Annual Income Statements for Merchants Bancorp
This table shows Merchants Bancorp's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.
Quarterly Income Statements for Merchants Bancorp
This table shows Merchants Bancorp's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Income / (Loss) Attributable to Common Shareholders |
|
53 |
48 |
46 |
57 |
73 |
69 |
78 |
67 |
54 |
85 |
Consolidated Net Income / (Loss) |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
Net Income / (Loss) Continuing Operations |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
Total Pre-Tax Income |
|
77 |
75 |
73 |
69 |
107 |
99 |
114 |
99 |
81 |
128 |
Total Revenue |
|
115 |
118 |
115 |
135 |
154 |
159 |
168 |
159 |
150 |
194 |
Net Interest Income / (Expense) |
|
85 |
95 |
101 |
106 |
117 |
124 |
127 |
128 |
133 |
135 |
Total Interest Income |
|
134 |
181 |
211 |
258 |
297 |
312 |
314 |
328 |
339 |
321 |
Loans and Leases Interest Income |
|
132 |
166 |
192 |
232 |
269 |
279 |
275 |
289 |
294 |
270 |
Investment Securities Interest Income |
|
1.46 |
13 |
18 |
23 |
24 |
29 |
35 |
35 |
40 |
47 |
Other Interest Income |
|
1.02 |
1.80 |
1.75 |
2.86 |
3.35 |
3.66 |
4.70 |
4.95 |
4.54 |
3.72 |
Total Interest Expense |
|
49 |
86 |
111 |
152 |
179 |
187 |
187 |
200 |
206 |
187 |
Deposits Interest Expense |
|
45 |
81 |
104 |
138 |
163 |
172 |
171 |
180 |
166 |
144 |
Long-Term Debt Interest Expense |
|
3.73 |
-3.33 |
6.16 |
15 |
16 |
-8.35 |
16 |
21 |
40 |
-42 |
Total Non-Interest Income |
|
29 |
23 |
14 |
30 |
36 |
34 |
41 |
31 |
17 |
59 |
Other Service Charges |
|
16 |
12 |
7.53 |
19 |
25 |
15 |
32 |
20 |
0.01 |
34 |
Net Realized & Unrealized Capital Gains on Investments |
|
13 |
11 |
6.73 |
11 |
11 |
19 |
9.25 |
11 |
17 |
25 |
Provision for Credit Losses |
|
2.23 |
6.41 |
6.87 |
23 |
4.01 |
6.75 |
4.73 |
9.97 |
6.90 |
2.69 |
Total Non-Interest Expense |
|
35 |
37 |
35 |
44 |
43 |
53 |
49 |
50 |
61 |
63 |
Salaries and Employee Benefits |
|
23 |
22 |
22 |
26 |
27 |
33 |
30 |
28 |
35 |
38 |
Net Occupancy & Equipment Expense |
|
3.29 |
3.79 |
3.81 |
4.03 |
3.81 |
4.09 |
4.09 |
4.10 |
4.30 |
4.32 |
Property & Liability Insurance Claims |
|
0.76 |
1.28 |
2.18 |
3.81 |
3.57 |
4.03 |
5.13 |
5.58 |
8.98 |
6.47 |
Other Operating Expenses |
|
7.88 |
9.75 |
6.64 |
11 |
8.51 |
11 |
10 |
12 |
13 |
15 |
Income Tax Expense |
|
19 |
18 |
18 |
3.27 |
25 |
22 |
27 |
23 |
20 |
32 |
Preferred Stock Dividends Declared |
|
5.73 |
8.80 |
8.67 |
8.67 |
8.67 |
8.67 |
8.67 |
9.58 |
7.76 |
11 |
Basic Earnings per Share |
|
$1.22 |
$1.12 |
$1.07 |
$1.31 |
$1.68 |
$1.59 |
$1.81 |
$1.50 |
$1.17 |
$1.84 |
Weighted Average Basic Shares Outstanding |
|
43.11M |
43.16M |
43.18M |
43.24M |
43.24M |
43.22M |
43.31M |
44.57M |
45.76M |
44.86M |
Diluted Earnings per Share |
|
$1.22 |
$1.12 |
$1.07 |
$1.31 |
$1.68 |
$1.59 |
$1.80 |
$1.49 |
$1.17 |
$1.84 |
Weighted Average Diluted Shares Outstanding |
|
43.26M |
43.32M |
43.29M |
43.31M |
43.35M |
43.35M |
43.47M |
44.70M |
45.91M |
45.00M |
Weighted Average Basic & Diluted Shares Outstanding |
|
43.11M |
43.23M |
43.23M |
43.24M |
43.24M |
43.33M |
43.35M |
45.76M |
45.76M |
45.85M |
Annual Cash Flow Statements for Merchants Bancorp
This table details how cash moves in and out of Merchants Bancorp's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Net Change in Cash & Equivalents |
|
217 |
-1.10 |
-86 |
-23 |
170 |
-327 |
853 |
-806 |
358 |
-108 |
Net Cash From Operating Activities |
|
118 |
-150 |
-176 |
204 |
-1,257 |
-875 |
-49 |
976 |
-356 |
-835 |
Net Cash From Continuing Operating Activities |
|
118 |
-150 |
-176 |
204 |
-1,257 |
-875 |
-49 |
976 |
-356 |
-835 |
Net Income / (Loss) Continuing Operations |
|
28 |
33 |
55 |
63 |
77 |
181 |
227 |
220 |
279 |
320 |
Consolidated Net Income / (Loss) |
|
28 |
33 |
55 |
63 |
77 |
181 |
227 |
220 |
279 |
320 |
Provision For Loan Losses |
|
0.96 |
0.96 |
2.47 |
4.63 |
3.94 |
12 |
5.01 |
17 |
40 |
24 |
Depreciation Expense |
|
0.30 |
0.28 |
0.30 |
0.46 |
0.85 |
1.90 |
2.19 |
2.49 |
2.85 |
3.01 |
Non-Cash Adjustments to Reconcile Net Income |
|
110 |
-150 |
-245 |
158 |
-1,270 |
-989 |
-55 |
336 |
-683 |
-839 |
Changes in Operating Assets and Liabilities, net |
|
-26 |
-42 |
8.98 |
-24 |
-80 |
-81 |
-229 |
400 |
4.00 |
-344 |
Net Cash From Investing Activities |
|
-349 |
-265 |
-523 |
-509 |
-958 |
-2,532 |
-474 |
-2,863 |
-3,260 |
-874 |
Net Cash From Continuing Investing Activities |
|
-349 |
-265 |
-523 |
-509 |
-958 |
-2,532 |
-474 |
-2,863 |
-3,260 |
-874 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-0.32 |
-1.20 |
-0.79 |
-9.20 |
-14 |
-3.62 |
-3.65 |
-6.76 |
-7.53 |
-18 |
Purchase of Investment Securities |
|
-680 |
-497 |
-639 |
-696 |
-1,637 |
-3,157 |
-955 |
-3,807 |
-4,018 |
-1,900 |
Sale and/or Maturity of Investments |
|
331 |
233 |
117 |
196 |
693 |
628 |
484 |
951 |
765 |
1,045 |
Net Cash From Financing Activities |
|
448 |
414 |
613 |
282 |
2,385 |
3,080 |
1,376 |
1,081 |
3,975 |
1,602 |
Net Cash From Continuing Financing Activities |
|
448 |
414 |
613 |
282 |
2,385 |
3,080 |
1,376 |
1,081 |
3,975 |
1,602 |
Net Change in Deposits |
|
429 |
389 |
515 |
155 |
2,247 |
1,930 |
1,572 |
1,089 |
3,990 |
-1,912 |
Issuance of Debt |
|
299 |
220 |
754 |
1,108 |
8,924 |
61,091 |
31,473 |
65,782 |
95,789 |
166,324 |
Issuance of Preferred Equity |
|
10 |
32 |
- |
0.00 |
193 |
0.00 |
191 |
137 |
0.00 |
223 |
Issuance of Common Equity |
|
