Merchants Bancorp Ind Financials

MBINN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Merchants Bancorp Ind (MBINN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 10 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).

Financial Health Signals

Financial Profile 36/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Merchants Bancorp Ind's revenue surged 20.9% year-over-year to $1.3B, reflecting rapid business expansion. This strong growth earns a score of 88/100.

Leverage

Merchants Bancorp Ind has elevated debt relative to equity (D/E of 7.38), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

While Merchants Bancorp Ind generated -$835.3M in operating cash flow, capex of $18.4M consumed most of it, leaving -$853.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Merchants Bancorp Ind's ROE of 14.3% shows moderate profitability relative to equity, earning a score of 57/100. This is down from 16.4% the prior year.

Piotroski F-Score Weak

3/9

Merchants Bancorp Ind passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

-2.61x

For every $1 of reported earnings, Merchants Bancorp Ind generates $-2.61 in operating cash flow (-$835.3M OCF vs $320.4M 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

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Revenue

$1.3B

YoY+20.9%

5Y CAGR+43.8%

Merchants Bancorp Ind generated $1.3B in revenue in fiscal year 2024. This represents an increase of 20.9% from the prior year.

EBITDA

N/A

Free Cash Flow

-$853.7M

YoY-134.6%

Merchants Bancorp Ind generated -$853.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 134.6% from the prior year.

Net Income

$320.4M

YoY+14.7%

5Y CAGR+32.9%

Merchants Bancorp Ind reported $320.4M in net income in fiscal year 2024. This represents an increase of 14.7% from the prior year.

EPS (Diluted)

$6.30

YoY+11.7%

5Y CAGR+31.9%

Merchants Bancorp Ind earned $6.30 per diluted share (EPS) in fiscal year 2024. This represents an increase of 11.7% from the prior year.

Cash & Debt

$476.6M

YoY-18.4%

5Y CAGR-1.2%

Merchants Bancorp Ind held $476.6M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.36

YoY+12.5%

5Y CAGR+13.6%

Merchants Bancorp Ind paid $0.36 per share in dividends in fiscal year 2024. This represents an increase of 12.5% from the prior year.

Shares Outstanding

46M

YoY+5.8%

5Y CAGR+9.8%

Merchants Bancorp Ind had 46M shares outstanding in fiscal year 2024. This represents an increase of 5.8% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

24.6%

YoY-1.3pp

5Y CAGR-11.9pp

Merchants Bancorp Ind's net profit margin was 24.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.

Return on Equity

14.3%

YoY-2.1pp

5Y CAGR+2.5pp

Merchants Bancorp Ind's ROE was 14.3% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 2.1 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$18.4M

YoY+144.3%

5Y CAGR+5.6%

Merchants Bancorp Ind invested $18.4M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 144.3% from the prior year.

MBINN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.3B+20.9%	$1.1B+124.2%	$480.8M+54.2%	$311.9M+10.3%	$282.8M+33.4%	$212.0M
Cost of Revenue	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
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$780.1M+23.9%	$629.7M+288.0%	$162.3M+378.8%	$33.9M-42.2%	$58.6M-34.6%	$89.7M
Income Tax	$102.3M+48.9%	$68.7M-3.8%	$71.4M-8.2%	$77.8M+23.9%	$62.8M+153.3%	$24.8M
Net Income	$320.4M+14.7%	$279.2M+27.1%	$219.7M-3.3%	$227.1M+25.8%	$180.5M+133.5%	$77.3M
EPS (Diluted)	$6.30+11.7%	$5.64+26.2%	$4.47-6.1%	$4.76+23.6%	$3.85+143.7%	$1.58

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Revenue	$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+0.8%	$311.8M
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	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$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-0.2%	$187.4M
Income Tax	$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+23.9%	$22.0M
Net Income	$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+12.4%	$77.5M
EPS (Diluted)	$0.97+61.7%	$0.60-35.5%	$0.93+1.1%	$0.92-21.4%	$1.17-21.5%	$1.49-17.2%	$1.80+13.9%	$1.58

MBINN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$18.8B+10.9%	$17.0B+34.4%	$12.6B+11.9%	$11.3B+16.9%	$9.6B+51.4%	$6.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$476.6M-18.4%	$584.4M+158.4%	$226.2M-78.1%	$1.0B+474.5%	$179.7M-64.5%	$506.7M
Inventory	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
Goodwill	$8.0M-49.4%	$15.8M0.0%	$15.8M0.0%	$15.8M0.0%	$15.8M0.0%	$15.8M
Total Liabilities	$16.6B+8.6%	$15.3B+36.7%	$11.2B+10.2%	$10.1B+14.6%	$8.8B+54.5%	$5.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	$1.0B-23.3%	$1.3B+643.1%	$181.4M
Total Equity	$2.2B+31.9%	$1.7B+16.5%	$1.5B+26.3%	$1.2B+42.5%	$810.6M+24.0%	$653.7M
Retained Earnings	$1.3B+25.1%	$1.1B+27.7%	$832.9M+26.7%	$657.1M+42.3%	$461.7M+51.4%	$305.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Total Assets	$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+5.1%	$17.0B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$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-12.9%	$584.4M
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%	$8.0M-49.4%	$15.8M
Total Liabilities	$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+5.2%	$15.3B
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	$181.4M+13.6%	$159.7M+156.6%	$62.2M-81.6%	$338.0M+497.1%	$56.6M
Total Equity	$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+4.4%	$1.7B
Retained Earnings	$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+7.0%	$1.1B

