Merchants Bancorp (MBIN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.22	$1.48	+21.3%	—	$181M	—
Q1 26	$1.16	$1.25	+7.8%	—	$174.1M	—
Q4 25	$0.94	$1.28	+36.2%	—	$184.3M	—
Q3 25	$0.79	$0.97	+22.8%	—	$169.8M	—
Q2 25	$1.12	$0.6	-46.4%	—	$178.1M	—
Q1 25	$1.28	$0.93	-27.3%	—	$145.1M	—
Q4 24	$1.3	$1.85	+42.3%	—	$193.1M	—
Q3 24	$1.42	$1.17	-17.6%	—	$148.4M	—
Q2 24	$1.57	$1.49	-5.1%	—	$158.5M	—
Q1 24	$1.38	$1.8	+30.4%	—	$167M	—
Q4 23	$1.44	$1.58	+9.7%	—	$158.1M	—
Q3 23	$1.32	$1.68	+27.3%	—	$152.5M	—
Q2 23	$1.23	$1.31	+6.5%	—	$134.6M	—
Q1 23	$1.13	$1.07	-5.3%	—	$114.2M	—
Q4 22	$1.07	$1.12	+4.7%	—	$117.3M	—
Q3 22	$1.22	$1.22	0.0%	—	$113.3M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.78	—	—	$677.2M	—
FY24	—	$6.32	—	—	$667M	—
FY23	—	$5.66	—	—	$559.3M	—
FY22	—	$4.49	—	—	$439.8M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$78.2M	$110.2M	$134.9M	$164.9M	$342.5M	$427.7M	$439.8M	$559.3M	$667M	$677.2M
YoY change	+17.9%	+40.9%	+22.5%	+22.2%	+107.8%	+24.9%	+2.83%	+27.2%	+19.2%	+1.54%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	78.2M	110.2M	134.9M	164.9M	342.5M	427.7M	439.8M	559.3M	667M	677.2M
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	15.5M	22.4M	33.3M	40.8M	65M	88.4M	92.5M	121.8M	156.9M	198.3M
Operating expenses	15.5M	22.4M	33.3M	40.8M	65M	88.4M	92.5M	121.8M	156.9M	198.3M
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	54.8M	77.2M	84M	102.1M	243.4M	304.9M	291.1M	347.9M	422.6M	263.8M
Income tax	21.7M	22.5M	21.2M	24.8M	62.8M	77.8M	71.4M	68.7M	102.3M	45M
Net income	33.1M	54.7M	62.9M	77.3M	180.5M	227.1M	219.7M	279.2M	320.4M	218.8M
Net margin	42.3%	49.6%	46.6%	46.9%	52.7%	53.1%	50%	49.9%	48%	32.3%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	0.98	1.52	1.39	1.58	3.85	4.78	4.49	5.66	6.32	3.78
Diluted EPS	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.3	3.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	152.5M	158.1M	167M	158.5M	148.4M	193.1M	145.1M	178.1M	169.8M	184.3M	174.1M	181M
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	30.6M	37.3M	34.7M	34M	44.2M	44M	43.6M	50.7M	53.5M	50.4M	47M	45.2M
Operating expenses	30.6M	37.3M	34.7M	34M	44.2M	44M	43.6M	50.7M	53.5M	50.4M	47M	45.2M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	106.6M	99.5M	114.3M	99.1M	81.3M	127.9M	76.5M	48.8M	64.6M	73.9M	84.3M	99.8M
Income tax	25.1M	22M	27.2M	22.7M	20.1M	32.2M	18.3M	10.9M	9.9M	6M	16.6M	21.5M
Net income	81.5M	77.5M	87.1M	76.4M	61.3M	95.7M	58.2M	38M	54.7M	67.8M	67.7M	78.3M
Net margin	53.5%	49%	52.1%	48.2%	41.3%	49.6%	40.1%	21.3%	32.2%	36.8%	38.9%	43.3%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	1.68	1.59	1.81	1.5	1.17	1.86	0.93	0.6	0.97	1.28	1.25	1.48
Diluted EPS	1.68	1.58	1.8	1.49	1.17	1.85	0.93	0.6	0.97	1.28	1.25	1.48

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	443.8M	—	565.8M	794.2M	1.4B	1B	1.8B	1.6B	1.6B	2.4B
Enterprise value	—	-267.5M	—	-49.7M	1.6B	1.2B	1.4B	1.1B	5.4B	4.5B	6.5B
Shares outstanding	31.7M	33.8M	43M	43.1M	43.1M	43.2M	43.2M	43.2M	44.9M	45.9M	45.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	8.12	—	7.32	4.4	6	4.78	6.59	5.11	7.14	10.5
P/S	—	4.03	—	3.43	2.32	3.19	2.39	3.29	2.45	2.31	3.78
P/B	—	1.21	—	0.87	0.98	1.18	0.72	1.08	0.73	0.69	1.3
EV/Sales	—	-2.43	—	-0.3	4.61	2.79	3.28	1.98	8.1	6.69	10.2
Earnings yield	—	12.3%	—	13.7%	22.7%	16.7%	20.9%	15.2%	19.6%	14%	9.56%
FCF yield	—	-40.1%	—	-224.6%	-110.6%	-3.88%	92.1%	-19.8%	-52.2%	-24.1%	7.33%
PEG	—	—	—	—	—	—	—	—	—	—	0.07