3.94 |
- |
106 |
- |
- |
- |
- |
0.00 |
0.00 |
98 |
Repayment of Debt |
|
-289 |
-220 |
-755 |
-971 |
-8,938 |
-59,924 |
-31,788 |
-65,885 |
-95,756 |
-162,903 |
Repurchase of Preferred Equity |
|
- |
- |
- |
0.00 |
-22 |
0.00 |
-42 |
0.00 |
0.00 |
-177 |
Repurchase of Common Equity |
|
- |
- |
- |
- |
- |
0.00 |
0.00 |
-3.94 |
0.00 |
0.00 |
Payment of Dividends |
|
-4.22 |
-6.22 |
-7.95 |
-10 |
-17 |
-24 |
-31 |
-38 |
-49 |
-51 |
Cash Interest Paid |
|
14 |
18 |
27 |
49 |
82 |
69 |
34 |
140 |
610 |
789 |
Cash Income Taxes Paid |
|
19 |
22 |
27 |
17 |
19 |
57 |
79 |
67 |
67 |
80 |
Quarterly Cash Flow Statements for Merchants Bancorp
This table details how cash moves in and out of Merchants Bancorp's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Net Change in Cash & Equivalents |
|
66 |
-98 |
143 |
7.72 |
30 |
177 |
-76 |
32 |
61 |
-125 |
Net Cash From Operating Activities |
|
959 |
-858 |
-302 |
-241 |
-550 |
736 |
-384 |
51 |
-493 |
-9.98 |
Net Cash From Continuing Operating Activities |
|
959 |
-858 |
-302 |
-241 |
-550 |
736 |
-384 |
51 |
-493 |
-9.98 |
Net Income / (Loss) Continuing Operations |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
Consolidated Net Income / (Loss) |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
Provision For Loan Losses |
|
2.23 |
6.41 |
6.87 |
23 |
4.01 |
6.75 |
4.73 |
9.97 |
6.90 |
2.69 |
Depreciation Expense |
|
0.63 |
0.65 |
0.69 |
0.70 |
0.73 |
0.73 |
0.73 |
0.75 |
0.78 |
0.76 |
Non-Cash Adjustments to Reconcile Net Income |
|
686 |
-864 |
-319 |
-218 |
-444 |
299 |
-400 |
-11 |
-336 |
-91 |
Changes in Operating Assets and Liabilities, net |
|
211 |
-58 |
-45 |
-112 |
-192 |
352 |
-76 |
-25 |
-225 |
-18 |
Net Cash From Investing Activities |
|
-1,698 |
187 |
-1,120 |
-1,236 |
7.46 |
-911 |
-695 |
-317 |
181 |
-44 |
Net Cash From Continuing Investing Activities |
|
-1,698 |
187 |
-1,120 |
-1,236 |
7.46 |
-911 |
-695 |
-317 |
181 |
-44 |
Purchase of Property, Leasehold Improvements and Equipment |
|
-1.07 |
-0.58 |
-1.04 |
-1.90 |
-0.52 |
-4.07 |
-2.31 |
-5.28 |
-4.53 |
-6.28 |
Purchase of Investment Securities |
|
-1,709 |
-736 |
-1,136 |
-1,527 |
-215 |
-1,139 |
-794 |
-503 |
-235 |
-369 |
Sale and/or Maturity of Investments |
|
12 |
924 |
17 |
292 |
223 |
232 |
101 |
191 |
420 |
331 |
Net Cash From Financing Activities |
|
805 |
573 |
1,565 |
1,486 |
572 |
352 |
1,003 |
298 |
372 |
-72 |
Net Cash From Continuing Financing Activities |
|
805 |
573 |
1,565 |
1,486 |
572 |
352 |
1,003 |
298 |
372 |
-72 |
Net Change in Deposits |
|
2,020 |
-248 |
1,274 |
1,715 |
-53 |
1,054 |
144 |
941 |
-2,025 |
-972 |
Issuance of Debt |
|
23,356 |
20,828 |
22,489 |
19,841 |
27,016 |
26,443 |
26,752 |
20,859 |
61,373 |
57,340 |
Issuance of Preferred Equity |
|
- |
0.09 |
0.00 |
- |
- |
- |
0.00 |
- |
- |
223 |
Repayment of Debt |
|
-24,700 |
-19,995 |
-22,185 |
-20,058 |
-26,379 |
-27,133 |
-25,880 |
-21,536 |
-58,964 |
-56,523 |
Repurchase of Preferred Equity |
|
- |
- |
- |
- |
- |
- |
- |
- |
0.00 |
-125 |
Payment of Dividends |
|
-8.75 |
-12 |
-12 |
-12 |
-12 |
-12 |
-13 |
-12 |
-12 |
-15 |
Cash Interest Paid |
|
39 |
76 |
101 |
137 |
177 |
194 |
179 |
193 |
211 |
207 |
Cash Income Taxes Paid |
|
19 |
19 |
0.97 |
29 |
20 |
17 |
0.78 |
45 |
13 |
21 |
Annual Balance Sheets for Merchants Bancorp
This table presents Merchants Bancorp's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Total Assets |
|
2,719 |
3,393 |
3,884 |
6,372 |
9,645 |
11,279 |
12,615 |
16,953 |
18,806 |
Cash and Due from Banks |
|
446 |
360 |
26 |
14 |
10 |
14 |
22 |
16 |
11 |
Interest Bearing Deposits at Other Banks |
|
- |
- |
311 |
493 |
170 |
1,019 |
204 |
569 |
466 |
Trading Account Securities |
|
- |
- |
1,334 |
2,661 |
3,685 |
4,189 |
4,511 |
5,577 |
6,846 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
7,427 |
10,128 |
0.00 |
Premises and Equipment, Net |
|
- |
- |
15 |
29 |
30 |
31 |
35 |
42 |
59 |
Goodwill |
|
0.52 |
3.90 |
17 |
16 |
16 |
16 |
16 |
16 |
8.01 |
Other Assets |
|
54 |
66 |
132 |
143 |
225 |
257 |
399 |
557 |
11,416 |
Total Liabilities & Shareholders' Equity |
|
0.00 |
0.00 |
3,884 |
6,372 |
9,645 |
11,279 |
12,615 |
16,953 |
18,806 |
Total Liabilities |
|
0.00 |
0.00 |
3,463 |
5,718 |
8,835 |
10,123 |
11,155 |
15,251 |
16,562 |
Non-Interest Bearing Deposits |
|
- |
- |
183 |
272 |
854 |
641 |
327 |
520 |
239 |
Interest Bearing Deposits |
|
- |
- |
3,048 |
5,206 |
6,554 |
8,341 |
9,744 |
13,541 |
11,681 |
Long-Term Debt |
|
- |
- |
195 |
181 |
1,348 |
1,034 |
930 |
964 |
4,386 |
Other Long-Term Liabilities |
|
- |
- |
36 |
59 |
78 |
107 |
154 |
226 |
256 |
Commitments & Contingencies |
|
- |
- |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
0.00 |
0.00 |
421 |
654 |
811 |
1,155 |
1,460 |
1,701 |
2,243 |
Total Preferred & Common Equity |
|
206 |
367 |
421 |
654 |
811 |
1,155 |
1,460 |
1,701 |
2,243 |
Preferred Stock |
|
- |
- |
42 |
213 |
213 |
362 |
500 |
500 |
672 |
Total Common Equity |
|
0.00 |
0.00 |
380 |
441 |
598 |
793 |
960 |
1,201 |
1,571 |
Common Stock |
|
- |
- |
135 |
136 |
136 |
138 |
138 |
140 |
240 |
Retained Earnings |
|
- |
- |
245 |
305 |
462 |
657 |
833 |
1,064 |
1,331 |
Accumulated Other Comprehensive Income / (Loss) |
|
- |
- |
-0.31 |
0.46 |
0.37 |
-1.45 |
-11 |
-2.49 |
-0.13 |
Quarterly Balance Sheets for Merchants Bancorp
This table presents Merchants Bancorp's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.
