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

Merchants Bancorp Ind (MBINN) 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

MBINN

Source SEC Filings (10-K/10-Q) Updated Dec 31, 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 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 MBINN FY2025 2026-04-22

Merchants Bancorp’s balance-sheet growth engine remains profitable, but it leans on funding inflows more than on internally generated cash to expand.

Profitability and cash generation diverged: net income stayed positive in FY2024 and FY2025, but operating cash flow and free cash flow stayed negative. With total assets rising from $17.0B to $19.4B over the same span, the business appears to be funding growth through liabilities and retained capital rather than turning reported earnings into cash that can be redeployed freely.

With ROA at 1.1%, equity returns depend on a highly leveraged balance sheet around 7.5x debt-to-equity. That structure still produced an ROE of 9.6%, but down from 14.3%, so more capital is now supporting each dollar of profit and leverage is working less efficiently.

Revenue slipped to $1.2B in FY2025 while interest expense and overhead stayed elevated. That pushed net margin down to 18.2% from 24.6%, suggesting the institution is still putting assets to work, but the spread left after funding and operating costs is materially thinner.

Financial Health Signals

Financial Profile 14/100

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 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.

Growth

Merchants Bancorp Ind's revenue declined 7.8% year-over-year, from $1.3B to $1.2B. This contraction results in a growth score of 43/100.

Leverage

Merchants Bancorp Ind 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.

Cash Flow

While Merchants Bancorp Ind 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.

Returns

Merchants Bancorp Ind'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.

Piotroski F-Score Weak

1/9

Merchants Bancorp Ind 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.

Earnings Quality Low Quality

-1.56x

For every $1 of reported earnings, Merchants Bancorp Ind 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

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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.

EBITDA

N/A

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%

10Y CAGR+10.8%

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.

Cash & Balance Sheet

Free Cash Flow

-$362.2M

YoY+57.6%

Merchants Bancorp Ind 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.

Cash & Debt

$212.2M

YoY-55.5%

5Y CAGR+3.4%

10Y CAGR-7.2%

Merchants Bancorp Ind held $212.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.40

YoY+11.1%

5Y CAGR+13.8%

10Y CAGR+7.2%

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+0.3%

5Y CAGR+1.3%

Merchants Bancorp Ind had 46M shares outstanding in fiscal year 2025. This represents an increase of 0.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

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.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

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.

MBINN Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.2B-7.8%	$1.3B+20.9%	$1.1B+124.2%	$480.8M+54.2%	$311.9M+10.3%	$282.8M
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	$166.5M+27.4%	$130.7M+20.8%	$108.2M+21.4%	$89.1M+3.9%	$85.7M+44.8%	$59.2M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$683.8M-12.3%	$780.1M+23.9%	$629.7M+288.0%	$162.3M+378.8%	$33.9M-42.2%	$58.6M
Income Tax	$45.0M-56.0%	$102.3M+48.9%	$68.7M-3.8%	$71.4M-8.2%	$77.8M+23.9%	$62.8M
Net Income	$218.8M-31.7%	$320.4M+14.7%	$279.2M+27.1%	$219.7M-3.3%	$227.1M+25.8%	$180.5M
EPS (Diluted)	$3.78-40.0%	$6.30+11.7%	$5.64+26.2%	$4.47-6.1%	$4.76+23.6%	$3.85

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

MBINN Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$19.4B+3.4%	$18.8B+10.9%	$17.0B+34.4%	$12.6B+11.9%	$11.3B+16.9%	$9.6B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$212.2M-55.5%	$476.6M-18.4%	$584.4M+158.4%	$226.2M-78.1%	$1.0B+474.5%	$179.7M
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	$8.0M0.0%	$8.0M-49.4%	$15.8M0.0%	$15.8M0.0%	$15.8M0.0%	$15.8M
Total Liabilities	$17.2B+3.7%	$16.6B+8.6%	$15.3B+36.7%	$11.2B+10.2%	$10.1B+14.6%	$8.8B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	$1.0B-23.3%	$1.3B
Total Equity	$2.3B+1.7%	$2.2B+31.9%	$1.7B+16.5%	$1.5B+26.3%	$1.2B+42.5%	$810.6M
Retained Earnings	$1.5B+11.7%	$1.3B+25.1%	$1.1B+27.7%	$832.9M+26.7%	$657.1M+42.3%	$461.7M

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

MBINN Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$341.2M+59.1%	-$835.3M-134.4%	-$356.4M-136.5%	$975.8M+2082.6%	-$49.2M+94.4%	-$874.9M
Capital Expenditures	$20.9M+13.9%	$18.4M+144.3%	$7.5M+11.3%	$6.8M+85.5%	$3.6M+0.6%	$3.6M
Free Cash Flow	-$362.2M+57.6%	-$853.7M-134.6%	-$363.9M-137.6%	$969.0M+1933.1%	-$52.9M+94.0%	-$878.5M
Investing Cash Flow	-$195.7M+77.6%	-$874.3M+73.2%	-$3.3B-13.9%	-$2.9B-503.6%	-$474.3M+81.3%	-$2.5B
Financing Cash Flow	$272.5M-83.0%	$1.6B-59.7%	$4.0B+267.8%	$1.1B-21.5%	$1.4B-55.3%	$3.1B
Dividends Paid	$59.4M+16.1%	$51.2M+5.5%	$48.5M+27.4%	$38.1M+21.9%	$31.2M+32.0%	$23.7M
Share Buybacks	N/A	N/A	N/A	$3.9M	N/A	N/A

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

MBINN Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
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	18.2%-6.4pp	24.6%-1.3pp	25.9%-19.8pp	45.7%-27.1pp	72.8%+9.0pp	63.8%
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%
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%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	7.53+0.1	7.38-1.6	8.97+1.3	7.64+6.7	0.89-0.8	1.66
FCF Margin	-30.2%+35.4pp	-65.5%-31.8pp	-33.8%-235.3pp	201.5%+218.5pp	-17.0%+293.7pp	-310.7%

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%

Frequently Asked Questions

What is Merchants Bancorp Ind's annual revenue?

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

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

Merchants Bancorp Ind (MBINN) 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 (MBINN) 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 Ind's operating cash flow?

Merchants Bancorp Ind (MBINN) generated -$341.2M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Merchants Bancorp Ind's total assets?

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

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

Merchants Bancorp Ind (MBINN) 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 (MBINN) 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 cash runway?

Based on fiscal year 2025 data, Merchants Bancorp Ind (MBINN) 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 Ind's Piotroski F-Score?

Merchants Bancorp Ind (MBINN) 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 Ind's earnings high quality?

Merchants Bancorp Ind (MBINN) 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 Ind?

Merchants Bancorp Ind (MBINN) 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.