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	61.1%
Net margin	42.3%	49.6%	46.6%	46.9%	52.7%	53.1%	50%	49.9%	48%	32.3%	42.5%
ROE	16.1%	14.9%	14.9%	11.8%	22.3%	19.7%	15.1%	16.4%	14.3%	9.59%	11.7%
ROA	—	—	—	—	—	—	—	—	1.7%	1.12%	1.33%
Return on tangible assets	—	—	—	—	—	—	—	—	1.74%	1.15%	1.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	0.28	0.15	0.46	0.28	1.52	1.02	0.64	0.57	1.93	1.68	0.02
Debt / assets	—	—	—	—	—	—	—	—	0.23	0.2	0.2
Effective tax rate	39.5%	29.1%	25.2%	24.3%	25.8%	25.5%	24.5%	19.7%	24.2%	17.1%	16.7%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	2.47	3.26	3.14	3.83	7.94	9.9	10.2	12.9	14.9	14.8	13.8
EPS (basic)	0.98	1.52	1.39	1.58	3.85	4.78	4.49	5.66	6.32	3.78	3.78
EPS (diluted)	0.98	1.52	1.38	1.58	3.85	4.76	4.47	5.64	6.3	3.78	4.98
Book value per share	6.51	10.9	9.79	15.2	18.8	26.8	33.8	39.4	50	49.7	40.1
FCF per share	-4.81	-5.26	4.39	-29.5	-20.4	-1.22	22.4	-8.42	-19	-8.21	-17
Cash per share	24.4	22.7	15.5	18.5	10.4	31.1	12.7	39.3	12.6	19	17.2
Capex per share	0.04	0.02	0.21	0.32	0.08	0.08	0.16	0.17	0.41	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.54%	0.72%	6.81%	8.48%	1.06%	0.85%	1.54%	1.35%	2.76%	—	—
Capex / operating cash flow	-0.87%	-0.56%	3.85%	-1.26%	-0.5%	1.27%	1.11%	-1.92%	-3.83%	—	—
Payout ratio	18.8%	14.5%	16.2%	22.3%	13.1%	13.8%	17.3%	17.4%	16%	27.2%	8.43%
Dividend yield	—	1.79%	—	3.05%	2.98%	2.29%	3.63%	2.64%	3.13%	3.8%	0.85%

Yield

0.85%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.11

ex-dividend Sep 15, 2026

Payout ratio

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.11
Jun 15, 2026	$0.11
Mar 13, 2026	$0.11
Dec 15, 2025	$0.10
Sep 15, 2025	$0.10
Jun 13, 2025	$0.10
Mar 14, 2025	$0.10
Dec 13, 2024	$0.09

