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

Merchants Bancorp (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 (MBIN) Financials

MBIN

Trailing 12 months to June 30, 2026

Revenue $713.8M +6.8% YoY

Net Income $268.6M +6.1% YoY

EPS (Diluted) $4.98 +9.5% YoY

Free Cash Flow -$765.3M -53.7% YoY

Market Cap $2.2B as of Oct 14, 2026

Price / Sales 3.1x on $713.8M revenue, trailing 12 months to June 30, 2026

Price / Earnings 8.3x on $268.6M net income, trailing 12 months to June 30, 2026

Price / Book 0.9x on $2.4B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 14, 2026; every other figure is from the SEC filings on this page. Not financial advice.

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

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MBIN SEC filings page.

Merchants Bancorp (MBIN) reported $713.8M in revenue over the twelve months to Jun 30, 2026, up 6.8% 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 2026-10-04

Reported growth is now asset-funded rather than earnings-led: revenue barely moved in FY2025 while profit and cash generation weakened.

From FY2024 to FY2025, revenue increased only 1.6% while net income fell 31.7%, showing that the business retained its scale but converted it into substantially less profit. The net margin compression from 47.8% to 32.1% points to worsening earnings economics rather than a simple volume slowdown.

The balance sheet expanded faster than the business: assets increased 3.4% while liabilities grew 3.7%. That combination leaves debt-to-equity at 7.5x, indicating a liability-dependent funding structure with limited equity growth relative to the asset base.

Operating cash flow was negative $341.2M in FY2025 despite net income of $218.8M, so reported profitability did not translate into cash. Free cash flow remained negative at $362.2M, although operating cash flow improved from a $835.3M outflow in FY2024; the recurring mismatch makes cash conversion a central operating constraint.

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'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

Merchants Bancorp earned a return on assets of 1.1% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is down from 1.7% the prior year. Earnings ranks banks on that return over three years, and Merchants Bancorp scores 83/100 among other banks.

Growth

Merchants Bancorp reported revenue of $681.4M in fiscal year 2025, against $670.7M in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Merchants Bancorp scores 59/100 among other banks.

Capital

Merchants Bancorp funded 11.7% of its assets with shareholders' equity at the end of fiscal year 2025, holding $2.3B of equity against $19.4B of assets. Capital ranks banks on that cushion, and Merchants Bancorp scores 55/100 among other banks.

Efficiency

Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Merchants Bancorp scores 97/100 on it among other banks.

Credit Quality

Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. Merchants Bancorp scores 8/100 on it among other banks.

Stability

Merchants Bancorp reported net income of $218.8M in fiscal year 2025, against $320.4M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Merchants Bancorp scores 70/100 among other banks.

Piotroski F-Score Partial

1/6

Merchants Bancorp 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 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

$182.2M

YoY+1.7%

QoQ+4.0%

5Y CAGR+13.4%

10Y CAGR+25.2%

Merchants Bancorp generated $182.2M in revenue in Q2 2026. This represents an increase of 1.7% from the same quarter a year earlier. Against the prior quarter it is up 4.0%.

Net Income

$78.3M

YoY+106.2%

QoQ+15.6%

5Y CAGR+8.8%

10Y CAGR+26.2%

Merchants Bancorp reported $78.3M in net income in Q2 2026. This represents an increase of 106.2% from the same quarter a year earlier. Against the prior quarter it is up 15.6%.

EPS (Diluted)

$1.48

YoY+146.7%

QoQ+18.4%

5Y CAGR+6.9%

10Y CAGR+15.2%

Merchants Bancorp earned $1.48 per diluted share (EPS) in Q2 2026. This represents an increase of 146.7% from the same quarter a year earlier. Against the prior quarter it is up 18.4%.

EBITDA

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$210.9M

YoY+267.8%

QoQ+135.2%

Merchants Bancorp generated $210.9M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 267.8% from the same quarter a year earlier. Against the prior quarter it is up 135.2%.

Cash & Debt

$314.7M

YoY-51.4%

QoQ+278.2%

5Y CAGR-4.8%

Merchants Bancorp held $314.7M in cash as of Q2 2026; long-term debt is not reported for that period.

