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Merchants Bancorp (MBIN) Financials

Merchants Bancorp logo
$52.68 +0.08 (+0.15%)
As of 04:00 PM Eastern
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Annual Income Statements for Merchants Bancorp

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.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 28 31 51 60 68 166 206 194 245 284 174
Consolidated Net Income / (Loss)		 28 33 55 63 77 181 227 220 279 320 219
Net Income / (Loss) Continuing Operations		 28 33 55 63 77 181 227 220 279 320 219
Total Pre-Tax Income 		47 55 77 84 102 243 305 291 348 423 264
Total Revenue		 69 82 114 140 169 352 435 444 563 671 681
Net Interest Income / (Expense)		 42 54 67 90 122 224 278 319 448 523 517
Total Interest Income		 56 73 94 141 212 283 312 481 1,078 1,303 1,201
Loans and Leases Interest Income		 49 63 80 125 194 277 308 460 972 1,128 1,028
Investment Securities Interest Income		 2.36 3.25 4.53 6.45 6.48 3.27 3.35 16 94 157 159
Other Interest Income		 1.09 2.29 4.43 9.26 11 2.93 0.82 4.04 12 18 14
Total Interest Expense		 14 19 28 51 90 59 34 162 630 780 684
Deposits Interest Expense		 7.35 12 20 42 85 52 28 150 577 660 521
Short-Term Borrowings Interest Expense		 - - - - - - - 8.30 24 85 131
Long-Term Debt Interest Expense		 6.94 7.31 7.79 8.38 5.04 6.41 5.64 4.34 29 35 32
Total Non-Interest Income		 27 29 48 50 47 127 157 126 115 148 164
Other Service Charges		 2.21 3.73 9.89 10 11 30 46 62 66 86 79
Net Realized & Unrealized Capital Gains on Investments		 25 25 38 39 36 97 111 64 48 62 85
Provision for Credit Losses		 0.96 0.96 2.47 4.63 3.94 12 5.01 17 40 24 118
Total Non-Interest Expense		 21 27 35 51 63 96 125 136 175 224 300
Salaries and Employee Benefits		 12 14 21 32 38 59 86 89 108 131 167
Net Occupancy & Equipment Expense		 1.95 2.33 2.77 4.33 7.23 8.79 12 13 16 17 21
Property & Liability Insurance Claims		 1.08 1.15 0.93 1.02 2.75 5.80 2.69 3.46 14 26 32
Other Operating Expenses		 5.93 8.93 9.47 13 15 23 25 30 37 50 81
Income Tax Expense		 19 22 22 21 25 63 78 71 69 102 45
Preferred Stock Dividends Declared		 0.00 2.00 3.33 3.33 9.22 14 21 26 35 37 45
Basic Earnings per Share		 $1.35 $1.47 $2.28 $2.08 $1.58 $3.85 $4.78 $4.49 $5.66 $6.32 $3.78
Weighted Average Basic Shares Outstanding		 21.08M 21.11M 22.55M 28.69M 43.06M 43.11M 43.17M 43.16M 43.22M 44.86M 45.87M
Diluted Earnings per Share		 $1.35 $1.47 $2.28 $2.07 $1.58 $3.85 $4.76 $4.47 $5.64 $6.30 $3.78
Weighted Average Diluted Shares Outstanding		 21.08M 21.11M 22.57M 28.72M 43.12M 43.17M 43.33M 43.32M 43.35M 45.00M 45.94M
Weighted Average Basic & Diluted Shares Outstanding		 - 21.20M 22.50M 28.60M 28.74M 28.78M 43.27M 43.23M 43.33M 45.85M 45.96M
Cash Dividends to Common per Share		 $0.20 $0.20 $0.20 $0.24 $0.28 $0.32 $0.24 $0.28 $0.32 $0.36 $0.40

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 69 78 67 54 85 43 28 44 59 57 68
Consolidated Net Income / (Loss)		 77 87 76 61 96 58 38 55 68 68 78
Net Income / (Loss) Continuing Operations		 77 87 76 61 96 58 38 55 68 68 78
Total Pre-Tax Income 		99 114 99 81 128 76 49 65 74 84 100
Total Revenue		 159 168 159 150 194 146 179 171 185 175 182
Net Interest Income / (Expense)		 124 127 128 133 135 122 129 128 138 129 137
Total Interest Income		 312 314 328 339 321 287 304 302 307 271 294
Loans and Leases Interest Income		 279 275 287 294 270 243 261 259 260 235 257
Investment Securities Interest Income		 29 35 36 40 47 41 40 39 43 34 33
Other Interest Income		 3.66 4.70 4.95 4.54 3.72 3.09 3.55 3.80 3.58 2.04 4.45
Total Interest Expense		 187 187 200 206 187 165 176 174 169 142 158
Deposits Interest Expense		 172 171 180 166 144 124 131 140 126 110 117
Short-Term Borrowings Interest Expense		 - 7.22 12 32 - 33 37 26 34 29 38
Long-Term Debt Interest Expense		 -8.35 8.87 8.89 8.83 -42 7.70 7.32 8.05 8.81 3.08 3.09
Total Non-Interest Income		 34 41 31 17 59 24 50 43 47 47 46
Other Service Charges		 15 32 20 0.01 34 12 27 18 21 33 33
Net Realized & Unrealized Capital Gains on Investments		 19 9.25 11 17 25 12 23 25 26 14 13
Provision for Credit Losses		 6.75 4.73 9.97 6.90 2.69 7.73 53 29 28 15 9.18
Total Non-Interest Expense		 53 49 50 61 63 62 77 77 84 76 73
Salaries and Employee Benefits		 33 30 28 35 38 36 44 44 42 39 39
Net Occupancy & Equipment Expense		 4.09 4.09 4.10 4.30 4.32 4.73 4.94 5.06 5.99 5.76 6.36
Property & Liability Insurance Claims		 4.03 5.13 5.58 8.98 6.47 7.23 7.15 9.38 8.04 8.41 5.89
Other Operating Expenses		 11 10 12 13 15 13 22 19 27 23 22
Income Tax Expense		 22 27 23 20 32 18 11 9.88 6.04 17 21
Preferred Stock Dividends Declared		 8.67 8.67 9.58 7.76 11 16 10 10 9.05 10 10
Basic Earnings per Share		 $1.59 $1.81 $1.50 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25 $1.48
Weighted Average Basic Shares Outstanding		 43.22M 43.31M 44.57M 45.76M 44.86M 45.82M 45.88M 45.89M 45.87M 45.93M 45.94M
Diluted Earnings per Share		 $1.59 $1.80 $1.49 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25 $1.48
Weighted Average Diluted Shares Outstanding		 43.35M 43.47M 44.70M 45.91M 45.00M 45.91M 45.93M 45.95M 45.94M 46.00M 46.01M
Weighted Average Basic & Diluted Shares Outstanding		 43.33M 43.35M 45.76M 45.76M 45.85M 45.88M 45.89M 45.89M 45.96M 45.94M 45.94M