Metric |
|
Q3 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Total Assets |
|
11,979 |
14,241 |
15,875 |
16,495 |
17,823 |
18,212 |
18,653 |
Cash and Due from Banks |
|
14 |
19 |
15 |
11 |
18 |
10 |
12 |
Interest Bearing Deposits at Other Banks |
|
310 |
351 |
362 |
397 |
491 |
531 |
590 |
Trading Account Securities |
|
4,313 |
4,840 |
5,070 |
5,594 |
5,886 |
6,004 |
6,951 |
Loans and Leases, Net of Allowance |
|
0.00 |
0.00 |
9,854 |
9,911 |
10,691 |
10,933 |
10,262 |
Premises and Equipment, Net |
|
35 |
36 |
37 |
37 |
42 |
47 |
53 |
Goodwill |
|
16 |
16 |
16 |
16 |
8.01 |
8.01 |
8.01 |
Other Assets |
|
7,289 |
8,979 |
519 |
530 |
687 |
680 |
593 |
Total Liabilities & Shareholders' Equity |
|
11,979 |
14,241 |
15,875 |
16,495 |
17,823 |
18,212 |
18,653 |
Total Liabilities |
|
10,566 |
12,735 |
14,315 |
14,863 |
16,046 |
16,324 |
16,714 |
Non-Interest Bearing Deposits |
|
316 |
314 |
349 |
288 |
320 |
383 |
311 |
Interest Bearing Deposits |
|
10,004 |
11,031 |
12,710 |
12,719 |
13,656 |
14,534 |
12,581 |
Long-Term Debt |
|
97 |
1,234 |
1,017 |
1,654 |
1,836 |
1,159 |
3,569 |
Other Long-Term Liabilities |
|
149 |
156 |
238 |
201 |
234 |
248 |
253 |
Commitments & Contingencies |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Total Equity & Noncontrolling Interests |
|
1,413 |
1,506 |
1,560 |
1,633 |
1,776 |
1,888 |
1,939 |
Total Preferred & Common Equity |
|
1,413 |
1,506 |
1,560 |
1,633 |
1,776 |
1,888 |
1,939 |
Preferred Stock |
|
500 |
500 |
500 |
500 |
500 |
449 |
449 |
Total Common Equity |
|
913 |
1,006 |
1,061 |
1,133 |
1,277 |
1,439 |
1,490 |
Common Stock |
|
137 |
138 |
139 |
140 |
140 |
238 |
239 |
Retained Earnings |
|
788 |
876 |
929 |
998 |
1,138 |
1,201 |
1,250 |
Accumulated Other Comprehensive Income / (Loss) |
|
-12 |
-7.73 |
-7.04 |
-4.75 |
-1.17 |
-0.51 |
0.10 |
Annual Metrics And Ratios for Merchants Bancorp
This table displays calculated financial ratios and metrics derived from Merchants Bancorp's official financial filings.
Metric |
|
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
2023 |
2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
0.00% |
19.42% |
38.56% |
22.12% |
21.38% |
107.58% |
23.81% |
2.10% |
26.60% |
19.19% |
EBITDA Growth |
|
0.00% |
18.66% |
27.61% |
8.53% |
31.02% |
115.56% |
25.23% |
-4.39% |
19.46% |
21.35% |
EBIT Growth |
|
0.00% |
16.14% |
40.82% |
8.90% |
21.55% |
138.27% |
25.30% |
-4.52% |
19.50% |
21.48% |
NOPAT Growth |
|
0.00% |
16.71% |
65.07% |
14.98% |
22.99% |
133.46% |
25.80% |
-3.25% |
27.09% |
14.74% |
Net Income Growth |
|
0.00% |
16.71% |
65.07% |
14.98% |
22.99% |
133.46% |
25.80% |
-3.25% |
27.09% |
14.74% |
EPS Growth |
|
0.00% |
8.89% |
55.10% |
-9.21% |
22.99% |
133.46% |
25.80% |
-6.09% |
26.17% |
11.70% |
Operating Cash Flow Growth |
|
0.00% |
-226.57% |
-17.44% |
216.17% |
-715.17% |
30.40% |
94.37% |
2,082.64% |
-136.53% |
-134.36% |
Free Cash Flow Firm Growth |
|
0.00% |
0.00% |
76.91% |
558.00% |
-104.97% |
-709.91% |
117.20% |
-90.36% |
-78.08% |
-87,818.70% |
Invested Capital Growth |
|
0.00% |
0.00% |
24.82% |
-81.83% |
35.43% |
158.50% |
1.41% |
9.17% |
11.51% |
148.74% |
Revenue Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
3.76% |
-3.70% |
20.46% |
5.04% |
1.22% |
7.73% |
5.50% |
EBITDA Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
2.40% |
-7.67% |
20.41% |
2.16% |
0.74% |
7.56% |
7.16% |
EBIT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-0.64% |
-8.55% |
29.07% |
2.14% |
0.72% |
7.60% |
7.21% |
NOPAT Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-7.24% |
23.35% |
12.09% |
2.56% |
0.90% |
7.85% |
6.02% |
Net Income Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-7.24% |
23.35% |
12.09% |
2.56% |
0.90% |
7.85% |
6.02% |
EPS Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
-11.91% |
23.35% |
12.09% |
2.56% |
-1.11% |
8.88% |
7.69% |
Operating Cash Flow Q/Q Growth |
|
0.00% |
0.00% |
-157.61% |
298.81% |
19.64% |
-9.17% |
9.69% |
-55.09% |
81.73% |
-838.84% |
Free Cash Flow Firm Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
0.00% |
43.94% |
19.79% |
-70.99% |
-96.98% |
100.27% |
-89.90% |
Invested Capital Q/Q Growth |
|
0.00% |
0.00% |
0.00% |
29.93% |
5.84% |
-9.11% |
14.09% |
58.30% |
-18.91% |
20.36% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
76.51% |
76.02% |
70.02% |
62.22% |
67.17% |
69.75% |
70.55% |
66.06% |
62.33% |
63.46% |
EBIT Margin |
|
68.32% |
66.44% |
67.52% |
60.21% |
60.30% |
69.21% |
70.05% |
65.50% |
61.82% |
63.01% |
Profit (Net Income) Margin |
|
41.10% |
40.17% |
47.85% |
45.05% |
45.65% |
51.34% |
52.17% |
49.43% |
49.62% |
47.77% |
Tax Burden Percent |
|
60.16% |
60.46% |
70.87% |
74.83% |
75.71% |
74.18% |
74.48% |
75.47% |
