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Merchants Bancorp (MBINM) Financials

Merchants Bancorp logo
$25.69 -0.06 (-0.23%)
Closing price 06/5/2026 03:56 PM Eastern
Extended Trading
$25.61 -0.08 (-0.31%)
As of 06/5/2026 04:02 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 73 69 78 67 54 85 43 28 44 59 57
Consolidated Net Income / (Loss)		 82 77 87 76 61 96 58 38 55 68 68
Net Income / (Loss) Continuing Operations		 82 77 87 76 61 96 58 38 55 68 68
Total Pre-Tax Income 		107 99 114 99 81 128 76 49 65 74 84
Total Revenue		 154 159 168 159 150 194 146 179 171 185 175
Net Interest Income / (Expense)		 117 124 127 128 133 135 122 129 128 138 129
Total Interest Income		 297 312 314 328 339 321 287 304 302 307 271
Loans and Leases Interest Income		 269 279 275 287 294 270 243 261 259 260 235
Investment Securities Interest Income		 24 29 35 36 40 47 41 40 39 43 34
Other Interest Income		 3.35 3.66 4.70 4.95 4.54 3.72 3.09 3.55 3.80 3.58 2.04
Total Interest Expense		 179 187 187 200 206 187 165 176 174 169 142
Deposits Interest Expense		 163 172 171 180 166 144 124 131 140 126 110
Short-Term Borrowings Interest Expense		 - - 7.22 12 32 - 33 37 26 34 29
Long-Term Debt Interest Expense		 16 -8.35 8.87 8.89 8.83 -42 7.70 7.32 8.05 8.81 3.08
Total Non-Interest Income		 36 34 41 31 17 59 24 50 43 47 47
Other Service Charges		 25 15 32 20 0.01 34 12 27 18 21 33
Net Realized & Unrealized Capital Gains on Investments		 11 19 9.25 11 17 25 12 23 25 26 14
Provision for Credit Losses		 4.01 6.75 4.73 9.97 6.90 2.69 7.73 53 29 28 15
Total Non-Interest Expense		 43 53 49 50 61 63 62 77 77 84 76
Salaries and Employee Benefits		 27 33 30 28 35 38 36 44 44 42 39
Net Occupancy & Equipment Expense		 3.81 4.09 4.09 4.10 4.30 4.32 4.73 4.94 5.06 5.99 5.76
Property & Liability Insurance Claims		 3.57 4.03 5.13 5.58 8.98 6.47 7.23 7.15 9.38 8.04 8.41
Other Operating Expenses		 8.51 11 10 12 13 15 13 22 19 27 23
Income Tax Expense		 25 22 27 23 20 32 18 11 9.88 6.04 17
Preferred Stock Dividends Declared		 8.67 8.67 8.67 9.58 7.76 11 16 10 10 9.05 10
Basic Earnings per Share		 $1.68 $1.59 $1.81 $1.50 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25
Weighted Average Basic Shares Outstanding		 43.24M 43.22M 43.31M 44.57M 45.76M 44.86M 45.82M 45.88M 45.89M 45.87M 45.93M
Diluted Earnings per Share		 $1.68 $1.59 $1.80 $1.49 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25
Weighted Average Diluted Shares Outstanding		 43.35M 43.35M 43.47M 44.70M 45.91M 45.00M 45.91M 45.93M 45.95M 45.94M 46.00M
Weighted Average Basic & Diluted Shares Outstanding		 43.24M 43.33M 43.35M 45.76M 45.76M 45.85M 45.88M 45.89M 45.89M 45.96M 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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
Net Change in Cash & Equivalents		 30 177 -76 32 61 -125 45 126 -49 -386 -129
Net Cash From Operating Activities		 -550 736 -384 51 -493 -9.98 148 -121 30 -398 -597
Net Cash From Continuing Operating Activities		 -550 736 -384 51 -493 -9.98 148 -121 30 -398 -597