Dividends Per Share

$0.44

YoY+10.0%

QoQ0.0%

5Y CAGR+12.9%

Merchants Bancorp paid $0.44 per share in dividends in Q2 2026. This represents an increase of 10.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

46M

YoY+0.1%

QoQ0.0%

5Y CAGR+9.8%

Merchants Bancorp had 46M shares outstanding in Q2 2026. This represents an increase of 0.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Margins & Returns

Net Margin

43.0%

YoY+21.8pp

QoQ+4.3pp

5Y change-9.9pp

10Y change+3.3pp

Merchants Bancorp's net profit margin was 43.0% in Q2 2026, showing the share of revenue converted to profit. This is up 21.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Return on Equity

3.3%

YoY+1.5pp

QoQ+0.4pp

5Y change-1.6pp

Merchants Bancorp's ROE was 3.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.4 percentage points.

Gross Margin

Not reported for Q2 2026.

Operating Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

QoQ-100.0%

Merchants Bancorp repurchased no shares in Q2 2026. Against the prior quarter it is down 100.0%.

Capital Expenditures

$2.4M

YoY-45.8%

QoQ+112.9%

5Y CAGR+29.0%

Merchants Bancorp invested $2.4M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 45.8% from the same quarter a year earlier. Against the prior quarter it is up 112.9%.

R&D Spending

Not reported for Q2 2026.

MBIN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MBIN quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$713.8M	$681.4M+1.6%	$670.7M+19.2%	$562.7M+26.6%	$444.5M+2.1%	$435.3M+23.8%	$351.6M+107.6%	$169.4M+21.4%	$139.6M+22.1%	$114.3M+38.6%	$82.5M+19.4%	$69.1M
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 (Basic)	N/A	$3.78-40.2%	$6.32+11.7%	$5.66+26.1%	$4.49-6.1%	$4.78+24.2%	$3.85+143.7%	$1.58-24.0%	$2.08-8.8%	$2.28+55.1%	$1.47+8.9%	$1.35
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
Diluted Shares (Avg)	N/A	46M+2.1%	45M+3.8%	43M+0.1%	43M0.0%	43M+0.4%	43M+0.1%	43M	29M+27.3%	23M+6.9%	21M+0.2%	21M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$182.2M+1.7%	$175.2M+20.1%	$185.3M-4.4%	$171.1M+14.4%	$179.2M+12.4%	$145.9M-13.1%	$193.8M+22.0%	$149.6M-2.6%
SG&A Expenses	$39.3M-9.7%	$38.6M+5.9%	$42.4M+12.9%	$44.2M+25.4%	$43.6M+53.5%	$36.4M+23.1%	$37.5M-28.6%	$35.2M+30.2%
Interest Expense	$157.5M-10.3%	$141.9M-14.0%	$169.4M-9.3%	$173.7M-15.7%	$175.7M-12.2%	$165.0M-11.8%	$186.7M-0.4%	$206.1M+15.0%
Income Tax	$21.5M+97.9%	$16.6M-9.2%	$6.0M-81.3%	$9.9M-50.8%	$10.9M-52.3%	$18.3M-33.0%	$32.2M+46.6%	$20.1M-19.9%
Net Income	$78.3M+106.2%	$67.7M+16.3%	$67.8M-29.1%	$54.7M-10.7%	$38.0M-50.3%	$58.2M-33.1%	$95.7M+23.5%	$61.3M-24.8%
EPS (Basic)	$1.48+146.7%	$1.25+34.4%	$1.28-31.2%	$0.97-17.1%	$0.60-60.0%	$0.93-48.6%	$1.86+17.0%	$1.17-30.4%
EPS (Diluted)	$1.48+146.7%	$1.25+34.4%	$1.28-30.8%	$0.97-17.1%	$0.60-59.7%	$0.93-48.3%	$1.85+17.1%	$1.17-30.4%
Diluted Shares (Avg)	46M+0.2%	46M+0.2%	N/A	46M+0.1%	46M+2.8%	46M+5.6%	N/A	46M+5.9%

