Merchants Bancorp (MBIN) AI Stock Analysis

Merchants Bancorp, founded in 1990 and based in Carmel, Indiana, operates as a diversified bank holding company across three main segments: Multi-family Mortgage Banking, Mortgage Warehousing, and Banking. The Multi-family Mortgage Banking segment originates and services government-sponsored mortgages for multi-family and healthcare facilities, including independent living, assisted living, memory care, and skilled nursing projects, while also syndicating low-income housing tax credits and debt funds. The Mortgage Warehousing segment provides financing for agency-eligible residential loans and commercial loans to non-depository financial institutions. The Banking segment delivers consumer and commercial banking products and financial services.

MBIN expanded its top line from $461.6M in FY2021 to a peak of $1.45B in FY2024, achieving a 5-year revenue CAGR of 27.8% through FY2025. In FY2025, revenue contracted 5.7% to $1.37B, and net income fell to $218.8M compared to $320.4M in FY2024, bringing operating margin down to 19.3%. Over the trailing twelve months, MBIN posted revenue of $632.3M and an operating margin of 61.1%. Performance rebounded sharply in the quarter ended June 30, 2026, where quarterly revenue grew 37.1% year-over-year and quarterly earnings grew 146.7%.

As of June 30, 2026, Merchants Bancorp held $17.9M in cash and short-term investments alongside total assets of $21.23B. Total debt stood at $4.28B, yielding net debt of $4.26B and a debt-to-equity ratio of 1.79 against shareholders' equity of $2.39B. Its current ratio was 0.02. In FY2025, the company recorded operating cash flow of -$149.4M and free cash flow of -$170.3M. Capital allocation in FY2025 included $20.9M spent on capital expenditures and $59.4M paid in dividends.

MBIN trades at a trailing price-to-earnings ratio of 9.8x, which sits below the 12.1x median of its US-listed Financial Services peers. Its price-to-sales multiple is 3.5x, slightly above the peer median of 3.2x, while its price-to-book ratio is 1.3x and enterprise value stands at $6.30B. Over the past year, MBIN shares delivered a return of 57.8%, outpacing the 16.8% return of the S&P 500 (SPY). Over a 5-year horizon, MBIN returned 84.5% compared to 83.0% for the S&P 500.

Merchants Bancorp pays a quarterly dividend with an annualized forward rate of $0.44 per share, offering a dividend yield of 0.90%. The company has paid dividends for 10 consecutive years and achieved a 5-year annualized dividend growth rate of 13.4%. Its payout ratio stands at 8.6%, and the last ex-dividend date was September 15, 2026.

Wall Street coverage includes 3 analysts, with 1 Buy rating and 2 Hold ratings. The mean price target is $64.00, representing an upside of 31.2% over the last close of $48.77. Consensus calls for current fiscal year EPS of $5.44, up 43.8%, on revenue of $721.9M for the period ending December 31, 2026. MBIN beat earnings expectations in each of the last 4 quarters, and its next earnings date is October 28, 2026.

This page is an AI-written research summary of Merchants Bancorp (MBIN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

Related: MBIN income statement, MBIN balance sheet, MBIN key metrics, MBIN analyst forecast, MBIN chart. See the MBIN stock overview for the latest quote and news.