Net Income / (Loss) Continuing Operations		 82 77 87 76 61 96 58 38 55 68 68
Consolidated Net Income / (Loss)		 82 77 87 76 61 96 58 38 55 68 68
Provision For Loan Losses		 4.01 6.75 4.73 9.97 6.90 2.69 7.73 53 29 28 15
Depreciation Expense		 0.73 0.73 0.73 0.75 0.78 0.76 0.77 0.77 0.77 1.16 1.37
Non-Cash Adjustments to Reconcile Net Income		 -444 299 -400 -11 -336 -91 49 -196 -52 -293 -873
Changes in Operating Assets and Liabilities, net		 -192 352 -76 -25 -225 -18 32 -17 -3.32 -202 191
Net Cash From Investing Activities		 7.46 -911 -695 -317 181 -44 -0.90 -26 -181 13 -335
Net Cash From Continuing Investing Activities		 7.46 -911 -695 -317 181 -44 -0.90 -26 -181 13 -335
Purchase of Property, Leasehold Improvements and Equipment		 -0.52 -4.07 -2.31 -5.28 -4.53 -6.28 -6.86 -4.50 -5.78 -3.80 -1.15
Purchase of Investment Securities		 -215 -1,139 -794 -503 -235 -369 -242 -669 -571 -376 -724
Sale and/or Maturity of Investments		 223 232 101 191 420 331 247 648 395 393 390
Net Cash From Financing Activities		 572 352 1,003 298 372 -72 -102 273 102 -0.62 804
Net Cash From Continuing Financing Activities		 572 352 1,003 298 372 -72 -102 273 102 -0.62 804
Net Change in Deposits		 -53 1,054 144 941 -2,025 -972 297 281 1,225 -924 -109
Issuance of Debt		 27,016 26,443 26,752 20,859 61,373 57,340 58,640 83,191 74,617 107,127 69,470
Repayment of Debt		 -26,379 -27,133 -25,880 -21,536 -58,964 -56,523 -59,025 -83,183 -75,725 -106,189 -68,539
Repurchase of Preferred Equity		 - - - - 0.00 -125 0.00 - - - 0.00
Repurchase of Common Equity		 - - - - - - 0.00 - - - -3.00
Payment of Dividends		 -12 -12 -13 -12 -12 -15 -15 -15 -15 -15 -15
Cash Interest Paid		 177 194 179 193 211 207 170 175 171 177 143
Cash Income Taxes Paid		 20 17 0.78 45 13 21 3.18 38 6.64 -0.10 2.30

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 Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 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
Total Assets		 11,979 14,241 15,875 16,495 17,823 18,212 18,653 18,798 19,141 19,355 20,322
Cash and Due from Banks		 14 19 15 11 18 10 12 16 15 12 20
Interest Bearing Deposits at Other Banks		 310 351 362 397 491 531 590 506 632 586 64
Trading Account Securities		 4,313 4,840 5,070 5,594 5,886 6,004 6,951 6,942 6,994 7,101 7,418
Loans and Leases, Net of Allowance		 0.00 0.00 9,854 9,911 10,691 10,933 10,262 10,344 0.00 10,515 11,400
Premises and Equipment, Net		 35 36 37 37 42 47 53 68 71 75 74
Goodwill		 16 16 16 16 8.01 8.01 8.01 8.01 8.01 8.01 8.01
Other Assets		 7,289 8,979 519 530 687 680 593 915 11,421 1,057 1,279
Total Liabilities & Shareholders' Equity		 11,979 14,241 15,875 16,495 17,823 18,212 18,653 18,798 19,141 19,355 20,322
Total Liabilities		 10,566 12,735 14,315 14,863 16,046 16,324 16,714 16,637 16,957 17,129 17,991
Non-Interest Bearing Deposits		 316 314 349 288 320 383 311 313 316 400 502
Interest Bearing Deposits		 10,004 11,031 12,710 12,719 13,656 14,534 12,581 12,093 12,371 13,535 12,450
