Merchants Bancorp (MBIN) Balance Sheet
MBIN balance sheet, 2025
December 31, 2025 · U.S. dollars$19.45B assets = $17.17B liabilities + $2.28B equity
Both columns are drawn to the same scale: what MBIN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MBIN financial health
Descriptive bands, not a rating. Fiscal 2025.
MBIN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.72B2016 | $19.45B2025 | +24.4%/yr | |
| Total liabilities | $2.51B2016 | $17.17B2025 | +23.8%/yr | |
| Shareholders’ equity | $206.3M2016 | $2.28B2025 | +30.6%/yr | |
| Cash & short-term investments | $771.6M2016 | $880.9M2025 | +1.5%/yr | |
| Total debt | $57.0M2016 | $3.84B2025 | +59.7%/yr | |
| Net cash (debt) | $714.6M2016 | −$2.96B2025 | −$3.7B | |
| Working capital | −$1.68B2016 | $8.15B2025 | +$9.8B | |
| Book value per share | $6.502016 | $49.642025 | +25.4%/yr | |
| Debt / equity | 0.282016 | 1.682025 | +1.41 | |
| Shares outstanding | 31.8M2016 | 45.9M2025 | +4.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MBIN assets
MBIN liabilities and equity
MBIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MBIN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $880.9M | $566.6M | $1.70B | $549.5M | $1.34B | $449.5M | $797.0M | $667.6M | $767.9M | $771.6M |
| Cash & equivalents | $15.8M | $476.6M | $584.4M | $226.2M | $1.03B | $179.7M | $506.7M | $336.5M | $359.5M | $445.7M |
| Short-term investments | $865.1M | $90.0M | $1.11B | $323.3M | $310.6M | $269.8M | $290.2M | $331.1M | $408.4M | $325.9M |
| Receivables | $11.03B | $83.4M | $91.3M | $56.3M | $24.1M | $21.8M | $18.4M | $13.8M | $8.3M | $5.4M |
| Inventory | $0 | $0 | −$10.20B | $6.98B | −$1.64B | −$558.3M | −$801.7M | $954.9M | $1.20B | $799.6M |
| Other current assets | $0 | $0 | $10.20B | $0 | $1.64B | $558.3M | $801.7M | $0 | $795.6M | $0 |
| Total current assets | $11.91B | $650.0M | $1.79B | $605.8M | $1.37B | $471.3M | $815.3M | $681.4M | $2.77B | $776.9M |
| Property, plant & equipment (net) | $73.9M | $58.6M | $42.3M | $35.4M | $31.2M | $29.8M | $29.3M | $15.1M | $5.4M | $4.9M |
| Goodwill & intangible assets | $8.0M | $198.0M | $175.0M | $163.3M | $127.9M | $100.7M | $94.0M | $98.9M | $73.6M | $54.2M |
| Long-term investments | $3.03B | $3.07B | $2.43B | $1.60B | $879.9M | $9.19B | $560.1M | $494.5M | $549.2M | $463.5M |
| Other non-current assets | $4.42B | $14.83B | $12.52B | $10.21B | $8.87B | $0 | $4.87B | $2.59B | $0 | $1.42B |
| Total assets | $19.45B | $18.81B | $16.95B | $12.62B | $11.28B | $9.65B | $6.37B | $3.88B | $3.40B | $2.72B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $10.07B | $8.98B | $7.41B | $5.48B | $3.23B | $2.2M | $1.8M |
| Short-term debt | $3.76B | — | $821.6M | $30.0M | $300.0M | $869.1M | $6.5M | $33.1M | $25.0M | $25.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | −$1.29B | −$1.09B |
| Total current liabilities | $3.76B | $11.92B | $14.06B | $10.10B | $300.0M | $1.74B | $6.5M | $3.26B | $27.2M | $2.46B |
| Long-term debt | $3.84B | $4.34B | $964.1M | $930.4M | $1.03B | $1.35B | $181.4M | $162.3M | $56.6M | $32.0M |
| Other long-term liabilities | $9.56B | $306.3M | $225.8M | $123.8M | $19.2M | $20.4M | $16.9M | $36.4M | $0 | $24.8M |
| Total liabilities | $17.17B | $16.56B | $15.25B | $11.16B | $10.12B | $1.37B | $5.72B | $3.46B | $3.03B | $2.51B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $243.3M | $240.3M | $140.4M | $137.8M | $137.6M | $135.9M | $135.6M | $135.1M | $134.9M | $20.1M |