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 217 -1.10 -86 -23 170 -327 853 -806 358 -108 -264
Net Cash From Operating Activities		 118 -150 -176 204 -1,257 -875 -49 976 -356 -835 -341
Net Cash From Continuing Operating Activities		 118 -150 -176 204 -1,257 -875 -49 976 -356 -835 -341
Net Income / (Loss) Continuing Operations		 28 33 55 63 77 181 227 220 279 320 219
Consolidated Net Income / (Loss)		 28 33 55 63 77 181 227 220 279 320 219
Provision For Loan Losses		 0.96 0.96 2.47 4.63 3.94 12 5.01 17 40 24 118
Depreciation Expense		 0.30 0.28 0.30 0.46 0.85 1.90 2.19 2.49 2.85 3.01 3.47
Non-Cash Adjustments to Reconcile Net Income		 110 -150 -245 158 -1,270 -989 -55 336 -683 -839 -491
Changes in Operating Assets and Liabilities, net		 -26 -42 8.98 -24 -80 -81 -229 400 4.00 -344 -190
Net Cash From Investing Activities		 -349 -265 -523 -509 -958 -2,532 -474 -2,863 -3,260 -874 -196
Net Cash From Continuing Investing Activities		 -349 -265 -523 -509 -958 -2,532 -474 -2,863 -3,260 -874 -196
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 -21
Purchase of Investment Securities		 -680 -497 -639 -696 -1,637 -3,157 -955 -3,807 -4,018 -1,902 -1,858
Sale and/or Maturity of Investments		 331 233 117 196 693 628 484 951 765 1,046 1,683
Net Cash From Financing Activities		 448 414 613 282 2,385 3,080 1,376 1,081 3,975 1,602 273
Net Cash From Continuing Financing Activities		 448 414 613 282 2,385 3,080 1,376 1,081 3,975 1,602 273
Net Change in Deposits		 429 389 515 155 2,247 1,930 1,572 1,089 3,990 -1,912 879
Issuance of Debt		 299 220 754 1,108 8,924 61,091 31,473 65,782 95,789 166,324 323,575
Issuance of Preferred Equity		 10 32 - 0.00 193 0.00 191 137 0.00 223 0.00
Issuance of Common Equity		 3.94 - 106 - - - - 0.00 0.00 98 0.00
Repayment of Debt		 -289 -220 -755 -971 -8,938 -59,924 -31,788 -65,885 -95,756 -162,903 -324,121
Repurchase of Preferred Equity		 - - - 0.00 -22 0.00 -42 0.00 0.00 -177 0.00
Payment of Dividends		 -4.22 -6.22 -7.95 -10 -17 -24 -31 -38 -49 -51 -59
Cash Interest Paid		 14 18 27 49 82 69 34 140 610 789 693
Cash Income Taxes Paid		 19 22 27 17 19 57 79 67 67 80 48

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 177 -76 32 61 -125 45 126 -49 -386 -129 231
Net Cash From Operating Activities		 736 -384 51 -493 -9.98 148 -121 30 -398 -597 213
Net Cash From Continuing Operating Activities		 736 -384 51 -493 -9.98 148 -121 30 -398 -597 213
Net Income / (Loss) Continuing Operations		 77 87 76 61 96 58 38 55 68 68 78
Consolidated Net Income / (Loss)		 77 87 76 61 96 58 38 55 68 68 78
Provision For Loan Losses		 6.75 4.73 9.97 6.90 2.69 7.73 53 29 28 15 9.18
Depreciation Expense		 0.73 0.73 0.75 0.78 0.76 0.77 0.77 0.77 1.16 1.37 1.40
Non-Cash Adjustments to Reconcile Net Income		 299 -400 -11 -336 -91 49 -196 -52 -293 -873 58
Changes in Operating Assets and Liabilities, net		 352 -76 -25 -225 -18 32 -17 -3.32 -202 191 66
Net Cash From Investing Activities		 -911 -695 -317 181 -44 -0.90 -26 -181 13 -335 -769
Net Cash From Continuing Investing Activities		 -911 -695 -317 181 -44 -0.90 -26 -181 13 -335 -769
Purchase of Property, Leasehold Improvements and Equipment		 -4.07 -2.31 -5.28 -4.53 -6.28 -6.86 -4.50 -5.78 -3.80 -1.15 -2.44
Purchase of Investment Securities		 -1,139 -794 -503 -235 -369 -242 -669 -571 -376 -724 -914
Sale and/or Maturity of Investments		 232 101 191 420 331 247 648 395 393 390 148
Net Cash From Financing Activities		 352 1,003 298 372 -72 -102 273 102 -0.62 804 787
Net Cash From Continuing Financing Activities		 352 1,003 298 372 -72 -102 273 102 -0.62 804 787
Net Change in Deposits		 1,054 144 941 -2,025 -972 297 281 1,225 -924 -109 1,293
Issuance of Debt		 26,443 26,752 20,859 61,373 57,340 58,640 83,191 74,617 107,127 69,470 89,055
Repayment of Debt		 -27,133 -25,880 -21,536 -58,964 -56,523 -59,025 -83,183 -75,725 -106,189 -68,539 -89,546
Payment of Dividends		 -12 -13 -12 -12 -15 -15 -15 -15 -15 -15 -15
Cash Interest Paid		 194 179 193 211 207 170 175 171 177 143 155
Cash Income Taxes Paid		 17 0.78 45 13 21 3.18 38 6.64 -0.10 2.30 -20