Long-Term Debt		 97 1,234 1,017 1,654 1,836 1,159 3,569 4,002 4,009 2,903 4,773
Other Long-Term Liabilities		 149 156 238 201 234 248 253 229 260 292 266
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		 1,413 1,506 1,560 1,633 1,776 1,888 1,939 2,161 2,185 2,225 2,330
Total Preferred & Common Equity		 1,413 1,506 1,560 1,633 1,776 1,888 1,939 2,161 2,185 2,225 2,330
Preferred Stock		 500 500 500 500 500 449 449 551 551 551 551
Total Common Equity		 913 1,006 1,061 1,133 1,277 1,439 1,490 1,609 1,633 1,674 1,779
Common Stock		 137 138 139 140 140 238 239 241 241 242 243
Retained Earnings		 788 876 929 998 1,138 1,201 1,250 1,369 1,392 1,432 1,536
Accumulated Other Comprehensive Income / (Loss)		 -12 -7.73 -7.04 -4.75 -1.17 -0.51 0.10 -0.08 -0.25 -0.21 -0.80

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 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
DEI Shares Outstanding		 - - - - - - - - - 45,889,238.00 45,962,065.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 45,889,238.00 45,962,065.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 1.48 1.47
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 33.98% 34.11% 46.08% 17.69% -2.57% 22.04% -13.13% 12.37% 14.38% -4.38% 20.12%
EBITDA Growth		 37.52% 32.65% 55.42% 44.17% -23.45% 28.40% -32.82% -50.33% -20.43% -41.66% 10.88%
EBIT Growth		 37.68% 32.82% 55.89% 44.55% -23.66% 28.58% -33.07% -50.73% -20.61% -42.22% 10.21%
NOPAT Growth		 39.35% 35.55% 58.41% 16.98% -24.82% 23.48% -33.10% -50.28% -10.73% -29.08% 16.30%
Net Income Growth		 39.35% 35.55% 58.41% 16.98% -24.82% 23.48% -33.10% -50.28% -10.73% -29.08% 16.30%
EPS Growth		 37.70% 41.96% 68.22% 13.74% -30.36% 15.72% -48.33% -59.73% -17.09% -30.43% 34.41%
Operating Cash Flow Growth		 -157.31% 185.81% -27.27% 121.17% 10.38% -101.36% 138.57% -337.00% 106.04% -3,888.16% -503.49%
Free Cash Flow Firm Growth		 -462.55% -37.60% -27.58% -349.87% -27.39% -1,857.70% -217.04% -689.38% 120.12% 114.84% 64.94%
Invested Capital Growth		 117.69% 11.51% 31.87% 18.25% 67.57% 148.74% 70.59% 103.26% -6.90% -7.63% 15.27%
Revenue Q/Q Growth		 13.29% 3.44% 5.76% -5.04% -6.21% 29.56% -24.71% 22.83% -4.54% 8.31% -5.42%
EBITDA Q/Q Growth		 54.88% -6.62% 14.80% -13.17% -17.76% 56.63% -39.93% -35.80% 31.74% 14.84% 14.17%
EBIT Q/Q Growth		 55.39% -6.67% 14.92% -13.27% -17.93% 57.20% -40.18% -36.16% 32.25% 14.40% 14.11%
NOPAT Q/Q Growth		 24.81% -4.95% 12.37% -12.25% -19.79% 56.13% -39.12% -34.78% 44.02% 24.04% -0.17%
Net Income Q/Q Growth		 24.81% -4.95% 12.37% -12.25% -19.79% 56.13% -39.12% -34.78% 44.02% 24.04% -0.17%
EPS Q/Q Growth		 28.24% -5.36% 13.21% -17.22% -21.48% 57.27% -49.46% -35.48% 61.67% 31.96% -2.34%
Operating Cash Flow Q/Q Growth		 -127.64% 233.95% -153.72% 113.32% -1,063.73% 97.97% 1,583.79% -181.84% 124.57% -1,436.80% -50.12%
Free Cash Flow Firm Q/Q Growth		 -1,175.71% 88.34% -297.74% 49.89% -448.41% -79.12% 35.59% -24.76% 113.98% 32.10% -252.21%