| Retained earnings (deficit) | $1.49B | $1.33B | $1.06B | $832.9M | $657.1M | $461.7M | $305.0M | $244.9M | $192.0M | $145.3M |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Accumulated other comprehensive income | −$33,000 | −$133,000 | −$2.5M | −$10.5M | −$1.5M | $374,000 | $458,000 | −$310,000 | −$1.0M | −$628,000 |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $2.28B | $2.24B | $1.70B | $1.46B | $1.16B | $8.28B | $653.7M | $421.2M | $367.5M | $206.3M |
| Key figures | ||||||||||
| Total debt | $3.84B | $4.34B | $964.1M | $940.4M | $1.33B | $2.22B | $188.0M | $195.5M | $81.6M | $57.0M |
| Net cash (debt) | −$2.96B | −$3.77B | $734.0M | −$390.9M | $9.3M | −$1.77B | $609.0M | $472.1M | $686.3M | $714.6M |
| Working capital | $8.15B | −$11.27B | −$12.27B | −$9.50B | $1.07B | −$1.27B | $808.8M | −$2.58B | $2.74B | −$1.68B |
| Tangible book value | $2.27B | $2.05B | $1.53B | $1.30B | $1.03B | $8.18B | $559.7M | $322.4M | $293.9M | $152.1M |
| Book value per share | $49.64 | $49.85 | $39.24 | $33.70 | $26.67 | $191.74 | $15.16 | $9.78 | $10.86 | $6.50 |
| Shares outstanding | 45.9M | 45.0M | 43.3M | 43.3M | 43.3M | 43.2M | 43.1M | 43.1M | 33.9M | 31.8M |
| Current ratio | 3.17 | 0.05 | 0.13 | 0.06 | 4.56 | 0.27 | 124.67 | 0.21 | 101.91 | 0.32 |
| Quick ratio | 3.17 | 0.05 | 0.13 | 0.06 | 4.56 | 0.27 | 124.67 | 0.21 | 28.59 | 0.32 |
| Debt / equity | 1.68 | 1.93 | 0.57 | 0.64 | 1.15 | 0.27 | 0.29 | 0.46 | 0.22 | 0.28 |
| Equity / assets | 11.7% | 11.9% | 10.0% | 11.6% | 10.2% | 85.8% | 10.3% | 10.8% | 10.8% | 7.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $17.9M | $19.6M | $880.9M | $1.25B | $1.32B | $1.23B | $566.6M | $1.55B | $1.56B | $1.57B | $1.70B | $1.03B |
| Cash & equivalents | $17.9M | $19.6M | $15.8M | $598.0M | $647.2M | $521.3M | $476.6M | $601.9M | $540.9M | $508.8M | $584.4M | $407.2M |
| Short-term investments | $820.1M | $843.9M | $865.1M | $650.4M | $676.6M | $706.3M | $90.0M | $953.1M | $1.02B | $1.06B | $1.11B | $624.6M |
| Receivables | $82.1M | $77.3M | $11.03B | $82.4M | $82.4M | $82.8M | $83.4M | $86.6M | $90.4M | $90.3M | $91.3M | $78.4M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$11.31B | −$11.56B | −$11.29B | −$75.8M | $8.95B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $11.31B | $11.56B | $11.29B | $75.8M | $0 |
| Total current assets | $100.0M | $97.0M | $11.91B | $1.33B | $1.41B | $1.31B | $650.0M | $1.64B | $1.65B | $1.66B | $1.79B | $1.11B |
| Property, plant & equipment (net) | $74.7M | $87.1M | $73.9M | $75.1M | $71.0M | $67.8M | $58.6M | $53.2M | $46.8M | $42.5M | $42.3M | $36.7M |
| Goodwill & intangible assets | $245.0M | $237.6M | $8.1M | $221.2M | $201.1M | $197.7M | $198.0M | $185.3M | $186.8M | $180.4M | $175.0M | $178.8M |
| Long-term investments | $2.58B | $2.71B | $3.03B | $2.97B | $2.89B | $2.96B | $3.07B | $3.14B | $2.52B | $2.38B | $2.43B | $2.11B |
| Other non-current assets | $18.23B | $17.19B | $4.42B | $14.76B | $14.58B | $14.26B | $14.83B | $13.63B | $13.81B | $13.56B | $12.52B | $13.06B |
| Total assets | $21.23B | $20.32B | $19.45B | $19.35B | $19.14B | $18.80B | $18.81B | $18.65B | $18.21B | $17.82B | $16.95B | $16.50B |
| Liabilities | ||||||||||||
| Short-term debt | $4.21B | $4.36B | $3.76B | $77.4M | $76.5M | — | $4.30B | $74.1M | $70.8M | $67.3M | $821.6M | $81.6M |
| Total current liabilities | $4.21B | $4.36B | $3.76B | $13.93B | $12.69B | $12.41B | $11.92B | $12.89B | $14.92B | $13.98B | $14.06B | $13.01B |
| Long-term debt | $4.28B | $4.63B | $3.84B | $2.90B | $3.83B | $4.00B | $4.34B | $3.57B | $1.16B | $1.79B | $964.1M | $1.65B |
| Other long-term liabilities | $10.35B | $9.00B | $9.56B | $291.9M | $435.3M | $229.2M | $306.3M | $253.3M | $248.0M | $284.5M | $225.8M | $201.1M |