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

MBIN Balance Sheet

MBIN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Short-Term Investments	$571.3M-10.2%	$635.9M-12.0%	$722.5M	$0	$0	$0	$0	$0	$0	$0	$0
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$21.2B+10.9%	$20.3B+8.1%	$19.4B+3.4%	$19.4B+3.8%	$19.1B+5.1%	$18.8B+5.5%	$18.8B+10.9%	$18.7B+13.1%
Cash & Equivalents	$314.7M-51.4%	$83.2M-84.0%	$212.2M-55.5%	$598.0M-0.6%	$647.2M+19.6%	$521.3M+2.5%	$476.6M-18.4%	$601.9M+47.8%
Short-Term Investments	$527.7M-12.5%	$550.2M-12.1%	$571.3M-10.2%	$591.4M-13.4%	$603.0M-11.7%	$626.3M-10.6%	$635.9M-12.0%	$683.0M
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M0.0%	$8.0M-49.4%	$8.0M-49.4%
Total Liabilities	$18.8B+11.1%	$18.0B+8.1%	$17.2B+3.7%	$17.1B+2.5%	$17.0B+3.9%	$16.6B+3.7%	$16.6B+8.6%	$16.7B+12.5%
Total Equity	$2.4B+9.6%	$2.3B+7.8%	$2.3B+1.7%	$2.2B+14.8%	$2.2B+15.7%	$2.2B+21.6%	$2.2B+31.9%	$1.9B+18.8%
Retained Earnings	$1.6B+14.9%	$1.5B+12.2%	$1.5B+11.7%	$1.4B+14.5%	$1.4B+15.9%	$1.4B+20.3%	$1.3B+25.1%	$1.3B+25.2%

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

MBIN Cash Flow Statement

MBIN quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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
Depreciation & Amortization	N/A	$3.5M+15.0%	$3.0M+5.7%	$2.9M+14.8%	$2.5M+3.2%	$2.4M+14.0%	$2.1M+97.6%	$1.1M+57.6%	$679K+79.6%	$378K+36.0%	$278K-7.6%	$301K
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	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$213.3M+276.1%	-$597.3M-503.5%	-$397.9M-3888.2%	$29.8M+106.0%	-$121.2M-337.0%	$148.0M+138.6%	-$10.0M-101.4%	-$492.6M+10.4%
Depreciation & Amortization	$1.4M+81.3%	$1.4M+77.9%	$1.2M+52.6%	$765K-2.3%	$770K+3.2%	$770K+6.2%	$760K+3.7%	$783K+6.7%
Capital Expenditures	$2.4M-45.8%	$1.1M-83.3%	$3.8M-39.4%	$5.8M+27.7%	$4.5M-14.9%	$6.9M+197.4%	$6.3M+54.2%	$4.5M+777.1%
Free Cash Flow	$210.9M+267.8%	-$598.5M-523.9%	-$401.7M-2371.7%	$24.0M+104.8%	-$125.7M-374.1%	$141.2M+136.6%	-$16.3M-102.2%	-$497.2M+9.6%
Investing Cash Flow	-$768.9M-2820.8%	-$335.3M-37027.0%	$12.7M+129.2%	-$181.1M-199.8%	-$26.3M+91.7%	-$903K+99.9%	-$43.5M+95.2%	$181.4M+2331.8%
Financing Cash Flow	$787.1M+188.0%	$803.6M+884.4%	-$620K+99.1%	$102.2M-72.5%	$273.3M-8.3%	-$102.4M-110.2%	-$71.8M-120.4%	$372.3M-34.9%
Dividends Paid	$15.3M+3.1%	$15.3M+3.1%	$14.9M+0.1%	$14.9M+25.1%	$14.9M+25.1%	$14.9M+18.2%	$14.8M+22.4%	$11.9M-2.1%
Share Buybacks	$0	$3.0M	N/A	N/A	N/A	N/A	N/A	N/A

Not reported in any period shown, so not listed: Stock-Based Compensation.

