Merchants Bancorp Financials
This page shows Merchants Bancorp (MBINL) financial statements, including the 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).
Profit stayed positive, but this balance-sheet-heavy model expanded assets faster than cash generation and leaned on persistent leverage.
From FY2023 to FY2025, total assets rose from$17.0B to$19.4B while return on assets fell from1.7% to1.1% and operating cash flow stayed negative, so growth required a larger balance sheet yet produced less profit and no cash support.
Earnings quality is the main tension: net income remained positive at
Leverage is structural, not a one-year spike. Liabilities reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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's revenue declined 7.8% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 43/100.
Merchants Bancorp has elevated debt relative to equity (D/E of 7.53), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
While Merchants Bancorp generated -$341.2M in operating cash flow, capex of $20.9M consumed most of it, leaving -$362.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Merchants Bancorp's ROE of 9.6% shows moderate profitability relative to equity, earning a score of 39/100. This is down from 14.3% the prior year.
Merchants Bancorp passes 1 of 9 financial strength tests. 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 generates $-1.56 in operating cash flow (-$341.2M OCF vs $218.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Merchants Bancorp generated $1.2B in revenue in fiscal year 2025. This represents a decrease of 7.8% from the prior year.
Merchants Bancorp reported $218.8M in net income in fiscal year 2025. This represents a decrease of 31.7% from the prior year.
Merchants Bancorp earned $3.78 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 40.0% from the prior year.
Cash & Balance Sheet
Merchants Bancorp generated -$362.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 57.6% from the prior year.
Merchants Bancorp held $212.2M in cash against $0 in long-term debt as of fiscal year 2025.
Merchants Bancorp paid $0.40 per share in dividends in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Merchants Bancorp had 46M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Margins & Returns
Merchants Bancorp'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.
Merchants Bancorp'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.
Capital Allocation
Merchants Bancorp 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.
MBINL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $307.5M+1.9% | $301.8M-0.9% | $304.4M+6.0% | $287.2M-10.6% | $321.3M-5.2% | $338.9M+3.2% | $328.3M+4.5% | $314.2M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $42.4M-4.0% | $44.2M+1.3% | $43.6M+19.6% | $36.4M-3.0% | $37.5M+6.6% | $35.2M+24.1% | $28.4M-4.1% | $29.6M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $169.4M-2.5% | $173.7M-1.1% | $175.7M+6.5% | $165.0M-11.6% | $186.7M-9.4% | $206.1M+3.0% | $200.2M+7.0% | $187.1M |
| Income Tax | $6.0M-38.9% | $9.9M-9.0% | $10.9M-40.6% | $18.3M-43.3% | $32.2M+60.5% | $20.1M-11.7% | $22.7M-16.5% | $27.2M |
| Net Income | $67.8M+24.0% | $54.7M+44.0% | $38.0M-34.8% | $58.2M-39.1% | $95.7M+56.1% | $61.3M-19.8% | $76.4M-12.2% | $87.1M |
| EPS (Diluted) | N/A | $0.97+61.7% | $0.60-35.5% | $0.93 | N/A | $1.17-21.5% | $1.49-17.2% | $1.80 |
MBINL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.4B+0.5% | $19.4B+1.1% | $19.1B+1.8% | $18.8B0.0% | $18.8B+0.8% | $18.7B+2.4% | $18.2B+2.2% | $17.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $212.2M-64.5% | $598.0M-7.6% | $647.2M+24.1% | $521.3M+9.4% | $476.6M-20.8% | $601.9M+11.3% | $540.9M+6.3% | $508.8M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| 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 | $17.2B+0.2% | $17.1B+1.0% | $17.0B+1.9% | $16.6B+0.5% | $16.6B-0.9% | $16.7B+2.4% | $16.3B+1.7% | $16.0B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $2.3B+2.5% | $2.2B+1.9% | $2.2B+1.1% | $2.2B-3.7% | $2.2B+15.7% | $1.9B+2.7% | $1.9B+6.3% | $1.8B |
| Retained Earnings | $1.5B+3.8% | $1.4B+2.9% | $1.4B+1.7% | $1.4B+2.9% | $1.3B+6.5% | $1.3B+4.1% | $1.2B+5.5% | $1.1B |
MBINL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$397.9M-1436.8% | $29.8M+124.6% | -$121.2M-181.8% | $148.0M+1583.8% | -$10.0M+98.0% | -$492.6M-1063.7% | $51.1M+113.3% | -$383.8M |
| Capital Expenditures | $3.8M-34.2% | $5.8M+28.5% | $4.5M-34.4% | $6.9M+9.3% | $6.3M+38.6% | $4.5M-14.3% | $5.3M+129.1% | $2.3M |
| Free Cash Flow | -$401.7M-1774.9% | $24.0M+119.1% | -$125.7M-189.0% | $141.2M+968.7% | -$16.3M+96.7% | -$497.2M-1184.7% | $45.8M+111.9% | -$386.1M |
| Investing Cash Flow | $12.7M+107.0% | -$181.1M-588.0% | -$26.3M-2815.4% | -$903K+97.9% | -$43.5M-124.0% | $181.4M+157.2% | -$317.2M+54.4% | -$695.0M |
| Financing Cash Flow | -$620K-100.6% | $102.2M-62.6% | $273.3M+366.8% | -$102.4M-42.7% | -$71.8M-119.3% | $372.3M+24.9% | $298.2M-70.3% | $1.0B |
| Dividends Paid | $14.9M0.0% | $14.9M0.0% | $14.9M0.0% | $14.9M0.0% | $14.8M+25.0% | $11.9M0.0% | $11.9M-5.5% | $12.6M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MBINL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 22.1%+3.9pp | 18.1%+5.6pp | 12.5%-7.8pp | 20.3%-9.5pp | 29.8%+11.7pp | 18.1%-5.2pp | 23.3%-4.4pp | 27.7% |
| Return on Equity | 3.0%+0.5pp | 2.5%+0.7pp | 1.7%-1.0pp | 2.7%-1.6pp | 4.3%+1.1pp | 3.2%-0.9pp | 4.0%-0.9pp | 4.9% |
| Return on Assets | 0.4%+0.1pp | 0.3%+0.1pp | 0.2%-0.1pp | 0.3%-0.2pp | 0.5%+0.2pp | 0.3%-0.1pp | 0.4%-0.1pp | 0.5% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 7.53-0.2 | 7.70-0.1 | 7.76+0.1 | 7.70+0.3 | 7.38-1.2 | 8.62-0.0 | 8.65-0.4 | 9.03 |
| FCF Margin | -130.7%-138.6pp | 8.0%+49.2pp | -41.3%-90.4pp | 49.2%+54.2pp | -5.1%+141.6pp | -146.7%-160.7pp | 14.0%+136.8pp | -122.9% |
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Frequently Asked Questions
What is Merchants Bancorp's annual revenue?
Merchants Bancorp (MBINL) 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's revenue growing?
Merchants Bancorp (MBINL) revenue declined by 7.8% year-over-year, from $1.3B to $1.2B 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 18.2%.
What is Merchants Bancorp's net profit margin?
Merchants Bancorp (MBINL) 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 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) generated -$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) generated -$341.2M in operating cash flow during fiscal year 2025, representing cash generated from 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 cash runway?
Based on fiscal year 2025 data, Merchants Bancorp (MBINL) had $212.2M in cash against an annual operating cash burn of $341.2M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Merchants Bancorp's Piotroski F-Score?
Merchants Bancorp (MBINL) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. 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?
Merchants Bancorp (MBINL) has an earnings quality ratio of -1.56x, considered low quality (accrual-driven). 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 14 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.