Merchants Bancorp MBIN

Financials SIC 6022 - State Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived Nasdaq

Merchants Bancorp (the "Company," "Merchants," "we," "our," or "us"), an Indiana corporation formed in 2006, is a diversified bank holding company headquartered in Carmel, Indiana and registered under the Bank Holding Company Act of 1956, as amended. We currently operate in multiple business segments, including Multi-family Mortgage Banking that offers multi-family housing and healthcare facility financing and servicing (through this segment we also serve as a syndicator of low-income housing tax credit and debt funds); Mortgage Warehousing that offers mortgage warehouse financing, commercial loans, and deposit services; and Banking that offers portfolio lending for multi-family and healthcare facility loans, retail and correspondent residential mortgage banking, agricultural lending, SBA lending, and traditional community banking. As of December 31, 2025, we had $19.4 billion in assets, $13.0 billion of deposits and $2.3 billion of shareholders' equity.

Last close 48.97 2026-10-23
Market cap $2.25B 2026-06-30 share count
52-week range 30.37 - 56.87

Valuation FY2025 figures against the last close

P/S1.9x
P/E13.0x
P/FCF—
EV/EBITDA—
Dividend yield2.6%
Diluted EPS3.78

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.20B$1.30B$1.08B$480.8M$311.9M$282.8M$212.0M$140.6M$94.4M$72.9M
Interest expense $517.1M$522.6M$448.1M$318.6M$33.9M$58.6M$89.7M$50.6M$27.8M$19.0M
Pre-tax income $263.8M$422.6M$347.9M$291.1M$304.9M$243.4M$102.1M$84.0M$77.2M$54.8M
Income tax $45.0M$102.3M$68.7M$71.4M$77.8M$62.8M$24.8M$21.2M$22.5M$21.7M
Net income $218.8M$320.4M$279.2M$219.7M$227.1M$180.5M$77.3M$62.9M$54.7M$33.1M
EPS, basic 3.786.325.664.494.783.851.582.082.281.47
EPS, diluted 3.786.305.644.474.763.851.582.072.281.47
Shares, diluted (wtd. avg.) 45.9M45.0M43.3M43.3M43.3M43.2M43.1M28.7M22.6M21.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $212.2M$476.6M$584.4M$226.2M$1.03B$179.7M$506.7M$336.5M$359.5M$445.7M
Property, plant and equipment $73.9M$58.6M$42.3M$35.4M$31.2M$29.8M$29.3M$15.1M$5.4M$4.9M
Goodwill $8.0M$8.0M$15.8M$15.8M$15.8M$15.8M$15.8M$17.5M$3.9M$523.0K
Other intangibles $36.0K$59.0K$742.0K$1.2M$1.7M$2.3M$3.8M$3.5M$1.5M—
Total assets $19.45B$18.81B$16.95B$12.62B$11.28B$9.65B$6.37B$3.88B$3.39B$2.72B
Long-term debt ——————$181.4M$195.5M$56.6M$57.0M
Total liabilities $17.17B$16.56B$15.25B$11.16B$10.12B$8.83B$5.72B$3.46B$3.03B$2.51B
Retained earnings $1.49B$1.33B$1.06B$832.9M$657.1M$461.7M$305.0M$244.9M$192.0M$145.3M
Total equity $2.28B$2.24B$1.70B$1.46B$1.16B$810.6M$653.7M$421.2M$367.5M$206.3M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$341.2M-$835.3M-$356.4M$975.8M-$49.2M-$874.9M-$1.26B$204.3M-$175.9M-$149.8M
Depreciation and amortisation $3.5M$3.0M$2.9M$2.5M$2.2M$1.9M$852.0K$461.0K$296.0K$278.0K
Capital expenditure $20.9M$18.4M$7.5M$6.8M$3.6M$3.6M$14.0M$9.2M$788.0K$1.2M
Investing cash flow -$195.7M-$874.3M-$3.26B-$2.86B-$474.3M-$2.53B-$957.7M-$509.1M-$523.1M-$265.3M
Financing cash flow $272.5M$1.60B$3.97B$1.08B$1.38B$3.08B$2.38B$281.7M$612.8M$414.0M
Dividends paid $59.4M$51.2M$48.5M$38.1M$31.2M$23.7M$17.3M$10.2M$8.0M$6.2M
Buybacks ———$3.9M——————

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-042047.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 72.9M Net income, FY2016: 33.1M Revenue, FY2017: 94.4M Net income, FY2017: 54.7M Revenue, FY2018: 140.6M Net income, FY2018: 62.9M Revenue, FY2019: 212M Net income, FY2019: 77.3M Revenue, FY2020: 282.8M Net income, FY2020: 180.5M Revenue, FY2021: 311.9M Net income, FY2021: 227.1M Revenue, FY2022: 480.8M Net income, FY2022: 219.7M Revenue, FY2023: 1.1B Net income, FY2023: 279.2M Revenue, FY2024: 1.3B Net income, FY2024: 320.4M Revenue, FY2025: 1.2B Net income, FY2025: 218.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $72.9M $94.4M $140.6M $212.0M $282.8M $311.9M $480.8M $1.08B $1.30B $1.20B
Gross profit — — — — — — — — — —
Net income $33.1M $54.7M $62.9M $77.3M $180.5M $227.1M $219.7M $279.2M $320.4M $218.8M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Other event Item 8.01
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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