MBIN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

MBIN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	32.1%-15.7pp	47.8%-1.8pp	49.6%+0.2pp	49.4%-2.7pp	52.2%+0.8pp	51.3%+5.7pp	45.6%+0.6pp	45.1%-2.8pp	47.9%+7.7pp	40.2%-0.9pp	41.1%
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
Asset Turnover	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.040.0x	0.040.0x	0.030.0x	0.040.0x	0.030.0x	0.030.0x	0.03
FCF Margin	-53.1%	-127.3%	-64.7%	201.5%	-12.1%	-310.7%	-599.5%	139.8%	-154.6%	-183.1%	170.9%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Net Margin	43.0%+21.8pp	38.6%-1.3pp	36.6%-12.8pp	32.0%-9.0pp	21.2%-26.7pp	39.9%-11.9pp	49.4%+0.6pp	41.0%-12.1pp
Return on Equity	3.3%+1.5pp	2.9%+0.2pp	3.0%-1.3pp	2.5%-0.7pp	1.7%-2.3pp	2.7%-2.2pp	4.3%-0.3pp	3.2%-1.8pp
Return on Assets	0.4%+0.2pp	0.3%0.0pp	0.4%-0.2pp	0.3%-0.1pp	0.2%-0.2pp	0.3%-0.2pp	0.5%+0.1pp	0.3%-0.2pp
Debt-to-Equity	7.87+0.1x	7.720.0x	7.53+0.1x	7.70-0.9x	7.76-0.9x	7.70-1.3x	7.38-1.6x	8.62-0.5x
Asset Turnover	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x	0.010.0x
FCF Margin	115.7%	-221.2%	-130.7%	14.0%	-70.1%-98.9pp	96.8%	-8.4%	-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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Merchants Bancorp MBIN	FY2025	$681.4M	$218.8M	32.1%	$2.2B	62/100
German American Bancorp, Inc. GABC	FY2025	$487.4M	$112.6M	23.1%	$1.8B	68/100
Republic Bancorp Inc/KY RBCAA	FY2025	$417.5M	$131.3M	31.4%	$1.8B	62/100
Trico Bancshares TCBK	FY2025	$419.2M	$121.6M	29.0%	$1.6B	56/100
NATIONAL BANK HOLDINGS CORP. NBHC	FY2025	$416.1M	$109.6M	26.3%	$1.7B	53/100
Hope Bancorp, Inc. HOPE	FY2025	$498.7M	$62.0M	12.4%	$1.7B	34/100

Where Merchants Bancorp Ranks

Frequently Asked Questions

What is Merchants Bancorp's annual revenue?

Merchants Bancorp (MBIN) reported $681.4M in total revenue for fiscal year 2025. This represents a 1.6% 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's revenue growing?

Merchants Bancorp (MBIN) revenue grew by 1.6% year-over-year, from $670.7M to $681.4M in fiscal year 2025.

Is Merchants Bancorp profitable?

Yes, Merchants Bancorp (MBIN) reported a net income of $218.8M in fiscal year 2025, with a net profit margin of 32.1%.

What is Merchants Bancorp's net profit margin?

Merchants Bancorp (MBIN) had a net profit margin of 32.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Merchants Bancorp pay dividends?

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

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

Merchants Bancorp (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's free cash flow?

Merchants Bancorp (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's operating cash flow?

Merchants Bancorp (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's total assets?

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

What are Merchants Bancorp's capital expenditures?

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

How many shares does Merchants Bancorp have outstanding?

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

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

Merchants Bancorp (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's return on assets (ROA)?

Merchants Bancorp (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's P/E ratio?

Merchants Bancorp (MBIN) trades at 8.3x earnings, its market capitalization divided by net income of $268.6M net income, trailing 12 months to June 30, 2026. The market capitalization is $2.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Merchants Bancorp's price-to-sales ratio?

Merchants Bancorp (MBIN) trades at 3.1x sales, its market capitalization divided by revenue of $713.8M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.2B as of Oct 14, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Merchants Bancorp's Piotroski F-Score?

Merchants Bancorp (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's earnings high quality?

For every $1 of reported earnings, Merchants Bancorp (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?

Merchants Bancorp (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.