Invested Capital Q/Q Growth		 27.54% -18.91% 35.54% -15.64% 80.74% 20.36% -7.04% 0.51% -17.21% 19.41% 16.01%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 69.90% 63.10% 68.49% 62.63% 54.91% 66.39% 52.96% 27.68% 38.20% 40.50% 48.89%
EBIT Margin		 69.42% 62.64% 68.06% 62.16% 54.39% 66.00% 52.44% 27.25% 37.75% 39.88% 48.11%
Profit (Net Income) Margin		 53.10% 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65%
Tax Burden Percent		 76.49% 77.90% 76.17% 77.07% 75.32% 74.81% 76.13% 77.77% 84.70% 91.83% 80.34%
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		 23.51% 22.10% 23.83% 22.93% 24.68% 25.19% 23.87% 22.23% 15.30% 8.17% 19.66%
Return on Invested Capital (ROIC)		 11.56% 10.86% 10.05% 10.90% 5.92% 7.13% 5.30% 3.07% 4.15% 3.91% 4.14%
ROIC Less NNEP Spread (ROIC-NNEP)		 11.56% 10.86% 10.05% 10.90% 5.92% 7.13% 5.30% 3.07% 4.15% 3.91% 4.14%
Return on Net Nonoperating Assets (RNNOA)		 6.65% 6.51% 9.40% 6.88% 8.66% 9.67% 7.86% 3.89% 6.45% 7.12% 8.09%
Return on Equity (ROE)		 18.21% 17.37% 19.45% 17.77% 14.58% 16.79% 13.15% 6.96% 10.59% 11.03% 12.23%
Cash Return on Invested Capital (CROIC)		 -63.29% 0.16% -17.69% -5.26% -43.64% -78.41% -46.21% -62.62% 11.78% 11.37% -10.75%
Operating Return on Assets (OROA)		 2.55% 2.38% 2.61% 2.33% 1.97% 2.48% 1.86% 0.98% 1.37% 1.42% 1.75%
Return on Assets (ROA)		 1.95% 1.86% 1.99% 1.80% 1.48% 1.85% 1.41% 0.76% 1.16% 1.30% 1.40%
Return on Common Equity (ROCE)		 12.24% 11.88% 13.53% 12.88% 10.71% 11.80% 9.64% 5.25% 8.05% 8.05% 9.23%
Return on Equity Simple (ROE_SIMPLE)		 15.86% 0.00% 17.53% 17.08% 15.58% 0.00% 13.49% 11.59% 11.08% 0.00% 9.80%
Net Operating Profit after Tax (NOPAT)		 82 77 87 76 61 96 58 38 55 68 68
NOPAT Margin		 53.10% 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65%
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		 20.10% 23.53% 20.06% 20.36% 26.42% 21.60% 28.20% 27.07% 28.77% 26.10% 25.29%
Operating Expenses to Revenue		 27.97% 33.11% 29.13% 31.59% 41.00% 32.62% 42.27% 43.16% 45.16% 45.14% 43.16%
Earnings before Interest and Taxes (EBIT)		 107 99 114 99 81 128 76 49 65 74 84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 107 100 115 100 82 129 77 50 65 75 86
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.05 1.52 1.46 1.22 1.38 1.06 1.05 0.93 0.87 0.90 1.11
Price to Tangible Book Value (P/TBV)		 1.06 1.54 1.47 1.23 1.39 1.07 1.06 0.93 0.88 0.91 1.11
Price to Revenue (P/Rev)		 2.28 3.24 3.03 2.75 3.24 2.49 2.62 2.27 2.11 2.29 2.77
Price to Earnings (P/E)		 5.30 7.46 6.75 6.13 7.69 5.88 6.84 7.27 7.31 9.01 10.47
Dividend Yield		 1.13% 0.76% 0.77% 0.84% 0.78% 0.99% 1.00% 1.15% 1.23% 1.17% 0.96%
Earnings Yield		 18.86% 13.40% 14.82% 16.32% 13.00% 17.00% 14.61% 13.76% 13.69% 11.10% 9.55%
Enterprise Value to Invested Capital (EV/IC)		 0.89 1.01 1.02 0.93 0.99 0.94 0.93 0.88 0.84 0.94 1.02
Enterprise Value to Revenue (EV/Rev)		 5.62 4.81 6.00 4.42 8.61 9.32 8.83 8.13 6.25 8.43 10.15
Enterprise Value to EBITDA (EV/EBITDA)		 9.00 7.71 9.43 6.69 13.78 14.68 14.77 16.08 13.45 21.49 26.17
