Merchants Bancorp (MBIN)
NASDAQ:MBIN
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Merchants Bancorp
(NASDAQ:MBIN)
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Rating:59Neutral
Price Target:
$48.00
▼(-1.86% Downside)
Action:Reiterated
Date:05/22/26
The score is held back primarily by mixed financial quality—especially consistently negative cash flow and higher leverage—despite strong recent revenue growth. Valuation is a clear positive with a low P/E, while technicals are neutral-to-mixed and recent corporate actions are modestly supportive (governance approvals and dividend declaration).
Positive Factors
Diversified Revenue Mix
Merchants generates earnings from both net interest income and fee-based activities (including mortgage warehouse lending). This dual revenue base supports more durable cash flows across rate cycles and reduces reliance on a single income source, strengthening medium-term resilience.
Negative Factors
Weak Cash Generation
Deeply negative operating and free cash flows (TTM) create structural funding pressure, forcing reliance on external financing or asset sales. Persistent cash deficits limit reinvestment, constrain capital returns, and increase vulnerability to funding shocks over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Revenue Mix
Merchants generates earnings from both net interest income and fee-based activities (including mortgage warehouse lending). This dual revenue base supports more durable cash flows across rate cycles and reduces reliance on a single income source, strengthening medium-term resilience.
Read all positive factors
Merchants Bancorp (MBIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.17B
Dividend Yield1.19%
Average Volume (3M)164.84K
Price to Earnings (P/E)9.3
Beta (1Y)1.04
Revenue Growth-5.09%
EPS Growth-24.74%
CountryUS
Employees663
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)4.10
Shares Outstanding45,935,410
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-9.17
Enterprise Value/Market Cap3.20
Enterprise Value/Revenue5.06
Enterprise Value/Gross Profit11.89
Enterprise Value/Ebitda25.38
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
72
Positive
Balance Sheet
58
Neutral
Cash Flow
27
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.37B | 1.37B | 1.45B | 1.19B | 602.07M | 461.56M |
| Gross Profit | 583.07M | 563.69M | 642.69M | 519.10M | 422.49M | 422.66M |
| EBITDA | 273.14M | 267.26M | 425.66M | 350.76M | 293.63M | 307.12M |
| Net Income | 228.26M | 218.77M | 320.39M | 279.23M | 219.72M | 227.10M |
Balance Sheet | ||||||
| Total Assets | 20.32B | 19.45B | 18.81B | 16.95B | 12.62B | 11.28B |
| Cash, Cash Equivalents and Short-Term Investments | 19.64M | 880.90M | 566.62M | 1.70B | 549.50M | 1.34B |
| Total Debt | 4.79B | 3.84B | 4.34B | 964.13M | 940.39M | 1.17B |
| Total Liabilities | 17.99B | 17.17B | 16.56B | 15.25B | 11.16B | 10.12B |
| Stockholders Equity | 2.33B | 2.28B | 2.24B | 1.70B | 1.46B | 1.16B |
Cash Flow | ||||||
| Free Cash Flow | -1.09B | -170.30M | -853.67M | -363.93M | 966.96M | -52.86M |
| Operating Cash Flow | -1.06B | -149.36M | -835.28M | -356.40M | 975.77M | -49.22M |
| Investing Cash Flow | -552.24M | -387.56M | -874.27M | -3.26B | -2.86B | -474.26M |
| Financing Cash Flow | 1.18B | 272.51M | 1.60B | 3.97B | 1.08B | 1.38B |
Merchants Bancorp Technical Analysis
Positive
48.91
Price Trends
46.06
Positive
43.43
Positive
37.97
Positive
Market Momentum
0.12
Negative
50.18
Neutral
74.00
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 48.91 is above the 20-day moving average (MA) of 46.04, above the 50-day MA of 46.06, and above the 200-day MA of 37.97, indicating a bullish trend. The MACD of 0.12 indicates Negative momentum. The RSI at 50.18 is Neutral, neither overbought nor oversold. The STOCH value of 74.00 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $1.62B | 12.17 | 9.35% | 3.38% | 2.41% | 3.01% | |
77 Outperform | $1.62B | 12.42 | 9.87% | 2.83% | 2.52% | 15.48% | |
76 Outperform | $1.64B | 11.98 | 11.95% | 2.89% | 31.27% | 45.08% | |
69 Neutral | $1.87B | 14.82 | 7.35% | 3.07% | 3.09% | -7.54% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $1.70B | 53.66 | 3.40% | ― | 6.29% | 220.03% | |
59 Neutral | $2.17B | 9.32 | 10.12% | 1.19% | -5.09% | -24.74% |
* Financial Sector Average
MBIN
Merchants Bancorp
46.30
14.82
47.10%
GABC
German American Bancorp
43.19
6.26
16.95%
STBA
S&T Bancorp
44.34
8.75
24.60%
TCBK
Trico Bancshares
49.71
10.75
27.60%
TFIN
Triumph Financial
71.51
13.15
22.53%
NBHC
National Bank Holdings
41.20
5.69
16.01%
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.