80.26% |
75.81% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
39.84% |
39.54% |
29.13% |
25.17% |
24.29% |
25.82% |
25.52% |
24.53% |
19.74% |
24.19% |
Return on Invested Capital (ROIC) |
|
0.00% |
2.44% |
1.79% |
3.14% |
10.65% |
12.06% |
10.45% |
9.60% |
11.05% |
6.89% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
0.00% |
2.44% |
1.79% |
3.14% |
10.65% |
12.06% |
10.45% |
9.60% |
11.05% |
6.89% |
Return on Net Nonoperating Assets (RNNOA) |
|
0.00% |
0.00% |
0.00% |
26.72% |
3.73% |
12.60% |
12.66% |
7.21% |
6.62% |
9.35% |
Return on Equity (ROE) |
|
0.00% |
0.00% |
0.00% |
29.85% |
14.39% |
24.66% |
23.10% |
16.80% |
17.67% |
16.25% |
Cash Return on Invested Capital (CROIC) |
|
0.00% |
-197.56% |
-20.29% |
141.62% |
-19.44% |
-76.36% |
9.04% |
0.83% |
0.16% |
-78.41% |
Operating Return on Assets (OROA) |
|
0.00% |
2.02% |
2.53% |
2.31% |
1.99% |
3.04% |
2.91% |
2.44% |
2.35% |
2.36% |
Return on Assets (ROA) |
|
0.00% |
1.22% |
1.79% |
1.73% |
1.51% |
2.25% |
2.17% |
1.84% |
1.89% |
1.79% |
Return on Common Equity (ROCE) |
|
0.00% |
0.00% |
0.00% |
26.91% |
10.98% |
17.50% |
16.35% |
11.27% |
12.08% |
11.42% |
Return on Equity Simple (ROE_SIMPLE) |
|
0.00% |
16.06% |
14.88% |
14.93% |
11.83% |
22.27% |
19.66% |
15.05% |
16.42% |
14.28% |
Net Operating Profit after Tax (NOPAT) |
|
28 |
33 |
55 |
63 |
77 |
181 |
227 |
220 |
279 |
320 |
NOPAT Margin |
|
41.10% |
40.17% |
47.85% |
45.05% |
45.65% |
51.34% |
52.17% |
49.43% |
49.62% |
47.77% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
20.14% |
20.18% |
21.22% |
26.21% |
26.76% |
19.34% |
22.35% |
23.07% |
22.02% |
22.00% |
Operating Expenses to Revenue |
|
30.29% |
32.40% |
30.32% |
36.47% |
37.38% |
27.42% |
28.80% |
30.61% |
31.03% |
33.37% |
Earnings before Interest and Taxes (EBIT) |
|
47 |
55 |
77 |
84 |
102 |
243 |
305 |
291 |
348 |
423 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
53 |
63 |
80 |
87 |
114 |
245 |
307 |
294 |
351 |
426 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
0.00 |
0.00 |
0.00 |
1.41 |
1.22 |
1.28 |
1.67 |
1.07 |
1.52 |
1.06 |
Price to Tangible Book Value (P/TBV) |
|
0.00 |
0.00 |
0.00 |
1.49 |
1.27 |
1.32 |
1.71 |
1.09 |
1.54 |
1.07 |
Price to Revenue (P/Rev) |
|
0.00 |
0.00 |
4.57 |
3.84 |
3.17 |
2.18 |
3.05 |
2.31 |
3.24 |
2.49 |
Price to Earnings (P/E) |
|
0.00 |
0.00 |
10.17 |
8.99 |
7.89 |
4.62 |
6.43 |
5.31 |
7.46 |
5.88 |
Dividend Yield |
|
0.00% |
0.00% |
0.27% |
1.29% |
1.50% |
1.20% |
0.78% |
1.17% |
0.76% |
0.99% |
Earnings Yield |
|
0.00% |
0.00% |
9.83% |
11.12% |
12.68% |
21.66% |
15.54% |
18.85% |
13.40% |
17.00% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.00 |
0.00 |
0.05 |
0.71 |
0.51 |
0.99 |
0.77 |
0.93 |
1.01 |
0.94 |
Enterprise Value to Revenue (EV/Rev) |
|
0.00 |
0.00 |
1.43 |
3.12 |
2.51 |
6.11 |
3.88 |
5.02 |
4.81 |
9.32 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
0.00 |
0.00 |
2.04 |
5.02 |
3.73 |
8.76 |
5.50 |
7.60 |
7.71 |
14.68 |
Enterprise Value to EBIT (EV/EBIT) |
|
0.00 |
0.00 |
2.11 |
5.19 |
4.16 |
8.83 |
5.54 |
7.67 |
7.77 |
14.79 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
0.00 |
0.00 |
2.98 |
6.93 |
5.49 |
11.90 |
7.44 |
10.16 |
9.68 |
19.51 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.00 |
0.00 |
0.00 |
2.13 |
0.00 |
0.00 |
0.00 |
2.29 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
0.00 |
0.00 |
0.00 |
0.15 |
0.00 |
0.00 |
8.60 |
117.75 |
651.01 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.00 |
0.00 |
0.00 |
0.46 |
0.28 |
1.66 |
0.89 |
0.64 |
0.57 |
1.96 |
Long-Term Debt to Equity |
|
0.00 |
0.00 |
0.00 |
0.46 |
0.28 |
1.66 |
0.89 |
0.64 |
0.57 |
1.96 |
Financial Leverage |
|
0.00 |
0.00 |
0.00 |
8.52 |
0.35 |
1.04 |
1.21 |
0.75 |
0.60 |
1.36 |
Leverage Ratio |
|
0.00 |
0.00 |
0.00 |
17.28 |
9.54 |
10.94 |
10.64 |
9.14 |
9.35 |
9.07 |
Compound Leverage Factor |
|
0.00 |
0.00 |
0.00 |
17.28 |
9.54 |
10.94 |
10.64 |
9.14 |
9.35 |
9.07 |
Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
31.69% |
21.72% |
62.45% |
47.23% |
38.93% |
36.17% |
66.16% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
31.69% |
21.72% |
62.45% |
47.23% |
38.93% |
36.17% |
66.16% |
Preferred Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
6.74% |
25.46% |
9.85% |
16.54% |
20.90% |
18.75% |
10.14% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
0.00% |
0.00% |
0.00% |
61.56% |
52.81% |
27.70% |
36.23% |
40.17% |
45.08% |
23.70% |
Debt to EBITDA |
|
0.00 |
0.00 |
0.00 |
2.25 |
1.59 |
5.50 |
3.37 |
3.17 |
2.75 |
10.30 |
Net Debt to EBITDA |
|
0.00 |
0.00 |
0.00 |
-1.62 |
-2.86 |
4.76 |
0.00 |
2.40 |
1.08 |
9.18 |
Long-Term Debt to EBITDA |
|
0.00 |
0.00 |
0.00 |
2.25 |
1.59 |
5.50 |
3.37 |
3.17 |
2.75 |