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 2025
Period end date 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 2,719 3,393 3,884 6,372 9,645 11,279 12,615 16,953 18,806 19,449
Cash and Due from Banks		 446 360 26 14 10 14 22 16 11 16
Interest Bearing Deposits at Other Banks		 - - 311 493 170 1,019 204 569 466 196
Trading Account Securities		 - - 1,334 2,661 3,685 4,189 4,511 5,577 6,846 6,903
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 7,427 10,128 10,354 10,951
Premises and Equipment, Net		 - - 15 29 30 31 35 42 59 74
Goodwill		 0.52 3.90 17 16 16 16 16 16 8.01 8.01
Other Assets		 54 66 132 143 225 257 399 557 1,054 1,240
Total Liabilities & Shareholders' Equity		 0.00 0.00 3,884 6,372 9,645 11,279 12,615 16,953 18,806 19,449
Total Liabilities		 0.00 0.00 3,463 5,718 8,835 10,123 11,155 15,251 16,562 17,168
Non-Interest Bearing Deposits		 - - 183 272 854 641 327 520 239 604
Interest Bearing Deposits		 - - 3,048 5,206 6,554 8,341 9,744 13,541 11,681 12,437
Long-Term Debt		 - - 195 181 1,348 1,034 930 964 4,386 3,843
Other Long-Term Liabilities		 - - 36 59 78 107 154 226 256 284
Commitments & Contingencies		 - - 0.00 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 2,281
Total Preferred & Common Equity		 206 367 421 654 811 1,155 1,460 1,701 2,243 2,281
Preferred Stock		 - - 42 213 213 362 500 500 672 551
Total Common Equity		 0.00 0.00 380 441 598 793 960 1,201 1,571 1,729
Common Stock		 - - 135 136 136 138 138 140 240 243
Retained Earnings		 - - 245 305 462 657 833 1,064 1,331 1,486
Accumulated Other Comprehensive Income / (Loss)		 - - -0.31 0.46 0.37 -1.45 -11 -2.49 -0.13 -0.03

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 14,241 15,875 16,495 17,823 18,212 18,653 18,798 19,141 19,355 20,322 21,230
Cash and Due from Banks		 19 15 11 18 10 12 16 15 12 20 18
Interest Bearing Deposits at Other Banks		 351 362 397 491 531 590 506 632 586 64 297
Trading Account Securities		 4,840 5,070 5,594 5,886 6,004 6,951 6,942 6,994 7,101 7,418 7,200
Loans and Leases, Net of Allowance		 0.00 9,854 9,911 10,691 10,933 10,262 10,344 0.00 10,515 11,400 12,263
Premises and Equipment, Net		 36 37 37 42 47 53 68 71 75 74 75
Goodwill		 16 16 16 8.01 8.01 8.01 8.01 8.01 8.01 8.01 8.01
Other Assets		 8,979 519 530 687 680 593 915 11,421 1,057 1,279 1,298
Total Liabilities & Shareholders' Equity		 14,241 15,875 16,495 17,823 18,212 18,653 18,798 19,141 19,355 20,322 21,230
Total Liabilities		 12,735 14,315 14,863 16,046 16,324 16,714 16,637 16,957 17,129 17,991 18,836
Non-Interest Bearing Deposits		 314 349 288 320 383 311 313 316 400 502 607
Interest Bearing Deposits		 11,031 12,710 12,719 13,656 14,534 12,581 12,093 12,371 13,535 12,450 13,648
Long-Term Debt		 1,234 1,017 1,654 1,836 1,159 3,569 4,002 4,009 2,903 4,773 4,283
Other Long-Term Liabilities		 156 238 201 234 248 253 229 260 292 266 299
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 1,506 1,560 1,633 1,776 1,888 1,939 2,161 2,185 2,225 2,330 2,394
Total Preferred & Common Equity		 1,506 1,560 1,633 1,776 1,888 1,939 2,161 2,185 2,225 2,330 2,394
Preferred Stock		 500 500 500 500 449 449 551 551 551 551 551
Total Common Equity		 1,006 1,061 1,133 1,277 1,439 1,490 1,609 1,633 1,674 1,779 1,843
Common Stock		 138 139 140 140 238 239 241 241 242 243 244
Retained Earnings		 876 929 998 1,138 1,201 1,250 1,369 1,392 1,432 1,536 1,599
Accumulated Other Comprehensive Income / (Loss)		 -7.73 -7.04 -4.75 -1.17 -0.51 0.10 -0.08 -0.25 -0.21 -0.80 -1.20