Enterprise Value to EBIT (EV/EBIT)		 9.08 7.77 9.50 6.74 13.88 14.79 14.88 16.23 13.58 21.78 26.56
Enterprise Value to NOPAT (EV/NOPAT)		 11.34 9.68 11.86 8.76 18.11 19.51 19.65 21.45 17.50 26.26 31.60
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 92.45 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 651.01 0.00 0.00 0.00 0.00 0.00 0.00 6.89 7.93 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.01 0.57 1.03 0.61 1.84 1.96 1.85 1.84 1.30 1.68 2.05
Long-Term Debt to Equity		 1.01 0.57 1.03 0.61 1.84 1.96 1.85 1.84 1.30 1.68 2.05
Financial Leverage		 0.58 0.60 0.94 0.63 1.46 1.36 1.48 1.27 1.55 1.82 1.95
Leverage Ratio		 9.35 9.35 9.77 9.88 9.84 9.07 9.30 9.17 9.13 8.46 8.71
Compound Leverage Factor		 9.35 9.35 9.77 9.88 9.84 9.07 9.30 9.17 9.13 8.46 8.71
Debt to Total Capital		 50.32% 36.17% 50.82% 38.04% 64.79% 66.16% 64.94% 64.73% 56.60% 62.75% 67.20%
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		 50.32% 36.17% 50.82% 38.04% 64.79% 66.16% 64.94% 64.73% 56.60% 62.75% 67.20%
Preferred Equity to Total Capital		 15.20% 18.75% 13.83% 14.75% 8.16% 10.14% 8.95% 8.90% 10.75% 9.00% 7.76%
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		 34.47% 45.08% 35.35% 47.21% 27.05% 23.70% 26.12% 26.37% 32.65% 28.24% 25.04%
Debt to EBITDA		 5.07 2.75 4.69 2.74 8.98 10.30 10.32 11.88 9.05 14.38 17.32
Net Debt to EBITDA		 3.82 1.08 3.39 1.46 7.47 9.18 8.97 9.96 7.18 13.58 17.01
Long-Term Debt to EBITDA		 5.07 2.75 4.69 2.74 8.98 10.30 10.32 11.88 9.05 14.38 17.32
Debt to NOPAT		 6.39 3.45 5.90 3.60 11.81 13.69 13.72 15.84 11.77 17.56 20.91
Net Debt to NOPAT		 4.82 1.36 4.26 1.92 9.82 12.20 11.94 13.28 9.35 16.59 20.55
Long-Term Debt to NOPAT		 6.39 3.45 5.90 3.60 11.81 13.69 13.72 15.84 11.77 17.56 20.91
Noncontrolling Interest Sharing Ratio		 32.81% 31.61% 30.44% 27.52% 26.57% 29.71% 26.69% 24.57% 24.03% 27.04% 24.55%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,695 -198 -786 -394 -2,160 -3,869 -2,492 -3,109 434 574 -874
Operating Cash Flow to CapEx		 -106,533.72% 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%
Free Cash Flow to Firm to Interest Expense		 -9.46 -1.05 -4.20 -1.97 -10.48 -20.72 -15.10 -17.70 2.50 3.39 -6.16
Operating Cash Flow to Interest Expense		 -3.07 3.93 -2.05 0.26 -2.39 -0.05 0.90 -0.69 0.17 -2.35 -4.21
Operating Cash Flow Less CapEx to Interest Expense		 -3.07 3.91 -2.06 0.23 -2.41 -0.09 0.86 -0.72 0.14 -2.37 -4.22
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 14.47 15.74 15.27 14.14 13.29 11.77 11.34 10.75 10.28 10.05
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,287 2,665 3,612 3,047 5,508 6,629 6,162 6,194 5,128 6,123 7,104
Invested Capital Turnover		 0.22 0.22 0.19 0.23 0.14 0.14 0.13 0.14 0.13 0.11 0.11
Increase / (Decrease) in Invested Capital		 1,777 275 873 470 2,221 3,964 2,550 3,147 -380 -506 941
Enterprise Value (EV)		 2,935 2,704 3,694 2,825 5,473 6,251 5,728 5,431 4,315 5,745 7,214
Market Capitalization		 1,188 1,825 1,867 1,758 2,057 1,669 1,696 1,517 1,459 1,563 1,972