MBINN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$835.3M-134.4%	-$356.4M-136.5%	$975.8M+2082.6%	-$49.2M+94.4%	-$874.9M+30.4%	-$1.3B
Capital Expenditures	$18.4M+144.3%	$7.5M+11.3%	$6.8M+85.5%	$3.6M+0.6%	$3.6M-74.1%	$14.0M
Free Cash Flow	-$853.7M-134.6%	-$363.9M-137.6%	$969.0M+1933.1%	-$52.9M+94.0%	-$878.5M+30.9%	-$1.3B
Investing Cash Flow	-$874.3M+73.2%	-$3.3B-13.9%	-$2.9B-503.6%	-$474.3M+81.3%	-$2.5B-164.4%	-$957.7M
Financing Cash Flow	$1.6B-59.7%	$4.0B+267.8%	$1.1B-21.5%	$1.4B-55.3%	$3.1B+29.2%	$2.4B
Dividends Paid	$51.2M+5.5%	$48.5M+27.4%	$38.1M+21.9%	$31.2M+32.0%	$23.7M+37.2%	$17.3M
Share Buybacks	N/A	N/A	$3.9M	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
Operating Cash Flow	$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-152.1%	$736.3M
Capital Expenditures	$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-43.3%	$4.1M
Free Cash Flow	$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-152.7%	$732.3M
Investing Cash Flow	-$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+23.7%	-$911.0M
Financing Cash Flow	$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+185.1%	$351.8M
Dividends Paid	$14.9M0.0%	$14.9M0.0%	$14.9M0.0%	$14.8M+25.0%	$11.9M0.0%	$11.9M-5.5%	$12.6M+3.7%	$12.1M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MBINN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	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
Net Margin	24.6%-1.3pp	25.9%-19.8pp	45.7%-27.1pp	72.8%+9.0pp	63.8%+27.4pp	36.5%
Return on Equity	14.3%-2.1pp	16.4%+1.4pp	15.0%-4.6pp	19.7%-2.6pp	22.3%+10.4pp	11.8%
Return on Assets	1.7%+0.1pp	1.7%-0.1pp	1.7%-0.3pp	2.0%+0.1pp	1.9%+0.7pp	1.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.38-1.6	8.97+1.3	7.64+6.7	0.89-0.8	1.66+1.4	0.28
FCF Margin	-65.5%-31.8pp	-33.8%-235.3pp	201.5%+218.5pp	-17.0%+293.7pp	-310.7%+288.9pp	-599.5%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'24	Q2'24	Q1'24	Q4'23
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	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%+2.9pp	24.9%
Return on Equity	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%+0.4pp	4.5%
Return on Assets	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%+0.0pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	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+0.1	8.97
FCF Margin	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%-357.8pp	234.9%

Frequently Asked Questions

What is Merchants Bancorp Ind's annual revenue?

Merchants Bancorp Ind (MBINN) reported $1.3B in total revenue for fiscal year 2024. This represents a 20.9% 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 (MBINN) revenue grew by 20.9% year-over-year, from $1.1B to $1.3B in fiscal year 2024.

Is Merchants Bancorp Ind profitable?

Yes, Merchants Bancorp Ind (MBINN) reported a net income of $320.4M in fiscal year 2024, with a net profit margin of 24.6%.

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

Merchants Bancorp Ind (MBINN) reported diluted earnings per share of $6.30 for fiscal year 2024. This represents a 11.7% 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.

What is Merchants Bancorp Ind's net profit margin?

Merchants Bancorp Ind (MBINN) had a net profit margin of 24.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Merchants Bancorp Ind pay dividends?

Yes, Merchants Bancorp Ind (MBINN) paid $0.36 per share in dividends during fiscal year 2024.

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

Merchants Bancorp Ind (MBINN) has a return on equity of 14.3% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Merchants Bancorp Ind's free cash flow?

Merchants Bancorp Ind (MBINN) generated -$853.7M in free cash flow during fiscal year 2024. This represents a -134.6% 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 (MBINN) generated -$835.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Merchants Bancorp Ind's total assets?

Merchants Bancorp Ind (MBINN) had $18.8B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Merchants Bancorp Ind's capital expenditures?

Merchants Bancorp Ind (MBINN) invested $18.4M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Merchants Bancorp Ind have outstanding?

Merchants Bancorp Ind (MBINN) had 46M shares outstanding as of fiscal year 2024.

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

Merchants Bancorp Ind (MBINN) had a debt-to-equity ratio of 7.38 as of fiscal year 2024, 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 (MBINN) had a return on assets of 1.7% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Merchants Bancorp Ind's cash runway?

Based on fiscal year 2024 data, Merchants Bancorp Ind (MBINN) had $476.6M in cash against an annual operating cash burn of $835.3M. 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 Ind's Piotroski F-Score?

Merchants Bancorp Ind (MBINN) has a Piotroski F-Score of 3 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Merchants Bancorp Ind's earnings high quality?

Merchants Bancorp Ind (MBINN) has an earnings quality ratio of -2.61x, 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 Ind?

Merchants Bancorp Ind (MBINN) scores 36 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.