MBINNasdaqState Commercial BanksFiscal year ends December 31Also trades as MBINL, MBINM, MBINN
Merchants Bancorp
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$47.61−1.16 (-2.38%)
Close on Oct 19, 2026
- Market cap
- $2.19B
- P/E (TTM)
- 9.6
- Dividend yield
- 0.84%
Margins
Share of revenue, fiscal years 2014 to 2025
Net margin
32.1%−19.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.6% | +15.3% | +14.1% | +25.7% | |
| Net income | -31.7% | -0.1% | +3.9% | +22.7% | |
| EPS, diluted | -40.0% | -5.4% | -0.4% | +15.4% | |
| Dividend per share | +11.1% | +12.6% | +13.8% | +11.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 18.7% | 24.7% | 9.7% | |
| Return on assets | 1.3% | 2.3% | 1.1% | |
| Capex to revenue | 1.5% | 1.0% | 3.1% | |
| Diluted shares | 32M | 43M | 46M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Merchants Bancorp generated $2.56B from operations and spent $289.59M on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$2.56B
Used
$289.59M
Capital expenditure$57.27M20%Dividends$228.39M79%Share buybacks$3.94M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin32.1%
×Asset turnover0.04×
×Equity multiplier8.46×
=Return on equity, FY20259.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 32.1% | 0.04× | 8.46× | 9.7% |
| FY2024 | 47.8% | 0.04× | 9.07× | 16.2% |
| FY2023 | 49.6% | 0.04× | 9.35× | 17.7% |
| FY2022 | 49.4% | 0.04× | 9.14× | 16.8% |
| FY2021 | 52.2% | 0.04× | 10.64× | 23.1% |
| FY2020 | 51.3% | 0.04× | 10.94× | 24.7% |
| FY2019 | 45.7% | 0.03× | 9.54× | 14.4% |
| FY2018 | 45.1% | 0.04× | 9.23× | 15.9% |
| FY2017 | 47.9% | 0.04× | 10.65× | 19.1% |
| FY2016 | 40.2% | 0.03× | 14.07× | 18.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
1of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$218.77M
- Cash generatingOperating cash flow above zero-$341.25M
- Return on assets improvedROA up on the prior year1.9% → 1.2%
- Earnings backed by cashOperating cash flow above net income-$341.25M vs $218.77M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise45M → 46M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.04 → 0.04