Merchants Bancorp MBIN
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.78 | 6.32 | 5.66 | 4.49 | 4.78 | 3.85 | 1.58 | 2.08 | 2.28 | 1.47 |
| EPS, diluted | 3.78 | 6.30 | 5.64 | 4.47 | 4.76 | 3.85 | 1.58 | 2.07 | 2.28 | 1.47 |
| Shares, diluted (wtd. avg.) | $45.9M | $45.0M | $43.3M | $43.3M | $43.3M | $43.2M | $43.1M | $28.7M | $22.6M | $21.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 6022
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| BNY | Bank of New York Mellon Corp | $111.84B | 22.3x | 7.8% |
| STT | STATE STREET CORP | $53.36B | 20.7x | 7.3% |
| FITB | FIFTH THIRD BANCORP | $49.76B | 15.5x | -5.0% |
| MTB | M&T BANK CORP | $34.64B | 14.1x | 7.5% |
| NTRS | NORTHERN TRUST CORP | $34.15B | 21.4x | 6.1% |
| CFG | CITIZENS FINANCIAL GROUP INC/RI | $29.81B | 18.3x | 6.7% |
| FCNCA | FIRST CITIZENS BANCSHARES INC /DE/ | $25.48B | 13.4x | -2.2% |
| EWBC | EAST WEST BANCORP INC | $17.92B | 13.7x | 2.4% |