Book Value per Share		 $26.21 $27.79 $29.47 $33.19 $32.56 $34.33 $35.10 $35.60 $36.49 $37.69 $38.71
Tangible Book Value per Share		 $25.82 $27.42 $29.28 $33.00 $32.38 $34.16 $34.93 $35.42 $36.31 $37.51 $38.53
Total Capital		 3,287 2,665 3,612 3,047 5,508 6,629 6,162 6,194 5,128 6,123 7,104
Total Debt		 1,654 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773
Total Long-Term Debt		 1,654 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773
Net Debt		 1,247 380 1,327 618 2,967 3,910 3,480 3,362 2,305 3,630 4,690
Capital Expenditures (CapEx)		 0.52 4.07 2.31 5.28 4.53 6.28 6.86 4.50 5.78 3.80 1.15
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)		 1,654 964 1,836 1,159 3,569 4,386 4,002 4,009 2,903 3,843 4,773
Total Depreciation and Amortization (D&A)		 0.73 0.73 0.73 0.75 0.78 0.76 0.77 0.77 0.77 1.16 1.37
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.68 $1.59 $1.81 $1.50 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25
Adjusted Weighted Average Basic Shares Outstanding		 43.24M 43.22M 43.31M 44.57M 45.76M 44.86M 45.82M 45.88M 45.89M 45.87M 45.93M
Adjusted Diluted Earnings per Share		 $1.68 $1.59 $1.80 $1.49 $1.17 $1.84 $0.93 $0.60 $0.97 $1.28 $1.25
Adjusted Weighted Average Diluted Shares Outstanding		 43.35M 43.35M 43.47M 44.70M 45.91M 45.00M 45.91M 45.93M 45.95M 45.94M 46.00M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $1.59 $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		 43.24M 43.33M 43.35M 45.76M 45.76M 45.85M 45.88M 45.89M 45.89M 45.96M 45.94M
Normalized Net Operating Profit after Tax (NOPAT)		 82 77 87 76 61 96 58 38 55 68 68
Normalized NOPAT Margin		 53.10% 48.79% 51.84% 47.90% 40.97% 49.37% 39.92% 21.19% 31.98% 36.62% 38.65%
Pre Tax Income Margin		 69.42% 62.64% 68.06% 62.16% 54.39% 66.00% 52.44% 27.25% 37.75% 39.88% 48.11%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.59 0.53 0.61 0.50 0.39 0.68 0.46 0.28 0.37 0.44 0.59
NOPAT to Interest Expense		 0.45 0.41 0.47 0.38 0.30 0.51 0.35 0.22 0.31 0.40 0.48
EBIT Less CapEx to Interest Expense		 0.59 0.51 0.60 0.47 0.37 0.65 0.42 0.25 0.34 0.41 0.59
NOPAT Less CapEx to Interest Expense		 0.45 0.39 0.45 0.36 0.28 0.48 0.31 0.19 0.28 0.38 0.47
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.61% 17.37% 15.72% 15.10% 16.03% 15.97% 18.33% 22.29% 24.09% 27.16% 26.23%
Augmented Payout Ratio		 18.61% 17.37% 15.72% 15.10% 16.03% 15.97% 18.33% 22.29% 24.09% 27.16% 26.23%

Financials Breakdown Chart

Key Financial Trends

Merchants Bancorp (NASDAQ: MBIN) showed solid profitability in Q1 2026, but operating cash flow remained deeply negative, and the balance sheet continues to reflect a highly leveraged bank model. Compared with late 2025, earnings held up well, while deposit and funding trends improved somewhat. However, the bank’s cash flow profile and large swings in non-cash adjustments suggest a business that can be profitable on paper but still difficult to translate into operating cash.