10.30 |
Debt to NOPAT |
|
0.00 |
0.00 |
0.00 |
3.11 |
2.35 |
7.47 |
4.55 |
4.23 |
3.45 |
13.69 |
Net Debt to NOPAT |
|
0.00 |
0.00 |
0.00 |
-2.24 |
-4.21 |
6.47 |
0.01 |
3.21 |
1.36 |
12.20 |
Long-Term Debt to NOPAT |
|
0.00 |
0.00 |
0.00 |
3.11 |
2.35 |
7.47 |
4.55 |
4.23 |
3.45 |
13.69 |
Noncontrolling Interest Sharing Ratio |
|
0.00% |
0.00% |
0.00% |
9.87% |
23.65% |
29.04% |
29.24% |
32.95% |
31.61% |
29.71% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
0.00 |
-2,685 |
-620 |
2,839 |
-141 |
-1,143 |
197 |
19 |
4.15 |
-3,644 |
Operating Cash Flow to CapEx |
|
36,747.83% |
-12,439.45% |
-22,320.56% |
2,222.24% |
-8,989.51% |
-24,148.16% |
-1,350.23% |
14,432.39% |
-4,734.35% |
-4,541.78% |
Free Cash Flow to Firm to Interest Expense |
|
0.00 |
-141.57 |
-22.31 |
56.12 |
-1.57 |
-19.49 |
5.80 |
0.12 |
0.01 |
-4.67 |
Operating Cash Flow to Interest Expense |
|
8.28 |
-7.90 |
-6.33 |
4.04 |
-14.01 |
-14.92 |
-1.45 |
6.01 |
-0.57 |
-1.07 |
Operating Cash Flow Less CapEx to Interest Expense |
|
8.26 |
-7.96 |
-6.36 |
3.86 |
-14.17 |
-14.98 |
-1.56 |
5.97 |
-0.58 |
-1.09 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.00 |
0.03 |
0.04 |
0.04 |
0.03 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
Fixed Asset Turnover |
|
0.00 |
0.00 |
0.00 |
0.00 |
7.63 |
11.91 |
14.28 |
13.34 |
14.47 |
13.29 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
0.00 |
2,719 |
3,393 |
617 |
835 |
2,159 |
2,189 |
2,390 |
2,665 |
6,629 |
Invested Capital Turnover |
|
0.00 |
0.06 |
0.04 |
0.07 |
0.23 |
0.23 |
0.20 |
0.19 |
0.22 |
0.14 |
Increase / (Decrease) in Invested Capital |
|
0.00 |
2,719 |
675 |
-2,776 |
218 |
1,324 |
30 |
201 |
275 |
3,964 |
Enterprise Value (EV) |
|
0.00 |
0.00 |
163 |
436 |
425 |
2,148 |
1,690 |
2,232 |
2,704 |
6,251 |
Market Capitalization |
|
0.00 |
0.00 |
522 |
535 |
537 |
767 |
1,327 |
1,028 |
1,825 |
1,669 |
Book Value per Share |
|
$0.00 |
$0.00 |
$0.00 |
$13.23 |
$15.37 |
$20.80 |
$27.56 |
$22.27 |
$27.79 |
$34.33 |
Tangible Book Value per Share |
|
$0.00 |
($0.02) |
($0.14) |
$12.50 |
$14.68 |
$20.17 |
$26.95 |
$21.88 |
$27.42 |
$34.16 |
Total Capital |
|
0.00 |
0.00 |
0.00 |
617 |
835 |
2,159 |
2,189 |
2,390 |
2,665 |
6,629 |
Total Debt |
|
0.00 |
0.00 |
0.00 |
195 |
181 |
1,348 |
1,034 |
930 |
964 |
4,386 |
Total Long-Term Debt |
|
0.00 |
0.00 |
0.00 |
195 |
181 |
1,348 |
1,034 |
930 |
964 |
4,386 |
Net Debt |
|
0.00 |
-446 |
-360 |
-141 |
-325 |
1,169 |
1.34 |
704 |
380 |
3,910 |
Capital Expenditures (CapEx) |
|
0.32 |
1.20 |
0.79 |
9.20 |
14 |
3.62 |
3.65 |
6.76 |
7.53 |
18 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
0.00 |
2,719 |
3,393 |
195 |
181 |
1,348 |
1,034 |
930 |
964 |
4,386 |
Total Depreciation and Amortization (D&A) |
|
5.66 |
7.91 |
2.85 |
2.81 |
12 |
1.90 |
2.19 |
2.49 |
2.85 |
3.01 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$0.90 |
$0.98 |
$1.52 |
$1.39 |
$1.58 |
$3.85 |
$4.78 |
$0.00 |
$5.66 |
$6.32 |
Adjusted Weighted Average Basic Shares Outstanding |
|
31.61M |
31.67M |
33.83M |
43.04M |
43.06M |
43.11M |
43.17M |
0.00 |
43.22M |
44.86M |
Adjusted Diluted Earnings per Share |
|
$0.90 |
$0.98 |
$1.52 |
$1.38 |
$1.58 |
$3.85 |
$4.76 |
$0.00 |
$5.64 |
$6.30 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
31.61M |
31.67M |
33.85M |
43.09M |
43.12M |
43.17M |
43.33M |
0.00 |
43.35M |
45.00M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
0.00 |
31.80M |
43.04M |
43.06M |
43.10M |
43.17M |
43.27M |
0.00 |
43.33M |
45.85M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
28 |
33 |
55 |
63 |
77 |
181 |
227 |
220 |
279 |
320 |
Normalized NOPAT Margin |
|
41.10% |
40.17% |
47.85% |
45.05% |
45.65% |
51.34% |
52.17% |
49.43% |
49.62% |
47.77% |
Pre Tax Income Margin |
|
68.32% |
66.44% |
67.52% |
60.21% |
60.30% |
69.21% |
70.05% |
65.50% |
61.82% |
63.01% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
3.30 |
2.89 |
2.78 |
1.66 |
1.14 |
4.15 |
9.00 |
1.79 |
0.55 |
0.54 |
NOPAT to Interest Expense |
|
1.99 |
1.75 |
1.97 |
1.24 |
0.86 |
3.08 |
6.70 |
1.35 |
0.44 |
0.41 |
EBIT Less CapEx to Interest Expense |
|
3.28 |
2.83 |
2.75 |
1.48 |
0.98 |
4.09 |
8.89 |
1.75 |
0.54 |
0.52 |
NOPAT Less CapEx to Interest Expense |
|
1.96 |
1.68 |
1.94 |
1.06 |
0.71 |
3.02 |
6.59 |
1.31 |
0.43 |
0.39 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
14.88% |
18.79% |
14.54% |
16.25% |
22.31% |
13.11% |
13.75% |
17.33% |
17.37% |
15.97% |
Augmented Payout Ratio |
|
14.88% |
18.79% |
14.54% |
16.25% |
22.31% |
13.11% |
13.75% |
19.12% |
17.37% |
15.97% |
Quarterly Metrics And Ratios for Merchants Bancorp
This table displays calculated financial ratios and metrics derived from Merchants Bancorp's official financial filings.