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 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 45,889,238.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 45,889,238.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.77
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 19.42% 38.56% 22.12% 21.38% 107.58% 23.81% 2.10% 26.60% 19.19% 1.60%
EBITDA Growth		 0.00% 18.66% 27.61% 8.53% 31.02% 115.56% 25.23% -4.39% 19.46% 21.35% -37.21%
EBIT Growth		 0.00% 16.14% 40.82% 8.90% 21.55% 138.27% 25.30% -4.52% 19.50% 21.48% -37.58%
NOPAT Growth		 0.00% 16.71% 65.07% 14.98% 22.99% 133.46% 25.80% -3.25% 27.09% 14.74% -31.72%
Net Income Growth		 0.00% 16.71% 65.07% 14.98% 22.99% 133.46% 25.80% -3.25% 27.09% 14.74% -31.72%
EPS Growth		 0.00% 8.89% 55.10% -9.21% 22.99% 133.46% 25.80% -6.09% 26.17% 11.70% -40.00%
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% 59.15%
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% 119.89%
Invested Capital Growth		 0.00% 0.00% 24.82% -81.83% 35.43% 158.50% 1.41% 9.17% 11.51% 148.74% -7.63%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 3.76% -3.70% 20.46% 5.04% 1.22% 7.73% 5.50% -1.23%
EBITDA Q/Q Growth		 0.00% 0.00% 0.00% 2.40% -7.67% 20.41% 2.16% 0.74% 7.56% 7.16% -16.70%
EBIT Q/Q Growth		 0.00% 0.00% 0.00% -0.64% -8.55% 29.07% 2.14% 0.72% 7.60% 7.21% -16.99%
NOPAT Q/Q Growth		 0.00% 0.00% 0.00% -7.24% 23.35% 12.09% 2.56% 0.90% 7.85% 6.02% -11.28%
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% -11.28%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -11.91% 23.35% 12.09% 2.56% -1.11% 8.88% 7.69% -12.90%
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% -831.13%
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% 15.73%
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% 19.41%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 76.51% 76.02% 70.02% 62.22% 67.17% 69.75% 70.55% 66.06% 62.33% 63.46% 39.22%
EBIT Margin		 68.32% 66.44% 67.52% 60.21% 60.30% 69.21% 70.05% 65.50% 61.82% 63.01% 38.71%
Profit (Net Income) Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77% 32.10%
Tax Burden Percent		 60.16% 60.46% 70.87% 74.83% 75.71% 74.18% 74.48% 75.47% 80.26% 75.81% 82.93%
Interest Burden Percent		 100.00% 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% 17.07%
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% 3.43%
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% 3.43%
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% 6.24%
Return on Equity (ROE)		 0.00% 0.00% 0.00% 29.85% 14.39% 24.66% 23.10% 16.80% 17.67% 16.25% 9.67%
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% 11.37%
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% 1.38%
Return on Assets (ROA)		 0.00% 1.22% 1.79% 1.73% 1.51% 2.25% 2.17% 1.84% 1.89% 1.79% 1.14%
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% 7.06%
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% 9.59%
Net Operating Profit after Tax (NOPAT)		 28 33 55 63 77 181 227 220 279 320 219
NOPAT Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77% 32.10%
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% 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% 27.48%
Operating Expenses to Revenue		 30.29% 32.40% 30.32% 36.47% 37.38% 27.42% 28.80% 30.61% 31.03% 33.37% 44.01%
Earnings before Interest and Taxes (EBIT)		 47 55 77 84 102 243 305 291 348 423 264
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 53 63 80 87 114 245 307 294 351 426 267
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 0.90
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 0.91
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 2.29
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 9.01
Dividend Yield		 0.00% 0.00% 0.27% 1.29% 1.50% 1.20% 0.78% 1.17% 0.76% 0.99% 1.17%
Earnings Yield		 0.00% 0.00% 9.83% 11.12% 12.68% 21.66% 15.54% 18.85% 13.40% 17.00% 11.10%
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 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 8.43
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 21.49
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 21.78
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 26.26
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 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 7.93
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 1.68
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 1.68
Financial Leverage		 0.00 0.00 0.00 8.52 0.35 1.04 1.21 0.75 0.60 1.36 1.82
Leverage Ratio		 0.00 0.00 0.00 17.28 9.54 10.94 10.64 9.14 9.35 9.07 8.46
Compound Leverage Factor		 0.00 0.00 0.00 17.28 9.54 10.94 10.64 9.14 9.35 9.07 8.46
Debt to Total Capital		 0.00% 0.00% 0.00% 31.69% 21.72% 62.45% 47.23% 38.93% 36.17% 66.16% 62.75%
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% 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% 62.75%
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% 9.00%
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% 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% 28.24%
Debt to EBITDA		 0.00 0.00 0.00 2.25 1.59 5.50 3.37 3.17 2.75 10.30 14.38
Net Debt to EBITDA		 0.00 0.00 0.00 -1.62 -2.86 4.76 0.00 2.40 1.08 9.18 13.58
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 14.38
Debt to NOPAT		 0.00 0.00 0.00 3.11 2.35 7.47 4.55 4.23 3.45 13.69 17.56
Net Debt to NOPAT		 0.00 0.00 0.00 -2.24 -4.21 6.47 0.01 3.21 1.36 12.20 16.59
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 17.56
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 9.87% 23.65% 29.04% 29.24% 32.95% 31.61% 29.71% 27.04%
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 -3,644 725
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% -1,629.57%
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 1.06
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 -0.50
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 -0.53
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.03 0.04 0.04 0.03 0.04 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 10.28
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 0.00 2,719 3,393 617 835 2,159 2,189 2,390 2,665 6,629 6,123
Invested Capital Turnover		 0.00 0.06 0.04 0.07 0.23 0.23 0.20 0.19 0.22 0.14 0.11
Increase / (Decrease) in Invested Capital		 0.00 2,719 675 -2,776 218 1,324 30 201 275 3,964 -506
Enterprise Value (EV)		 0.00 0.00 163 436 425 2,148 1,690 2,232 2,704 6,251 5,745
Market Capitalization		 0.00 0.00 522 535 537 767 1,327 1,028 1,825 1,669 1,563
Book Value per Share		 $0.00 $0.00 $0.00 $13.23 $15.37 $20.80 $27.56 $22.27 $27.79 $34.33 $37.69
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 $37.51
Total Capital		 0.00 0.00 0.00 617 835 2,159 2,189 2,390 2,665 6,629 6,123
Total Debt		 0.00 0.00 0.00 195 181 1,348 1,034 930 964 4,386 3,843
Total Long-Term Debt		 0.00 0.00 0.00 195 181 1,348 1,034 930 964 4,386 3,843
Net Debt		 0.00 -446 -360 -141 -325 1,169 1.34 704 380 3,910 3,630
Capital Expenditures (CapEx)		 0.32 1.20 0.79 9.20 14 3.62 3.65 6.76 7.53 18 21
Net Nonoperating Expense (NNE)		 0.00 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 3,843
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 3.47
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 $3.78
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 45.87M
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 $3.78
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 45.94M
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 $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 45.96M
Normalized Net Operating Profit after Tax (NOPAT)		 28 33 55 63 77 181 227 220 279 320 219
Normalized NOPAT Margin		 41.10% 40.17% 47.85% 45.05% 45.65% 51.34% 52.17% 49.43% 49.62% 47.77% 32.10%
Pre Tax Income Margin		 68.32% 66.44% 67.52% 60.21% 60.30% 69.21% 70.05% 65.50% 61.82% 63.01% 38.71%
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 0.39
NOPAT to Interest Expense		 1.99 1.75 1.97 1.24 0.86 3.08 6.70 1.35 0.44 0.41 0.32
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 0.36
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 0.29
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% 27.16%
Augmented Payout Ratio		 14.88% 18.79% 14.54% 16.25% 22.31% 13.11% 13.75% 19.12% 17.37% 15.97% 27.16%

