Merchants Bancorp (MBINL) Financials
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 MBINL SEC filings page.
Merchants Bancorp (MBINL) 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).
Liability-funded balance-sheet expansion continued while FY2025 revealed weaker earnings efficiency despite nearly flat reported revenue.
From FY2022 to FY2025, assets expanded from$12.6B to$19.4B while debt-to-equity stayed between 7.4x and 9.0x, indicating that growth is being carried primarily by liabilities rather than retained capital. The balance-sheet machine kept expanding even as profitability weakened, showing that scale did not translate into stronger earnings in FY2025.
Positive net income did not translate into operating cash: FY2025 reported net income of
Profitability weakened materially in FY2025: net margin fell from
Financial Health Signals
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.
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.
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.
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 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 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.
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 71/100 among other banks.
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.
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
Earnings & Revenue
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%.
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%.
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%.
Not reported for Q2 2026.
Cash & Balance Sheet
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%.
Merchants Bancorp held $314.7M in cash as of Q2 2026; long-term debt is not reported for that period.
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.
Margins & Returns
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.
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.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Merchants Bancorp repurchased no shares in Q2 2026. Against the prior quarter it is down 100.0%.
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%.
Not reported for Q2 2026.
MBINL 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.
| 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.
MBINL Balance Sheet
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.
| 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.
MBINL Cash Flow 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.
| 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.
MBINL 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.
| 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 MBINL | FY2025 | $681.4M | $218.8M | 32.1% | N/A | 62/100 |
| Huntington Bancshares Incorporated HBANL | FY2025 | $8.2B | $2.2B | 27.1% | N/A | 44/100 |
| Bridgewater Bancshares, Inc. BWBBP | FY2025 | $143.4M | $46.1M | 32.1% | N/A | 60/100 |
| First Guaranty Bancshares, Inc. 6.75% Series A Fixed-Rate Non-Cumulative Perpetual Preferred Stock FGBIP | FY2025 | $95.4M | -$56.0M | -58.7% | N/A | 9/100 |
| Huntington Bancshares Incorporated HBANP | FY2025 | $8.2B | $2.2B | 27.1% | N/A | 44/100 |
Where Merchants Bancorp Ranks
Frequently Asked Questions
What is Merchants Bancorp's annual revenue?
Merchants Bancorp (MBINL) 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 (MBINL) 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 (MBINL) 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 (MBINL) 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 (MBINL) paid $0.40 per share in dividends during fiscal year 2025.
What is Merchants Bancorp's return on equity (ROE)?
Merchants Bancorp (MBINL) 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 (MBINL) 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 (MBINL) 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 (MBINL) 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 (MBINL) invested $20.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Merchants Bancorp's debt-to-equity ratio?
Merchants Bancorp (MBINL) 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 (MBINL) 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 Piotroski F-Score?
Merchants Bancorp (MBINL) 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 (MBINL) 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 (MBINL) 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.