| Total liabilities | $18.84B | $17.99B | $17.17B | $17.13B | $16.96B | $16.64B | $16.56B | $16.71B | $16.32B | $16.05B | $15.25B | $14.86B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $244.3M | $243.4M | $243.3M | $242.4M | $241.5M | $240.5M | $240.3M | $239.4M | $238.5M | $139.9M | $140.4M | $139.6M |
| Retained earnings (deficit) | $1.60B | $1.54B | $1.49B | $1.43B | $1.39B | $1.37B | $1.33B | $1.25B | $1.20B | $1.14B | $1.06B | $998.3M |
| Accumulated other comprehensive income | −$1.2M | −$804,000 | −$33,000 | −$211,000 | −$247,000 | −$77,000 | −$133,000 | $96,000 | −$510,000 | −$1.2M | −$2.5M | −$4.8M |
| Total shareholders' equity | $2.39B | $2.33B | $2.28B | $2.23B | $2.18B | $2.16B | $2.24B | $1.94B | $1.89B | $1.78B | $1.70B | $1.63B |
| Key figures | ||||||||||||
| Total debt | $4.28B | $4.79B | $3.84B | $2.90B | $3.83B | $4.00B | $4.34B | $3.57B | $1.16B | $1.79B | $964.1M | $1.44B |
| Net cash (debt) | −$4.26B | −$4.77B | −$2.96B | −$1.65B | −$2.51B | −$2.77B | −$3.77B | −$2.01B | $398.7M | −$212.6M | $734.0M | −$412.3M |
| Working capital | −$4.11B | −$4.26B | $8.15B | −$12.60B | −$11.28B | −$11.10B | −$11.27B | −$11.25B | −$13.27B | −$12.31B | −$12.27B | −$11.90B |
| Tangible book value | $2.15B | $2.09B | $2.27B | $2.00B | $1.98B | $1.96B | $2.05B | $1.75B | $1.70B | $1.60B | $1.53B | $1.45B |
| Book value per share | $52.03 | $50.66 | $49.61 | $48.45 | $47.56 | $47.06 | $48.85 | $42.24 | $42.24 | $40.87 | $39.17 | $37.66 |
| Shares outstanding | 46.0M | 46.0M | 46.0M | 45.9M | 45.9M | 45.9M | 45.9M | 45.9M | 44.7M | 43.5M | 43.4M | 43.4M |
| Current ratio | 0.02 | 0.02 | 3.17 | 0.10 | 0.11 | 0.11 | 0.05 | 0.13 | 0.11 | 0.12 | 0.13 | 0.09 |
| Quick ratio | 0.02 | 0.02 | 3.17 | 0.10 | 0.11 | 0.11 | 0.05 | 0.13 | 0.11 | 0.12 | 0.13 | 0.09 |
| Debt / equity | 1.79 | 2.05 | 1.68 | 1.30 | 1.76 | 1.85 | 1.93 | 1.84 | 0.61 | 1.01 | 0.57 | 0.88 |
| Equity / assets | 11.3% | 11.5% | 11.7% | 11.5% | 11.4% | 11.5% | 11.9% | 10.4% | 10.4% | 10.0% | 10.0% | 9.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
MBIN financial position
At the end of fiscal 2025 (December 31, 2025), Merchants Bancorp had total assets of $19.4 billion (up 3.4% from a year earlier), total liabilities of $17.2 billion and shareholders' equity of $2.3 billion. It held $880.9 million in cash and short-term investments against $3.8 billion of debt, net debt of $3.0 billion. Its current ratio was 3.17. In the latest quarter (ended June 30, 2026) total assets were $21.2 billion and equity $2.4 billion.
Related: MBIN income statement, MBIN cash flow statement, MBIN key metrics. See the MBIN stock overview for the latest quote and news.
MBIN balance sheet FAQ
What are Merchants Bancorp's total assets?
Merchants Bancorp reported total assets of $19.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.8 billion a year earlier.
How much debt does Merchants Bancorp have?
Merchants Bancorp had $3.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.68.
How much cash does Merchants Bancorp have?
Merchants Bancorp held $880.9 million in cash and short-term investments at the end of fiscal 2025; with $3.8 billion of debt that is net debt of $3.0 billion.
What is Merchants Bancorp's book value?
Merchants Bancorp's shareholders' equity (book value) was $2.3 billion at the end of fiscal 2025, or $49.64 per share.
What is Merchants Bancorp's current ratio?
Merchants Bancorp had current assets of $11.9 billion and current liabilities of $3.8 billion, a current ratio of 3.17 (it can cover its short-term obligations).
How much goodwill does Merchants Bancorp have?
Merchants Bancorp carried $8.0 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.