Merchants Bancorp (MBIN)
NASDAQ:MBIN
Want to see MBIN full AI Analyst Report?
Top Page
Merchants Bancorp
(NASDAQ:MBIN)
Select Model
Select Model
Rating:58Neutral
Price Target:
$49.00
▲(0.18% Upside)
Action:DowngradedDate:02/28/26
The score is held back primarily by financial risks: earnings softened in 2025, leverage is elevated, and cash flow has been negative in most years. Technicals are mixed but generally supportive versus longer-term averages, while valuation is reasonable (P/E ~11.2) and the dividend increase is a modest positive.
Positive Factors
Diversified NII and Fee Income
Merchants earns from both net interest margin and fee-based mortgage banking/servicing. This mix provides durable revenue diversification: interest spreads from lending plus recurring mortgage fees and servicing can smooth cycles and support earnings even if one revenue source softens.
Negative Factors
Persistent Negative Cash Flow
Repeated negative operating/free cash flow undermines self-funding for loan growth, dividends, or balance sheet de-risking. Reliance on non-cash earnings or wholesale funding raises vulnerability to funding stress and questions the timing and durability of reported profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified NII and Fee Income
Merchants earns from both net interest margin and fee-based mortgage banking/servicing. This mix provides durable revenue diversification: interest spreads from lending plus recurring mortgage fees and servicing can smooth cycles and support earnings even if one revenue source softens.
Read all positive factors
Merchants Bancorp (MBIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.15B
Dividend Yield1.19%
Average Volume (3M)164.84K
Price to Earnings (P/E)7.3
Beta (1Y)1.02
Revenue Growth-4.31%
EPS Growth-24.74%
CountryUS
Employees663
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.78
Shares Outstanding45,962,067
10 Day Avg. Volume166,862
30 Day Avg. Volume164,845
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)0.69
Price to Sales (P/S)1.14
P/FCF Ratio-4.15
Enterprise Value/Market Cap3.21
Enterprise Value/Revenue5.07
Enterprise Value/Gross Profit12.32
Enterprise Value/Ebitda25.95
Forecast
1Y Price Target
$51.67Price Target Upside5.64% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.24
Revenue Forecast (FY)$728.62M
Merchants Bancorp Business Overview & Revenue Model
Company Description
Merchants Bancorp operates as the diversified bank holding company in the United States. The company operates through Multi-family Mortgage Banking, Mortgage Warehousing, and Banking segments. The Multi-family Mortgage Banking segment originates a...
How the Company Makes Money
Merchants Bancorp primarily earns money through (1) net interest income and (2) noninterest (fee) income. Net interest income is generated by collecting interest and fees on interest-earning assets—principally loans—while paying interest on fundin...
Merchants Bancorp Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
56
Neutral
Cash Flow
32
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.37B | 1.45B | 1.19B | 602.07M | 461.56M |
| Gross Profit | 563.69M | 642.69M | 519.10M | 422.49M | 422.66M |
| EBITDA | 267.26M | 425.66M | 350.76M | 293.63M | 307.12M |
| Net Income | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M |
Balance Sheet | |||||
| Total Assets | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Cash, Cash Equivalents and Short-Term Investments | 880.90M | 566.62M | 1.70B | 549.50M | 1.34B |
| Total Debt | 3.84B | 4.34B | 964.13M | 940.39M | 1.17B |
| Total Liabilities | 17.17B | 16.56B | 15.25B | 11.16B | 10.12B |
| Stockholders Equity | 2.28B | 2.24B | 1.70B | 1.46B | 1.16B |
Cash Flow | |||||
| Free Cash Flow | -376.67M | -853.67M | -363.93M | 966.96M | -52.86M |
| Operating Cash Flow | -341.25M | -835.28M | -356.40M | 975.77M | -49.22M |
| Investing Cash Flow | -195.67M | -874.27M | -3.26B | -2.86B | -474.26M |
| Financing Cash Flow | 272.51M | 1.60B | 3.97B | 1.08B | 1.38B |
Merchants Bancorp Technical Analysis
Positive
48.91
Price Trends
44.01
Positive
39.62
Positive
35.91
Positive
Market Momentum
1.50
Negative
73.75
Negative
84.01
Negative
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 48.91 is above the 20-day moving average (MA) of 44.88, above the 50-day MA of 44.01, and above the 200-day MA of 35.91, indicating a bullish trend. The MACD of 1.50 indicates Negative momentum. The RSI at 73.75 is Negative, neither overbought nor oversold. The STOCH value of 84.01 is Negative, 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $1.63B | 11.13 | 9.35% | 3.38% | 2.41% | ― | |
73 Outperform | $1.62B | 11.36 | 9.87% | 2.83% | 2.52% | 15.48% | |
73 Outperform | $1.91B | 17.98 | 7.35% | 3.07% | 3.18% | -7.24% | |
69 Neutral | $1.66B | 11.82 | 11.95% | 2.89% | 31.27% | 45.08% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
64 Neutral | $1.61B | 55.83 | 3.40% | ― | 6.29% | 220.03% | |
58 Neutral | $2.15B | 7.27 | 10.12% | 1.19% | -4.31% | -24.74% |
* Financial Sector Average
MBIN
Merchants Bancorp
46.79
15.68
50.41%
GABC
German American Bancorp
44.08
6.13
16.14%
STBA
S&T Bancorp
44.53
7.96
21.78%
TCBK
Trico Bancshares
50.82
11.72
29.96%
TFIN
Triumph Financial
67.45
10.85
19.17%
NBHC
National Bank Holdings
42.81
6.85
19.04%
Merchants Bancorp Corporate Events
Dividends
Merchants Bancorp Raises Quarterly Common Dividend Ten Percent
Positive
Feb 19, 2026
On February 19, 2026, Merchants Bancorp announced that its board increased the quarterly dividend on its common stock by 10% to $0.11 per share for the first quarter of 2026. The board also declared quarterly cash dividends on its Series C, Series...
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.