Quarterly Metrics And Ratios for Merchants Bancorp

This table displays calculated financial ratios and metrics derived from Merchants Bancorp's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 45,889,238.00 45,962,065.00 45,935,408.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 45,889,238.00 45,962,065.00 45,935,408.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 1.48 1.47 1.70
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 34.11% 46.08% 17.69% -2.57% 22.04% -13.13% 12.37% 14.38% -4.38% 20.12% 1.68%
EBITDA Growth		 32.65% 55.42% 44.17% -23.45% 28.40% -32.82% -50.33% -20.43% -41.66% 10.88% 103.97%
EBIT Growth		 32.82% 55.89% 44.55% -23.66% 28.58% -33.07% -50.73% -20.61% -42.22% 10.21% 104.33%
NOPAT Growth		 35.55% 58.41% 16.98% -24.82% 23.48% -33.10% -50.28% -10.73% -29.08% 16.30% 106.16%
Net Income Growth		 35.55% 58.41% 16.98% -24.82% 23.48% -33.10% -50.28% -10.73% -29.08% 16.30% 106.16%
EPS Growth		 41.96% 68.22% 13.74% -30.36% 15.72% -48.33% -59.73% -17.09% -30.43% 34.41% 146.67%
Operating Cash Flow Growth		 185.81% -27.27% 121.17% 10.38% -101.36% 138.57% -337.00% 106.04% -3,888.16% -503.49% 276.07%
Free Cash Flow Firm Growth		 -37.60% -27.58% -349.87% -27.39% -1,857.70% -217.04% -689.38% 120.12% 114.84% 64.94% 87.00%
Invested Capital Growth		 11.51% 31.87% 18.25% 67.57% 148.74% 70.59% 103.26% -6.90% -7.63% 15.27% 7.79%
Revenue Q/Q Growth		 3.44% 5.76% -5.04% -6.21% 29.56% -24.71% 22.83% -4.54% 8.31% -5.42% 3.98%
EBITDA Q/Q Growth		 -6.62% 14.80% -13.17% -17.76% 56.63% -39.93% -35.80% 31.74% 14.84% 14.17% 18.10%
EBIT Q/Q Growth		 -6.67% 14.92% -13.27% -17.93% 57.20% -40.18% -36.16% 32.25% 14.40% 14.11% 18.36%
NOPAT Q/Q Growth		 -4.95% 12.37% -12.25% -19.79% 56.13% -39.12% -34.78% 44.02% 24.04% -0.17% 15.61%
Net Income Q/Q Growth		 -4.95% 12.37% -12.25% -19.79% 56.13% -39.12% -34.78% 44.02% 24.04% -0.17% 15.61%
EPS Q/Q Growth		 -5.36% 13.21% -17.22% -21.48% 57.27% -49.46% -35.48% 61.67% 31.96% -2.34% 18.40%
Operating Cash Flow Q/Q Growth		 233.95% -153.72% 113.32% -1,063.73% 97.97% 1,583.79% -181.84% 124.57% -1,436.80% -50.12% 135.71%
Free Cash Flow Firm Q/Q Growth		 88.34% -297.74% 49.89% -448.41% -79.12% 35.59% -24.76% 113.98% 32.10% -252.21% 53.75%
Invested Capital Q/Q Growth		 -18.91% 35.54% -15.64% 80.74% 20.36% -7.04% 0.51% -17.21% 19.41% 16.01% -6.02%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 63.10% 68.49% 62.63% 54.91% 66.39% 52.96% 27.68% 38.20% 40.50% 48.89% 55.53%
EBIT Margin		 62.64% 68.06% 62.16% 54.39% 66.00% 52.44% 27.25% 37.75% 39.88% 48.11% 54.76%
Profit (Net Income) Margin		 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65% 42.97%
Tax Burden Percent		 77.90% 76.17% 77.07% 75.32% 74.81% 76.13% 77.77% 84.70% 91.83% 80.34% 78.47%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 22.10% 23.83% 22.93% 24.68% 25.19% 23.87% 22.23% 15.30% 8.17% 19.66% 21.53%
Return on Invested Capital (ROIC)		 10.86% 10.05% 10.90% 5.92% 7.13% 5.30% 3.07% 4.15% 3.91% 4.14% 4.77%
ROIC Less NNEP Spread (ROIC-NNEP)		 10.86% 10.05% 10.90% 5.92% 7.13% 5.30% 3.07% 4.15% 3.91% 4.14% 4.77%
Return on Net Nonoperating Assets (RNNOA)		 6.51% 9.40% 6.88% 8.66% 9.67% 7.86% 3.89% 6.45% 7.12% 8.09% 8.63%
Return on Equity (ROE)		 17.37% 19.45% 17.77% 14.58% 16.79% 13.15% 6.96% 10.59% 11.03% 12.23% 13.40%
Cash Return on Invested Capital (CROIC)		 0.16% -17.69% -5.26% -43.64% -78.41% -46.21% -62.62% 11.78% 11.37% -10.75% -3.32%
Operating Return on Assets (OROA)		 2.38% 2.61% 2.33% 1.97% 2.48% 1.86% 0.98% 1.37% 1.42% 1.75% 1.94%
Return on Assets (ROA)		 1.86% 1.99% 1.80% 1.48% 1.85% 1.41% 0.76% 1.16% 1.30% 1.40% 1.52%
