$48.5M+27.4%	$38.1M+21.9%	$31.2M+32.0%	$23.7M+37.2%	$17.3M+68.9%	$10.2M+28.5%	$8.0M+27.7%	$6.2M+47.4%	$4.2M
Share Buybacks	N/A	N/A	N/A	N/A	$3.9M	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Operating Cash Flow	$213.3M+135.7%	-$597.3M-50.1%	-$397.9M-1436.8%	$29.8M+124.6%	-$121.2M-181.8%	$148.0M+1583.8%	-$10.0M+98.0%	-$492.6M
Capital Expenditures	$2.4M+112.9%	$1.1M-69.9%	$3.8M-34.2%	$5.8M+28.5%	$4.5M-34.4%	$6.9M+9.3%	$6.3M+38.6%	$4.5M
Free Cash Flow	$210.9M+135.2%	-$598.5M-49.0%	-$401.7M-1774.9%	$24.0M+119.1%	-$125.7M-189.0%	$141.2M+968.7%	-$16.3M+96.7%	-$497.2M
Investing Cash Flow	-$768.9M-129.4%	-$335.3M-2742.9%	$12.7M+107.0%	-$181.1M-588.0%	-$26.3M-2815.4%	-$903K+97.9%	-$43.5M-124.0%	$181.4M
Financing Cash Flow	$787.1M-2.1%	$803.6M+129711.9%	-$620K-100.6%	$102.2M-62.6%	$273.3M+366.8%	-$102.4M-42.7%	-$71.8M-119.3%	$372.3M
Dividends Paid	$15.3M0.0%	$15.3M+3.1%	$14.9M0.0%	$14.9M0.0%	$14.9M0.0%	$14.9M0.0%	$14.8M+25.0%	$11.9M
Share Buybacks	$0-100.0%	$3.0M	N/A	N/A	N/A	N/A	N/A	N/A

MBIN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

MBIN quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
Net Margin	18.2%-6.4pp	24.6%-1.3pp	25.9%-19.8pp	45.7%-27.1pp	72.8%+9.0pp	63.8%+27.4pp	36.5%-8.2pp	44.7%-13.2pp	57.9%+12.5pp	45.4%-5.0pp	50.4%
Return on Equity	9.6%-4.7pp	14.3%-2.1pp	16.4%+1.4pp	15.0%-4.6pp	19.7%-2.6pp	22.3%+10.4pp	11.8%-3.1pp	14.9%+0.1pp	14.9%-1.2pp	16.1%-3.1pp	19.1%
Return on Assets	1.1%-0.6pp	1.7%+0.1pp	1.7%-0.1pp	1.7%-0.3pp	2.0%+0.1pp	1.9%+0.7pp	1.2%-0.4pp	1.6%0.0pp	1.6%+0.4pp	1.2%0.0pp	1.3%
Debt-to-Equity	7.53+0.1x	7.38-1.6x	8.97+1.3x	7.64+6.7x	0.89-0.8x	1.66+1.4x	0.28-0.2x	0.46+0.3x	0.15-0.1x	0.28-14.0x	14.31
FCF Margin	-30.2%+35.4pp	-65.5%-31.8pp	-33.8%	201.5%	-17.0%	-310.7%	-599.5%	138.8%	-187.2%	-207.0%	209.4%

Metric	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Net Margin	26.6%+1.6pp	25.0%+3.0pp	22.1%+3.9pp	18.1%+5.6pp	12.5%-7.8pp	20.3%-9.5pp	29.8%+11.7pp	18.1%
Return on Equity	3.3%+0.4pp	2.9%-0.1pp	3.0%+0.5pp	2.5%+0.7pp	1.7%-1.0pp	2.7%-1.6pp	4.3%+1.1pp	3.2%
Return on Assets	0.4%0.0pp	0.3%0.0pp	0.4%+0.1pp	0.3%+0.1pp	0.2%-0.1pp	0.3%-0.2pp	0.5%+0.2pp	0.3%
Debt-to-Equity	7.87+0.1x	7.72+0.2x	7.53-0.2x	7.70-0.1x	7.76+0.1x	7.70+0.3x	7.38-1.2x	8.62
FCF Margin	71.7%	-221.2%	-130.7%	8.0%+49.2pp	-41.3%-90.4pp	49.2%+54.2pp	-5.1%	-146.7%

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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Frequently Asked Questions

What is Merchants Bancorp Ind's annual revenue?

Merchants Bancorp Ind (MBIN) reported $1.2B in total revenue for fiscal year 2025. This represents a -7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Merchants Bancorp Ind's revenue growing?

Merchants Bancorp Ind (MBIN) revenue declined by 7.8% year-over-year, from $1.3B to $1.2B in fiscal year 2025.

Is Merchants Bancorp Ind profitable?

Yes, Merchants Bancorp Ind (MBIN) reported a net income of $218.8M in fiscal year 2025, with a net profit margin of 18.2%.

What is Merchants Bancorp Ind's net profit margin?

Merchants Bancorp Ind (MBIN) had a net profit margin of 18.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Merchants Bancorp Ind pay dividends?

Yes, Merchants Bancorp Ind (MBIN) paid $0.40 per share in dividends during fiscal year 2025.

What is Merchants Bancorp Ind's return on equity (ROE)?

Merchants Bancorp Ind (MBIN) has a return on equity of 9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Merchants Bancorp Ind's free cash flow?

Merchants Bancorp Ind (MBIN) recorded an outflow of $362.2M in free cash flow during fiscal year 2025. This represents a 57.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Merchants Bancorp Ind's operating cash flow?

Merchants Bancorp Ind (MBIN) recorded an outflow of $341.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Merchants Bancorp Ind's total assets?

Merchants Bancorp Ind (MBIN) had $19.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Merchants Bancorp Ind's capital expenditures?

Merchants Bancorp Ind (MBIN) invested $20.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Merchants Bancorp Ind have outstanding?

Merchants Bancorp Ind (MBIN) had 46M shares outstanding as of fiscal year 2025.

What is Merchants Bancorp Ind's debt-to-equity ratio?

Merchants Bancorp Ind (MBIN) had a debt-to-equity ratio of 7.53 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Merchants Bancorp Ind's return on assets (ROA)?

Merchants Bancorp Ind (MBIN) had a return on assets of 1.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Merchants Bancorp Ind's Piotroski F-Score?

Merchants Bancorp Ind (MBIN) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Merchants Bancorp Ind's earnings high quality?

For every $1 of reported earnings, Merchants Bancorp Ind (MBIN) used $1.56 of operating cash (-$341.2M OCF vs $218.8M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Merchants Bancorp Ind?

Merchants Bancorp Ind (MBIN) scores 62 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.