Metric |
|
Q3 2022 |
Q4 2022 |
Q1 2023 |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
Q4 2024 |
Growth Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Revenue Growth |
|
4.96% |
4.76% |
14.59% |
21.85% |
33.98% |
34.11% |
46.08% |
17.69% |
-2.57% |
22.04% |
EBITDA Growth |
|
-1.43% |
2.96% |
9.75% |
-4.64% |
37.52% |
32.65% |
55.42% |
44.17% |
-23.45% |
28.40% |
EBIT Growth |
|
-1.53% |
2.88% |
9.70% |
-4.80% |
37.68% |
32.82% |
55.89% |
44.55% |
-23.66% |
28.58% |
NOPAT Growth |
|
-0.03% |
3.54% |
9.60% |
21.08% |
39.35% |
35.55% |
58.41% |
16.98% |
-24.82% |
23.48% |
Net Income Growth |
|
-0.03% |
3.54% |
9.60% |
21.08% |
39.35% |
35.55% |
58.41% |
16.98% |
-24.82% |
23.48% |
EPS Growth |
|
0.00% |
-2.61% |
4.90% |
18.02% |
37.70% |
41.96% |
68.22% |
13.74% |
-30.36% |
15.72% |
Operating Cash Flow Growth |
|
245.67% |
-353.42% |
-123.27% |
42.62% |
-157.31% |
185.81% |
-27.27% |
121.17% |
10.38% |
-101.36% |
Free Cash Flow Firm Growth |
|
-9.17% |
-681.07% |
-33.38% |
106.03% |
-462.55% |
-37.60% |
-27.58% |
-349.87% |
-27.39% |
-1,857.70% |
Invested Capital Growth |
|
-21.32% |
9.17% |
32.44% |
-3.46% |
117.69% |
11.51% |
31.87% |
18.25% |
67.57% |
148.74% |
Revenue Q/Q Growth |
|
3.03% |
3.34% |
-2.90% |
17.87% |
13.29% |
3.44% |
5.76% |
-5.04% |
-6.21% |
29.56% |
EBITDA Q/Q Growth |
|
7.40% |
-3.20% |
-2.02% |
-6.39% |
54.88% |
-6.62% |
14.80% |
-13.17% |
-17.76% |
56.63% |
EBIT Q/Q Growth |
|
7.44% |
-3.25% |
-2.08% |
-6.47% |
55.39% |
-6.67% |
14.92% |
-13.27% |
-17.93% |
57.20% |
NOPAT Q/Q Growth |
|
8.44% |
-2.28% |
-3.85% |
18.83% |
24.81% |
-4.95% |
12.37% |
-12.25% |
-19.79% |
56.13% |
Net Income Q/Q Growth |
|
8.44% |
-2.28% |
-3.85% |
18.83% |
24.81% |
-4.95% |
12.37% |
-12.25% |
-19.79% |
56.13% |
EPS Q/Q Growth |
|
9.91% |
-8.20% |
-4.46% |
22.43% |
28.24% |
-5.36% |
13.21% |
-17.22% |
-21.48% |
57.27% |
Operating Cash Flow Q/Q Growth |
|
327.90% |
-189.47% |
64.86% |
19.91% |
-127.64% |
233.95% |
-153.72% |
113.32% |
-1,063.73% |
97.97% |
Free Cash Flow Firm Q/Q Growth |
|
117.88% |
-130.71% |
-328.97% |
125.58% |
-1,175.71% |
88.34% |
-297.74% |
49.89% |
-448.41% |
-79.12% |
Invested Capital Q/Q Growth |
|
-43.44% |
58.30% |
14.61% |
-5.92% |
27.54% |
-18.91% |
35.54% |
-15.64% |
80.74% |
20.36% |
Profitability Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBITDA Margin |
|
68.10% |
63.80% |
64.38% |
51.13% |
69.90% |
63.10% |
68.49% |
62.63% |
54.91% |
66.39% |
EBIT Margin |
|
67.55% |
63.24% |
63.78% |
50.61% |
69.42% |
62.64% |
68.06% |
62.16% |
54.39% |
66.00% |
Profit (Net Income) Margin |
|
51.05% |
48.28% |
47.80% |
48.19% |
53.10% |
48.79% |
51.84% |
47.90% |
40.97% |
49.37% |
Tax Burden Percent |
|
75.57% |
76.33% |
74.95% |
95.23% |
76.49% |
77.90% |
76.17% |
77.07% |
75.32% |
74.81% |
Interest Burden Percent |
|
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
100.00% |
Effective Tax Rate |
|
24.43% |
23.67% |
25.05% |
4.77% |
23.51% |
22.10% |
23.83% |
22.93% |
24.68% |
25.19% |
Return on Invested Capital (ROIC) |
|
13.08% |
9.37% |
9.13% |
8.88% |
11.56% |
10.86% |
10.05% |
10.90% |
5.92% |
7.13% |
ROIC Less NNEP Spread (ROIC-NNEP) |
|
13.08% |
9.37% |
9.13% |
8.88% |
11.56% |
10.86% |
10.05% |
10.90% |
5.92% |
7.13% |
Return on Net Nonoperating Assets (RNNOA) |
|
4.70% |
7.04% |
7.16% |
7.83% |
6.65% |
6.51% |
9.40% |
6.88% |
8.66% |
9.67% |
Return on Equity (ROE) |
|
17.77% |
16.41% |
16.29% |
16.71% |
18.21% |
17.37% |
19.45% |
17.77% |
14.58% |
16.79% |
Cash Return on Invested Capital (CROIC) |
|
36.57% |
0.83% |
-18.57% |
12.51% |
-63.29% |
0.16% |
-17.69% |
-5.26% |
-43.64% |
-78.41% |
Operating Return on Assets (OROA) |
|
2.59% |
2.35% |
2.45% |
1.81% |
2.55% |
2.38% |
2.61% |
2.33% |
1.97% |
2.48% |
Return on Assets (ROA) |
|
1.96% |
1.80% |
1.84% |
1.73% |
1.95% |
1.86% |
1.99% |
1.80% |
1.48% |
1.85% |
Return on Common Equity (ROCE) |
|
11.70% |
11.00% |
11.08% |
11.55% |
12.24% |
11.88% |
13.53% |
12.88% |
10.71% |
11.80% |
Return on Equity Simple (ROE_SIMPLE) |
|
15.42% |
0.00% |
14.91% |
15.12% |
15.86% |
0.00% |
17.53% |
17.08% |
15.58% |
0.00% |
Net Operating Profit after Tax (NOPAT) |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
NOPAT Margin |
|
51.05% |
48.28% |
47.80% |
48.19% |
53.10% |
48.79% |
51.84% |
47.90% |
40.97% |
49.37% |
Net Nonoperating Expense Percent (NNEP) |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
SG&A Expenses to Revenue |
|
22.97% |
22.03% |
22.58% |
21.96% |
20.10% |
23.53% |
20.06% |
20.36% |
26.42% |
21.60% |
Operating Expenses to Revenue |
|
30.51% |
31.34% |
30.25% |
32.71% |
27.97% |
33.11% |
29.13% |
31.59% |
41.00% |
32.62% |
Earnings before Interest and Taxes (EBIT) |
|
77 |
75 |
73 |
69 |
107 |
99 |
114 |
99 |
81 |
128 |
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) |
|
78 |
76 |
74 |
69 |
107 |
100 |
115 |
100 |
82 |
129 |
Valuation Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Price to Book Value (P/BV) |
|
1.07 |
1.07 |
1.11 |
1.03 |
1.05 |
1.52 |
1.46 |
1.22 |
1.38 |
1.06 |
Price to Tangible Book Value (P/TBV) |
|
1.09 |
1.09 |
1.12 |
1.05 |
1.06 |
1.54 |
1.47 |
1.23 |
1.39 |
1.07 |
Price to Revenue (P/Rev) |
|
2.22 |
2.31 |
2.42 |
2.27 |
2.28 |
3.24 |
3.03 |
2.75 |
3.24 |
2.49 |
Price to Earnings (P/E) |
|
5.01 |
5.31 |
5.69 |
5.37 |
5.30 |
7.46 |
6.75 |
6.13 |
7.69 |
5.88 |
Dividend Yield |
|
1.19% |
1.17% |
1.13% |
1.18% |
1.13% |
0.76% |
0.77% |
0.84% |
0.78% |
0.99% |
Earnings Yield |
|
19.95% |
18.85% |
17.59% |
18.62% |