Return on Common Equity (ROCE)		 11.88% 13.53% 12.88% 10.71% 11.80% 9.64% 5.25% 8.05% 8.05% 9.23% 10.17%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 17.53% 17.08% 15.58% 0.00% 13.49% 11.59% 11.08% 0.00% 9.80% 11.22%
Net Operating Profit after Tax (NOPAT)		 77 87 76 61 96 58 38 55 68 68 78
NOPAT Margin		 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65% 42.97%
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% 0.00%
SG&A Expenses to Revenue		 23.53% 20.06% 20.36% 26.42% 21.60% 28.20% 27.07% 28.77% 26.10% 25.29% 25.08%
Operating Expenses to Revenue		 33.11% 29.13% 31.59% 41.00% 32.62% 42.27% 43.16% 45.16% 45.14% 43.16% 40.20%
Earnings before Interest and Taxes (EBIT)		 99 114 99 81 128 76 49 65 74 84 100
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 100 115 100 82 129 77 50 65 75 86 101
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.52 1.46 1.22 1.38 1.06 1.05 0.93 0.87 0.90 1.11 1.25
Price to Tangible Book Value (P/TBV)		 1.54 1.47 1.23 1.39 1.07 1.06 0.93 0.88 0.91 1.11 1.25
Price to Revenue (P/Rev)		 3.24 3.03 2.75 3.24 2.49 2.62 2.27 2.11 2.29 2.77 3.22
Price to Earnings (P/E)		 7.46 6.75 6.13 7.69 5.88 6.84 7.27 7.31 9.01 10.47 10.04
Dividend Yield		 0.76% 0.77% 0.84% 0.78% 0.99% 1.00% 1.15% 1.23% 1.17% 0.96% 0.84%
Earnings Yield		 13.40% 14.82% 16.32% 13.00% 17.00% 14.61% 13.76% 13.69% 11.10% 9.55% 9.96%
Enterprise Value to Invested Capital (EV/IC)		 1.01 1.02 0.93 0.99 0.94 0.93 0.88 0.84 0.94 1.02 1.02
Enterprise Value to Revenue (EV/Rev)		 4.81 6.00 4.42 8.61 9.32 8.83 8.13 6.25 8.43 10.15 9.55
Enterprise Value to EBITDA (EV/EBITDA)		 7.71 9.43 6.69 13.78 14.68 14.77 16.08 13.45 21.49 26.17 20.83
Enterprise Value to EBIT (EV/EBIT)		 7.77 9.50 6.74 13.88 14.79 14.88 16.23 13.58 21.78 26.56 21.13
Enterprise Value to NOPAT (EV/NOPAT)		 9.68 11.86 8.76 18.11 19.51 19.65 21.45 17.50 26.26 31.60 25.38
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 92.45 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 651.01 0.00 0.00 0.00 0.00 0.00 0.00 6.89 7.93 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.57 1.03 0.61 1.84 1.96 1.85 1.84 1.30 1.68 2.05 1.79
Long-Term Debt to Equity		 0.57 1.03 0.61 1.84 1.96 1.85 1.84 1.30 1.68 2.05 1.79
Financial Leverage		 0.60 0.94 0.63 1.46 1.36 1.48 1.27 1.55 1.82 1.95 1.81
Leverage Ratio		 9.35 9.77 9.88 9.84 9.07 9.30 9.17 9.13 8.46 8.71 8.82
Compound Leverage Factor		 9.35 9.77 9.88 9.84 9.07 9.30 9.17 9.13 8.46 8.71 8.82
Debt to Total Capital		 36.17% 50.82% 38.04% 64.79% 66.16% 64.94% 64.73% 56.60% 62.75% 67.20% 64.15%
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% 0.00%
Long-Term Debt to Total Capital		 36.17% 50.82% 38.04% 64.79% 66.16% 64.94% 64.73% 56.60% 62.75% 67.20% 64.15%
Preferred Equity to Total Capital		 18.75% 13.83% 14.75% 8.16% 10.14% 8.95% 8.90% 10.75% 9.00% 7.76% 8.26%
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% 0.00%
Common Equity to Total Capital		 45.08% 35.35% 47.21% 27.05% 23.70% 26.12% 26.37% 32.65% 28.24% 25.04% 27.60%
Debt to EBITDA		 2.75 4.69 2.74 8.98 10.30 10.32 11.88 9.05 14.38 17.32 13.09
Net Debt to EBITDA		 1.08 3.39 1.46 7.47 9.18 8.97 9.96 7.18 13.58 17.01 12.13
Long-Term Debt to EBITDA		 2.75 4.69 2.74 8.98 10.30 10.32 11.88 9.05 14.38 17.32 13.09
Debt to NOPAT		 3.45 5.90 3.60 11.81 13.69 13.72 15.84 11.77 17.56 20.91 15.95
Net Debt to NOPAT		 1.36 4.26 1.92 9.82 12.20 11.94 13.28 9.35 16.59 20.55 14.77
Long-Term Debt to NOPAT		 3.45 5.90 3.60 11.81 13.69 13.72 15.84 11.77 17.56 20.91 15.95
