MBIN · Merchants Bancorp - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $1.37M | - | - | - | $770.0K | - | - | - | $725.0K | - |
| Operating Income | $84.31M | - | $64.58M | $48.84M | $76.50M | - | $81.35M | $99.13M | $114.29M | - |
| Interest Expense | - | - | - | - | - | - | - | - | $187.12M | - |
| Income Tax | $16.57M | - | $9.88M | $10.85M | $18.26M | - | $20.07M | $22.73M | $27.24M | - |
| Net Income | $67.73M | - | $54.70M | $37.98M | $58.24M | - | $61.27M | $76.39M | $87.05M | - |
| EPS - Basic | $1.25 | - | $0.97 | $0.60 | $0.93 | - | $1.17 | $1.50 | $1.81 | - |
| EPS - Diluted | $1.25 | - | $0.97 | $0.60 | $0.93 | - | $1.17 | $1.49 | $1.80 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $83.22M | $212.20M | $598.04M | $647.16M | $521.30M | $476.61M | $601.91M | $540.88M | $508.75M | $584.42M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $20.32B | $19.45B | $19.35B | $19.14B | $18.80B | $18.81B | $18.65B | $18.21B | $17.82B | $16.95B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $17.99B | $17.17B | $17.13B | $16.96B | $16.64B | $16.56B | $16.71B | $16.32B | $16.05B | $15.25B |
| Stockholders' Equity | $2.33B | $2.28B | $2.23B | $2.18B | $2.16B | $2.24B | $1.94B | $1.89B | $1.78B | $1.70B |
| Retained Earnings | $1.54B | $1.49B | $1.43B | $1.39B | $1.37B | $1.33B | $1.25B | $1.20B | $1.14B | $1.06B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($597.32M) | - | - | - | $148.04M | - | - | - | ($383.77M) | - |
| Investing Cash Flow | ($335.26M) | - | - | - | ($903.0K) | - | - | - | ($695.02M) | - |
| Financing Cash Flow | $803.59M | - | - | - | ($102.45M) | - | - | - | $1.00B | - |
| CapEx | $1.15M | - | - | - | $6.86M | - | - | - | $2.31M | - |
| Free Cash Flow | ($598.47M) | - | - | - | $141.18M | - | - | - | ($386.08M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | -8.84 | - | - | - | 2.42 | - | - | - | -4.43 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 19.7% | - | 15.3% | 22.2% | 23.9% | - | 24.7% | 22.9% | 23.8% | - |
| Return on assets | 0.3% | - | 0.3% | 0.2% | 0.3% | - | 0.3% | 0.4% | 0.5% | - |
| Return on equity | 2.9% | - | 2.5% | 1.7% | 2.7% | - | 3.2% | 4.0% | 4.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | 0.6x | - |
| Equity multiplier | 8.72 | 8.53 | 8.70 | 8.76 | 8.70 | 8.38 | 9.62 | 9.65 | 10.03 | 9.97 |
| Liabilities / Assets | 0.89 | 0.88 | 0.89 | 0.89 | 0.89 | 0.88 | 0.90 | 0.90 | 0.90 | 0.90 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 34.3x | - | 32.8x | 55.1x | 39.8x | - | 38.4x | 27.2x | 24.0x | - |
| P / B | 0.8x | - | 0.7x | 0.7x | 0.8x | - | 1.1x | 1.0x | 1.1x | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | 22.1x | - | - | - | 15.2x | - | - | - | 11.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 10.2% | - | -20.6% | -50.7% | -33.1% | - | -23.7% | 44.5% | 55.9% | - |
| Net income growth (YoY) | 16.3% | - | -10.7% | -50.3% | -33.1% | - | -24.8% | 17.0% | 58.4% | - |
| EPS growth (YoY) | 34.4% | - | -17.1% | -59.7% | -48.3% | - | -30.4% | 13.7% | 68.2% | - |
| EPS CAGR (3y) | 5.3% | - | -7.4% | -18.5% | -3.0% | - | -13.9% | - | -3.8% | - |
| EPS CAGR (5y) | -9.2% | - | -11.5% | -17.6% | 5.0% | - | 14.3% | 23.9% | 39.6% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | -27.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 7.8% | 1.7% | 14.8% | 15.7% | 21.6% | 31.9% | 18.8% | 21.0% | 18.0% | 16.5% |
Peer comparison
Same SIC group: State Commercial Banks
Comparing Merchants Bancorp against the 5 most active filers in the same SIC group.
Dividends
$0.41/share trailing 12 months · +10.8% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.1100 |
| Dec 15, 2025 | $0.1000 |
| Sep 15, 2025 | $0.1000 |
| Jun 13, 2025 | $0.1000 |
| Mar 14, 2025 | $0.1000 |
| Dec 13, 2024 | $0.0900 |
| Sep 13, 2024 | $0.0900 |
| Jun 14, 2024 | $0.0900 |
| Mar 14, 2024 | $0.0900 |
| Dec 14, 2023 | $0.0800 |
| Sep 14, 2023 | $0.0800 |
| Jun 14, 2023 | $0.0800 |
| Mar 14, 2023 | $0.0800 |
| Dec 14, 2022 | $0.0700 |
| Sep 14, 2022 | $0.0700 |
| Jun 14, 2022 | $0.0700 |
| Mar 14, 2022 | $0.0700 |
| Dec 14, 2021 | $0.0600 |
| Sep 14, 2021 | $0.0600 |
| Jun 14, 2021 | $0.0600 |
| Mar 12, 2021 | $0.0600 |
| Dec 14, 2020 | $0.0533 |
| Sep 14, 2020 | $0.0533 |
| Jun 12, 2020 | $0.0533 |