18.86% |
13.40% |
14.82% |
16.32% |
13.00% |
17.00% |
Enterprise Value to Invested Capital (EV/IC) |
|
0.83 |
0.93 |
0.90 |
0.87 |
0.89 |
1.01 |
1.02 |
0.93 |
0.99 |
0.94 |
Enterprise Value to Revenue (EV/Rev) |
|
2.85 |
5.02 |
5.39 |
4.62 |
5.62 |
4.81 |
6.00 |
4.42 |
8.61 |
9.32 |
Enterprise Value to EBITDA (EV/EBITDA) |
|
4.29 |
7.60 |
8.25 |
7.53 |
9.00 |
7.71 |
9.43 |
6.69 |
13.78 |
14.68 |
Enterprise Value to EBIT (EV/EBIT) |
|
4.32 |
7.67 |
8.32 |
7.60 |
9.08 |
7.77 |
9.50 |
6.74 |
13.88 |
14.79 |
Enterprise Value to NOPAT (EV/NOPAT) |
|
5.74 |
10.16 |
11.03 |
9.47 |
11.34 |
9.68 |
11.86 |
8.76 |
18.11 |
19.51 |
Enterprise Value to Operating Cash Flow (EV/OCF) |
|
0.58 |
2.29 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Enterprise Value to Free Cash Flow (EV/FCFF) |
|
1.99 |
117.75 |
0.00 |
6.81 |
0.00 |
651.01 |
0.00 |
0.00 |
0.00 |
0.00 |
Leverage & Solvency |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Debt to Equity |
|
0.07 |
0.64 |
0.82 |
0.65 |
1.01 |
0.57 |
1.03 |
0.61 |
1.84 |
1.96 |
Long-Term Debt to Equity |
|
0.07 |
0.64 |
0.82 |
0.65 |
1.01 |
0.57 |
1.03 |
0.61 |
1.84 |
1.96 |
Financial Leverage |
|
0.36 |
0.75 |
0.78 |
0.88 |
0.58 |
0.60 |
0.94 |
0.63 |
1.46 |
1.36 |
Leverage Ratio |
|
9.09 |
9.14 |
8.87 |
9.67 |
9.35 |
9.35 |
9.77 |
9.88 |
9.84 |
9.07 |
Compound Leverage Factor |
|
9.09 |
9.14 |
8.87 |
9.67 |
9.35 |
9.35 |
9.77 |
9.88 |
9.84 |
9.07 |
Debt to Total Capital |
|
6.44% |
38.93% |
45.04% |
39.46% |
50.32% |
36.17% |
50.82% |
38.04% |
64.79% |
66.16% |
Short-Term Debt to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Long-Term Debt to Total Capital |
|
6.44% |
38.93% |
45.04% |
39.46% |
50.32% |
36.17% |
50.82% |
38.04% |
64.79% |
66.16% |
Preferred Equity to Total Capital |
|
33.08% |
20.90% |
18.24% |
19.39% |
15.20% |
18.75% |
13.83% |
14.75% |
8.16% |
10.14% |
Noncontrolling Interests to Total Capital |
|
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
Common Equity to Total Capital |
|
60.47% |
40.17% |
36.73% |
41.16% |
34.47% |
45.08% |
35.35% |
47.21% |
27.05% |
23.70% |
Debt to EBITDA |
|
0.33 |
3.17 |
4.11 |
3.43 |
5.07 |
2.75 |
4.69 |
2.74 |
8.98 |
10.30 |
Net Debt to EBITDA |
|
-0.78 |
2.40 |
2.88 |
2.15 |
3.82 |
1.08 |
3.39 |
1.46 |
7.47 |
9.18 |
Long-Term Debt to EBITDA |
|
0.33 |
3.17 |
4.11 |
3.43 |
5.07 |
2.75 |
4.69 |
2.74 |
8.98 |
10.30 |
Debt to NOPAT |
|
0.45 |
4.23 |
5.49 |
4.31 |
6.39 |
3.45 |
5.90 |
3.60 |
11.81 |
13.69 |
Net Debt to NOPAT |
|
-1.04 |
3.21 |
3.85 |
2.71 |
4.82 |
1.36 |
4.26 |
1.92 |
9.82 |
12.20 |
Long-Term Debt to NOPAT |
|
0.45 |
4.23 |
5.49 |
4.31 |
6.39 |
3.45 |
5.90 |
3.60 |
11.81 |
13.69 |
Noncontrolling Interest Sharing Ratio |
|
34.16% |
32.95% |
31.99% |
30.90% |
32.81% |
31.61% |
30.44% |
27.52% |
26.57% |
29.71% |
Liquidity Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Cash Flow Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Free Cash Flow to Firm (FCFF) |
|
468 |
-144 |
-616 |
158 |
-1,695 |
-198 |
-786 |
-394 |
-2,160 |
-3,869 |
Operating Cash Flow to CapEx |
|
90,060.19% |
-147,194.17% |
-28,965.71% |
-12,696.48% |
-106,533.72% |
18,096.14% |
-16,642.32% |
967.43% |
-10,884.84% |
-159.00% |
Free Cash Flow to Firm to Interest Expense |
|
9.60 |
-1.67 |
-5.57 |
1.03 |
-9.46 |
-1.05 |
-4.20 |
-1.97 |
-10.48 |
-20.72 |
Operating Cash Flow to Interest Expense |
|
19.68 |
-9.98 |
-2.73 |
-1.58 |
-3.07 |
3.93 |
-2.05 |
0.26 |
-2.39 |
-0.05 |
Operating Cash Flow Less CapEx to Interest Expense |
|
19.66 |
-9.98 |
-2.74 |
-1.60 |
-3.07 |
3.91 |
-2.06 |
0.23 |
-2.41 |
-0.09 |
Efficiency Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Asset Turnover |
|
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
0.04 |
Fixed Asset Turnover |
|
13.12 |
13.34 |
13.05 |
13.42 |
14.47 |
14.47 |
15.74 |
15.27 |
14.14 |
13.29 |
Capital & Investment Metrics |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Invested Capital |
|
1,510 |
2,390 |
2,739 |
2,577 |
3,287 |
2,665 |
3,612 |
3,047 |
5,508 |
6,629 |
Invested Capital Turnover |
|
0.26 |
0.19 |
0.19 |
0.18 |
0.22 |
0.22 |
0.19 |
0.23 |
0.14 |
0.14 |
Increase / (Decrease) in Invested Capital |
|
-409 |
201 |
671 |
-92 |
1,777 |
275 |
873 |
470 |
2,221 |
3,964 |
Enterprise Value (EV) |
|
1,249 |
2,232 |
2,476 |
2,235 |
2,935 |
2,704 |
3,694 |
2,825 |
5,473 |
6,251 |
Market Capitalization |
|
977 |
1,028 |
1,112 |
1,096 |
1,188 |
1,825 |
1,867 |
1,758 |
2,057 |
1,669 |
Book Value per Share |
|
$21.18 |
$22.27 |
$23.27 |
$24.53 |
$26.21 |
$27.79 |
$29.47 |
$33.19 |
$32.56 |
$34.33 |
Tangible Book Value per Share |
|
$20.78 |
$21.88 |
$22.88 |
$24.15 |
$25.82 |
$27.42 |
$29.28 |
$33.00 |
$32.38 |
$34.16 |
Total Capital |
|
1,510 |
2,390 |
2,739 |
2,577 |
3,287 |
2,665 |
3,612 |
3,047 |
5,508 |
6,629 |
Total Debt |
|
97 |
930 |
1,234 |
1,017 |
1,654 |
964 |
1,836 |
1,159 |
3,569 |
4,386 |
Total Long-Term Debt |
|
97 |
930 |
1,234 |
1,017 |
1,654 |
964 |
1,836 |
1,159 |
3,569 |
4,386 |
Net Debt |
|
-227 |
704 |
864 |
640 |
1,247 |
380 |
1,327 |
618 |
2,967 |
3,910 |
Capital Expenditures (CapEx) |
|
1.07 |
0.58 |
1.04 |
1.90 |
0.52 |
4.07 |
2.31 |
5.28 |
4.53 |
6.28 |
Net Nonoperating Expense (NNE) |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
Net Nonoperating Obligations (NNO) |
|
97 |
930 |
1,234 |
1,017 |
1,654 |
964 |
1,836 |
1,159 |
3,569 |
4,386 |
Total Depreciation and Amortization (D&A) |
|
0.63 |
0.65 |
0.69 |
0.70 |
0.73 |
0.73 |
0.73 |
0.75 |
0.78 |
0.76 |