Noncontrolling Interest Sharing Ratio		 31.61% 30.44% 27.52% 26.57% 29.71% 26.69% 24.57% 24.03% 27.04% 24.55% 24.08%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -198 -786 -394 -2,160 -3,869 -2,492 -3,109 434 574 -874 -404
Operating Cash Flow to CapEx		 18,096.14% -16,642.32% 967.43% -10,884.84% -159.00% 2,158.30% -2,692.87% 514.88% -10,465.52% -52,122.51% 8,742.30%
Free Cash Flow to Firm to Interest Expense		 -1.05 -4.20 -1.97 -10.48 -20.72 -15.10 -17.70 2.50 3.39 -6.16 -2.56
Operating Cash Flow to Interest Expense		 3.93 -2.05 0.26 -2.39 -0.05 0.90 -0.69 0.17 -2.35 -4.21 1.35
Operating Cash Flow Less CapEx to Interest Expense		 3.91 -2.06 0.23 -2.41 -0.09 0.86 -0.72 0.14 -2.37 -4.22 1.34
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 14.47 15.74 15.27 14.14 13.29 11.77 11.34 10.75 10.28 10.05 9.80
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,665 3,612 3,047 5,508 6,629 6,162 6,194 5,128 6,123 7,104 6,676
Invested Capital Turnover		 0.22 0.19 0.23 0.14 0.14 0.13 0.14 0.13 0.11 0.11 0.11
Increase / (Decrease) in Invested Capital		 275 873 470 2,221 3,964 2,550 3,147 -380 -506 941 482
Enterprise Value (EV)		 2,704 3,694 2,825 5,473 6,251 5,728 5,431 4,315 5,745 7,214 6,816
Market Capitalization		 1,825 1,867 1,758 2,057 1,669 1,696 1,517 1,459 1,563 1,972 2,297
Book Value per Share		 $27.79 $29.47 $33.19 $32.56 $34.33 $35.10 $35.60 $36.49 $37.69 $38.71 $40.11
Tangible Book Value per Share		 $27.42 $29.28 $33.00 $32.38 $34.16 $34.93 $35.42 $36.31 $37.51 $38.53 $39.94
Total Capital		 2,665 3,612 3,047 5,508 6,629 6,162 6,194 5,128 6,123 7,104 6,676
Total Debt		 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773 4,283
Total Long-Term Debt		 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773 4,283
Net Debt		 380 1,327 618 2,967 3,910 3,480 3,362 2,305 3,630 4,690 3,968
Capital Expenditures (CapEx)		 4.07 2.31 5.28 4.53 6.28 6.86 4.50 5.78 3.80 1.15 2.44
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773 4,283
Total Depreciation and Amortization (D&A)		 0.73 0.73 0.75 0.78 0.76 0.77 0.77 0.77 1.16 1.37 1.40
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.59 $1.81 $1.50 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25 $1.48
Adjusted Weighted Average Basic Shares Outstanding		 43.22M 43.31M 44.57M 45.76M 44.86M 45.82M 45.88M 45.89M 45.87M 45.93M 45.94M
Adjusted Diluted Earnings per Share		 $1.59 $1.80 $1.49 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25 $1.48
Adjusted Weighted Average Diluted Shares Outstanding		 43.35M 43.47M 44.70M 45.91M 45.00M 45.91M 45.93M 45.95M 45.94M 46.00M 46.01M
Adjusted Basic & Diluted Earnings per Share		 $1.59 $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		 43.33M 43.35M 45.76M 45.76M 45.85M 45.88M 45.89M 45.89M 45.96M 45.94M 45.94M
Normalized Net Operating Profit after Tax (NOPAT)		 77 87 76 61 96 58 38 55 68 68 78
Normalized NOPAT Margin		 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65% 42.97%
Pre Tax Income Margin		 62.64% 68.06% 62.16% 54.39% 66.00% 52.44% 27.25% 37.75% 39.88% 48.11% 54.76%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.53 0.61 0.50 0.39 0.68 0.46 0.28 0.37 0.44 0.59 0.63
NOPAT to Interest Expense		 0.41 0.47 0.38 0.30 0.51 0.35 0.22 0.31 0.40 0.48 0.50
EBIT Less CapEx to Interest Expense		 0.51 0.60 0.47 0.37 0.65 0.42 0.25 0.34 0.41 0.59 0.62
NOPAT Less CapEx to Interest Expense		 0.39 0.45 0.36 0.28 0.48 0.31 0.19 0.28 0.38 0.47 0.48
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 17.37% 15.72% 15.10% 16.03% 15.97% 18.33% 22.29% 24.09% 27.16% 26.23% 22.47%
Augmented Payout Ratio		 17.37% 15.72% 15.10% 16.03% 15.97% 18.33% 22.29% 24.09% 27.16% 26.23% 22.47%