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$152.5M	$158.1M	$167M	$158.5M	$148.4M	$193.1M	$145.1M	$178.1M	$169.8M	$184.3M	$174.1M	$181M
YoY change	+34.5%	+34.8%	+46.3%	+17.7%	-2.63%	+22.1%	-13.1%	+12.4%	+14.4%	-4.55%	+20%	+1.67%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	771.6M	767.9M	667.6M	797M	449.5M	1.3B	549.5M	1.7B	566.6M	872.4M
Receivables	5.4M	8.3M	13.8M	18.4M	21.8M	24.1M	56.3M	91.3M	83.4M	81.8M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	1.7M	2.2M	11M	6.5M	5.8M	6M	5.8M	13.1M	30.4M	15.6M
Goodwill & intangibles	108.4M	143M	197.7M	188.1M	201.5M	255.8M	326.6M	350.1M	396M	451.1M
Total assets	—	—	—	—	—	—	—	—	18.8B	19.4B
Accounts payable	1.8M	—	—	—	—	—	—	—	—	—
Short-term debt	25M	25M	33.1M	6.5M	0	300M	30M	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	32M	31.6M	162.3M	174.9M	1.2B	874M	910.4M	964.1M	4.3B	3.8B
Total liabilities	—	—	—	—	—	—	—	—	16.6B	17.2B
Shareholders' equity	206.3M	367.5M	421.2M	653.7M	810.6M	1.2B	1.5B	1.7B	2.2B	2.3B
Total debt	57M	56.6M	195.5M	181.4M	1.2B	1.2B	940.4M	964.1M	4.3B	3.8B
Net debt	-388.7M	-302.9M	-141.1M	-325.3M	1.1B	141.3M	714.2M	379.7M	3.9B	3.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1B	1.7B	1.6B	1.6B	1.6B	566.6M	1.2B	1.3B	1.2B	872.4M	698.2M	876.3M
Receivables	78.4M	91.3M	90.3M	90.4M	86.6M	83.4M	82.8M	82.4M	82.4M	81.8M	77.3M	82.1M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	13.1M	—	—	—	30.4M	—	—	—	15.6M	—	—
Goodwill & intangibles	357.6M	350.1M	360.7M	373.6M	370.7M	396M	395.4M	402.1M	442.3M	451.1M	475.2M	489.9M
Total assets	—	—	17.8B	18.2B	18.7B	18.8B	18.8B	19.1B	19.4B	19.4B	20.3B	21.2B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	1.4B	964.1M	1.8B	1.2B	3.6B	4.3B	4B	3.8B	2.9B	3.8B	4.6B	4.3B
Total liabilities	—	—	16B	16.3B	16.7B	16.6B	16.6B	17B	17.1B	17.2B	18B	18.8B
Shareholders' equity	1.6B	1.7B	1.8B	1.9B	1.9B	2.2B	2.2B	2.2B	2.2B	2.3B	2.3B	2.4B
Total debt	1.4B	964.1M	1.8B	1.2B	3.6B	4.3B	4B	3.8B	2.9B	3.8B	4.6B	4.3B
Net debt	1B	379.7M	1.3B	618.3M	3B	3.9B	3.5B	3.2B	2.3B	3.6B	4.6B	4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	33.1M	54.7M	62.9M	77.3M	180.5M	227.1M	219.7M	279.2M	320.4M	218.8M
Depreciation & amortization	278K	296K	461K	852K	1.9M	2.2M	2.5M	2.9M	3M	3.5M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-54M	7.5M	-28.4M	26.1M	-11.8M	-2.8M	-16.5M	-43.7M	-33.8M	-28.7M
Operating cash flow	-138M	-140.6M	239M	-1.1B	-718.7M	287.7M	607.6M	-392M	-479.8M	-341.2M
Capital expenditure	-1.2M	-788K	-9.2M	-14M	-3.6M	-3.6M	-6.8M	-7.5M	-18.4M	—
Investing cash flow	-84.6M	-86.1M	120.1M	14.6M	-27.3M	-18.4M	-1.2B	-919.7M	-174M	218.1M
Dividends paid	-6.2M	-8M	-10.2M	-17.3M	-23.7M	-31.2M	-38.1M	-48.5M	-51.2M	-59.4M
Share repurchases	—	0	0	-21.9M	0	-41.6M	-3.9M	0	-177M	0
Financing cash flow	24.9M	97.9M	126.7M	137.8M	1.2B	-196.1M	-8.1M	-15.4M	3.5B	-606.1M
Net change in cash	-197.8M	-128.7M	485.9M	-960.4M	404.2M	73.1M	-571.9M	-1.3B	2.9B	-729.3M
Free cash flow	-152.3M	-177.9M	188.8M	-1.3B	-878.5M	-52.9M	967M	-363.9M	-853.7M	-376.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	81.5M	77.5M	87.1M	76.4M	61.3M	95.7M	58.2M	38M	54.7M	67.8M	67.7M	78.3M
Depreciation & amortization	734K	733K	725K	746K	783K	760K	770K	770K	765K	1.2M	1.4M	1.4M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-14.4M	-20.3M	-43.6M	40.7M	-6M	-24.9M	-4.4M	-11.7M	5.9M	-18.5M	7.2M	27.1M
Operating cash flow	-365.8M	364M	-347.2M	118.9M	-261.1M	5M	113.5M	-138.2M	29.8M	-397.9M	-597.3M	213.3M
Capital expenditure	-516K	-4.1M	-2.3M	-5.3M	-4.5M	-6.3M	-6.9M	-4.5M	—	—	—	—
Investing cash flow	68.5M	-706.8M	-116.3M	-83.3M	29.6M	-4M	59.9M	60.1M	-47M	133.8M	130.5M	93M
Dividends paid	-12.1M	-12.1M	-12.6M	-11.9M	-11.9M	-14.8M	-14.9M	-14.9M	-14.9M	-14.9M	-15.3M	-15.3M
Share repurchases	0	0	—	—	1K	-125M	—	0	0	0	-3M	0
Financing cash flow	624.9M	-702.3M	859.1M	-688.9M	2.4B	900.1M	-399.4M	-7.3M	-1.1B	923.2M	912.6M	-506.2M
Net change in cash	327.5M	-1B	395.5M	-653.2M	2.2B	901.1M	-226M	-85.4M	-1.1B	659.1M	445.8M	-199.9M
Free cash flow	-550.2M	710.3M	-386.1M	45.8M	-497.2M	-16.3M	141.2M	-125.7M	11.1M	-403.3M	-598.6M	210.9M

Merchants Bancorp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history