  • Q1 2026 net income improved sharply from the prior quarter on a common-share basis: total net income was $67.7 million, up slightly from $67.8 million in Q4 2025, while earnings per share remained $1.25 versus $1.28 last quarter.
  • Revenue was resilient quarter over quarter: Q1 2026 total revenue was $175.2 million, down modestly from $185.3 million in Q4 2025, but still strong relative to the prior-year quarters.
  • Non-interest income improved year over year: Q1 2026 non-interest income reached $46.6 million, above Q1 2025’s $23.7 million and Q1 2024’s $40.9 million, helped by service charges and investment gains.
  • Deposit balances improved on a sequential basis: total deposits rose from roughly $12.72 billion in Q4 2025 to about $12.95 billion in Q1 2026, which can support funding stability.
  • Common equity continued to build: total common equity increased to $1.78 billion in Q1 2026 from $1.67 billion in Q3 2025 and $1.61 billion in Q1 2025, aided by retained earnings growth.
  • Loan interest income remained the core earnings engine: the bank generated $234.7 million of loans and leases interest income in Q1 2026, still a very large contributor to total interest income.
  • Net interest income held relatively steady: Q1 2026 net interest income was $128.6 million, nearly flat versus Q3 2025 and Q2 2025, suggesting spread performance has stabilized for now.
  • Investment activity stayed heavy: the company bought $724.3 million of investment securities in Q1 2026 while selling or maturing $390.2 million, indicating active balance-sheet management rather than rapid expansion.
  • Preferred stock remains a meaningful capital layer: preferred equity was $551.3 million, which helps support capital but also reduces income available to common shareholders.
  • Operating cash flow was negative: Q1 2026 cash from operating activities was a negative $597.3 million, after negative $397.9 million in Q4 2025, showing earnings are not converting cleanly into cash.
  • The quarter included very large non-cash adjustments: non-cash adjustments to reconcile net income were negative $873.0 million in Q1 2026, a sign of significant accounting-driven volatility.
  • Provision for credit losses stayed elevated: MBIN recorded a $15.3 million provision in Q1 2026, lower than Q4 2025’s $27.8 million but still well above the levels seen in early 2024 and much of 2023.
  • Non-interest expense remained high: total non-interest expense was $75.6 million in Q1 2026, continuing to pressure margins even as revenue stays healthy.
  • Book leverage remains high: total liabilities were $17.99 billion versus $2.33 billion in total equity, underscoring the inherent sensitivity of the bank model to funding and credit conditions.
  • Long-term debt remains substantial: the balance sheet showed $4.77 billion of long-term debt in Q1 2026, up from $2.90 billion in Q3 2025, which adds funding and interest-rate risk.

Bottom line: Merchants Bancorp is still producing healthy earnings, but the quality of those earnings is less clear because operating cash flow is negative and balance-sheet funding remains complex. Investors will likely focus on whether deposit trends stay stable, provisions normalize, and cash generation improves in coming quarters.

06/06/26 01:09 AM 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 financial year ends in December. Their financial 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.

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:MBINM last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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