Financials Breakdown Chart

Key Financial Trends

Merchants Bancorp’s Q2 2026 results show a meaningful recovery in profitability from the same quarter a year earlier. Net income increased to $78.3 million from $38.0 million, while diluted earnings per share rose to $1.48 from $0.60. Net interest income also improved to $136.5 million from $128.7 million, supported by higher loan interest income and lower short-term borrowing costs.

Compared with the available 2022–2026 data, Merchants Bancorp has expanded substantially. Total assets reached $21.2 billion in Q2 2026, up from $12.0 billion in Q3 2022. Net loans and leases totaled $12.3 billion, versus $9.9 billion in Q2 2023, while trading account securities increased to $7.2 billion from $4.3 billion in Q3 2022. Deposits have also grown, reaching $14.3 billion, providing a larger funding base for the company’s lending and investment activities.

The balance sheet remains highly leveraged, as is typical for a bank, but equity has grown alongside assets. Total equity increased to $2.4 billion from $1.4 billion in Q3 2022, primarily through retained earnings. Common equity was $1.8 billion at the end of Q2 2026, although preferred equity of $551.3 million represents a meaningful claim ahead of common shareholders.

Cash flow trends are more volatile. Operating cash flow was positive at $213.3 million in Q2 2026, a sharp improvement from negative operating cash flow in Q1 2026 and each quarter of 2025. However, the company continues to make substantial purchases of investment securities, and financing activity remains dominated by very large debt issuances and repayments. Investors should therefore interpret cash flow alongside the bank’s lending and funding model rather than as they would for a nonfinancial company.

  • Profitability rebounded: Q2 2026 net income of $78.3 million was more than double the $38.0 million reported in Q2 2025, and diluted EPS increased to $1.48 from $0.60.
  • Net interest income improved: Net interest income rose to $136.5 million from $128.7 million a year earlier and exceeded the $124.3 million reported in Q4 2023.
  • Credit-loss provisions declined: The provision for credit losses fell to $9.2 million in Q2 2026 from $53.0 million in Q2 2025, providing a substantial lift to pretax income.
  • Operating expenses moderated: Total non-interest expense declined to $73.2 million from $77.3 million year over year, despite continued growth in the balance sheet.
  • Loan growth remains strong: Net loans and leases increased to $12.3 billion in Q2 2026 from $10.5 billion in Q3 2025 and $9.9 billion in Q2 2023.
  • Capital has expanded: Total equity reached $2.4 billion, up from $1.4 billion in Q3 2022, while retained earnings increased to $1.6 billion from $788 million over the same comparison.
  • Operating cash flow turned positive: Q2 2026 operating cash flow of $213.3 million compared with negative operating cash flow of $597.3 million in Q1 2026 and negative $397.9 million in Q4 2025.
  • Funding base continues to grow: Total deposits increased to approximately $14.3 billion, but the company also carries $4.3 billion of long-term debt, making funding costs and liquidity important factors for shareholders.
  • Investment activity is significant: Merchants Bancorp purchased $914.4 million of investment securities in Q2 2026, resulting in negative investing cash flow of $768.9 million. This may support future income but also increases exposure to interest-rate and market-value changes.
  • Cash flow remains uneven and balance-sheet leverage is high: Cash and due from banks totaled only $17.9 million, while liabilities represented roughly 89% of total assets. The company’s large debt issuance and repayment volumes also indicate continued reliance on wholesale and structured funding markets.

Overall, the latest quarter points to improving earnings momentum, lower credit costs and stronger operating cash generation. The main risks are the volatility of cash flow, continued dependence on debt and deposit funding, investment-security exposure and the possibility that credit-loss provisions rise again as the loan portfolio expands. Some historical balance-sheet comparisons should be treated cautiously because certain prior periods were restated and reported loan classifications changed materially.

09/04/26 06:38 PM ETAI Generated. May Contain Errors.

Merchants Bancorp Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Merchants Bancorp's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Merchants Bancorp's net income appears to be on an upward trend, with a most recent value of $218.77 million in 2025, rising from $28.38 million in 2015. The previous period was $320.39 million in 2024. Check out Merchants Bancorp's forecast to explore projected trends and price targets.

Over the last 10 years, Merchants Bancorp's total revenue changed from $69.06 million in 2015 to $681.45 million in 2025, a change of 886.7%.

Merchants Bancorp's total liabilities were at $17.17 billion at the end of 2025, a 3.7% increase from 2024, and a 1,716,818,400,000.0% increase since 2016.

In the past 9 years, Merchants Bancorp's cash and equivalents has ranged from $10.06 million in 2020 to $445.70 million in 2016, and is currently $15.84 million as of their latest financial filing in 2025.

Over the last 10 years, Merchants Bancorp's book value per share changed from 0.00 in 2015 to 37.69 in 2025, a change of 3,768.8%.


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Financial statements for NASDAQ:MBIN last updated on 8/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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