Earnings Adjustments |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Adjusted Basic Earnings per Share |
|
$1.22 |
$1.12 |
$1.07 |
$1.31 |
$1.68 |
$1.59 |
$1.81 |
$1.50 |
$1.17 |
$1.84 |
Adjusted Weighted Average Basic Shares Outstanding |
|
43.11M |
43.16M |
43.18M |
43.24M |
43.24M |
43.22M |
43.31M |
44.57M |
45.76M |
44.86M |
Adjusted Diluted Earnings per Share |
|
$1.22 |
$1.12 |
$1.07 |
$1.31 |
$1.68 |
$1.59 |
$1.80 |
$1.49 |
$1.17 |
$1.84 |
Adjusted Weighted Average Diluted Shares Outstanding |
|
43.26M |
43.32M |
43.29M |
43.31M |
43.35M |
43.35M |
43.47M |
44.70M |
45.91M |
45.00M |
Adjusted Basic & Diluted Earnings per Share |
|
$0.00 |
$1.12 |
$0.00 |
$0.00 |
$0.00 |
$1.59 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
Adjusted Weighted Average Basic & Diluted Shares Outstanding |
|
43.11M |
43.23M |
43.23M |
43.24M |
43.24M |
43.33M |
43.35M |
45.76M |
45.76M |
45.85M |
Normalized Net Operating Profit after Tax (NOPAT) |
|
58 |
57 |
55 |
65 |
82 |
77 |
87 |
76 |
61 |
96 |
Normalized NOPAT Margin |
|
51.05% |
48.28% |
47.80% |
48.19% |
53.10% |
48.79% |
51.84% |
47.90% |
40.97% |
49.37% |
Pre Tax Income Margin |
|
67.55% |
63.24% |
63.78% |
50.61% |
69.42% |
62.64% |
68.06% |
62.16% |
54.39% |
66.00% |
Debt Service Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
EBIT to Interest Expense |
|
1.59 |
0.87 |
0.66 |
0.45 |
0.59 |
0.53 |
0.61 |
0.50 |
0.39 |
0.68 |
NOPAT to Interest Expense |
|
1.20 |
0.66 |
0.50 |
0.43 |
0.45 |
0.41 |
0.47 |
0.38 |
0.30 |
0.51 |
EBIT Less CapEx to Interest Expense |
|
1.57 |
0.86 |
0.65 |
0.44 |
0.59 |
0.51 |
0.60 |
0.47 |
0.37 |
0.65 |
NOPAT Less CapEx to Interest Expense |
|
1.18 |
0.66 |
0.49 |
0.42 |
0.45 |
0.39 |
0.45 |
0.36 |
0.28 |
0.48 |
Payout Ratios |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Dividend Payout Ratio |
|
15.88% |
17.33% |
18.45% |
19.00% |
18.61% |
17.37% |
15.72% |
15.10% |
16.03% |
15.97% |
Augmented Payout Ratio |
|
17.68% |
19.12% |
18.45% |
19.00% |
18.61% |
17.37% |
15.72% |
15.10% |
16.03% |
15.97% |
Key Financial Trends
Merchants Bancorp (NASDAQ:MBIN) has demonstrated steady financial performance over the past four years, as evidenced by the quarterly income statements, balance sheets, and cash flow statements through Q4 2024.
Key Positive Trends:
- Consistent growth in net interest income, increasing from approximately $95.4 million in Q4 2022 to $134.6 million in Q4 2024, indicating effective core banking operations and increased loan interest income.
- Rising net income attributable to common shareholders, reaching $84.9 million in Q4 2024 from $48.4 million in Q1 2022, reflecting improved profitability.
- Steady quarterly growth in diluted earnings per share (EPS), rising from $1.07 in Q1 2023 to $1.84 in Q4 2024, which signals value creation for shareholders.
- Increasing total assets and loans and leases net of allowance, with total assets growing from about $14.2 billion in Q1 2023 to $18.7 billion in Q3 2024, supporting revenue growth potential.
- Increasing non-interest income, driven particularly by net realized and unrealized capital gains on investments ($25.0 million in Q4 2024) and service charges, diversifying revenue streams.
- Maintenance of a relatively stable common equity base with growth from $1.01 billion in Q1 2023 to nearly $1.49 billion by Q3 2024, supporting financial stability.
- Positive cash flow from financing activities in several quarters, supporting ongoing capital needs, while successfully managing debt issuance and repayments.
Neutral Observations:
- Provision for credit losses fluctuates quarter to quarter (e.g., $6.4 million in Q4 2022 vs. $2.7 million in Q4 2024), suggesting periodic adjustments in loan risk expectations but no clearly negative trend.
- The company consistently pays preferred stock dividends, around $8.7 million per quarter, which reduces net income available to common shareholders but reflects capital structure management.
- Significant investment activity with both purchases and sales of investment securities, indicating active portfolio management but also large cash flow impact.
Potential Negative Risks and Challenges:
- Substantial fluctuations and negative net cash from operating activities in some quarters, especially in the latter half of 2023 and early 2024 (e.g., -$492.6 million in Q3 2024), which could pressure liquidity if persistent.
- Large swings in net cash from investing activities mainly due to buying and selling of investment securities, which impacts cash reserves and may signal sensitivity to market conditions.
- Interest expense on deposits remains high, increasing from $81 million in Q4 2022 to $144 million by Q4 2024, which could squeeze net interest margin if rates on assets do not keep pace.
- Growing long-term debt balance and associated interest expenses (e.g., interest expense was negative $42 million in Q4 2024, possibly a reporting anomaly, but long-term debt balances increased to $3.57 billion by Q3 2024) could increase financial leverage risks.
- Net change in deposits is volatile with large inflows and outflows by quarter, reflecting potential challenges in stable funding and customer liquidity management.
Overall, Merchants Bancorp shows solid revenue growth, profitability improvement, and equity base expansion, supporting a positive outlook. However, investors should monitor liquidity trends and interest expense pressures as potential risk factors.
08/30/25 05:48 AM ETAI Generated. May Contain Errors.