Want to see MBIN full AI Analyst Report?
Top Page
Merchants Bancorp
(NASDAQ:MBIN)
Select Model
Select Model
Rating:63Neutral
Price Target:
$58.00
▲(21.62% Upside)
Action:Reiterated
Date:08/08/26
The score is held back mainly by financial-statement risks—especially persistently negative operating/free cash flow and meaningfully higher leverage—despite solid profitability. Offsetting this, technicals are strong with the stock trading above key moving averages and positive momentum, while valuation is reasonable and recent corporate actions support stability and dividends.
Positive Factors
Profitability / Margins
Merchant’s sustained TTM net margin near 20% and mid‑20s EBIT margin show durable earning power from core banking activities. Healthy margins reflect effective loan pricing and cost control, supporting persistent earnings generation and buffer against cyclical revenue swings over months.
Negative Factors
Rising Leverage
Leverage has increased materially, with debt-to-equity jumping to ~1.79 TTM from ~0.57 in 2023. Higher leverage raises sensitivity to funding costs and reduces flexibility for lending or buffers against credit stress, increasing refinancing and interest expense risk over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability / Margins
Merchant’s sustained TTM net margin near 20% and mid‑20s EBIT margin show durable earning power from core banking activities. Healthy margins reflect effective loan pricing and cost control, supporting persistent earnings generation and buffer against cyclical revenue swings over months.
Read all positive factors
Merchants Bancorp (MBIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.53B
Dividend Yield0.76%
Average Volume (3M)164.84K
Price to Earnings (P/E)11.1
Beta (1Y)1.08
Revenue Growth-4.89%
EPS Growth9.27%
CountryUS
Employees735
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.98
Shares Outstanding45,938,076
10 Day Avg. Volume166,862
30 Day Avg. Volume164,845
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)0.69
Price to Sales (P/S)1.14
P/FCF Ratio-9.17
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$56.50Price Target Upside18.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.14
Revenue Forecast (FY)$721.15M
Merchants Bancorp Business Overview & Revenue Model
Company Description
Merchants Bancorp operates as a diversified financial services holding company across the United States. Its operations are organized into three primary divisions: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family ...
How the Company Makes Money
Merchants Bancorp primarily makes money through (1) net interest income and (2) noninterest income. Net interest income is earned from the spread between interest income on loans and securities and interest expense paid on funding sources such as ...
Merchants Bancorp Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.37B | 1.45B | 1.19B | 602.07M | 461.56M |
| Gross Profit | 594.58M | 563.69M | 642.69M | 519.10M | 422.49M | 422.66M |
| EBITDA | 325.85M | 267.26M | 425.66M | 350.76M | 293.63M | 307.12M |
| Net Income | 268.58M | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M |
Balance Sheet | ||||||
| Total Assets | 21.23B | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Cash, Cash Equivalents and Short-Term Investments | 17.88M | 880.90M | 566.62M | 1.70B | 549.50M | 1.34B |
| Total Debt | 4.28B | 3.84B | 4.34B | 964.13M | 940.39M | 1.17B |
| Total Liabilities | 18.84B | 17.17B | 16.56B | 15.25B | 11.16B | 10.12B |
| Stockholders Equity | 2.39B | 2.28B | 2.24B | 1.70B | 1.46B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | -569.28M | -170.30M | -853.67M | -363.93M | 966.96M | -52.86M |
| Operating Cash Flow | -546.84M | -149.36M | -835.28M | -356.40M | 975.77M | -49.22M |
| Investing Cash Flow | -1.48B | -387.56M | -874.27M | -3.26B | -2.86B | -474.26M |
| Financing Cash Flow | 1.69B | 272.51M | 1.60B | 3.97B | 1.08B | 1.38B |
Merchants Bancorp Technical Analysis
Positive
47.69
Price Trends
49.60
Positive
47.62
Positive
42.10
Positive
Market Momentum
1.75
Negative
63.34
Neutral
75.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MBIN, the sentiment is Positive. The current price of 47.69 is below the 20-day moving average (MA) of 51.17, below the 50-day MA of 49.60, and above the 200-day MA of 42.10, indicating a bullish trend. The MACD of 1.75 indicates Negative momentum. The RSI at 63.34 is Neutral, neither overbought nor oversold. The STOCH value of 75.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MBIN.
Merchants Bancorp Risk Analysis
Merchants Bancorp disclosed 42 risk factors in its most recent earnings report. Merchants Bancorp reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Merchants Bancorp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $1.91B | 13.42 | 12.17% | 2.48% | 21.78% | 43.92% | |
76 Outperform | $1.84B | 13.98 | 9.74% | 2.74% | 2.45% | ― | |
73 Outperform | $1.84B | 13.67 | 10.23% | 2.48% | 3.50% | 23.44% | |
68 Neutral | $1.81B | 51.30 | 4.09% | ― | 9.21% | 234.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.93B | 16.81 | 6.47% | 2.94% | 8.43% | -23.02% | |
63 Neutral | $2.53B | 11.08 | 11.64% | 0.88% | -4.89% | 9.27% |
* Financial Sector Average
MBIN
Merchants Bancorp
54.25
23.69
77.50%
GABC
German American Bancorp
50.50
13.12
35.10%
STBA
S&T Bancorp
50.87
15.77
44.91%
TCBK
Trico Bancshares
57.27
17.28
43.23%
TFIN
Triumph Financial
76.01
24.66
48.02%
NBHC
National Bank Holdings
42.62
7.22
20.40%
Merchants Bancorp Corporate Events
Executive/Board ChangesDividendsShareholder Meetings
Merchants Bancorp Shareholders Approve Governance and Dividends
Positive
May 21, 2026
Merchants Bancorp held its Annual Meeting of Shareholders on May 21, 2026, where investors elected twelve directors to serve until the 2027 annual meeting, approved on an advisory basis the compensation of named executive officers, and ratified th...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.